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Text Content

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 * Insurance
   
   Personal Insurance
   
   Protect Yourself & Your Family
   
    * Health Insurance
    * Personal Accident Insurance
    * Life Insurance
   
   Grow Your Wealth
   
    * Insurance Savings & Investments
   
   Premier Insurance
   
    * The Solitaire Series
   
   For Motor Vehicles
   
    * Car Insurance
    * Motorcycle Insurance
   
   Travel Needs
   
    * Travel Insurance
    * Overseas Study Protection Plan
   
   Home, Maid & Lifestyle
   
    * Enhanced Home Insurance
    * Home Ultimate Protect
    * Domestic Helper Insurance
    * Golfer’s Insurance
    * Personal Mobility Guard Insurance
   
   Corporate Insurance
   
   Protect Your Employees
   
    * Group Insurance for Employees
   
   Protect Your Business
   
    * Commercial Insurance
   
   For Schools
   
    * Group Insurance for Schools & MOE Personnel
   
   SEARCH OUR PRODUCTS
   
   
   
   

 * Claims
   
   Life Insurance Health & Personal Accident Insurance Motor Insurance Travel
   Insurance
   Overseas Study Protection Plan Home Insurance Domestic Helper Insurance i50
   Insurance
   Golfer's Insurance Group Insurance Commercial Insurance
   Unclaimed Policies Claim Statistics
   
   

 * Contact
   
   * Contact Us
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 * Online Self-services
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 * Login
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Contact Us
 * Personal
 * Corporate

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 * Contact

 * Online Self-services
 * Treats
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SEARCH OUR PRODUCTS


Insurance

   Personal Insurance

 * Protect Yourself & Your Family
   * Health Insurance
   * Personal Accident Insurance
   * Life Insurance
 * Grow Your Wealth
   * Insurance Savings & Investments
 * Premier Insurance
   * The Solitaire Series
 * For Motor Vehicles
   * Car Insurance
   * Motorcycle Insurance
 * Travel Needs
   * Travel Insurance
   * Overseas Study Protection Plan
 * Home, Maid & Lifestyle
   * Enhanced Home Insurance
   * Home Ultimate Protect
   * Domestic Helper Insurance
   * Golfer’s Insurance
   * Personal Mobility Guard Insurance

   Corporate Insurance

 * Protect Your Employees
   * Group Insurance for Employees
 * Protect Your Business
   * Commercial Insurance
 * For Schools
   * Group Insurance for Schools & MOE Personnel

Claims
 * Life Insurance
 * Health & Personal Accident Insurance
 * Motor Insurance
 * Travel Insurance
 * Overseas Study Protection Plan
 * Home Insurance
 * Domestic Helper Insurance
 * i50 Insurance
 * Golfer's Insurance
 * Group Insurance
 * Commercial Insurance
 * Unclaimed Policies
 * Claim Statistics

Contact
 * Contact Us
 * Find an Advisor
 * Request Advisor Call-Back




CONTACT US




GET IN TOUCH

Early Closure for Lite Branches and Hub Advisory Centre on 23 Mar 2022

Kindly note that all Lite Branches and Advisory Centres will be closed at 4pm on
23 Mar 2022, Wednesday due to a company event.

Cash Acceptance Limit 

With effect from 1 Sep 2021, cash payments at our Income branches will be capped
at a daily limit of SGD $5,000 per customer. Customers are encouraged to use
other approved payment modes.

For more information on the available range of payment modes ( eg GIRO, AXS,
cheque, Internet Banking and cashier’s order), please visit
www.income.com.sg/ppm.

Road Tax Renewal

From 31 March 2021, road tax renewal service at Bras Basah Branch will no longer
be available and all Income branches will cease road tax renewal collections.
Customers with an in-force motor insurance may renew road tax online, via AXS,
SAM, GIRO or at Road Tax Collection Centres. More info here.

Show more
Call us / Chat with us
Visit an Income Branch
Send an enquiry
Call us / Chat with us
Visit an Income Branch
Send an enquiry


You can refer to our hotlines below, or chat with us online via WebChat.  




Operating hours for hotlines and WebChat^
Monday - Friday: 8.30am - 6.30pm
Saturday, Sunday & public holidays: Closed

^except for Product Purchase hotline for Motor, Travel, Home, Lifestyle,
Personal Accident and Specialised Care Insurance









FOR PRODUCT PURCHASE ENQUIRIES

Motor Insurance

For motor insurance purchase, quotation and sales enquiries.
Operating hours:  9am - 5.50pm on Monday - Friday, closed on Saturday, Sunday &
public holidays.

6789 9595
Travel Insurance

For travel insurance activation, purchase, and sales enquiries.
Operating hours:  9am - 5.50pm on Monday - Friday, closed on Saturday, Sunday &
public holidays.

6788 1222
Home / Lifestyle / Personal Accident Insurance

For purchase, quotation and sales enquiries regarding Domestic Helper Insurance,
Home Insurance, Personal Accident, Personal Mobility Guard, Overseas Study
Protection Plan, Golfer's Insurance, SilverCare and PioneerCare.
Operating hours:  9am - 5.50pm on Monday - Friday, closed on Saturday, Sunday &
public holidays.

6788 1111
Specialised Care

For purchase, quotation and sales enquiries regarding Autism & Down Syndrome
Insurance.
Operating hours:  9am - 5.50pm on Monday - Friday, closed on Saturday, Sunday &
public holidays.

6786 1788
Group/Health Insurance

For purchase, quotation and sales enquiries regarding all group and health
insurance products.

6332 1133
Life Insurance

For purchase, quotation and sales enquiries regarding all life insurance and
savings and investment products.

6788 1122

FOR CLAIMS

Motor/Travel/Home / Lifestyle / Personal Accident Claims

For claims enquiries on Motor Insurance, Travel Insurance, Foreign Maid
Insurance, Home Insurance, Personal Accident, Personal Accident Infectious
Diseases, Overseas Student Plan, and Golfer's Insurance.

6788 6616
Health/Group Insurance claims

For claims enquiries on health and group insurance.
Examples of products: Enhanced IncomeShield, ElderShield, PrimeShield, Managed
Healthcare Scheme, Dependants' Protection Scheme, LUV, Plus! Protect, SAFRA
Essential Term, SAFRA Living Care, HomeTeamNS Insurance Scheme, HomeTeamNS
Living Policy, Corporatised Entities Group Insurance Scheme, and Co-Pay Assist
Plan.

6332 1133
Status of existing IncomeShield claims

For enquiries on the status of existing IncomeShield and Enhanced IncomeShield
claims.

6789 6886
Life Insurance Claims

For death and total & permanent disability claims enquiries on all life
insurance.
Examples of products: Whole life plans, Annuity, Term Life, Savings and
Investment-Linked plans.

6788 1122

FOR INFORMATION ON YOUR EXISTING POLICIES

General Enquiries

For all general enquiries.

6788 1777
Motor/Travel Insurance/Home / Lifestyle / Personal Accident Insurance

For enquiries on coverage, renewals, extentions, payments and policy status.

6788 6616
Health/Group Insurance

For enquiries on coverage, payments and policy status.
Examples of products: Dependants’ Protection Scheme, IncomeShield, Enhanced
IncomeShield, ElderShield, PrimeShield, Managed Healthcare Scheme, LUV, AA Life
Protector Plus, AA Life Protector, SAFRA Essential Term, SAFRA Living Care,
HomeTeamNS Insurance Scheme, HomeTeamNS Living Policy, Plus! Term Life
Insurance, Corporatised Entities Group Insurance Scheme, Co-Pay Assist Plan, and
IDAPE Scheme.

6332 1133
Life Insurance

For enquiries on coverage, policy alterations, loans, surrenders, payments and
policy status.

Examples of products: Whole life plans, Annuity, Term Life, Savings and
Investment-Linked plans. 

6788 1122
Talk to us online

If you prefer, you can also use these methods to contact us.

Connect with WebChat 



FOR FREE ON-SITE ACCIDENT ASSISTANCE (ORANGE FORCE)

Orange Force

Call Orange Force for free on-site motor accident assistance.

6789 5000

FOR INFORMATION RELATING TO ORANGEAID

OrangeAid

For enquiries on OrangeAid and related donations.

6788 1777
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 * BRANCHES
 * LITE BRANCHES

 * Services available at Income branches
   
   VISIT OUR BRANCHES
   
   Policy applications, renewals, and endorsements for the following:
   
    * Private Car Insurance
    * Motorcycle Insurance
    * Personal Accident Insurance
    * Personal Accident Infectious Diseases (PAID) Insurance
    * Home Insurance
    * Travel Insurance
    * Golfer Insurance
    * SilverCare Insurance
   
   
   Life policy servicing for matters such as:
   
    * Policy reviews
    * Policy loans/ surrenders / bonus encashments
    * Nominations
    * Policy alterations
   
   
   
   
   Group and health policy servicing for matters such as:
   
    * Policy reviews
    * Policy alterations / terminations
    * Payment alterations
   
   
   
   
   Submissions, collections, and renewals
   
    * Submission of claim documentation and forms
    * Insurance premium collections

 * ANG MO KIO BRANCH
   
   
   
   53 Ang Mo Kio Ave 3,
   
   #03-18/19 AMK Hub
   
   Singapore 569933
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Friday : 9.00am - 5.30pm  
    * Saturday : 9.00am - 3.00pm
    * Sunday & Public holidays : Closed
   
   Peak hours
   
    * Monday - Friday : 12.00pm - 2.00pm
   
   Customers may experience longer waiting times during peak hours.

 * BRAS BASAH BRANCH
   
   
   
   75 Bras Basah Road,
   Income Centre
   Singapore 189557
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Friday : 9.00am - 5.30pm  
    * Saturday : 9.00am - 3.00pm (Reopen on 6th Feb 2021)
    * Sunday & Public holidays : Closed
   
   Peak hours
   
    * Monday - Friday : 11.00am - 3.00pm
   
   Customers may experience longer waiting times during peak hours.

 * WESTGATE BRANCH
   
   
   
   3 Gateway Drive
   #02-40B
   Singapore 608532
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers.
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Friday : 9.00am - 5.30pm  
    * Saturday : 9.00am - 3.00pm
    * Sunday & Public holidays : Closed
   
   Peak hours
   
    * Monday - Friday : 10.30am - 2.00pm

 * TAMPINES BRANCH
   
   
   
   2 Tampines Central 6
   #01-01 Income at Tampines Point
   Singapore 529483
   
   Please note that visits are strictly by appointment only. 
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Friday : 9.00am - 5.30pm
    * Saturday : 9.00am - 3.00pm
    * Sunday & Public holidays : Closed
   
   Peak hours
   
    * Monday - Friday : 11.00am - 2.00pm
   
   Customers may experience longer waiting times during peak hours.

 * BEDOK BRANCH
   
   
   
   11 Bedok North Street 1
   #01-32 Heartbeat@ Bedok
   Singapore 469662
   
   Please note that visits are strictly by appointment only. 
   
   9am to 10am is Priority Hour for the elderly and expectant mothers.
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Friday : 9.00am - 5.30pm  
    * Saturday : 9.00am - 3.00pm
    * Sunday & Public holidays : Closed

 * Services available at Lite branches
   
   SERVICES AVAILABLE AT INCOME LITE BRANCHES
   
    * Financial Planning Services
    * Policy Enquiry (Loan/ Surrender/ Bonus Encashment) 
    * Policy Alteration 
    * Payment Alteration 
    * Change of Personal Particulars
    * Credit Card authorisation
    * InterBank GIRO application
    * Private Car Insurance
    * Motorcycle Insurance
    * Personal Accident Insurance
    * Travel Insurance
    * Home Insurance
    * Submission of Claims documentation and forms
    * Nomination
   
   
   
   
   Please note that payment facilities are not supported at our Lite Branches.

 * BUKIT MERAH LITE
   
   
   
   (Inside NTUC Fairprice)
   166 Bukit Merah Central
   #02-3531
   Singapore 150166
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday: 9.00am - 6.00pm 
    * Sunday & Public holidays : Closed

 * JURONG POINT LITE
   
   
   
   (Inside NTUC Fairprice Xtra)
   63 Jurong West Central 3
   #03-01 Jurong Point
   Singapore 648331
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday: 9.00am - 6.00pm 
    * Sunday & Public holidays : Closed

 * MARINE PARADE LITE
   
   
   
   (Inside NTUC Fairprice Finest)
   6 Marine Parade Central
   Singapore 449411
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday: 9.00am - 6.00pm 
    * Sunday & Public holidays : Closed

 * NEX LITE
   
   
   
   (Inside NTUC Fairprice Xtra)
   23 Serangoon Central
   #03-42, NEX Mall
   Singapore 556083
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday: 9.00am - 6.00pm 
    * Sunday & Public holidays : Closed

 * TAMPINES HUB LITE
   
   
   
   (Inside NTUC Fairprice Xtra)
   51 Tampines Ave 4
   #B1-01 Our Tampines Hub
   Singapore 529684
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday : 9.00am - 6.00pm 
    * Weekends & Public holidays : Closed

 * VIVOCITY LITE
   
   
   
   (Inside NTUC FairPrice Xtra)
   
   1 Harbourfront Walk #B2-23 VivoCity  
   
   Singapore 098585
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday: 9.00am - 6.00pm 
    * Sunday & Public holidays : Closed

 * HOUGANG 1 LITE
   
   
   
   (Inside NTUC FairPrice Xtra)
   No. 1 Hougang Street 91
   #02-01 Hougang 1
   Singapore 538692
   
   Please note that visits are strictly by appointment only.
   
   9am to 10am is Priority Hour for the elderly and expectant mothers. 
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
   Monday - Saturday: 9.00am - 6.00pm 
   
   Sunday & Public holidays : Closed

 * JEM LITE
   
   
   
   Inside NTUC Fairprice Xtra
   
   50 Jurong Gateway Road
   
   #B1-03 & B1-21/22
   
   Singapore 608549
   
   Please note that visits are strictly by appointment only. 9am to 10am is
   Priority Hour for the elderly and expectant mothers.
   
   
   
   Get directions
   
   Opening hours
   
   Revised operating hours
   
    * Monday - Saturday: 9.00am - 6.00pm 
    * Sunday & Public holidays : Closed

Book an appointment



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Business reply envelope Direct Debit Authorisation (DDA) GIRO application Motor
premium payment Official Receipt Payment of general insurance premium by credit
card Payment of life premium by credit card Policy servicing Premium Notice

Business reply envelope

Business reply envelope

Direct Debit Authorisation (DDA) GIRO application

Motor premium payment

Official Receipt

Payment of general insurance premium by credit card

Payment of life premium by credit card

Policy servicing

Premium Notice

Where can I download the business reply envelope if I wish to send cheque
payments and GIRO application form by post to Income?

Click here to download the business reply envelope.

What do I need to do if I wish to pay my premiums by GIRO?

You may apply via My Income and get an instant approval if you are paying your
LIFE policy renewal premiums using POSB/ DBS bank account.




Otherwise, please complete a DDA / GIRO Application Form. You can obtain a copy
of the DDA / GIRO Application Form by the following methods:

 * Download a copy of it from the website. Click here for a copy of the DDA/
   GIRO Application Form.
 * Send an email to csquery@income.com.sg
 * Contact your insurance advisors
 * Call our Income hotline
 * Visit our Income branches to complete the DDA / GIRO Application Form

How do I complete the DDA / GIRO Application Form?

Please ensure that you and the Bank Accountholder complete the following
compulsory fields on the “GIRO Application Form”:

 

 1. Policy Number
 2. Policyholder / Insured / Customer's Name
 3. Policyholder / Insured / Customer's NRIC (last 4 characters only)
 4. Relationship to Accountholder
 5. Bank Accountholder’s Name
 6. Bank Accountholder’s NRIC
    * For Foreigners, this will be the ID that the Bank Account is operated
      under.
    * For Companies, the Bank Accountholder’s NRIC must be the registered ID of
      the Company. This ID must correspond with the Accountholder’s Bank record.
 7. Bank Name
 8. Bank Account number
 9. Signature of the Bank Accountholder




You can fill up to 5 policy numbers in one GIRO form. If any of the compulsory
fields are incomplete, the GIRO form will be rejected.




Any alteration on the form must be accompanied by a corresponding signature by
the Bank Accountholder.

Why does Income insist on making the Policyholder submit an original and
complete DDA / GIRO Application Form?

We require the ORIGINAL form to be submitted as we need to ensure that the
authorization from the Bank Accountholder is genuine. Furthermore, the banks
will also require the ORIGINAL form to be submitted for their processing and
approval.




You may apply via My Income and get an instant approval if you are paying your
LIFE policy renewal premiums using POSB/ DBS bank account.

Can Income help to make the changes on my GIRO Application Form and re-send to
the Bank for approval?

No, we will not be able to make any amendments on the GIRO Application Form on
behalf of the Bank Accountholder. Any amendments on the GIRO Application Form
have to be endorsed by the Bank Accountholder. Correction fluid / tape is also
not allowed.




