Where you are eligible to receive any payments from, or you make any payments to Income Insurance Limited (“Income Insurance”) you confirm and agree to all the terms and conditions (“Terms and Conditions”) set out below:
1. Subject to paragraphs 4 and 5 below, all eligible payouts may be issued by Income Insurance via PayNow NRIC/FIN to your bank account linked to your Singapore NRIC/FIN registered for PayNow.
2. You declare that you are the legal and beneficial owner of the bank account linked to your Singapore NRIC/FIN that you have registered for PayNow.
3. For avoidance of doubt, the PayNow NRIC/FIN is NOT the same as PayNow Mobile and PayNow UEN.
4. You will only receive the payout via PayNow NRIC/FIN if:
(i) you have registered for PayNow using your Singapore NRIC/FIN with a participating bank (the “Service Provider”)
(ii) you have linked your Singapore NRIC/FIN to your bank account;
(iii) you are eligible for the payout;
(iv) your existing payout method is NOT Direct Credit.
5. Notwithstanding the above, payout will be made by Direct Credit or PayNow UEN if the relevant insurance policy pursuant to which the payout is made is for business purposes and/or where the recipient of the payout is not an individual. In addition, you will only receive the payout via PayNow UEN if:
(i) you have registered for PayNow using your business’ UEN with a Service Provider;
(ii) you have linked your business’ UEN to your business’ bank account;
(iii) you are eligible for the payout; and
(iv) your existing payout method is NOT Direct Credit.
6. Where Income Insurance is unable to ascertain or identify the origins and/or purpose of a payment received by Income Insurance, unless required by applicable laws, Income Insurance shall refund all the monies received by arranging for payout(s) to be made to the source of such monies paid to Income Insurance. The method for such payout(s) shall be determined by Income Insurance in its sole discretion without prior notice.
7. The PayNow is an electronic fund transfer service offered by the Service Provider. In addition to the terms and conditions set out here in relation to the PayNow, you also agree and consent to the collection, use and disclosure of your personal data in according to Income Insurance’s Privacy Policy, and any terms and conditions imposed by the Service Provider which are applicable to PayNow.
8. You declare that all information that you have provided to Income Insurance is correct, complete and accurate. You are responsible for ensuring that all information provided by you is correct, complete and accurate and remains correct, complete and accurate at all times. In the event of any changes made to your Singapore NRIC/FIN, you are required to contact Income Insurance and update your personal particulars immediately.
9. Income Insurance shall not be obligated to nor responsible or liable for verifying the authenticity, completeness and accuracy of any of your instructions or information, and shall not be responsible or liable for any failure to credit (by initial issuance or reissuance) or delay of any payout to your bank account via the PayNow NRIC/FIN, and/or for any payout(s) made to a bank account that is not legally and beneficially owned by you arising from or in connection with your non-compliance with paragraph 8. Without prejudice to paragraphs 8 and 9, you authorise Income Insurance to conduct any verifications on your account(s) maintained with any persons or entities at Income Insurance’s discretion without prior notice for purposes of making such payouts or receiving any such payments.
10. Without prejudice to paragraph 9, in the event of any failure to credit the payout via the initial payout method for any reason whatsoever, Income Insurance shall arrange for the payout to be reissued to you through any means and at such time determined by Income Insurance at its sole discretion and without prior notice. Such reissued payout shall constitute full and final discharge of Income Insurance’s obligations and liabilities to you in respect of the payout.
11. In the event that any payout(s) are made to a bank account that is not legally or beneficially owned by you due to your non-compliance with paragraph 8, you agree that such payout constitutes full and final discharge of Income Insurance’s obligations and liabilities to you in respect of the payout. Without prejudice to paragraph 9, Income Insurance may at its sole discretion and without prior notice, determine to reissue the payout to you, through such means determined by Income Insurance. Income Insurance’s decision shall be final and no appeals will be entertained.
12. Unless required by any applicable laws which Income Insurance is subject to, Income Insurance shall not be responsible or liable to you or any other party for any liability, loss, damage, cost or expense (including any late payment interest, loss of profits or any other indirect, special, consequential, exemplary or punitive damages or losses) to any person or property in connection with the use or failure of any of the payout methods mentioned in these Terms and Conditions including but not limited to any:
(i) delay, error, interruption, breakdown or malfunction in any computer system, equipment, software, internet connection;
(ii) loss or misdirection of data or notices in transmission; or
(iii) any unauthorised access or use of your personal computer, or any other devices.
13. You shall indemnify Income Insurance against any liability, loss, damage, claim, cost and expense (including all legal costs on a full indemnity basis), directly or indirectly resulting or arising from any act, negligence, or omission by you in connection with the use of the PayNow and any breach of any terms and conditions applicable to the PayNow.
14. Income Insurance shall have the right to add to, delete, change or vary these Terms and Conditions (including the termination and/or replacement of the current payout option with another payout option) at any time or from time to time without notice at Income Insurance’s sole discretion. Income Insurance shall not be liable for any liability, loss, damage, claim, cost and expense (including any special or consequential damages or losses) in connection with, related to or resulting from such addition, deletion, change or variation.
15. These Terms and Conditions shall be governed by the laws of Singapore and you irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.
16. A person who is not a party to the agreement governed by these terms and conditions shall have no right under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these Terms and Conditions.
