Invest Flex

Invest Flex is a whole life regular-premium investment-linked plan^.

^ An investment linked plan has both a life insurance and an investment component. Your premiums are used to pay for units in one or more investment funds of your choice.  The value of these units depends on their price, which in turn depends on the investment fund’s performance. 

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

We will not pay the death benefit if the insured committed suicide within one year from the cover start date.

If the insured commits suicide within one year from the cover start date, we will pay the policy value less any bonus at the time we are told about the claim.

Terminal illness (TI), and terminally ill mean an illness, which in the opinion of the specialist involved or a specialist we have appointed, is expected to live for no more than 12 months, despite all reasonable medical treatment. However, we will exclude TI in the presence of human immunodeficiency virus (HIV).

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 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.

The secondary insured becomes the insured of the policy only upon death of the insured for the remaining policy term. This policy can only have one insured at any point of time.

The secondary insured must be yourself (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.

During the minimum investment period, you may choose to exercise a free partial withdrawal if the insured experiences any of the following life events:

• Turning 21 or 65;
• Enrolled into tertiary education;
• Marriage;
• Divorce;
• Death of spouse;
• Becoming a parent;
• Purchase of a residential property; or
• Stay in hospital.

You must meet all the following conditions to exercise the free partial withdrawal:

• You must exercise it within three months after the date any of the life event above occurs;
• The life event must have taken place no earlier than 36 months after the cover start date of this policy; and
• At our request, you must provide to our satisfaction, documentary proof of the life event.

When you exercise the free partial withdrawal:

• You may withdraw no more than 10% of the prevailing policy value and there will be no partial withdrawal charge for the amount withdrawn. The policy value of this policy will be reduced according to your request for withdrawal; and
• Any Loyalty Bonus payable will not be affected by the withdrawal under this benefit.

You can exercise this benefit once for each life event and no more than three times in total during this policy term. 

If you pay more regular premiums than are needed, we will treat them (without any interest) as regular premiums paid in advance for future months. The future premiums will be used to buy units in the funds chosen.

We will not accept any future premiums that are more than 24 months ahead of its due date and it will not be used to buy units.

We may change the way we treat these premiums by giving you notice.

MIP refers to the period you have chosen to pay regular premiums and this cannot be changed once the policy has been issued.

You may choose to continue paying regular premiums after the MIP. 

The following rider(s) can be added to Invest Flex:

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

We will provide an investment bonus based on a percentage of the regular premiums paid for the first 12 months of the policy term as shown below. This percentage varies based on the MIP and annualised regular premiums.
No investment bonus is provided for any top-up premiums.

The investment bonus will be used to buy additional units in the funds chosen.

Starting from the 10^th policy anniversary, an annual loyalty bonus of 0.5% will be provided on the next working day from the anniversary. The loyalty bonus is a percentage of the policy value based on the anniversary. It will be used to invest in the funds chosen.

The policy must meet all the following conditions to receive the loyalty bonus.

• This policy must not have ended when the loyalty bonus is provided.
• No withdrawal is made, except withdrawals under life events withdrawal benefit, for the past 12 months before the date for the loyalty bonus payment.

Yes, your policy has a cash-in or surrender value.

The value will be the amount available when your units are multiplied by the bid price, less any fees and charges we may take. 

The cut-off time used to determine the pricing of units is 3.00 pm (Singapore time) on each business day (Monday to Friday, excluding weekends and public holidays).

Buying a life insurance policy is a long-term commitment and an early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.

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

The minimum regular premium amounts under different payment frequencies are as follows:

You can increase your investment via ‘top-ups’ subject to a minimum amount set for each top-up and provided that you are not on premium holiday.

We will use 100% of your top-ups to buy units (at the bid price) in the funds you choose.

Top-ups do not form part of your regular premiums.

A partial withdrawal charge/surrender charge is applicable if you withdraw/surrender your top-ups during the minimum investment period.

You may reduce the amount of your regular premium only from the 5th policy anniversary and we will make this change when your next regular premium is due. We may set a minimum amount if you change your regular premium.   

You will have to pay a surrender charge if you reduce your regular premium during the MIP. You cannot change your regular premium when your policy is on premium holiday. 

No, you cannot backdate your policy.

Forward pricing means that the prices of your transacted funds will only be computed after the close of each dealing day.

The prices will be updated on our website here after 2 working days from the close of each dealing day.

For cash policy, all transactions and premiums received by us by 3.00 pm (Singapore time) each day will be executed based on the unit prices of the same business day.

For transactions submitted on a non-business day (i.e. Saturday, Sunday or public holiday), the execution will be based on the prices valued for the following business day.

The bid price will be used to work out the policy value.

Our fund prices are updated daily on our website here.