Bank Accountholder can complete a new GIRO Application Form and mailed it to
Income Centre, 75 Bras Basah Road, Singapore 189557 or by bringing it down to
any of Income branches.




Alternatively, you may apply via My Income and get an instant approval if you
are paying your LIFE policy renewal premiums using POSB/ DBS bank account.




We also wish to advise that a previously rejected GIRO Application Form cannot
be used for re-submission.

How do I submit my DDA / GIRO application?

You may apply via My Income and get an instant approval if you are paying your
LIFE policy renewal premiums using POSB/ DBS bank account.




Otherwise, please submit the ORIGINAL DDA / GIRO Application Form to us by:

 * posting to Income Centre, 75 Bras Basah Road, Singapore 189557
 * visiting to any of Income branches




Fax and email modes are not accepted.

How long does the DDA / GIRO application take?

If you apply via My Income for your LIFE policy renewal premiums using POSB/ DBS
bank account, you will get an instant approval.




Otherwise, when we receive your fully completed application form, please allow
us 14 to 45 days to process the application.

Why is my GIRO application rejected when my bank account number was written
correctly as per my bank record?

The Bank Accountholder will need to contact their bank to obtain further details
on the rejection.

Can I pay all my policy premiums using GIRO?

The majority of the policy premiums can be paid using GIRO except the following:

 * DPS – Payment mode is via CPF.

Can I change the bank account to pay for my premiums?

Yes, you can but you will need to submit a new GIRO application with details of
the new bank account to us. Please allow sufficient time (about 14 - 45 days)
for the new application to be processed and activated.




Until the new GIRO arrangement is approved and activated, Income will continue
to deduct the premium payment from the existing bank account. Policyholder and
Bank Accountholder are advised to maintain sufficient fund in the existing GIRO
bank account.




If you are changing to a DBS/POSB account for your LIFE policy renewal premium,
you may apply via My Income and you will get an instant approval.

Can I set a payment limit for my GIRO deduction?

Yes, the Bank Accountholder can set a payment limit for GIRO deduction through
their bank. However, if you set a deduction limit, it might cause the GIRO
deduction to fail if the premium due amount exceeds the limit specified.

A notification letter will be sent to inform you to increase or remove the GIRO
deduction limit when the limit is exceeded.

For Example:
You have two policies with premium amount of $313.75 and $113.15. You have also
set a payment limit of $350 and $150 respectively with your bank.

The GIRO deduction will fail due to "Amount Exceeded". This is because the total
premium amount to be deducted is $426.90 ($313.75 + $113.15). The bank will take
the highest limit that you have set on the billing organization as the payment
limit. In this case, the payment limit is $350 which is lower than the total
premium to be deducted of $426.90. Hence, the GIRO deduction will be
unsuccessful.

What is the date for GIRO deduction?

The GIRO deduction dates are on the 6th or 18th of the month.




If the 6th or 18th falls on a Sunday or Public Holiday, the deduction will be
rescheduled to the next working day.




For Life policies, if your premium due date is from the 1st to 15th of the
month, it will be deducted in the current month. If your premium due date is
after the 15th of the month, it will be deducted in the following month.




Can I pre-schedule my GIRO commencement date to be different from my policy
premium due date?

No, we are unable to support the pre-scheduling of GIRO commencement date.

What happens if I don’t have sufficient funds in my GIRO account?

If there is insufficient fund in the bank account for the 1st deduction, another
attempt will be made on the next deduction date.

For Life Insurance products, there will be a maximum of four attempts over two
months to deduct the premium due on the 6th and 18th respectively.

For Health and General insurance products, there will be a maximum of two
attempts to deduct the premium due on the 6th and 18th respectively.

If the deduction is still unsuccessful after the maximum attempts for your
policy, you will need to make payment directly to Income. GIRO will resume only
after the overdue premium is paid.

Will there be any fees for unsuccessful deduction?

We do not impose any charges for unsuccessful deductions. However, some banks
will impose a service charge as unsuccessful deduction is treated like a bounced
cheque. Please contact your bank on these charges (if applicable).

Why do I receive a SMS for GIRO approval?

We do not send any SMS for GIRO approval. For some banks, like DBS, an SMS will
be sent to notify their customers of the application status.




If you are a joint account holder, you may also receive an SMS from the bank.
You may contact your bank for more information.

Will I be getting any receipts for my premiums paid using GIRO?

No receipts will be issued for GIRO deductions. Policyholders / Bank
Accountholders can check if the deduction is successful in their bank statement
or when the passbook is updated. The successful deduction will be identified as
INS (for Insurance).

Why is it that my GIRO deduction is unsuccessful when there are sufficient funds
in my Bank account?

The unsuccessful GIRO deduction could be due to a few possible scenarios. Some
of the common GIRO deduction rejection reasons are as follows:

 * Existing GIRO arrangement is terminated
 * Bank account is closed
 * Deduction amount has exceeded the limit set
 * Change of bank account number
 * Cheque is not cleared

As this involves confidential information, the banks will not disclose the
reason to us. Hence, you need to contact your bank directly to seek their
clarification.

Can I request to stop the GIRO deduction for my premium as I may not have
sufficient funds in my bank account?

Yes, you can request to stop GIRO deduction in the coming deduction date.

Please call our Income hotline or send an email to csquery@income.com.sg to
inform Income of your request with the following information:

 * Policy number
 * Bank account number
 * Premium amount to be stopped
 * Deduction date

Your request to stop the GIRO deduction will need to reach us at least four
working days before the deduction date on the 6th or 18th. We would like to
inform that we will not be able to process any requests received after the
deadline.

Will there be any fee imposed for stopping GIRO deduction?

Income does not impose a fee, however, the bank will charge a fee of $5 for such
requests. You will also need to make payment for this fee at any of our branches
before we process your request.

I have a total of four policies that are deducting from the same bank account.
Can I request to only stop the GIRO deduction for one policy?

No, you are not able to stop the GIRO deduction for only one policy, any request
to stop GIRO deduction will apply to all policies. If we received your request
to stop GIRO deduction for only one policy, all the remaining three policies
will not be deducted as well.

How do I terminate the GIRO arrangement for my premium payments?

You can terminate the GIRO arrangement for your premium payments via the
following options:

 * You and / or Bank Account holder can authorise the termination by completing
   the “Cancellation / Termination of GIRO Arrangement Form”.
 * Bank Accountholder can terminate the arrangement directly with their bank.

How long will it take for the GIRO arrangement to be terminated?

When we receive the ORIGINAL “Cancellation / Termination of GIRO Arrangement
Form”, it will take 7 to 30 days for the request to be processed.

Please maintain sufficient funds in your existing bank account for the premium
deduction until you receive our GIRO Cancellation letter confirming that the
GIRO arrangement has been terminated.

Can I fax the cancellation form to Income?

We are unable to accept fax, email or photocopied form to terminate the GIRO
arrangement. Please send us the ORIGINAL form for our processing.

Will I receive any notification from Income when I terminate the GIRO
arrangement?

Yes, we will send you a letter to inform you on the cancellation of the GIRO
arrangement and to make any premium payments directly to us.

Can I repay my Life policy loan via GIRO?

You can use GIRO for the policy loan repayment if:

 * Policy is not an Annuity product; or
 * Policy is not an Investment Linked Product.

At the same time, your premium payment must also be deducted from the same GIRO
account. Hence, if you are currently not using GIRO for your policy premium
payment, you will need to complete the following two forms:

 * ORIGINAL “GIRO Application Form” – For policy premium payment
 * ORIGINAL “ Policy Loan Repayment Arrangement Form” – For policy loan
   repayment

For a copy of the GIRO Application Form, click here.
For a copy of the Policy Loan Repayment Arrangement Form, click here.

How can I arrange to pay my monthly policy loan repayment via GIRO?

You will be required to complete the “Policy Loan Repayment Arrangement Form”.
Please ensure that you complete the following information on the form:

 1. Policy Number
 2. Policyholder / Assignee's Name
 3. Policyholder / Assignee's NRIC (last 4 characters only)
 4. Bank Accountholder’s Name
 5. Bank Accountholder’s NRIC
    * For Foreigners, this will be the ID that the Bank Account is operated
      under.
    * For Companies, the Bank Accountholder’s NRIC must be the registered ID of
      the Company. This ID must correspond with the Accountholder’s Bank record.
 6. Bank Name
 7. Bank Account number
 8. Signatures of the Policyholder and Bank Accountholder (if different from
    Policyholder)
 9. Monthly loan repayment amount that is to be deducted




Once, you have completed the form, please submit the form to us by:

 * posting to Income Centre, 75 Bras Basah Road, Singapore 189557
 * visiting to any of Income branches




Any alterations must be accompanied by a corresponding signature of the Bank
Accountholder. Any amendments not endorsed by the Bank Accountholder will be
rejected. Alteration by correction fluid / tape is not allowed.

How do I submit the Loan Repayment Form to Income?

You may submit the form to us by:

 * posting to Income Centre, 75 Bras Basah Road, Singapore 189557
 * visiting to any of Income branches




Fax and email modes are not accepted.

Can I use a different bank account to pay for my policy loan?

No, you will not be able to use a different bank account to pay for your policy
loan. The bank account that you wish to use for the loan repayment must be of
the same bank account as your premium payment.

What is the frequency of this loan repayment deduction from my GIRO account?

The policy loan repayment will be deducted on a monthly basis regardless of the
policy premium payment frequency.

For Example:
Your policy premium payment frequency may be deducted via your GIRO account on a
quarterly / half yearly / annual basis. Your policy loan repayment will still be
deducted via GIRO on a monthly basis.

When is the GIRO deduction date for the policy loan repayment?

The deduction date for policy loan repayment is on the 6th of every month only.
The monthly deduction will take place until the policy loan is fully paid. We
will only attempt to deduct one instalment on each deduction date, regardless of
whether the previous deduction attempt was successful or unsuccessful.

Can I request for a statement of the total premium paid for my Life policies?

Yes, you can request for breakdown of the total premium paid. Please send an
email to csquery@income.com.sg or call our hotline with the following
information:

 * Policy Number
 * Period required

We can provide a statement of the total premium paid for the last 24 months for
free. However, for each subsequent block of 12 months, it will be charged at $10
per block.

Please make payment of the applicable fees at any of our branches before we can
process your request. Upon receiving your payment, we will prepare the statement
to be sent to you within 14 working days.

Can I request for a supporting document to indicate the total premiums that I
have paid via GIRO in order to seek reimbursement from my company?

Yes, you can request for a copy of the summarized Premium Statement for the year
for claiming purposes. Please send an email to csquery@income.com.sg or call our
Income hotline with the following information:

 * Policy Number
 * Policyholder / Life Assured Name

When we receive your request, we will prepare a Premium Statement to be sent out
to you within five working days.

What are the different types of premium payment methods available for me to pay
for my motor insurance policy?

For your convenience, we have the following premium payment methods available
for you to choose from.

Payment MethodsNew or Renewal of Motor Insurance Policy AXS Stations✓ ATM✓ Cash✓
Cheque✓ Credit Card✓ Internet Banking✓ NETS✓ Income website✓




For the locations of the AXS stations, please click here.

Can I issue a post dated cheque?

No, we do not accept post dated cheque.

Can I use a third party’s cheque?

Yes, you can.
In a case where there is excess premium, the refund will be paid to the
policyholder.

Can I use a third party’s credit card (e.g. Spouse’s card) for this instalment
plan?

Yes, you can. Both the policyholder and the cardholder will need to be present
at any Income servicing branch.

The cardholder is required to sign the credit card confirmation slip while the
policyholder is required to sign the declaration form for the premium payment
using third party credit card.

For the locations of Income servicing branches, please click here.

For a copy of the declaration form, please click here.

Currently, my road tax expires earlier than my motor insurance policy. If I want
to purchase a motor insurance policy for less than 12 months to coincide both
their expiry dates, can I still apply for this instalment plan?

Yes, you can still opt for IPP provided the motor insurance policy that you
purchase is for a minimum period of nine months.

How and when will my instalment payments be deducted?

Once the bank approves, the bank will bill you monthly. The amount deducted will
be reflected in your monthly statement.

How can I activate this Instalment Payment Plan (IPP)?

You will need to be present at any Income servicing branch to sign the credit
card confirmation slip.

For the locations of Income servicing branches, please click here.

If I am a supplementary cardholder, can I still apply for this instalment plan?

Yes, as long as the credit card is issued in your name.

If I am still paying for my instalment payments and decide to sell my vehicle,
how is my refund computed for my motor insurance policy cancellation?

The refund of premium deducted via credit card will be settled by credit card.
The refund will be displayed in the cardholder’s credit card statement as “INC
POL xxxxxxxxxx”.

The refund is a lump sum amount which will reduce the cardholder’s overall
outstanding bill in the credit card statement. Cardholder will continue to
service the remaining Instalment with the Bank.

The motor insurance policy refund is calculated based on the following
conditions:

 * Taking up another motor insurance policy with us within 90 days from the
   effective date of cancellation Premium Refund = Premium x Unexpired period of
   Insurance (Days)/Original Period of Insurance (Days)
 * Not taking up another motor insurance policy with us Premium Refund = (85% of
   Premium) x Unexpired period of Insurance (Days)/Original Period of Insurance
   (Days)

If I am unable to activate this instalment plan, can I have an insurance advisor
to assist me to activate it ?

Yes, you can. However, the insurance advisor will need to fill up a copy of the
application form to authorise him/her to activate the instalment plan on your
behalf.

For a copy of the application form, please click here.

If my vehicle is registered under a company, can I still apply for this
instalment plan?

Yes, you can. Both the policyholder and the cardholder will need to be present
at any Income servicing branch with a copy of the company business profile.

The cardholder is required to sign the credit card confirmation slip while the
policyholder is required to sign the declaration form for the premium payment
using third party credit card.

For the locations of Income servicing branches, please click here.

If the cardholder is not available to sign the credit card confirmation slip at
the branch, can he / she give a written authorisation?

No, the cardholder needs to be present for verification of the credit card
details and sign the credit card confirmation slip. This is to safeguard the
cardholder’s interest and prevent the misuse of written authorisation.

What are the payment options available to me when making a payment via my credit
card?

You can choose to settle the payment via lump sum credit card payment.
Alternatively, you can opt for an Instalment Payment Plan (IPP) through your
credit card.

What happens if I were to enter the wrong payment amount?

For insufficient payment, you will need to make payment for the difference in
amounts using the same Bill Reference Number.

For excess payment, you can inform us via our online enquiry web form for the
refund cheque to be sent to you. When submitting your request, please indicate
your Vehicle Registration Number. You can click here to access our online
enquiry web form.

This does not apply to payment via www.income.com.sg.

What information do I need to have to make my premium payment via ATM / AXS /
Internet / Phone Banking or www.income.com.sg?

For premium payment via ATM / AXS / Internet or Phone Banking, you will need to
enter the Bill Reference Number and premium amount in order to make your
payment. Both the Bill Reference Number and premium amount can be found on your
Renewal Notice.

For premium payment via www.income.com.sg, you need to enter the Policy Number,
Product Type and the exact premium amount.

What is the minimum premium to qualify for Instalment Payment Plan (IPP) and how
many months instalment am I allow to apply?

The minimum premium to qualify for IPP is $200 with a repayment period of 6
months. For a 12 months repayment period, a minimum of $500 is required.

What is this Instalment Payment Plan (IPP) through credit card?

IPP is an interest free instalment payment plan offered by the banks
(Participating Banks include DBS / POSB, OCBC and UOB) for Income's motor
insurance. The bank will bill the cardholder monthly.

For terms and conditions on the IPP, please refer to the respective banks’
website:

 * For DBS / POSB website, please click here.
 * For OCBC website, please click here.
 * For UOB website, please click here.

What types of credit card can I use?

We accept both MasterCard and Visa credit cards.

What will happen to my motor insurance policy if I fail to pay the instalment?

Your motor insurance policy will remain in force but the bank will charge you
the usual late payment fee with interest.

Who should I make my cheque payable to?

You can make the cheque payable to “NTUC Income”.
On the back of the cheque, please indicate your name, policy number and contact
details.

Official Receipt

Official receipts will only be generated upon request. Please send an email to
csquery@income.com.sg or call our Income hotline with the following
information: 
 

 * Policy Number
 * Payment details (e.g. Cheque No, Cheque Amount)


We will generate the official receipt and send to you within five working days. 

Note: No receipts will be issued for GIRO deductions. Policyholders / Bank
Accountholders can check if the deduction is successful in their bank statement
or when the passbook is updated.

Can I pay my general insurance premium via credit card?

Yes, you can pay your general insurance's premium via credit card. The
deductions can be done as follows:

For lump sum

 1. Over the Counter Swipe
 2. Batch Processing
    This is for the purchase/renewals/endorsements of policies through phone
    calls and/or emails where the physical credit card is not available on-site.
 3. Website
    1. Via "Online Application (Travel Insurance)"
    2. Via "Online Application (Private Car Only)"
    3. Via "Pay your premium here" at Online Payment Portal
    4. Via My Income portal 

For Foreign maid insurance applied via phone, the cardholder must provide the
three digit CVV security code to effect the transaction. Payment will be
deducted via the credit card immediately.

