Gro Cash Plus

Gro Cash Plus is a regular premium whole-life plan with a policy term that lasts until the anniversary immediately after the original insured’s 120^th birthday. The premium term available is 3 years.

We will start paying a cash benefit at the end of the premium term. A cash bonus may be payable on top of each cash benefit, by applying a bonus rate to the sum assured. We may or may not pay this cash bonus for each policy year. We will also pay a maturity benefit at the end of the policy term.

This plan provides protection against death and terminal illness of the insured during the policy term.  

Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. However, financial underwriting is applicable.

If the insured dies during the term of this policy, we will pay the sum of:

1. the higher of:

• 105% of all net premium(s) paid; or

• the guaranteed portion of the cash value, and

2. a terminal bonus.

We will pay the cash value if it is higher than the sum calculated above.

We will also pay any cash benefits and cash bonuses which have built up, including any interest earned, until then.

We will take any policy loan and interest from the benefit amount we will pay.

If you choose to receive the cash benefit in monthly payments, we will also pay the remaining monthly cash benefit payments and cash bonuses for the policy year that we have not paid you.

This policy will end when we make this payment. We will not pay any further benefits.

If you have appointed a secondary insured before the insured dies, we will not pay this benefit. Upon the death of the insured, the secondary insured becomes the insured and this policy will continue.

This policy is not valid if the insured commits suicide within one year from the cover start date.

We will refund the total premiums paid, without interest, less any amounts we have paid the policyholder, and any amount the policyholder owes us, from the cover start date.

If the insured becomes terminally ill during the term of this policy, we will pay the sum of:

1. the higher of:

• 105% of all net premium(s) paid; or

• the guaranteed portion of the cash value, and

2. a terminal bonus.

We will pay the cash value if it is higher than the sum calculated above.

We will also pay any cash benefits and cash bonuses which have built up, including any interest earned, until then.

We will take any policy loan and interest from the benefit amount we will pay.

If you choose to receive the cash benefit in monthly payments, we will also pay the remaining monthly cash benefit payments and cash bonuses for the policy year that we have not paid you.

This policy will end when we make this payment. We will not pay any further benefits.

If you have appointed a secondary insured before the insured dies, we will not pay this benefit. Upon the death of the insured, the secondary insured becomes the insured and this policy will continue.

Terminal illness (TI), and terminally ill means the conclusive diagnosis of an illness that is expected to result in the death of the insured within 12 months. This diagnosis must be supported by a specialist and confirmed by our appointed specialist. Terminal illness in the presence of HIV infection is excluded.

We will not pay this benefit if your claim arises from:

- deliberate acts such as self-inflicted injuries, illnesses or attempted suicide; 

- unlawful acts, provoked assault, or deliberate exposure to danger; or

- the effects of alcohol, drugs or any dependence.

You can choose to use the cash benefit in any one of the following ways.

- Place it in a deposit account to earn interest at a rate we will set.

- Receive it as a payout.

We will write to you before the first cash benefit to remind you what you chose. If we do not receive your instruction from you at least 21 days before the first cash benefit is due, we will go ahead with your original wishes.

We will follow this same choice for the later cash benefits, unless you tell us your choice at least 21 days before the next cash benefit is due.

You can change the cash benefit option via My Income customer portal.

You can withdraw the deposited cash benefits via My Income customer portal under your respective policy.

If the original insured experiences any of the following life events, the original insured may choose to take up a new policy (with only death and total and permanent disability benefits) on their own life, without evidence of good health:

- Turning 21
- Marriage
- Divorce
- Becoming a parent
- Death of a spouse
- Purchase of a residential property

The following conditions are to be met to exercise the option to buy another life policy:

- The original insured must take up this option within three months after the date of the life event.

- The original insured must not be totally and permanently disabled, or be diagnosed with an advanced-stage dread disease at the time of taking up this option.

- The original insured must be 50 years old or under at the time of taking up this option.

- The life event must have taken place no earlier than 12 months after the cover start date of this policy. 

- At our request, the original insured must provide satisfactory documentary proof of a life event.

The original insured has the option to buy another new life policy which covers only death and total and permanent disability. The list of plans available under the guaranteed insurability option are:

• Star Term Protect
• Mortgage Term
• Star Secure Pro
• DIRECT Star Protect Pro

You may appoint or remove a secondary insured before the death of the insured provided the following conditions are met:

- the premium of this policy is paid only with cash;
- no nomination of beneficiary has been made for this policy; and
- there is no change to the ownership of this policy including assignment, bankruptcy, and trust.

In the event of death of the insured, the secondary insured will become the insured of the policy and the policy continues until the death of the insured or end of the policy term, whichever happens first.

Any premium payments shall continue to be payable.

The policy can only have one insured at any point of time.

The secondary insured must be you (before the age of 65 years old), your spouse (before the age of 65 years old), or your child or ward (before the age of 18 years old) at the time of exercising this option.

You can exercise this option to appoint a secondary insured no more than three times.

Yes, cash value is available after premiums have been paid for at least 2 years.

At the end of the premium term, if you did not cash in this policy and all premiums for this policy have been paid for, the guaranteed cash value for this policy is equal to total premiums paid excluding premiums paid on riders.

Yes, this policy is eligible for bonuses after the end of the second policy year. There are two types of bonuses:

• “Terminal” bonus is an extra bonus that we pay at the time of claim, surrender or maturity.

• “Cash” bonus is added on top of each cash benefit, by applying a bonus rate to the sum assured. 

These bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

Bonus pay-outs to policyholders are primarily influenced by the performance of the Life Participating Fund (Par Fund). The Fund’s performance is predominantly driven by factors such as the investment returns of the Par Fund, its expenses and claims experience. Aligned to industry practice, Income is safeguarding policyholders’ interest by allocating 90% of Par Fund surpluses to them. This means for every $9 distributed to policyholders, only a maximum of $1 is allocated to shareholders.

If the insured survives at the end of the policy term and this policy has not already ended, we will pay the cash value.

We will also pay any cash benefits and cash bonuses which have built up.

This policy will end when we make this payment.

Riders, also known as supplementary benefits, can be attached to a basic insurance policy to provide additional protection at lower cost.

The premiums can be paid monthly, quarterly, half-yearly or yearly.

No, you can only use cash to buy this policy.

Backdating is allowed if all of the following conditions are met:

• The backdating is for a traditional individual (savings or protection) life policy paying regular premium or single premium. Backdating for investment-linked policy and annuity policy is not allowed;

• The backdating results in a lower premium or better protection value / policy payouts due to a lower entry age; 

• The policy is backdated to a date up to one day before the Insured’s last birthday and it must be within 6 months from date of receipt of application by Income; and

• Backdating of policy to a date before the launch date of the main plan or rider is not allowed.

Yes, we may grant the loan from this policy depending on our terms and conditions.

We will take all loans and their interest from any amount we may be due to pay under this policy. If at any time the amount of the loans and interest is more than the cash value, this policy will end.