There is a percentage of your regular premiums that we use to buy units (at the bid price) in the funds you choose. This percentage varies based on the minimum investment period and number of months that regular premiums have been paid as shown in Table below. We will buy and pay for you the units in excess of 100% of your premiums as shown below.

We may change the percentage of regular premium to buy units in the funds you chose by giving you notice. This percentage will not be less than 100%.

Premium holiday is a feature that allows you to stop paying your regular premium for a certain period of time for as long as the policy value is able to cover the fees and charges that continue to be due on the policy. Fees and charges are still applicable when your policy is on premium holiday.

Yes, your insurance coverage will be provided during premium holiday.

Any premium holiday will end once you start paying your regular premiums again. When you start paying your regular premiums again after any premium holiday, we may not accept regular premiums for the period of the premium holiday that you have taken.

Yes, you can make partial withdrawal from your funds subject to the following terms:

• The minimum partial withdrawal amount is $500 each time; and
• You need to hold a minimum policy value of $1,000 in aggregate (across all sub-funds) under the policy.

We will apply a partial withdrawal charge for each partial withdrawal of the units in your fund(s) you make during the minimum investment period. There is no limit to the amount of partial withdrawals you may make.

Upon cancellation during free look, we will refund you:

• the premiums you have paid; or
• policy value (excluding bonus units) based on the applicable bid price on the date we receive the cancellation request, plus any applicable fees and charges deducted from the policy; 

whichever is lower.

The amount of refund will be less any medical fees and other expenses such as payments for medical check-ups and medical reports incurred by us.

This policy will end when we make this refund.

The annual management fee is not the same for all ILP funds. The fee for each fund can be found in the Fund Report.

From the 3rd policy anniversary, there is an insurance cover charge that must be paid monthly. This charge is based on the insured’s age, gender and the sum at risk at the time this charge is due. It will be taken from the policy value of the policy by cancelling units at the bid price. [ZY1] 

However, if the sum at risk is zero or less (negative value), we will not apply the insurance cover charge for that month.

When deciding on your claim, we will refund the monthly insurance cover charges that we have taken after the date you told us about the event giving rise to the claim.
 

We currently do not charge premium charge. However, we may change this at any time by giving you notice.

There will be a surrender charge deducted from the policy value if you do the following during the MIP:

• full surrender of the policy (including top-ups); or
• decrease the regular premium.

If the policy cash-in value after surrender charge is zero or less, there will be no benefit payout and the policy will end.

There will be a partial withdrawal charge deducted for each partial withdrawal of the units in your fund(s) made during the MIP. The partial withdrawal charge will be deducted before the partial withdrawal amount is paid. Partial withdrawal charge is not applicable for the amount withdrawn under the life events withdrawal benefit. 

After a partial withdrawal is made, the regular premium to be paid will remain the same.

If the policy value of the units for a partial withdrawal after deducting the partial withdrawal charge falls below the required minimum policy value, your withdrawal request will not be accepted and you will not receive any payout.

There will be a premium holiday charge on a monthly basis 30 days from the premium due date if:

• You stop paying premiums; or
• You request for a premium holiday;

during the minimum investment period.

From the 5^th policy anniversary, the premium holiday can be taken without any premium holiday charge up to the period according to the MIP you have selected. After which, we will apply the premium holiday charge if your policy continues to be on premium holiday during the MIP.

Premium holiday charge does not apply if the policy enters into a premium holiday after the minimum investment period.

You can refer to this webpage for more information.

For all funds that declare distributions, we will reinvest each distribution into the fund from which it is paid. We do this by buying units at the bid price (unless we say otherwise) on the payout date as set out in the ‘Semi Annual Fund Report’ or ‘Annual Fund Report’, or its equivalent. Units reinvested is managed as part of your unit holdings in the policy. To avoid doubt, for any withdrawals including funds that declare distribution, fees and charges may apply.

From the 5^th policy anniversary onwards, if the distribution amount for a fund meets the minimum amount we tell you, you can choose to reinvest the distribution or receive the distribution as a payout for each fund. A combination of payout and reinvestment within a fund is not allowed.

The latest instruction, if any, received by Income before the Declaration Date will be used to manage your distribution.

The default option for distribution is to reinvest them at bid price into the respective fund.
If you wish to receive your distribution as a payout, you will need to notify us through your preferred mode of contact least 30 days before the Declaration Date. We will ask you to complete and submit the “Alteration form for ILP Policy”.

However, any distribution below the minimum distribution amount we tell you has to be reinvested and receiving it as a payout is not allowed.

The unit prices for reinvestment will be determined on payout date. 

Yes, you can switch funds subject to the following terms:

i. We may tell you to leave a minimum amount in that fund if you are not switching out of a fund completely; and

ii. We may charge you a small amount, set a minimum amount for each switch and/or limit the number of switches you can carry out.

No, you cannot take a loan from this policy.