For Instalment Payment Plan (only applicable for Motor Insurance)

 1. Over the Counter Swipe only Instalment cases are allowed only if they relate
    to the credit card Instalment Payment Plan (IPP). The participating Banks
    are UOB, OCBC, DBS & POSB.

Are all types of credit cards accepted?

At the moment, only Master and Visa cards are accepted. Other cards such as
Diners or American Express or Debit cards are not accepted.

Debit cards are only allowed for “Lump-Sum - Over the Counter Swipe”. Debit
cards for “Batch Processing” and for “IPP – Over the Counter Swipe” are not
accepted.

Can I pay my premium partially by credit card and partially by other modes?

Premium charged to credit card must be for the full premium. Partial cash
payment and partial credit card payment are not allowed.

Is there any cap on the premium deductible via credit card and what are the
related charges?

There are no additional charges for payment via credit card.

There is also no cap on the premium deductible via credit card for Motor
Insurance and Personal Lines Insurance. Premium deductible via credit card is
subject to the credit limit set by the Bank on the credit card holder.

For Instalment Payment Plan (only applicable for Motor Insurance), the minimum
premium and instalment period applies:

 * Minimum $200 for 6 months instalment
 * Minimum $500 for 12 months instalment

For Commercial Lines Insurance, the cap on the premium deductible via credit
card is at $5,000 per policy.

How do I activate the Instalment Payment Plan for my Motor Insurance premium?

You can visit any of our NTUC Income branches.

For more details on NTUC Income branches, please click here.

What happens if the deduction via my credit card “Batch Processing” fails?

We will attempt for credit card deduction once. If the deduction fails, the
Debit Note will be suspended (i.e. will not go for another round of deduction).
You will be notified by mail and you may then settle your premium direct to NTUC
Income.

Acceptable payment methods are cheques made payable to “NTUC Income”, cash or
NETS at any of our NTUC Income branches. If you are paying by cheque, please
quote your policy number at the back of the cheque to facilitate proper
processing. Please also indicate your contact number so that we can contact you
in the event of any discrepancy. You can send your cheque by post to NTUC Income
Centre, 75 Bras Basah Road, Singapore 189557.

If a second attempt for deduction is required, instruction has to be given to
Contact Centre who will then inform Motor Insurance and Personal Lines Insurance
to unsuspend the Debit Note and trigger system extraction after two working
days.

When will the premium be deducted from my credit card for “Batch Processing”?

Once your policy has been issued and your credit card details have been entered
in our system, the outstanding premium will be deducted within five working
days.

What will be reflected in the cardholder’s credit card statement?

For Batch Processing, the deduction will be displayed in the cardholder’s credit
card statement as “INC POL xxxxxxxxxx”

For Over the Counter Swipe, the deduction will be displayed in the cardholder’s
credit card statement as “NTUC INCOME INSURANCE”

How will the refund of premium deducted via credit card be paid?

For Instalment Payment Plan (IPP) cases, the refund of premium deducted via
credit card will be settled by credit card. The refund will be displayed in the
cardholder’s credit card statement as “INC POL xxxxxxxxxx”. The refund is a lump
sum amount which will reduce the cardholder’s overall outstanding bill in the
credit card statement. Cardholder will continue to service the remaining
Instalment with the Bank.

For Lump Sum cases, refund of premium deducted via credit card will be settled
by cheque unless instructed otherwise.

Are insurance advisors allowed to use their own credit card to settle the
premium?

No, insurance advisors are not allowed to use their own credit card to settle
the premium.

Who is responsible for amending credit card details for “Batch Processing”?

Motor Insurance and Personal Lines Insurance will handle the addition/amendment
of new/existing credit card account creations and their details.

Can I pay my life insurance premium via credit card?

Yes, you can pay your life insurance's first premium via credit card. You are
not allowed to make subsequent renewal premium via credit card. This applies to
all payment frequencies i.e. monthly, quarterly, half-yearly and yearly.

For single premium, you cannot pay via credit card.

Why can't I pay my subsequent renewal premiums via credit card?

As a social enterprise, we aim to keep our premium rates as low as possible.
Hence we look for the most cost effective collection method so that our
policyholders can continue to benefit from the competitive premium rates. We are
absorbing the credit card cost for the first payment.

As life insurance is a long term contract, it is convenient and more cost
effective to pay the premium by GIRO or Internet banking.

Is there any cap on the premium amount deducted via credit card and what are the
related charges?

There is no cap on the premium amount but the amount to be deducted has to be
within your individual credit limit with the bank. At this moment, there are no
charges for payment via credit card.

Are all types of credit cards accepted?

At the moment, only Master and Visa cards are accepted. Other cards such as
Diners or American Express or Debit cards are not accepted.

Can I pay my premium partially by credit card and partially by other modes?

Premium charged to credit card must be for the full premium.

What details do I need to provide to have my premium deducted via credit card?

You need to provide the following details:

 1. Credit card holder name
 2. 16-digit credit card number
 3. Expiry date i.e. MMYY
 4. Master or Visa
 5. Relationship of credit card holder to policyholder (where policyholder is
    not the credit card holder)
 6. Issuing Bank

The above details will be requested in the application form if you have selected
‘credit card’ as your first premium payment method.

What happens if the deduction via my credit card fails?

We will attempt credit card deduction once only. If the deduction fails, your
agent will be informed to follow up.

When will the premium be deducted from my credit card?

Once your life insurance application has been approved and your credit card
details have been entered in our system, the premium will be deducted within
three working days.

At what unit price will Investment Linked Plan (ILP) Policies paid via credit
card be based on?

For Investment Linked Plan (ILP) Policies, the unit price will be based on the
transaction date when the payment is received by us.

If premium has been deducted via credit card, how will the refund of premium be
paid?

Any refund of premium deducted via credit card will be refunded by cheque.

If I submit my application and choose "Cash" as my mode of payment, can I cancel
it later and change my mode of payment to "Credit Card"?

Yes, but you will have to fill up the Credit Card Authorisation Form for Life
Insurance to effect this change.

For a copy of the Credit Card Authorisation Form, please click here.

Who can I contact if I have further queries?

If you have any queries, please contact your insurance advisor. Alternatively,
you may email us at csquery@income.com.sg or call our NTUC Income hotline
at 6788 1122.

Can APL keep my policy going on for me till the policy matures (in the case of
an endowment type of policy) or till a claim event occurs?

Not necessarily. APL is a loan on the policy. Interest is charged. If at any
time the amount of the loans and interest is more than the cash value, the
policy will cease.

Therefore it is important for you to monitor your policy’s cash value in
relation to the loans and interest.

How am I kept informed on the activation of the APL?

We will send you at least two premium notices on the outstanding premium before
activating the APL. Once the option is activated, we will also send you a
notice.

Subsequently, we will continue to send you a notice each time we advance
premiums on your behalf. Because APL is treated as a loan, a specific loan
statement showing the transactions in your policy loan account will also be sent
to you every year. On top of all these, you can access all your policy
information in My Income. The latest outstanding loan amount will be available
under “My policy loan”.

How do I apply for this APL feature?

You do not have to apply for this feature if APL is the default non-forfeiture
option for your policy. APL is the default non-forfeiture option if your policy
has not been purchased with CPF funds, not assigned to Official Assignee,
insurance company or bank and has been taken up with us after Apr 1994.

If not, you can apply for this feature by completing an application form. You
may request this form by emailing csquery@income.com.sg, calling us at 6788 1122
or visiting any of our servicing branches.

How do I repay the premium loans that you have advanced on my behalf?

You may make a full or partial repayment towards your policy loans. There is no
fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your
policy number) to ensure that your loan records are updated accurately. LRN is
an 11-digit reference number unique to each individual policy. You may call
Income hotline at 6788 1122 to obtain the LRN and the latest loan figure.

You may repay the loan by any of the methods below:

 * Cash or Nets at our branch (Find an Income Branch)  
 * AXS by selecting "Life Policy Loan" and quote LRN
 * Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and
   quote LRN
 * Cheque made payable to "NTUC Income"and quote LRN, policy number and your
   contact number on the reverse side of the cheque. Please post the cheque to
   us at: Income Centre 75 Bras Basah Road Singapore 189557

How much is the interest charged under the APL?

The current interest rate is 5.25% per annum. We may change the interest rate at
any time by giving you 30 days’ notice at your last known address. This interest
is calculated daily and compounded every year end. You are encouraged to repay
the loan as early as possible to avoid interest accumulation.

Besides, this loan and interest will also reduce any subsequent payouts from the
policy. And if at any time the amount of the loans and interest is more than the
cash value, the policy will cease.

Is there an alternative if APL is not my preferred option?

Yes. Instead of APL, you may opt for the paid-up option if you do not want to
pay any further premiums on your policy.

We will reduce the sum assured of your basic policy so that you will retain some
form of minimal coverage. We will only do this if the policy has enough cash
value. You will not pay any further premiums. You will keep any bonuses added to
this policy before the date we convert the policy to paid-up. If we declare any
subsequent bonuses on paid-up policies in the future, they will be based on the
reduced sum assured (called the paid-up sum assured). Once paid-up, any riders
attached to the basic policy will cease.

Do take note that converting your policy to a paid-up policy will usually lead
to a significant reduction in your coverage. You will also lose all benefits
under any existing riders that are attached to your basic policy.

If you have considered carefully and still prefer the paid-up option, you can
apply for it by completing an application form. You may request for this form by
emailing to csquery@income.com.sg, contacting us at 6788 1122 or visit any of
our servicing branches.

What is Automatic Premium Loan (APL) and how can I benefit from it?

APL is a common non-forfeiture feature in many life insurance policies. It
prevents the policy's insurance cover from being terminated when premiums due on
the policy are not paid after the period of grace.

When premiums remain unpaid after the period of grace, we will advance the
premiums on your behalf so the basic policy and its riders can continue at their
original coverage amount (called the sum assured). We will only do this if the
policy has enough cash value¹. We treat this as a loan (called APL) and charge
you interest. If there is not enough cash value, the policy will cease. We will
deduct these loans and interest from any amount we may be due to pay under the
policy. If at any time the amount of the loans and interest is more than the
cash value, the policy will cease.

¹ Cash value means the amount you will receive when you cancel a policy that has
a savings feature, before it matures. Its calculation is determined by us.

When exactly will you activate the APL?

You will have 30 days as a period of grace to pay the premiums that are due.
When premiums remain unpaid after the period of grace, we can activate the APL.
But in most cases, we will activate the APL only after 90 days.

Therefore, if your policy’s payment frequency is monthly, we will advance three
months of premiums on your behalf each time APL is activated. We will compute
interest from the due date of each premium. A notice will be sent to you on the
amount that has been advanced. You are encouraged to repay the loan as early as
possible.

Will Premium Notices be sent to me to remind me of the upcoming payment for my
policy?

Premium Notices will be sent to inform you of the next premium due date.
However, we will not send Premium Notices under the following scenarios:

 1. If your policy is on monthly payment mode, premium payment is via GIRO, and
    there is only one month of premium outstanding.
 2. If your outstanding premium is more than three months.
 3. If there are any pending transactions such as policy alteration requests or
    claims.

There are two types of Premium Notices: Notice of Payment Due (NPD) and Notice
of GIRO Deduction (NGD).

 * Notice of Payment Due (NPD) - If your policy premium payment is via cash.
 * Notice of Giro Deduction (NGD) - if your policy premium payment is via GIRO.

All notices will be sent to your registered address in our records. The Premium
Notices are usually generated on the 25th of every month.

Who are the recipients of Premium Notices?

We will send the Premium Notices to our Policyholders only.

When will I receive the Premium Notices?

You will usually receive the Premium Notices around the first week of the month.

Please be informed that if your premium is due between the 1st to 10th of the
month, you may receive the notice after the due date. However, we wish to
highlight that you are given 30 days (from the premium due date) to make the
premium payment. During this period, your policy is still active and in force.

What information will be provided in the Premium Notices?

The Premium Notice will include the following information:

 * Policy Number
 * Product Name
 * Name of Insured
 * Premium amount due
 * Premium due date
 * Months of Outstanding (if any)

Why do I still have an outstanding premium when I have already made payment?

You may ignore the Premium Notice if you have already made the payment. There is
a cut-off date shown in the notice and we might have only received your payment
after this date.

Can I request not to receive Premium Notices?

If your policy is on cash mode and you do not wish to receive Premium Notices,
we would advise you to use GIRO for monthly payment. We are unable to support
any request to suppress the sending of the notices.

What are the alternative means for me to check my payments and premium due?

You may access My Income portal or call our Income hotline to check on your
premium due and payment made.

If you are facing issues, please call 6788 1122 or email
to csquery@income.com.sg.

Can I have separate premium notice for all my insurance policies?

We are unable to support this request as our system is designed to consolidate
all policies for the same customer into one premium notice.

Can I have a copy of the latest premium notice if I have misplaced it/ did not
receive it?

Yes, we will send a re-print of the last notice to you.

Can I receive a copy of the premium notice to make early payment for my premiums
if I am going away for the next few months?

We do not send premium notice in advance. You may access My Income or call our
Income hotline to check on your premium due and you can make the payment via
Internet Banking while overseas.

Print all queries


Cash benefit coupon (regular payments) Change of payment frequency Adding or
removing riders Common Reporting Standard (CRS) Review of Special Terms Creation
of vesting in third party policies Absolute assignment of life policies Non
payment of life insurance premiums Policy loans for SGD denominated policy
Policy loans for USD denominated policy Decreasing sum assured and premium of
Life Insurance policy Paid up policy Customer Knowledge Assessment (CKA) and
risk profile Investment Linked Plans – change of regular premiums Investment
Linked Plans – fees and charges for existing plans Investment Linked Plans –
fees and charges for withdrawn plans Investment Linked Plans – Premium Holiday
Investment Linked Plans - Executive Order 14032 Life insurance application Motor
online application Car servicing workshops Nomination of Beneficiaries (NOB)
framework Deposit Withdrawal Purchase of insurance by an undischarged bankrupt
Home Protection Scheme Exemption Application Secondary Insured

Cash benefit coupon (regular payments)

Cash benefit coupon (regular payments)

Change of payment frequency

Adding or removing riders

Common Reporting Standard (CRS)

Review of Special Terms

Creation of vesting in third party policies

Absolute assignment of life policies

Non payment of life insurance premiums

Policy loans for SGD denominated policy

Policy loans for USD denominated policy

Decreasing sum assured and premium of Life Insurance policy

Paid up policy

Customer Knowledge Assessment (CKA) and risk profile

Investment Linked Plans – change of regular premiums

Investment Linked Plans – fees and charges for existing plans

Investment Linked Plans – fees and charges for withdrawn plans

Investment Linked Plans – Premium Holiday

Investment Linked Plans - Executive Order 14032

Life insurance application

Motor online application

Car servicing workshops

Nomination of Beneficiaries (NOB) framework

Deposit Withdrawal

Purchase of insurance by an undischarged bankrupt

Home Protection Scheme Exemption Application

Secondary Insured

What are cash benefit /coupon (regular payments)?

Regular payments refer to the guaranteed cash payments, which are issued at
regular intervals during the term of the policy when the policy is in force.
Paid-up policy is excluded.

What can I do with the regular payments?

Depending on the options available in your policy, the regular payments can be
paid to you via PayNow registered with NRIC/FIN, credited to your bank account,
deposited with our Company to earn an interest, paid via cheque or invested in
an Investment-Linked Plan.

Will I be notified when the regular payments are due?

About five weeks before the first regular payment is due, we will send you a
letter as to how you wish to use them. Your regular payments option will be
stated in the letter and will apply to all future regular payments (not
applicable to Anticipation plan). You will need to notify us if your choice is
different from the option stated in the letter at least 21 days before its due
date.

How can I inform Income to change the regular payments option?
 * Login to My Income & select “Change Cash Benefit Mode”
 * Complete Change of cash benefit/coupon option form and email us at
   csquery@income.com.sg
 * Complete Change of cash benefit/coupon option form and mail to: Income Centre
   75 Bras Basah Road Singapore 189557

When we have received the required documents, we will handle your request within
three working days.

Will the regular payments option selected by the policyholder be applied to all
future regular payments?

Except for Anticipation plan, the updated regular payments option will be
applied to all future regular payments. There is no standing instruction for the
regular payments option of Anticipation plan. The policyholder has to inform us
at least 21 days before the regular payment due date if he does not want to
receive the regular payments via cheque. This instruction can only be accepted
not earlier than 2 months before the regular payments is due. 

Will I be notified when the regular payments option is changed?

Yes, a letter will be sent to the policyholder, confirming the request of the
new regular payments option.

Can I choose not to deduct the outstanding premiums/loan amount from the regular
payments?

The terms and conditions of the policy has provided for this. In cases where the
premiums are outstanding for more than a month, or the policy’s cash value
cannot support an existing policy loan at the time the regular payment is
payable, we will deduct from the regular payment. Only the balance will be paid
out or deposited, depending on the selected regular payments option.

For FlexRetire, all outstanding loans and interest will be repaid in full before
the policy’s conversion.

What should I do if I choose to utilise the regular payments?

You are strongly encouraged to opt in PayNow registered with NRIC/FIN as
Preferred Payout Option. Unlike requesting for Direct Credit option, you will
save the hassle of submitting a copy of your bank book/statement.

If your regular payments option is cheque and you have opted in PayNow
registered with NRIC/FIN as Preferred Payout Option, you will receive the
payment via PayNow registered with NRIC/FIN by the due date. Else, we will send
a cheque to you.

If your regular payments option is Direct Credit, the regular payments will be
credited into your personal bank account by the due date. If you have opted in
PayNow registered with NRIC/FIN as Preferred Payout Option, there would be no
change to the payouts for your policy payout as your current arrangement is
already on direct credit. For more information on PayNow, you may visit this
page.

If you wish to make a change to your regular payments option, we will need you
to inform us at least 21 days before the due date. 

If the policy was bought with CPFOA or SRS funds, we will pay directly to your
investment account with your agent bank. If you need an urgent transfer of these
funds to CPF Board, you may call your agent bank to authorise an immediate
transfer.

Please contact us if you have not received the regular payments after the due
date.

What should I do if I choose to deposit the regular payments?

If your regular payments option is deposit, you do not need to inform us of your
decision. The regular payments will be deposited when they are due. Otherwise,
we would need you to inform us to change your regular payments option at least
21 days ahead of the due date. You will receive a confirmation letter on the
deposit and its amount when the regular payments are deposited. The details of
the deposit account will also be available in My Income under “My cash benefit”.
 

What is the interest rate earned in the deposit account?

The current interest rate for deposit is 3.25% per annum and it is subject to
changes.

Can I request to deposit the regular payment if I receive it via a cheque?

You may call the NTUC Income hotline at 6788 1122. We will stop the cheque
payment and assist to deposit that specific regular payment. The interest for
that specific regular payment will commence only on the deposit date. 

However, we are unable to deposit the regular payment once you have cleared the
cheque.

Can I deposit the regular payment if I receive it in my bank account via Direct
credit/PayNow registered with NRIC/FIN?

No. That specific regular payment can no longer be placed into the deposit
account.

Can I request to deposit the regular payment if it has been invested in the
Investment-Linked Plan?

No. That specific regular payment can no longer be placed into the deposit
account.

Can I change the regular payments option if the policy is assigned under
absolute assignment?

If the policy is assigned under absolute assignment*, the assignee instead of
the policyholder can give us the instruction on the regular payments option. If
the regular payments option is to pay out, it will be paid to the assignee.

*An absolute assignment is the transfer of a life policy to another person. The
person who transfers the policy is called the assignor. The person who takes
over the ownership of the policy is called the assignee.

Can I change the regular payments option if the policy is a trust created under
section 73 of the Conveyancing and Law of Property Act?

The policyholder can give us the instruction with the consent of all trustees
plus beneficiaries (at least age 21). If the regular payments option is to pay
out, it will be paid to all trustees, or beneficiaries (at least age 21).

Can I change the regular payments option if the policy is a trust (Irrevocable
Nomination) created under section 49L(2) of the Insurance Act?

The policyholder can give us the instruction with the consent of any one trustee
(who is not the policyholder) or all beneficiaries (at least age 18). If the
regular payments option is to pay out, it will be paid to the trustee (who is
not the policyholder), or all beneficiaries (at least age 18). Parental consent
is required if any of the beneficiaries is below age 18. The parent who gives
consent must not be the policyholder.

What are the payment frequencies available for a regular premium plan?

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

Which payment frequency can I enjoy the biggest saving in premium?

You can enjoy the highest saving if you opt to pay your premium yearly.

Is the discount applicable to all policies?

No, it is not. For some policies such as Investment Linked Policies, there is no
discount for the various payment frequencies. Thus, if you pay $100 per month
and change to yearly, your yearly premium will be $1,200.

Can I ask for more discounts?

The premiums and discounts are fixed. We are unable to give you further
discounts.

Can I change the payment frequency anytime?

Yes, you can request for the change anytime. However, the effective date of the
new payment frequency will depend on whether you are changing it to a more or
less frequent one.

Changing to a More Frequent Payment
If you are paying more frequently e.g. from yearly to monthly, the revised
premium will effect from the next premium due date.

Example 1
Request to change from yearly to monthly, quarterly or half yearly

Next premium due date:01 Jan 2013

Revised premium will effect on 01 Jan 2013

Changing to a Less Frequent Payment
If you are paying less frequently e.g. from monthly to yearly, the revised
premium will effect from the policy’s anniversary.

Example 2
Request to change from monthly to yearly premium  

Policy entry date:15 Nov 2011 Policy’s anniversary:15 Nov every year Next
premium due date:15 Aug 2012

As the policy’s anniversary date is on 15 Nov, you will need to pay a pro-rated
yearly premium for premiums due from 15 Aug 2012 to 14 Nov 2012. The full yearly
premium will be payable every year from 15 Nov 2012.

Example 3
Request to change from monthly to yearly premium  

Policy entry date:15 Nov 2011 Policy’s anniversary:15 Nov every year Next
premium due date:15 Nov 2012

As the next premium due date coincides with the policy’s anniversary, the full
yearly premium will be effective from 15 Nov 2012. There is no need to pay any
pro-rated amount.

How do I make the request to change the payment frequency?

You can send us your request via My Income. After logging into your account, you
need to select “iManage” > “Change payment frequency”.

Alternatively, you may complete our Change of Payment Frequency form and submit
with a copy of your identification documents.

Can I have different payment frequencies for my basic policy and riders?

Every policy can only have one payment frequency. The riders’ payment frequency
will follow the basic policy.

How many times can I change the payment frequency?

There is no limit on how many times you can change your payment frequency.

Do I need to pay any administrative fee to change the payment frequency?

No, you will not be charged.

If I am paying my premiums by GIRO, when will my deduction for the revised /
pro-rated premium take place?

If your change of payment frequency request is received between the 1st and 23rd
of the month, the deduction of the pro-rated / new premium will take place on
the 6th of the next month. If your request is received on or after the 24th, the
deduction will take place on the 6th of the following month.

Examples
Request received on 23 Aug 2012, GIRO deduction will be on 06 Sep 2012
Request received on 30 Aug 2012, GIRO deduction will be on 06 Oct 2012

What are riders?

Riders (also known as supplementary benefits) are additional covers that you can
add to your basic policy to provide a more comprehensive coverage.

When can I add the riders?

You can add the riders when you are applying for your basic policy. Once your
policy is issued, you can also add them provided all of the following are
satisfied:

 * Your basic policy is still in force for at least another year
 * You are still paying premiums for the basic policy for at least another year
 * You have not exceeded the maximum entry age of the rider

How do I add riders after my policy is issued?

You can approach your Insurance adviser to help you with your request. If you do
not have one, you can visit any of our Income branches for assistance.

Do I need to go for medical examination when I add the riders?

Yes, you may be required to go for medical examination. We will send you a
letter to inform you if medical examination is required.

When will my riders be effective?

Your riders will be effective on the next premium due date. If you would like
them to be effected earlier, we can do so but the effective day must be the same
as your basic policy entry day.

Example

 

Payment frequency:Yearly Policy entry date:15 Jun 2011 Premium next due date:15
Jun 2013 Received add rider request on:01 Sep 2012

As your request to add rider was received on 01 Sep 2012, the earliest date we
can effect your rider is on 15 Sep 2012. You will then pay the pro-rated
premiums from 15 Sep 2012 to 14 Jun 2013. The full yearly premium of the rider
is payable from 15 Jun 2013.

Can I make changes to the riders once they are in force?

Yes, you can but it depends on what type of changes.

If your request is to increase the rider’s cover such as increasing its sum
assured or coverage term, you can make the changes provided the rider is
within 1 year from its entry date. If the rider is more than 1 year, you have to
take up a new rider and premium will be based on your current age.

For changes that decrease the rider’s cover such as decreasing its sum assured
or coverage term, you can do so anytime.

Any changes are effective from the next premium due date. For changes that
involve increasing the rider’s cover, you will be subjected to underwriting.
This means you have to declare your health and we will assess whether the
changes can be accepted.

Can I keep my riders in force once my basic policy is terminated?

Once your basic policy is terminated, all your riders will terminate. 

If my basic policy were converted to a paid-up1 policy, will my riders remain in
force?

No. Your riders will be terminated.

¹ A paid-up policy is a life policy with its premiums fully paid. The policy
remains in force but at a reduced sum assured.

Can my riders’ cover be extended beyond the basic policy’s payment term?

No, you cannot. If your basic policy’s premium payment term is five years, then
your riders can only be covering the Insured for five years.

Can I remove the riders?

Yes, you can. Your riders will be removed with effect from the next premium due
date.

Do I get a refund of my premiums if I were to remove the riders?

As the riders are removed with effect from the next premium due date, you will
not receive any refund since you are still covered under them.

What is CRS?

CRS is a global standard for automatic exchange of financial account
information. It was developed by the Organization for Economic Co-operation and
Development (OECD).

The objective of CRS is to identify persons who may be evading tax in their home
country through the use of foreign or offshore accounts or entities.

Who are impacted?

Under CRS, financial institutions such as Income are required to identify their
customer tax residency and report the financial account information of customers
held to the local tax authority.  Given the broad application of the CRS, all of
Income’s life policy Account Holder may be affected.



Income will require CRS declaration from you if you purchase new policy or
perform some policy servicing transactions such as making a trust nomination,
assignment from 1 Jan 2017 onwards. If you are an existing customer, Income may
approach you for information and documentation to establish your tax residency.

The CRS declaration is applicable to both individual and business customers.

Who is an Account Holder?

Account Holder refers to Proposer (eventually the Policyholder), Sole Trader,
Sole Proprietor, Controlling Person, Beneficial Owner, Assignee, Trustee,
Settlor, Beneficiary under a Trust or a Trust Nominee named under section 49L of
the Singapore Insurance Act (Chapter 142), Proper Claimant as defined under
section 61 of the Singapore Insurance Act (Chapter 142).

What does the term “Controlling Persons” mean?

The term “Controlling Persons” means the natural persons who exercise control
over an Entity. In the case of a trust, such term means the settlor(s), the
trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of
beneficiaries, and any other natural person(s) exercising ultimate effective
control over the trust, and in the case of a legal arrangement other than a
trust, such term means persons in equivalent or similar positions.



The term “Controlling Persons” must be interpreted in a manner consistent with
the Financial Action Task Force Recommendations.

What do I need to provide?

Under CRS requirements, Account Holder will be requested to provide the
following particulars:

• Name
• Address
• Place of birth* (for Individual and Controlling Persons)
• Date of birth*(for Individual and Controlling Persons)
• Country(ies) of tax residence
• Tax Identification Number(s)*
• Place of registration/incorporation (for Entities)
• Entity Type (for Entities)
• Controlling Person Type for certain Entity Types (for Controlling Persons)

*this does not apply in all participating countries and is subject to local law
requirements.

If you need copy of the FATCA and CRS Self Certification forms, you may download
from www.income.com.sg/Policy-downloads-and-forms

• FATCA and CRS Self Certification form for individual account holder
• FATCA and CRS Self Certification form for Entity
• FATCA CRS Self Certification form for Controlling Person, where applicable.

What is my tax residency or my Tax Identification Number (TIN)?

Tax residence is defined by each country’s local tax laws and therefore may vary
from country to country and different in different context. In certain cases, a
person could be considered a tax resident in more than one jurisdiction.

Please confirm your tax residency and TIN with your tax advisor. Income cannot
provide tax or legal advice to customer.

Is providing my Tax Identification Number (TIN) mandatory?

By regulations, there are only 2 circumstances in which a TIN is not required to
be collected or reported:

 1. The country / jurisdiction does not issue TIN to its residents; or
 2. The country / jurisdiction does not require the collection of TIN

However, in certain circumstances, the Account Holder may not have a TIN
temporarily or due to personal circumstances. In such instances, the Account
Holder would need to document and justify the absence of TIN.

I live in Singapore and only pay tax here. Why do I have to provide Income with
the CRS Self Certification?

Under Singapore’s CRS legislation, Income is legally required to collect and
establish your tax residency even if you are a Singapore Citizen or Permanent
Resident.

I am a resident of a non-CRS participating jurisdiction. Do I still need to
complete the CRS declaration?

Yes, customer is still required to complete the CRS declaration with TIN
provided. Under Singapore’s CRS legislation, it requires and empowers all
Reporting Singapore Financial Institutions (SGFIs) to collect and retain the CRS
information for all their  account holders or controlling persons (of a passive
NFE), instead of only for tax residents of jurisdictions with which Singapore
has a Competent Authority Agreement (“CAA”) to exchange financial account
information.

Do I need to update Income if my tax residence has changed?

Yes. You need to notify Income whenever there is any changes in the information
provided to us previously so that Income can advise on the required documents
(if any).  You may login to My Income to update your tax residency.
Alternatively, you may complete the “Change of Personal Particulars Form” and
send it back to us.

I have provided similar information under United States Government Foreign
Account Tax Compliance Act (“FATCA”). Do I still need to provide the information
under CRS?

US Tax Residents who have previously provided their US Tax Residency declaration
under FATCA will also be required to provide additional information for the CRS
as this is a separate regulation.

If you are a US resident, you would need to submit W-9 form under the United
States government's Foreign Account Tax Compliance Act (FATCA). A copy of the
form can be obtain from: https://www.irs.gov/pub/irs-pdf/fw9.pdf

Is the declaration mandatory? Are there any consequences for incorrect
certification?

Yes. Under the CRS regulations, SGFIs are required to establish the tax
residence of their Account
Holders. Account Holders are responsible for completing the form and provide the
required information of their tax residency. False information provided on the
tax residency is an offence under the CRS regulation.

If you do not provide the requested information or documentation, Income may not
be able to issue the policy or process the transactions.  Income may report  to
the local tax authority based on the existing information available in our
records.

Where can I obtain more information on Tax residency and Tax Identification
Number (TIN)?

For further information on your tax residency and TIN, please refer to the rules
governing tax residence that have been published by the tax authority or contact
your tax advisor. Income does not provide tax advice. You can also visit the
OECD Automatic Exchange of Information portal.

Guidance on tax residency and Tax Identification Number (TIN) is available at
the following link:

Tax Residency
www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760

Tax Identification Number (TIN)
www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/#d.en.347759

What are Special Terms?

If you are offered an insurance cover that is out of the standard terms and
conditions, a Special Terms Agreement will be prepared for you. The Special
Terms detail the excluded cover and/or health extra (additional premiums which
are charged due to the increased risk the insurer is taking on) that are imposed
on the policy. Once you accept the Special Terms, they will form part of your
insurance contract.

If my policy is accepted with Special Terms, when can I request to review them?

You may request to review the Special Terms if you have fully recovered or there
is a significant improvement in your medical condition. In addition, there must
be no further deterioration in your health or diagnosis of new medical
conditions.

If I want to request for a review of the Special Terms, what documents do I need
to submit?

You have to submit the following:

 * Review of Special Terms Form
 * Your attending doctor’s report on your medical condition
 * Any laboratory test, radiology, screening reports which support your review

For a copy of the Review of Special Terms Form, please click here.

Do I have to pay for the supporting medical reports?

Yes, you will have to pay for them.

Do I need to go for another medical examination?

Yes, you may need to go for another medical examination.

When will I be informed of the outcome of the review?

We will review the Special Terms and reply to you in writing within one month
upon receipt of your request.

If we need further clarification on your medical conditions, the review decision
will take more than one month. This is because we may be waiting for the medical
report from your attending doctor. If the report is not clear and we need to
seek clarification from the doctor, the review decision will be delayed again.

While I wait for the review outcome, how will my premiums be calculated?

Your premiums will remain the same until the review is completed.

How will I be informed of the decision?

Once the review is completed, you will receive a letter from us informing you of
the outcome.

If the health extra imposed on my policy is removed, when will my revised
premium start?

If the review can be completed within one month, your revised premium will be
effective from the next premium due date of the policy.

However, if the review takes longer than one month, the effective date of your
revised premium will be effected in the month we receive the complete reports.

Example
Assuming the yearly premium of your policy was paid from 01 Jan 2012 to 31 Dec
2012 and you requested for a review in Feb 2012. Full supporting medical reports
required for the review were received in Apr 2012. The review is a success and
health extra can be removed. The effective date of the removal will be on 01 Apr
2012. The health extra paid from 01 Apr 2012 to 31 Dec 2012 will be refunded.

What are the possible outcomes for my Special Terms review?

The review decision can be any of the following:

 * No change in original decision
 * Some improvements in the Special Terms e.g. reduction of the health extra
 * Special Terms are completely removed

What is vesting?

Vesting is the transfer of absolute ownership of a life policy from the
policyholder to the Insured when the Insured reaches the vesting age. Upon
vesting, the Insured becomes the absolute policy owner and has full control of
the policy.

Is vesting applicable to all policies?

Vesting is only applicable to a third party policy whereby a parent as the
policyholder, effects a life policy on the life of his child.

For some policies such as Children’s Education, Education and Family Insurance,
vesting is not allowed.

What is the vesting age?

The parent can select the age at which the absolute ownership of the policy will
transfer to the child. This age is known as the vesting age and may be between
21 to 25 years old. For example, if the vesting age is indicated as 23 years
old, the policy will transfer to the child on his 23rd birthday.

Is vesting included in a policy automatically?

No, it is not. You have to specify that you want the policy to vest in your
child by filling up a form. However, some policies come with a vesting
provision. One such policy is a Foundation Policy. If you have bought a
Foundation Policy, it will vest in your child when he reaches the vesting age
which is 21 unless you have specified a different vesting age. Thus, for such a
policy, you do not need to specify the vesting.

How do I know whether vesting is included in my policy?

If your policy has vesting, you will know from the following:

 * an endorsement on the vesting is attached to your policy document;
 * vesting age is printed on your policy’s schedule; or
 * an endorsement letter on the vesting is sent to you (this is applicable when
   you ask for the vesting after a policy is issued)

What is the main advantage of vesting?

A clear benefit is the ease at which your child will take over the policy (at
vesting age), if the policyholder were to pass away unexpectedly. Without
vesting, your child would have to seek legal help and incur legal fees in order
to assume ownership of the policy.

What is the main disadvantage of vesting?

As vesting creates a trust in the child’s favour, you cannot remove or change
the vesting age. You can only remove or change the vesting age unless the policy
is yet to vest and the child is of legal capacity (i.e. at least 21 years old
and of sound mind) to agree to the removal of or change in the vesting age.

How can I apply for vesting?

To apply for vesting, you have to complete the Declaration of Trust form. After
the vesting is created, a confirmation letter will be sent to you. When the
policy is transferred to your child, we will send a letter to inform him that he
is now the policy owner.

For a copy of the Declaration of Trust form, please click here.

Can I create vesting in a life policy that is insuring myself?

No. Vesting is meant for a life policy whereby a parent is insuring his child.

Can my child surrender or take up policy loan once the policy is vested in him?

Yes, he can because he is now the policy owner. He can do what he likes with the
policy.

If there are any insurance payouts, who will you pay after the policy is
transferred to my child?

If the policy is transferred to your child, we will pay to him.

Who will you take instruction from on policy matters if the policy is
transferred to my child?

We will only take instruction from your child once the policy is transferred to
him. Any letters or documents relating to the policy will also be sent to him.

If I cannot decide whether I would like to create a vesting, what will happen to
the policy?

You should only decide on vesting if you are prepared to give away the policy
completely to your child. If you cannot decide, then the policy will continue as
it is.

In future, if you wish to transfer the ownership to your child, you can still
request for the vesting. But if he has passed the maximum vesting age of 25
years old, you will have to do an Absolute Assignment (meaning to transfer the
policy to your child immediately, no vesting age is available for you to
choose).

For more details on Absolute Assignment, please refer to the sub-topic titled
"Absolute assignment of life policies" under the "Insurance matters" tab here.

What is an absolute assignment?

An absolute assignment is the transfer of a life policy to another person. The
person who transfers the policy is called the Assignor. The person who takes
over the ownership of the policy is called the Assignee.

What are the types of life policies that I can assign?

Most life policies can be assigned except the following:

 * CPFIS/CPFS/ASPF/SRS/CPF RSS policies
 * annuity policies
 * policies effected under Section 73 of the Conveyancing and Law Property Act
   or policies with Irrevocable Nomination
 * policies which are assigned to banks or Official Assignee unless the bank or
   Official Assignee has discharged their interest in the policies
 * policies used for Home Protection Scheme exemption
 * policies with vesting age

If I assign my policy to another person, do I still have any rights over my
policy?

No, you do not have any rights over your policy after you have absolutely
assigned it.

Can I specify certain condition to be attached to the assignment e.g. if the
Assignee were to pass away before me, the policy will be transferred back to me?

We only accept absolute assignment of insurance policies i.e. assignment with no
condition attached. We do not accept conditional assignment.

Can I assign my policy to my child anytime?

Yes, you can assign but your child needs to be of legal capacity i.e. of legal
age and be able to make decision on his own.

For policies that are effective before 01 Mar 2009, both Assignor and Assignee
should be at least 21 years old. For policies which are effective on/after 01
Mar 2009, the Assignor and Assignee should be at least 18 years old.

Can I assign the policy that is insuring my child to another person?

Yes provided that your policy is one with no vesting.

How can I effect an assignment?

The assignor (current policy owner) and assignee (new policy owner) would need
to complete our Absolute Assignment form before a witness who is at least 21
years old and return with necessary supporting documents. You may refer to our
Absolute Assignment form for the necessary supporting documents.

If you are assigning your policy to an Income adviser, please provide a proof of
relationship document (i.e. birth cert/marriage cert).

You may submit the completed assignment form and supporting documents to us by
any of the methods below. 

 * Email: life.health@income.com.sg
 * At any one of our branches: our branch operating details are available here 
 * Post: Income Centre, 75 Bras Basah Road Singapore 189557

Once we have verified that the documents are in order, we will then effect the
assignment and an endorsement letter will be mailed to both assignee and
assignor. 

What happens to my nomination which was made before the assignment?

Once you have made an assignment of the policy, any existing nomination made by
you will automatically become invalid.

If a policy is assigned to me, can I declare the policy as a trust?

Yes, if the assignment is an absolute assignment. You can assign the policy to
trustee/s of the trust.

If a policy is assigned to me, can I take a policy loan or terminate the policy?

As you are now the policy owner, you can take a loan (if this is allowed under
the policy terms) or terminate the policy.

If my policy has been assigned to another person, will I still be receiving any
insurance payouts?

No. Once your policy is assigned, we will pay to the Assignee who is now the
policy owner.

If I were to assign my policy to another person before I am made a bankrupt,
will my assignment still be valid?

Generally, the Official Assignee has the rights to all property belonging to the
bankrupt. In certain situations, the Official Assignee is likely to have rights
over any policy that the bankrupt has earlier assigned. For example, if the
assignment were done without any payment from the Assignee or to defraud the
Assignor's creditors.

When the Assignee dies, what happens to the policy?

Upon the death of the Assignee, the policy will remain with the Assignee's
estate. If premiums are paid, the policy will remain in force. For insurance
payouts, they will be paid to the Assignee’s estate.

Can the policy under a deceased Assignee be assigned to a third party?

No, the policy will remain with the Assignee's estate. The legal
representative/s will administer the Assignee’s estate.

Can I request for the payout under Assignee’s estate to be paid to a third
party?

No, any payout will be paid to the Assignee’s estate.

My parent who is the original policyholder has assigned the policy to me, the
life assured. I am now the policy owner as well as the life assured. Can I make
a nomination?

With effect from 18 April 2013, under the Insurance Act, you are allowed to make
a nomination if you are the policy owner of a life policy or accident and health
policy that insures your own life. As an assignee who takes over the policy as a
policy owner by way of an assignment, you can make a nomination if you are also
the life insured under the policy.

If I were to specify in my Will that my policy be assigned to a named person/
company when I pass away, can this be accepted?

Yes, this can be accepted if your intention is expressed clearly in your Will.
The executor of your estate can provide a copy of the Grant of Proaact according
to your instruction in your Will.

The original policyholder is mentally disabled/ disordered. Can I request for
the policy to be assigned to me to help him manage the policy?

If a person is mentally disabled/disordered, he has no mental and legal capacity
to assign the policy to someone else. For such cases, the next of kin can apply
to court to appoint a person or persons (usually the next of kin) to manage his
property and affairs on his behalf. The appointed person/s will be known as the
Deputy. Alternatively, if the policyholder has a Lasting Power of Attorney
(LPA), the appointed donee(s) can administer their policy(s). We will then take
instruction from the Deputy/Donee on the policy assignment.

Can I ask for the policy back after I have assigned it?

Yes provided the Assignee agrees to it. You will need to submit the Absolute
Assignment of Life Insurance Policy form.

Can I take up a life policy and later assign it to a company, association, or
religious body like a church?

If the assignor or assignee is an organization, the documents needed are:

 1. Accounting and Corporate Regulatory Authority (ACRA) business profile or
    Registry of Societies (ROS) annual return (within last 3 months) showing
    details of the organization and their key personnel.
 2. Clear photocopy of the following identification documents of the person
    signing on behalf of the organization, e.g. NRIC/Passport.
 3. An authorization letter signed by the organisation’s key personnel if the
    person who signs this form is not one of the key personnel. We will need the
    identification documents of both the key personnel and the authorized
    person.
 4. If the assignee is an organization, please submit the FATCA and CRS
    self-certification form for entity account holder or for Controlling Person,
    where applicable.

How can I effect the absolute assignment if the assignor and/or assignee is
residing overseas?

If both assignor and assignee are overseas, we require both parties to sign the
assignment form and witnessed either by an Official from the Singapore High
Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary
Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common
practice for most institutions to require them to be notarised before they can
be used for official purposes. This is a matter of prudence to ensure that the
person signing the documents is actually who he purports to be. The Notary
mainly acts as an impartial and legally trained witness. You can locate a
registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness to notarise your
documents, both assignor and assignee may complete the assignment form before
another witness (at least 21 years old). Then, the assignor will submit the
completed assignment documents via “Waiver of Notarisation” function under My
Income.

If the assignor is residing overseas and the assignee lives in Singapore, we
require assignee to sign before a witness (at least 21 years old). Then, the
assignee will forward the partially completed and signed assignment documents to
the assignor to complete and upload to our “Waiver of Notarisation” function
under My Income.

If the assignor lives in in Singapore and the assignee is residing overseas, the
assignee has to sign the assignment form before a Notary Public. Then, the
assignee will forward the partially completed and signed original assignment
documents to the assignor to complete before a witness (at least 21 years old)
and submit to Income.

Please ensure that the assignment forms and documents are in order for the
assignment to take effect.

Is there a period of grace for me to pay the premium?

Yes. You have 30 days period of grace to pay the premiums that are due on your
policy. If we need to pay you any benefits during this period, we will deduct
any unpaid premiums from the benefits.

What happens if I still have not paid the premium after the period of grace?

If you still have not paid the premium after the period of grace, we will
activate the non-forfeiture option provided for under your policy. Depending on
when your policy was taken up, we will either activate the Automatic Premium
Loan (APL)¹feature, or the Automatic paid-up² feature.

¹ Automatic Premium Loan (APL)
We will advance the premiums on your behalf so the basic policy and its riders
can continue at their original coverage amount (called the sum assured). We will
only do this if the policy has enough cash value*. We treat this as a loan
(called APL) and charge you interest. If there is not enough cash value, the
policy will cease. We will deduct these loans and interest from any amount we
may be due to pay under the policy. If at any time the amount of the loans and
interest is more than the cash value, the policy will cease.

* Cash value means the amount available upon cancellation of a policy that has a
savings feature, before it becomes payable upon a claim event (e.g. death), or
maturity as in the case of an endowment type of policy.

² Automatic paid-up
We will reduce the sum assured of your basic policy so that you will retain some
form of minimal coverage. We will only do this if the policy has enough cash
value. You will not pay any further premiums. You will keep any bonuses added to
this policy before the date we convert the policy to paid-up. If we declare any
subsequent bonuses on paid-up policies in the future, they will be based on the
reduced sum assured (called the paid-up sum assured). Once paid-up, any riders
attached to the basic policy will cease.

What is the default non-forfeiture option provided for in my policy?

For policies taken up before April 1994 or purchased with CPF funds or assigned
to Official Assignee / Insurance Company / Bank, the default option is
“Automatic Paid-up”. For all others, the default option is “Automatic Premium
Loan (APL)”.

Can I change the default non-forfeiture option?

Yes. You would need to complete an application form. You may request for the
form by emailing to csquery@income.com.sg, contact Income hotline at 6788 1122
or at any of Income branches.

How am I kept informed about the activation of the non-forfeiture option?

We will send you at least two premium notices on the outstanding premium before
activating the non-forfeiture option. Once the option is activated, we will also
send you a notice.

If the non-forfeiture option is APL, we will send you a notice each time we
advance premiums on your behalf. Because APL is treated as a loan, a specific
loan statement showing the transactions in your policy loan account will also be
sent to you every year. On top of all these, you can access all your policy
information in My Income. The latest outstanding loan amount will be available
under “My policy loan”.

When can I take a loan on my policy?

Depending on the terms of your policy contract, you may take a loan from your
policy if you are at least 18 or 21 years old, and your policy has acquired a
cash value¹. Generally, a policy will have a cash value after premiums have been
paid for at least two years. In the case of a single premium policy, cash value
is available immediately.

¹ cash value means the amount you will receive when you cancel a policy that has
a savings feature, before it matures. Its calculation is determined by us.

Is there an interest charged on the policy loan?

Yes. The current interest rate is 5.25% per annum. We may change the interest
rate at any time by giving you 30 days’ notice at your last known address. This
interest will start on the date you applied for the loan, and is calculated
daily and compounded every year end. You are encouraged to repay the loan as
early as possible to avoid interest accumulation.

Besides, this loan and interest will also reduce any subsequent payouts from the
policy. And if at any time the amount of the loans and interest is more than the
cash value, the policy will cease.

What is the minimum and maximum amount of loan that can be taken on my policy?




The minimum amount is $100 per policy provided that your policy has sufficient
cash value for us to grant you this minimum amount.

The maximum loan that can be taken is a certain percentage of the cash value.
This percentage will differ depending on the policy type. And for certain policy
types, no loans are allowed at all. This table below sets out the limits and
criteria.

Policy TypeMaximum Loan a. Life Policy (except VivoCare, VivoSave, Regular or
Single Premium SAIL)95% of cash value b. VivoCare, VivoSave, Regular or Single
Premium SAIL80% of cash value c. Life Policy under Premium Relief Scheme
(PRS)75% of cash value d. Investment-Linked Policy
 * FlexiCash

 * No loan is allowed

 * FlexiLink or Ideal

 * 50% of cash value (based on bid price)

 * GrowthLink and VivoLink

 * 50% of cash value or 80% of Net Investment Amount (whichever is lower)

e. Annuity Policy90% of cash value f. Policies bought with CPF fundsNo loan is
allowed g. Life policy assigned to IncomeNo loan is allowed

Can I take a policy loan if the policy is assigned under absolute assignment?

No, only the assignee can take a policy loan.

Can I take a policy loan from a trust policy (Irrevocable Nomination) created
under Section 49L of the Insurance Act?

A policy loan can be granted with the consent of any one trustee (who is not the
Policyholder); or all beneficiaries (at least age 18) named under the policy. If
any of the beneficiaries is below age 18, a parent (who is not the Policyholder)
can give consent on the particular beneficiary’s behalf. This trustee (who is
not the Policyholder); or all beneficiaries (at least age 18) are to give this
consent by signing on the Policy Loan Agreement.

The recipients of the policy loan will be either this trustee (who is not the
Policyholder); or all the beneficiaries (at least age 18). If any of the
beneficiaries is below age 18, a parent (who is not the Policyholder) can
receive the monies on the particular beneficiary’s behalf.

However, if the Policyholder would like the policy loan monies to be paid to him
instead, we will provide a Letter of Consent and Indemnity which must be signed
by this trustee (who is not the Policyholder); or all beneficiaries (at least
age 18).

Can I take a policy loan from a trust policy created under Section 73 of the
Conveyancing and Law of Property Act?

A policy loan can be granted with the consent of all trustees plus beneficiaries
(at least age 21) named under the policy. If any of the beneficiaries is below
age 21, no policy loans will be granted.

All trustees plus beneficiaries (at least age 21) are to give this consent by
signing on the Policy Loan Agreement.

The recipients of the policy loan will be either all the trustees, or all the
beneficiaries (at least age 21).

However, if the Policyholder would like the policy loan monies to be paid to him
instead, we will provide a Letter of Consent and Indemnity which must be signed
by all trustees plus beneficiaries (at least age 21).

Will I be informed of the outstanding loan amount?

You can login to My Income to check details of your policies such as loan
available, outstanding loan amount and cash value.

We will send you an annual loan statement showing the transactions in your
policy loan account every year. To safeguard policyholders’ interest against
possible fraud, we do not accept requests to suppress any statement, or send it
to a different address other than the official address in our records. If your
policy has been assigned to a third party, then you will not receive these
statements. They will be sent to the assignee instead.

How do I apply for a policy loan?
 1. You can login to My Income, select the policy to check the loan available
    and apply the policy loan by clicking “Request for Policy Loan”. An SMS and
    email acknowledgement will be sent to your registered email address and
    mobile number upon successful submission of your request.
    
 2. Complete the Loan Agreement Form (one form for each policy) and return us
    the completed form with your personal identification document by any of the
    methods below:
    - Email: csquery@income.com.sg 
    - Post: Income Centre, 75 Bras Basah Road Singapore 189557
    Do provide a copy of bank book or recent bank statement showing your name,
    bank name and account number (if you opt for direct crediting to your
    personal bank account).
    
    The following personal identification document is needed for verification
    purposes. For Singaporeans or Singapore permanent residents, please submit
    Original NRIC. For Foreigners staying, studying or working in Singapore,
    please submit Original passport showing validity dates, passport number,
    photograph, nationality, date of birth and name; Original Singapore
    employment pass, S pass, work permit, student pass or dependent’s pass; and
    Document (issued within the last 6 months e.g. utility bill, phone bill)
    that shows your name and address. The passport, passes or permits must be
    valid for at least 6 months.
    
    Only one policy loan is allowed per policy per day. You may choose to
    receive a crossed cheque or direct credit to your bank account. You will
    receive your preferred form of payment within six working days from the time
    we receive your completed documents.
    
 3. Call Income hotline at 6788 1122 for policy loans not exceeding $100,000.
    The cheque will be ready for your collection at our Bras Basah Branch
    (Income Centre) after two working days. Any loan request received after
    5.00pm will only be ready after three working days.
    
    For example, if you applied on a Monday before 5.00pm, you can collect your
    cheque on Wednesday after 10am. But if you applied on a Monday after 5.00pm,
    you can collect your cheque only on Thursday after 10am. You have to come
    down personally to sign the Loan Agreement Form and collect the cheque.
    Please bring along your personal identification document.
    
    The following personal identification document is needed for verification
    purposes. For Singaporeans or Singapore permanent residents, please submit
    Original NRIC For Foreigners staying, studying or working in Singapore,
    please submit Original passport showing validity dates, passport number,
    photograph, nationality, date of birth and name; Original Singapore
    employment pass, S pass, work permit, student pass or dependent’s pass; and
    Document (issued within the last 6 months e.g. utility bill, phone bill)
    that shows your name and address. The passport, passes or permits must be
    valid for at least 6 months.

How do I apply for a policy loan if I am overseas?
 1. You can login to My Income, select the policy to check the loan available
    and submit the loan application by selecting “Request for Policy Loan”. An
    SMS and email acknowledgement will be sent to your registered email address
    and mobile number upon successful submission of your request.
    
 2. Complete the Loan Agreement Form (one form for each policy) and return us
    the completed form with your personal identification document by any of the
    methods below:
    - Email: csquery@income.com.sg 
    - Post: Income Centre, 75 Bras Basah Road Singapore 189557
    An official from the Singapore High Commission/Embassy of the Republic of
    Singapore, or a Notary Public must witness the form. The witness must state
    clearly his/her name and designation with the official stamp.
    
    When documents originate from or are signed in another country, it is common
    for most institutions to require them to be notarised before they can be
    used for official purposes. This is a matter of prudence to ensure that the
    person signing the documents is actually who he purports to be. The Notary
    mainly acts as an impartial and legally trained witness. You can locate a
    registry of notaries by conducting a search on the internet.
    
    Do provide a copy of bank book or recent bank statement showing your name,
    bank name and account number (if you opt for direct crediting to your
    personal bank account).
    
    The following personal identification document is needed for verification
    purposes. For Singaporeans or Singapore permanent residents, please submit
    Original NRIC. For Foreigners staying, studying or working in Singapore,
    please submit Original passport showing validity dates, passport number,
    photograph, nationality, date of birth and name; Original Singapore
    employment pass, S pass, work permit, student pass or dependent’s pass; and
    Document (issued within the last 6 months e.g. utility bill, phone bill)
    that shows your name and address. The passport, passes or permits must be
    valid for at least 6 months.
    

As information provided to you (on the maximum loan available) is relatively
fast moving, it may have changed by the time we receive your loan application.
In situations where your policy's cash values are not sufficient for us to
process your loan, we will process it based on the next available amount your
policy can accommodate.

What details do I provide to receive a Telegraphic Transfer (TT) to my overseas
bank account?

We need the below information to facilitate a TT. We may contact you if
additional information is needed.

 1.  Remittance currency
 2.  Intermediary bank for remittance in SGD
 3.  Name of account holder
 4.  Bank name
 5.  Bank account number
 6.  SWIFT code*
 7.  IBAN number
 8.  BSB Code (For Australia only)
 9.  Fedwire/CHIPS Universal ID/CHIPS Participant ID or ABA (for USA only)
 10. Bank address
 11. Country and State

Please note:

 1. * SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and a
    unique identification code for a particular bank. You may contact your bank
    to obtain the SWIFT code.
 2. Telegraphic Transfers are subjected to approval.

How do I repay my loans?

You may make a full or partial repayment towards your policy loans. There is no
fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your
policy number) to ensure that your loan records are updated accurately. LRN is
an 11-digit reference number unique to each individual policy. You can log in to
My Income to obtain the LRN and the latest loan figure.

You may repay the loan by any of the methods below:

 * Cash or Nets at our branch (Find an Income Branch)  
 * AXS by selecting "Life Policy Loan" and quote LRN
 * Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and
   quote LRN
 * Cheque made payable to "NTUC Income"and quote LRN, policy number and your
   contact number on the reverse side of the cheque. Please post the cheque to
   us at: Income Centre 75 Bras Basah Road Singapore 189557

How long will it take for a Telegraphic Transfer to reach me?

After we receive the complete information from you, a TT arrangement may take up
to 14 working days.

Can I arrange for a regular loan repayment plan?

Yes, if you are currently paying your policy premiums through GIRO. You can give
us a one-time instruction to deduct a specific amount (minimum of $50) from your
GIRO account every month. This GIRO account must be the same GIRO account that
is being used for your premium deduction.

Policyholder and Bank Accountholder are required to complete and submit the
Original “Application for Policy Loan Repayment from Existing GIRO Account”
form.

On the sixth of every month, we will deduct this loan repayment amount together
with your premium. If the loan deduction is unsuccessful, we will attempt to
deduct again on the sixth of next month. Do note that if your premiums are
outstanding for more than two months, GIRO deduction will be deactivated for
both your premiums and loan repayment. You will then have to settle all
outstanding amounts with Income directly.

What happens when the policy loan amount exceeds the cash value of my policy?

At any time the amount of the loans and interest is more than the cash value,
the policy will cease. Therefore, it is important for you to monitor your
policy’s cash value in relation to the loans and interest. You are encouraged to
repay your policy loans as soon as possible to reduce the interest charged on
your policy loans.

My policy has regular payouts. Would a loan taken reduce the payouts I receive?

For a policy with cash benefits payable, if the cash value cannot support the
policy loan, we will deduct from the cash benefit to repay the loan. We will
send you the details in a separate letter when the cash benefit is due.

For an annuity policy, a loan repayment amount will be deducted from each
annuity instalment you are receiving. The loan repayment amount may be revised
regularly. If the full annuity instalment is used to repay the loan, you will
not receive any payment. The full annuity instalment amount will be paid to you
only when the loan is fully repaid.

Can policyholder (or Assignee) that is an organisation take a policy loan?

The persons who are authorised in the Latest Board of Resolution may apply for
the loan. The authorised persons must sign the loan agreement form and state
clearly their name and designation with the organisation’s stamp. We also need
the organisation to furnish the below documents.

 1. Business Profile obtained from the governing body dated no more than three
    months prior.
 2. Latest Board of Resolution
 3. Proof of the authorised persons’ identity e.g. clear copy of NRIC (both
    sides)

When can I take a loan on my policy?

Depending on the terms of your policy contract, you may take a loan from your
policy if you are at least 18 or 21 years old, and your policy has acquired a
cash value¹. Generally, a policy will have a cash value after premiums have been
paid for at least two years. In the case of a single premium policy, cash value
is available immediately.

¹ cash value means the amount you will receive when you cancel a policy that has
a savings feature, before it matures. Its calculation is determined by us.

Is there an interest charged on the policy loan?

Yes. The current interest rate is 5.6% per annum. We may change the interest
rate at any time by giving you 30 days’ notice at your last known address. This
interest will start on the date you applied for the loan, and is calculated
daily and compounded every year end. You are encouraged to repay the loan as
early as possible to avoid interest accumulation.

Besides, this loan and interest will also reduce any subsequent payouts from the
policy. And if at any time the amount of the loans and interest is more than the
cash value, the policy will cease.

What is the minimum and maximum amount of loan that can be taken on my policy?

The minimum amount is $100 per policy provided that your policy has sufficient
cash value for us to grant you this minimum amount.

The maximum loan that can be taken is a certain percentage of the cash value.
This percentage will differ depending on the policy type. And for certain policy
types, no loans are allowed at all.

Policy typeMaximum loan Grandeur Solitaire US$95% of cash value

Can I take a policy loan if the policy is assigned under absolute assignment?

No, only the assignee can take a policy loan.

Can I take a policy loan from a trust policy (Irrevocable Nomination) created
under Section 49L of the Insurance Act?

A policy loan can be granted with the consent of any one trustee (who is not the
Policyholder); or all beneficiaries (at least age 18) named under the policy. If
any of the beneficiaries is below age 18, a parent (who is not the Policyholder)
can give consent on the particular beneficiary’s behalf. This trustee (who is
not the Policyholder); or all beneficiaries (at least age 18) are to give this
consent by signing on the Policy Loan Agreement.

The recipients of the policy loan will be either this trustee (who is not the
Policyholder); or all the beneficiaries (at least age 18). If any of the
beneficiaries is below age 18, a parent (who is not the Policyholder) can
receive the monies on the particular beneficiary’s behalf.

However, if the Policyholder would like the policy loan monies to be paid to him
instead, we will provide a Letter of Consent and Indemnity which must be signed
by this trustee (who is not the Policyholder); or all beneficiaries (at least
age 18).

Can I take a policy loan from a trust policy created under Section 73 of the
Conveyancing and Law of Property Act?

A policy loan can be granted with the consent of all trustees plus beneficiaries
(at least age 21) named under the policy. If any of the beneficiaries is below
age 21, no policy loans will be granted.

All trustees plus beneficiaries (at least age 21) are to give this consent by
signing on the Policy Loan Agreement.

The recipients of the policy loan will be either all the trustees, or all the
beneficiaries (at least age 21).

However, if the Policyholder would like the policy loan monies to be paid to him
instead, we will provide a Letter of Consent and Indemnity which must be signed
by all trustees plus beneficiaries (at least age 21).

Will I be informed of the outstanding loan amount?

You can login to My Income to check details of your policies such as loan
available, outstanding loan amount and cash value.

We will send you an annual loan statement showing the transactions in your
policy loan account every year. To safeguard policyholders’ interest against
possible fraud, we do not accept requests to suppress any statement, or send it
to a different address other than the official address in our records. If your
policy has been assigned to a third party, then you will not receive these
statements. They will be sent to the assignee instead.

How do I apply for a policy loan?

Complete the Loan Agreement Form and Telegraphic Transfer (TT) Payment
Instruction Form (one form for each policy). You can return us the completed
form with your personal identification document by any of the methods below:

 * Email: csquery@income.com.sg
 * Post: Income Centre, 75 Bras Basah Road Singapore 189557

Do provide a copy of bank book or recent bank statement showing your name, bank
name and account number.

The following personal identification document is needed for verification
purposes. For Singaporeans or Singapore permanent residents, please submit
Original NRIC. For Foreigners staying, studying or working in Singapore, please
submit Original passport showing validity dates, passport number, photograph,
nationality, date of birth and name; Original Singapore employment pass, S pass,
work permit, student pass or dependent’s pass; and Document (issued within the
last 6 months e.g. utility bill, phone bill) that shows your name and address.
The passport, passes or permits must be valid for at least 6 months.

Only one policy loan is allowed per policy per day. You will receive the TT
payment within 14 working days from the time we receive your completed
documents.

How do I apply for a policy loan if I am overseas?
 1. You may submit the Loan Agreement Form and Telegraphic Transfer (TT) Payment
    Instruction Form (one form for each policy) through our secure on-line
    platform My Income (Select “iManage” → "Request for waiver of
    notarisation"). We need a copy of your Singapore NRIC or a valid Passport.
    If the identification document does not contain your address, please provide
    an additional document which shows your residential address (e.g. a
    utility/credit card bill issued within the last six months).
    
 2. Complete the Loan Agreement Form and Telegraphic Transfer (TT) Payment
    Instruction Form (one form for each policy). You can return us the completed
    forms with your personal identification document by any of the methods
    below:
    - Email: csquery@income.com.sg
    - Post: Income Centre, 75 Bras Basah Road Singapore 189557
    An official from the Singapore High Commission/Embassy of the Republic of
    Singapore, or a Notary Public must witness the form. The witness must state
    clearly his/her name and designation with the official stamp.
    
    When documents originate from or are signed in another country, it is common
    for most institutions to require them to be notarised before they can be
    used for official purposes. This is a matter of prudence to ensure that the
    person signing the documents is actually who he purports to be. The Notary
    mainly acts as an impartial and legally trained witness. You can locate a
    registry of notaries by conducting a search on the internet.
    
    Do provide a copy of bank book or recent bank statement showing your name,
    bank name and account number.
    
    The following personal identification document is needed for verification
    purposes. For Singaporeans or Singapore permanent residents, please submit
    Original NRIC. For Foreigners staying, studying or working in Singapore,
    please submit Original passport showing validity dates, passport number,
    photograph, nationality, date of birth and name; Original Singapore
    employment pass, S pass, work permit, student pass or dependent’s pass; and
    Document (issued within the last 6 months e.g. utility bill, phone bill)
    that shows your name and address. The passport, passes or permits must be
    valid for at least 6 months.
    

As information provided to you (on the maximum loan available) is relatively
fast moving, it may have changed by the time we receive your loan application.
In situations where your policy's cash values are not sufficient for us to
process your loan, we will process it based on the next available amount your
policy can accommodate.

What details do I provide for a Telegraphic Transfer (TT) arrangement to my
overseas bank account?

We need the below information to facilitate TT. We may contact you if additional
information is needed.

 1. Currency
 2. Name of Account holder
 3. Bank Name
 4. Bank Account number
 5. SWIFT code*
 6. BSB Code (For Australia only)
 7. Fedwire/CHIPS Universal ID/CHIPS Participant ID or ABA (for USA only)
 8. Bank Address
 9. Country and State

Please note:

*SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and a unique
identification code for a particular bank. You may contact your bank to obtain
the SWIFT code.

How do I repay my loans?

You may make a full or partial repayment towards your policy loans. There is no
fixed repayment amount. Please quote your policy number to ensure that your loan
records are updated accurately. You can login to My Income or may call Income
hotline at 6788 1122 to obtain the latest loan figure.

You may repay the loan by Telegraphic Transfer to Income’s USD bank account.
Kindly reach out to us via your preferred mode of contact
at www.income.com.sg/contact-us and we will advise you further.  

How long will it take for a Telegraphic Transfer to reach me?

After we receive the complete information from you, a TT arrangement may take up
to 14 working days.

What happens when the policy loan amount exceeds the cash value of my policy?

At any time the amount of the loans and interest is more than the cash value,
the policy will cease. Therefore, it is important for you to monitor your
policy’s cash value in relation to the loans and interest. You are encouraged to
repay your policy loans as soon as possible to reduce the interest charged on
your policy loans.

My policy has regular payouts. Would a loan taken reduce the payouts I receive?

For a policy with cash benefits payable, if the cash value cannot support the
policy loan, we will deduct from the cash benefit to repay the loan. We will
send you the details in a separate letter when the cash benefit is due.

Can policyholder (or Assignee) that is an organisation take a policy loan?

The persons who are authorised in the Latest Board of Resolution may apply for
the loan. The authorised persons must sign the loan agreement form and state
clearly their name and designation with the organisation’s stamp. We also need
the organisation to furnish the below documents.

 1. Business Profile obtained from the governing body dated no more than three
    months prior.
 2. Latest Board of Resolution
 3. Proof of the authorised persons’ identity e.g. clear copy of NRIC (both
    sides)

Can I decrease my policy’s sum assured and premium?

Yes, you can but it is subjected to a minimum sum assured value and premium
amount. Any change is effective from the next premium due date.

What happens when I decrease my policy’s sum assured and premium?

Your policy’s coverage would be reduced accordingly and if your policy has a
maturity payout or cash benefits payable, these payouts would be reduced too.

If your policy has an existing cash value, a portion of the cash value would be
refunded to you accordingly.

How do I decrease my policy’s sum assured and premium?

You may approach your advisor or send us your request via our online form and we
will provide the forms required. 

What if I am no longer residing in Singapore?

If you are residing overseas, the documents required are to be witnessed either
by an Official from the Singapore High Commission/Embassy of the Republic of
Singapore or a Notary Public. A Notary Public is a state appointed officer who
can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common
practice for most institutions to require them to be notarised before they can
be used for official purposes. This is a matter of prudence to ensure that the
person signing the documents is actually who he purports to be. The Notary
mainly acts as an impartial and legally trained witness. You can locate a
registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you may submit the
documents through our secure on-line platform My Income (Select "Service
Request" - > "Waiver of Notarisation")

What is paid-up?

Paid-up is an option provided to policyholders who wish to stop paying the
premiums on their policies. It helps a policyholder to retain a reduced policy
coverage.

What happens when I convert my policy to paid-up?

In exercising this option, the policy’s basic sum assured will be reduced and
you need not pay any further premiums.

You can keep any bonuses which were added to your policy before the date you
convert your policy. Once the policy is converted to paid-up, it does not
participate in future bonuses of the company.

The main insurable events stated in your policy contract will still be covered
but at a lower paid-up value. This paid-up value consists of the paid-up sum
assured plus existing policy bonuses.

However, some additional policy benefits (for example, accidental death
benefits, minimum death or terminal illness benefits) would no longer apply once
your policy is converted to paid-up. Please refer to your policy’s contract for
these additional policy benefits that will be affected by a conversion to a
paid-up policy. If your policy pays a regular cash benefit, these cash benefit
payments would cease upon conversion to a paid-up policy as well.

How do my policy’s values change after it is paid-up?

A paid-up policy’s cash value accumulates slowly each year. However, its paid-up
protection value would likely remain the same. You may request from us an
illustration which projects the future protection and cash values if you were to
convert your policy into a paid-up policy at the next policy anniversary.

Can I convert my policy to paid-up?

If your policy provides a paid-up option, you may convert it to a paid-up policy
after the policy has accumulated a cash value. Most policies accumulate cash
value when premiums have been paid for at least two years. However, some
policies do not accumulate cash value.

How do I convert my policy to paid-up?

You need to submit the signed and completed Life Policy Alteration form with a
clear copy of your NRIC (both sides) via the following methods.

 * At branch – Find an NTUC Income branch; or
 * By email – Send the documents as PDF attachments to life.health@income.com.sg

If you need assistance, you may send us your request via our online form.

What if I am no longer residing in Singapore?

If you are residing overseas, the Life Policy Alteration form is to be witnessed
either by an Official from the Singapore High Commission/Embassy of the Republic
of Singapore or a Notary Public. A Notary Public is a state appointed officer
who can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common
practice for most institutions to require them to be notarised before they can
be used for official purposes. This is a matter of prudence to ensure that the
person signing the documents is actually who he purports to be. The Notary
mainly acts as an impartial and legally trained witness. You can locate a
registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you may submit the
documents through our secure on-line platform here (Select (Select "iManage" ->
"Request for waiver of Notarisation"). 

If you are unable to provide to us a copy of your Singapore NRIC when overseas
or if you are a foreigner, you may submit a copy of your Passport or other
identification document for verification (subject to our approval). If the
identification document does not contain your address, please provide an
additional document which shows your residential address (e.g. a utility/credit
card bill issued within the last six months).

Can I terminate my policy after it is paid-up?

Your paid-up policy will still have a cash value and you may terminate it to
receive its cash value.

Can I choose not to complete the CKA and risk profile questionnaire?

It is a requirement that Income conducts a CKA with our customers before they
proceed to do any ILP transactions. In order for us to provide appropriate
recommendation and advice to our customer, the information collection through
CKA and the risk profile questionnaire is necessary.

Can I proceed to do an ILP top up at My Income after consulting my insurance
adviser for advice?

If the outcome of your CKA shows that you do not to have the relevant experience
and/or knowledge, your insurance adviser will have to provide you with the
necessary information and advice for your decision. He/she will then follow up
by submitting the application for an ILP top up to Income.

Only customers who are assessed to have the relevant experience and/or knowledge
through the CKA questionnaire can proceed to with the ILP top up at My Income.

Can I still purchase or transact in ILP if I do not qualify for CKA?

Yes, you may still purchase or transact an ILP on the condition that advice has
been provided by one of our insurance advisers or consultants and the product or
the post-purchase transaction is deemed suitable for you.

If I do not have an insurance adviser assigned to me, how do I proceed to do the
ILP top up?

You can visit one of our Business Centres to speak with an insurance consultant.

Alternatively, you may email to csquery@income.com.sg or call our Income hotline
at 6788 1122 to request for assignment of an insurance adviser.

If I have completed the CKA with another financial institution, do I still need
to complete another CKA with Income?

Yes. In line with the authority requirements, all financial institutions
including Income are responsible for conducting their own CKA. Hence, the
outcome of the CKA conducted cannot be transferred to other financial
institutions.

What are Specified Investment Products (SIPs)?

There are many investment products offered to retail investors today. Some
products are more complex than others, and have features that may be difficult
to understand.

To alert consumers of these complexities, the Monetary Authority of Singapore
(MAS) has categorised such products as Specified Investment Products (SIPs).
Some SIPs are listed on an exchange, and others are not.

Examples of SIPs listed on an exchangeExamples of SIPs that are not listed on an
exchange    1Selected exchange traded funds and notes Structured warrants
Futures Certificates     Structured notes (e.g equity linked structured notes,
credit linked structured notes) * Selected unit trusts * Selected
investment-linked life insurance policies  

1Note: Currently, all exchange traded funds, unit trusts and investment-linked
life insurance policies are SIPs. With effect from Oct 2012, some of these
products will not be considered as SIPs provided they meet certain requirements.
For more information, refer to MAS' press release (www.mas.gov.sg) on 9 May
2012.

SIPs are derivatives, or may contain derivatives, and these usually add
complexity to a product’s features and risks. For example, if you invest in a
product which contains a derivative, you are exposed to more factors which can
result in a loss for you. An SIP may involve many counterparties in the
structure of the product, and your investment can be affected if any one of
these counterparties failed. It may also be difficult to understand how the
derivative can fully impact the performance of the product at the outset. The
eventual returns or losses on a product may be determined by complicated
formulas that may not be easy to understand.

What does the Customer Knowledge Assessment (CKA) consist of?

The CKA is a questionnaire which consists of four questions where you will be
required to provide factual information regarding your

 1. Education qualifications
 2. Investment experience and
 3. Working experience

If you qualify for the CKA criteria, you are recommended to receive advice from
one of our insurance advisers or consultants before you proceed with the
transactions outlined in Q5. However, you may still do so without seeking any
advice and you will be informed that it is your responsibility to ensure the
suitability of the product chosen or post-purchase transactions made.

If you do not qualify for the CKA criteria, we would require your co-operation
to seek advice from one of our insurance advisers or consultants before
proceeding with any ILP purchase or activating a post-purchase transaction for
your existing ILP(s).

What information do I have to provide in the CKA questionnaire?

Please provide factual information relating to your education qualifications,
investment experience and working experience.

To qualify for CKA, you will need to satisfy at least one of the following:-

 1. Education qualification
    * Diploma or higher qualifications in one of the following :
      * Accountancy
      * Actuarial Science
      * Business / Business administration / Business Management / Business
        Studies
      * Capital Markets
      * Commerce / Economics
      * Finance / Finance Engineering / Financial Planning / Computational
        Finance
      * Insurance; or  
    * Professional finance-related qualification such as
      * Chartered Financial Analyst Examination (conducted by the CFA institute,
        USA) or
      * Association of Chartered Certified Accountants (ACCA) qualifications.  
 2. Investment experience
    * Have at least 6 transactions in the last 3 years on Investment-linked Life
      Policies (ILPs) or Collective Investment Scheme (CIS) such as Unit Trusts.
       Examples which qualify as one transaction :
      * Purchase of ILP / Unit Trusts
      * Single premium Top-up / Regular premium increase
      * Change in Fund allocation
      * Sub-Fund switch within ILP / Fund Switch of Unit Trusts
      * New Recurrent Single Premium application   Transactions that would not
        qualify :
      * Subsequent investment(s) into a regular premium of ILP / regular savings
        plan of Unit Trusts after the first premium / savings installment
      * Shares listed in the Stock Exchanges  
 3. Working Experience
    * Minimum of 3 consecutive years of working experience in the past 10 years
      in any of the following :
      * Development / Structuring / Management / Sales / Trading / Research and
        Analysis of Investment Products
      * Provision of training in investment products
      * Accountancy
      * Actuarial Science
      * Treasury
      * Financial Risk Management  

What is a risk profile questionnaire?

The risk profile questionnaire helps you in assessing your risk tolerance level.

It consists of six questions that draw information on your investment objective,
investment time frame, investment return expectations and tolerance to potential
loss.

Understanding your personal risk preference is important as this will enable our
Income insurance advisers or consultants to make appropriate recommendations on
product suitability.

What is the new requirement for Customer Knowledge Assessment (CKA)?

In an effort to safeguard the interest of Singapore retail investors, the
Monetary Authority of Singapore has introduced a new measure that requires all
financial institutions, including Income, to carry out a CKA for retail
customers who wish to invest in an unlisted Specified Investment Products (SIPs)
for the first time; or who wish to make post-purchase transactions for purchased
unlisted SIPs after 1 Jan 2012.>/p>

If you are an existing customer, you can continue to hold or sell the existing
unlisted SIPs that you bought before 1 Jan 2012. However, you will need to
undertake the CKA if you wish to invest in more unlisted SIPs or make
post-purchase transactions after 1 Jan 2012.

For Income customers, an unlisted SIP includes an Investment-linked Life
Insurance Policy (ILP).

What is the possible reason for unsuccessful ILP top up in My Income portal?

If the outcome of your CKA shows that you do not have the relevant experience
and/or knowledge, you will need to seek advice from one of our Income insurance
advisers or consultants if you wish to proceed to do a top up.

This is an additional safeguard for our customers who have limited or no
relevant experience and/or knowledge. By liaising with our Income insurance
advisers or consultants, we can ensure that our customers are provided the
necessary information and advice before proceeding with the ILP top up.

What is the process for an ILP top up in the My Income portal?

When you select “Top Up” for an ILP in My Income, you will be prompted to
complete both the CKA and Risk profile questionnaire before you can proceed with
the top up.

What is the validity period for my completed CKA and risk profile questionnaire
at My Income portal?

When you have completed the CKA and risk profile questionnaire for a top up
transaction at My Income successfully, the information you provided for both the
questionnaires will be kept.

If you are assessed to have the relevant experience and/or knowledge from the
CKA, the positive outcome will be valid for one year from the date of
assessment. After a year, you will need to complete a new CKA before you can
proceed with an ILP top up at My Income.

What shall I do if I was advised that ILP is not suitable for me?

If our insurance adviser or consultant advises that the product is not suitable
for you, you should carefully consider whether you wish to proceed. If you still
wish to proceed, do ensure that you fully understand and accept the implications
of the transaction. You will need to provide a written confirmation to Income
indicating that:

 * You intend to proceed with the transaction despite not qualifying for the CKA
   criteria; and
 * You will be responsible for ensuring that the product is suitable for you.

As an additional safeguard, an approval by our senior management is required
before an Income insurance adviser or consultant can proceed with the
transaction.

When are the CKA and risk profile questionnaire introduced?

The risk profile questionnaire was included in My Financial Portfolio form. It
forms part of the Know Your Client process in assessing customer’s risk
tolerance level. The CKA was introduced at the start of year 2012.

Starting from 1 Aug2012, the completion of a Customer Knowledge Assessment (CKA)
and risk profile questionnaire will apply to post-purchase transactions such as
top up to your existing ILPs, sub-fund switching or change in fund allocation
that are done with our Income insurance advisers or consultants.

With effect from 3 Aug 2012, this will also be applicable when you do an online
ILP top up at My Income.

When do I need to complete a CKA questionnaire?

A CKA questionnaire is applicable under the following circumstances:-

 1. Purchase of a new ILP
 2. Post-purchase transactions such as premium top-up, premium increase for
    regular and recurrent single premium, sub-fund switching, change in premium
    allocation, activation of a RevoSave ILP account option.

Which Income products are classified as Unlisted SIPs?

Under Income, our ILPs are classified under the category of Unlisted Specified
Investment Products (SIPs).

Customers are required to complete a CKA before purchasing or proceeding with
post-purchase transactions of the following products:

 1. GrowthLink
 2. VivoLink
 3. FlexiLink
 4. FlexiCash
 5. IdealPlan (withdrawn ILP)

Who can I contact for more information?

You may wish to contact your insurance adviser or call our Income hotline at
6788 1122.

Why do I have to complete CKA and risk profile questionnaire for post-purchase
transactions if I have already provided my information in My Financial
Portfolio?

Your risk tolerance level and investment knowledge may change over time. Before
taking up an ILP, the corresponding information is collected so as to enable our
Income insurance advisers or consultants to provide suitable product
recommendations based on the most current information together with your
financial priorities, situation and needs.

What is the minimum premium required to start a regular premium
Investment-Linked Plan (ILP)?

The minimum premium for your regular premium plan will depend on the type of
plan you had signed up. For example,

Type of ILP Plan Minimum Regular Premium Maximum Regular Premium VivoLink – VL1

$150/monthly
$450/quarterly
$900/half-yearly
$1,800/yearly

$500/monthly
$1,500/quarterly
$3,000/half-yearly
$6,000/yearly

Ideal – ID2, ID2S

$50/monthly
$150/quarterly
$300/half-yearly
$500/yearly

- Ideal – ID5, ID6, ID7

$100/monthly
$300/quarterly
$600/half-yearly
$1,200/yearly

-

Can I reduce my regular premium?

Yes, you can decrease your regular premium provided your policy is in force with
at least 12 months of initial premiums paid. The minimum regular premium allowed
will be according to your plan type.

If the regular premium had previously been increased, the premium must have been
paid for at least 12 months before the decrease in regular premium is allowed.

What are the charges incurred for the reduction in my regular premium?

There will not be any additional charges incurred for the reduction in regular
premium. However, the charge (advisory charge, mortality charge1, policy fee,
rider premiums) on the policy remains payable until it is fully paid as per
policy terms and conditions.

¹Mortality Charge is the amount charged every year by the insurer to provide the
life cover to the Life Insured of the policy.

How do I request for a Change of Regular Premium?

You could complete the “Alteration form for investment-linked policy” and submit
it to any of our Income branches, or as an email attachment to
life.health@income.com.sg. Alternatively, you may approach your Insurance
Advisor for more details on the policy plan.

For a copy of the Alteration form for investment-linked policy, please click
here.

Important information to note-
For policies that are on GIRO, the process of deduction takes place between the
21st of the month to the 8th of the following month. During this period, no
changes to your premiums can be made.

If this form is received during this period, your request will be handled after
the GIRO deduction process is completed.

Example-
If the form is received on 20 Oct, it will be effective from Nov.
If the form is received on 21 Oct, it will be effective from Dec.

If there is an increase in regular premium, are there any charges?

There are charges incurred for the increase in regular premium depending on the
ILP type.

For example, for ID2 policies, a 45% advisory fee will be deducted upfront for
the annualised portion that is in excess of the highest regular premium paid
before the increase.

For ID6 policies, there is a monthly advisory fee equivalent to 25% of the
increased portion charged for a period of 12 months, in addition to any
prevailing advisory fee being paid.

For ID7 policies, if the policy is sold through an Insurance Adviser, for any
increase in regular premium, there is a monthly advisory fee equivalent to 15%
of the increased portion charged for a period of 12 months.

What is a policy fee under the Investment-Linked Plans (ILPs)?

A policy fee is a charge on your ILP, which is the cost required to maintain the
records of your policy, handling transactions, providing statements, etc.

What are the policy fees for Income's ILPs?

The four plans available are-

 * Flexi-Link Plan (IB6) for CPF investment only
 * GrowthLink Plan (GL1) for cash and SRS investment
 * VivoLink Plan (VL1) for cash investment only
 * Vivalink Plan (VA1)  for cash investment only

The policy fee is deducted from the ILP fund balance at the beginning of each
policy year. With effect from 01 Mar 2007, the policy fees are indicated as
follows-

PlanInitial Policy FeeSubsequent Policy Fee Flexilink (IB6)No charges$50
GrowthLink (GL1)No charges$50 VivoLink (VL1)$150$60




PlanMonthly Policy Fee Vivalink (VA1)$5

Can the policy fees be waived?

For IB4, with effect from 01 Mar 2007, if Net Premium Paid is $15,000 and above,
the $50 annual policy fee will be waived.

For GL1, with effect from 01 Jun 2010, if Net Premium Paid is $25,000 and above,
the $50 annual policy fee will be waived.

For VL1 and VA1, there will be no waiver of policy fees regardless of the
investment amount.

Were policy fees imposed for ILPs only?

We charge policy fees for traditional policies. These fees are used to pay for
the cost of maintaining the policy. It is usually factored into the premium and
the actual amount is not transparent to you.

For Income, the policy fee for our traditional plans is $2.50 per month. It is
our principle to make our charges transparent to our policyholders. However, you
should note that there also are other charges built into the policy.

What are the other charges?

The other charges are as follows:

a. Insurance Cover Charge (for VA1)

The Insurance Cover Charge is known as the benefit charge for the sum assured of
the policy.

This charge is deducted monthly in advance by cancelling units at bid price. The
units will be deducted across the various funds in proportion to fund the
charges.

It is calculated based on the insured’s attained age, gender, smoker status and
sum at risk at the time the charge is due. If the sum at risk for a given month
is zero or negative the insurance cover charge will not apply.

The insurance coverage charge will also apply to unit deducting riders (if any).

You can refer to the policy document for more details.

b. Annual Management Fees

The annual management fee is factored into the bid price of the fund. There is
no separate deduction from the policy.

You can refer to the relevant Fund Report for each ILP management fee via our
website. Click here to enter.

c. Fund Switching Fees

All IB6 policies are entitled to two free switches each calendar year. A fee of
$30 or one percent of transacted value (whichever is higher) will be charged for
all subsequent switches.

All switching fees are payable in cash and not deducted from the transaction
amount.

For GL1/VL1/VA1 policies, the fund switches are free.

What are the policy fees for Income's ILPs?

The withdrawn ILPs are-

 * Four Flexi-Link Plans (IB1/IB2/IB3/IB4 - cash and SRS investment only)
 * Two Old Ideal Plans (IP1/IP2)
 * Five Ideal Plans (ID1/ID2/ID5/ID6/ID7)

The policy fee is deducted from the ILP fund balance at the beginning of each
policy year.
With effect from 01 Mar 2007, the policy fees are indicated as follows-

PlanInitial Policy FeeSubsequent Policy Fee IB1$100No charges IB2/IB3$100$50 per
annum IB4No charges$50 per annum IP1/IP2No charges$25 per annum ID1$100$50 per
annum ID2$100$50 per annum ID5$90$50 per annum ID6No charges$4 per month ID7No
charges$4 per month

If there is a second and subsequent Flexi-Link Policy or Ideal Plan taken up, we
charge $50 in the first year.
Fees before 01 Mar 2007:

 * ID2 – the subsequent policy fee was $30 per annum.
 * ID5 – $80 per annum.

Can the policy fees be waived?

With effect from 1 Mar 2007, if Net Premium Paid is $15,000 and above, the $50
Annual policy fee will be waived (except for ID6/ID7).

For ID5, we will charge $50 lesser. Example: From 1 to 20 year, we will charge
$40 per annum ($90 - $50) if Net Premium Paid is $15,000 and above. From 21 year
onwards, the fees ($50 - $50) will be waived.

Before 1 Mar 2007, the annual policy fee is charged at $30 if Net Premium Paid
is less than $8,000 (except for ID5/ID6/ID7).

What are the other charges?

The other charges are as follows:

 * Mortality Charges - with effect from 1 Aug 2005, the charges had been waived
   except for the older series of ILP (IB1/IP1/IP2).
   Mortality Charge and other Benefit Charges for Flexi-Link (IB1) and Old Ideal
   Policies (IP series) For the older Ideal policies (IP1 and IP2), the
   mortality charge is known as annual benefit charge for the sum assured of the
   policy. This charge is deducted at policy anniversary via the cancellation of
   units at the prevailing bid price. It is calculated based on the
   policyholder's attained age and either
   1. the difference between the sum assured or cash value (incremental basis)
      at policy anniversary, or
   2. the actual sum assured (fixed basis). Note: The choice of fixed or
      incremental basis was made by the policyholder when the policy was bought.
      For older Flexi-link (IB1) policies, mortality charges are applicable to
      the premium invested from age 60 onwards. This charge is deducted from the
      single premium and/or ad hoc top up premium. Depending on the premium
      amount, we can waive the mortality charge on a case to case basis.
      Mortality charge:

Age (last birthday)% of Premium Invested 59 and below0% 60 to 641.0% 65 to
691.5% 70 and above2.5%

Mortality and benefit charges are still applicable for these ILP policies
because the minimum death benefit payable is different (and often higher) than
that offered in the later series of Flexi-Link and Ideal Policies.




 * Fund Switching Fees - All policies (except ID5) are entitled to 2 free
   switches each calendar year. A fee of $30 or 1% of transacted value
   (whichever is higher) will be charged for all subsequent switches. For ID5, a
   switching fee of 0.2% of transacted value applies for each transaction. All
   switching fees are payable in cash and not deducted from the transaction
   amount.
 * Annual Management Fees - The annual management fee is factored into the bid
   price of the fund. There is no separate deduction from the policy. You can
   refer to the relevant Fund Report for each ILP management fee via our
   website. Click here to enter.
 * Advisory Fees - applicable to ID2/ID6/ID7 and Old Ideal Policies (IP1/IP2).
   ID2 - There is an advisory fee of 15% of the initial annual premium charged
   for the first 3 years. Only 85% of the premium paid is invested. To any
   decrease of regular premium within the first three years of policy inception,
   the advisory fee on the initial regular premium will still be payable. To any
   increase of regular premium, a 45% advisory fee will be deducted upfront for
   the annualized portion that is in excess of the highest regular premium paid
   before the increase. ID6 – There is an advisory fee of 20% of the initial
   regular premium charged for the first 36 months. To any decrease of regular
   premium within the first three years of policy inception, the advisory fee on
   the initial regular premium will still be payable. To any increase of regular
   premium, there is a monthly advisory fee equivalent to 25% of the increased
   portion charged for a period of 12 months, in addition to any prevailing
   advisory fee being paid. ID7 – For policy that had been sold through an
   Insurance Adviser, any increase in regular premium, there is a monthly
   advisory fee equivalent to 15% of the increased portion charged for a period
   of 12 months. IP1 – 50% of first year premium IP2 – 80% of first year premium
 * Surrender Penalty – applicable to ID2/ID5/ID6/ID7. For ID2/ID6 policies, if
   the policy is fully surrendered within the first 3 years of inception, the
   balance of the advisory fee will still be deducted from the cash value as a
   surrender penalty. For ID5 policies, if the policy is surrendered within the
   first 20 years from date of inception, a surrender penalty will be deducted
   from the cash value. The penalty is based on $40 per year, multiplied by the
   remainder of the 20 years. E.g. If you surrender your ID5 policy in the 5
   policy year, we will deduct $40 x (20-5) = $600 as a penalty. For ID7
   policies, if the policy is fully surrendered within the 12 months from the
   date the premium was increased, the balance of the advisory fee will still be
   deducted from the cash value as a surrender penalty. There is no surrender
   penalty for partial withdrawals.

 

What is meant by Premium Holiday?

Premium Holiday is an option for the policyholders to suspend premium payment
for a definite period, due to financial reasons. This is a feature for our
regular premium policies that had been purchased by our policyholders.

When can I apply for Premium Holiday?

Premium Holiday is allowed for all in force regular premium policies. However,
there are certain criteria that need to be met before the application is
allowed.

 * There must be positive units in all the funds of the policy.
 * There must be minimum premium payment for 12 months.

If the application is successful, we will send you a letter indicating the
period of Premium Holiday applied.

What happens when the policy is placed on Premium Holiday?

The policy will remain in force as long as there are positive units in all the
funds of the policy. During the period of premium suspension, no payment notice
will be sent. However, the policy will lapse once the units fall to zero or
negative.

The fees and charges (renewal policy fee, advisory fee, mortality charges¹ and
rider charges) will still be applied even when the policy is on Premium Holiday.
Therefore, please ensure that there are sufficient units in the policy to
prevent the lapse of your policy during this period.

¹ Mortality Charge is the amount charged every year by the insurer to provide
the life cover to the policyholder on the life of the Life Insured.

How long is the period of premium suspension?

You can apply for a maximum of six months each time.

For policies on GIRO arrangement, premium payment will automatically resume upon
the expiry of Premium Holiday.

Can I apply for a longer suspension?

Yes, you could submit an Investment-Linked Policy Premium Holiday form before
the expiry of the current Premium Holiday. We will send you a letter two months
before the expiry date of your Premium Holiday, informing you that the premium
suspension is over and premiums will be payable.

How do I apply for Premium Holiday?

You could complete the “Investment-Linked Policy Premium Holiday Form” and
submit it to any of our Income branches, by fax to 6338 1500 or as an email
attachment to life.health@income.com.sg. Alternatively, you may approach your
Insurance Adviser for more details on the policy plan.

For a copy of the Investment-Linked Policy Premium Holiday Form, please click
here.

Important information to note-
For policies that are on GIRO, the process of deduction takes place between the
21st of the month to the 8th of the following month. During this period, no
changes to your premiums can be made.

If this form is received during this period, your request will be handled after
the GIRO deduction process is completed.

Example-
If the form is received on 20 Oct, it will be effective from Nov.
If the form is received on 21 Oct, it will be effective from Dec.

How does Income respond to Executive Order 14032 which impacts U.S. Person?

On 3 June 2021, the President of the United States issued an Executive Order
14032 (“E.O.”) revising restrictions for transactions by U.S. Persons 1 on
publicly traded securities that are derivative or are designed to provide
investment exposure to designated Chinese Military-Industrial Complex Companies
("CMIC") set out in the Non-SDN Chinese Military-Industrial Complex Companies
List (“NS-CMIC List”) held by the Office of Foreign Assets Controls (“OFAC”).

Income is established in Singapore and is not a U.S Person. Income may, from
time to time, hold and engage in transactions relating to purchases or sales of
such securities on the NS-CMIC List for our business. In this regard, Income
ensures that it meets its compliance obligations.

U.S. Person1 who are holders of investment-linked insurance policies are
required to note the revised restrictions stated above and assess their
compliance with applicable laws and regulations.




1 The term “United States person” in the E.O. means any United States citizen,
lawful permanent resident, entity organized under the laws of the United States
or any jurisdiction within the United States (including foreign branches), or
any person in the United States.

Can I backdate my regular premium policy?

For regular premium plans we allow backdating subject to the following
conditions:

 1. The cover start date is  1 day before the insured’s birthday;
 2. The cover start date cannot be before product launch date;
 3. The backdating cannot be more than 6 months; and
 4. The premium rate increases with the age of the insured.

Can I decide on where to do the medical examination?

All medical examinations and tests have to be conducted at a clinic from our
Panel.

We will assign a clinic in our list of Panel of Doctors that is near the
Insured’s home. Please contact us to make the arrangement if the Insured prefers
to go to another clinic listed in our Panel.

Can I request for my policy document to be hand-delivered?

Income is committed to delivering a superior customer experience and adopting
sustainable practices that help us minimise our environmental footprint.
Therefore hand-delivered policy document option is no longer available. Your
policy document will be sent to you via SMS/email. You may also login to My
Income to view or print the electronic copy of your policy document. If you have
any issues in logging into My Income, you may visit our FAQ here.

Can I use a recent test report instead of going for another medical examination?

Yes, you can submit your recent test report to us. Test reports are usually
valid for six months. A Chest X-ray (CXR) is valid for one year.

Do I need to complete the application form by myself?

You are encouraged to complete the application form personally so that you can
have a better understanding of the information required and provide the
corresponding replies. Your insurance adviser will guide you throughout the
process.

Please check the application form to ensure that all information is correct and
complete if your insurance adviser is completing it on your behalf.

Do I need to go through a medical examination?

We will inform you if there is a need for you to go through any medical
examination. This is usually due to the sum assured, Insured’s age or any
existing medical condition.

Do I need to inform you if there is a change in my health status while my
application is being processed?

Yes, you need to inform us of any changes in your health status so that we can
make a decision on whether to accept the risk at the appropriate premium rate.

Our underwriting is based on the information declared in your application. Your
insurance policy may not be valid if we discover the non-disclosure of material
information in the future. It may be more beneficial for special terms¹ to be
imposed on your policy instead of not having any insurance coverage.

¹ Special terms are terms offered by insurance companies that are outside the
standard policy terms and conditions.

How can I make payment for my premiums?

You can make payment of your first premium by GIRO, cheque, cash, NETS and
credit card. Credit card payment is restricted to the first premium payment for
regular premium life insurance.

Subsequent renewal payments can be made by GIRO, cheque, cash, NETS, internet
banking, AXS, ATM or phone banking. We encourage GIRO deductions for policies
with regular premium payments as it is hassle free and reduces the chances of
missing any payments.

How do I know the outcome of my application?

Your insurance adviser can help you monitor the progress of your application and
keep you updated. Alternatively, you can call our hotline at 6788 1122 to check
on your application status.

How is interest calculated for backdating?

Interest is calculated based on the prevailing interest rate of 5.5% per annum
on the premiums to be paid to backdate your policy.

How long will you take to process my life insurance application?

We will be able to process your application within seven working days, provided:

 * We have received full documentation;
 * We have received the first premium payment; and
 * You are not required to go for a medical examination.

The time required to process your application will be longer if there is
incomplete documentation or the need for a medical examination.

How will you deliver the policy document to me?

We will send you a confirmation SMS/email that includes a link to your
electronic policy document.

Is there any insurance coverage while you process my life insurance application?

Yes. There will be interim coverage if we have received your first premium
payment.

We will pay the basic sum assured or $500,000, whichever is lesser, if the
Insured dies as a result of an accident while we are processing your
application.

What are the possible outcomes of underwriting?

These are some of the possible outcomes of underwriting:

 * Accept the application with standard terms of the policy;
 * Require additional information on the health or financial status of the
   Insured if there is insufficient information to make a decision;
 * Charge a higher premium or impose special terms¹ appropriate to the level of
   risk involved;
 * Defer the application and reassess the risk later;
 * Offer a lower sum assured for the same product or another product; or
 * Decline the application.

¹ Special terms are terms offered by insurance companies that are outside the
standard policy terms and conditions.

What can I do if I disagree with the underwriting decision?

Our intention is to provide you with prompt and fair underwriting decision based
on the information declared in the application form.

If you have new information that is favourable and may change the underwriting
decision offered i.e. extra premium, and / or exclusions, please inform us so
that we can do a review.

What does the “14 days Free-Look Period” mean?

The 14 days Free-Look Period allows you to evaluate if the policy meets your
needs after receiving the policy document. The premiums paid, less medical fees
and other expenses incurred (if any), will be refunded if you decide to
terminate your policy within the Free-Look Period.

What is underwriting?

Underwriting is the process of assessing the risk of the Insured, and making the
decision to decline or accept the risk at an appropriate premium.

We always encourage people to get insurance while they are young and healthy.

When does the 14 days Free-Look Period start?

The 14 days Free-Look Period will start seven calendar days after we have mailed
out the policy document.

The Free-Look Period will start from the day you receive your policy document if
it is hand delivered by your insurance adviser.

When will my life insurance coverage commence?

Your insurance coverage is effective once we have accepted the risk, received
the premium and issued your policy.

You may call our hotline at 6788 1122 to check on your application status.

When will the premium be deducted from my credit card?

The premium will be deducted within five working days once your life insurance
application is approved and your credit card details are entered into our
system.

Who pays for the medical examination?

We will pay for the medical examination and tests fees that we request.

Why are special terms1 such as premium loading and exclusions imposed on some
policies?

Special terms¹ such as premium loading and exclusions are usually imposed on
Insured with pre-existing medical conditions or a family history of illnesses
that are likely to be hereditary. This group of Insured usually has a higher
probability of making an early claim. The special terms¹ are therefore necessary
to cover this higher risk.

¹ Special terms are terms offered by insurance companies that are outside the
standard policy terms and conditions.

Why are you charging interest for backdating?

The premium collected is usually invested to achieve a certain rate of return in
order to deliver yield on a policy. Interest is therefore charged to cover the
loss in investment earnings arising from backdating.

Why is there a need for me to make premium payment upon application?

Your policy will commence after we have completed the risk assessment of the
insured and received the first premium payment. Your application will therefore
be expedited if you submit the first premium at the same time.

There will also be interim coverage if you have made the first premium payment
upon application. We will pay the basic sum assured or $500,000, whichever is
lesser, if the Insured dies as a result of an accident while we are processing
your application.

How do I get a Motor online quote to purchase online?

You can visit our website at www.income.com.sg and click “Motor Insurance” under
“Buy Online” on the right hand panel of the page.

Which class of Motor Insurance can I purchase online?

You can purchase both Private Car Insurance and Motorcycle Insurance online.

What are the payment modes available when I purchase online?

You can pay either via eNETS Direct Debit or Visa/MasterCard Credit Cards.

If I am a supplementary cardholder, can I still purchase my Motor Insurance
online?

Yes, as long as the Credit Card is valid and is issued in your name.

Will my policy be activated once I purchase my Motor Insurance online?

Yes, as long as your payment confirmation is successful.

How will I receive my policy document?

Upon successful payment confirmation, you will receive a confirmation email
which includes a link for you to view your policy document. There will not be
any hardcopy mailed to you.

Why does Income provide car servicing referral?

We would like to add value to the motoring needs of our motor policyholders.

How reliable are these workshops?

These workshops are chosen from our panel of workshops for accident repairs have
been with us for many years. These workshops have good track records in
providing reliable and excellent service to our policyholders.

Why are these workshops offering different packages?

While we insist that the workshops must adhere to certain service standards we
do not dictate the pricing and packaging of their products. It is a commercial
decision by the workshops.

What is Income's role in this referral service?

Income’s role is to identify workshops that can provide reliable service to our
customers.

Who can I approach to make a servicing booking?

You may make the servicing booking with the workshop.

How can I be sure that the workshops do not make me change parts or pay for
services unnecessarily?

Our workshops will seek your agreement before changing any parts or rendering
any additional services. They will present all the parts that they have changed
for your inspection.

Who can I approach if I have disputes with the workshop on the servicing?

You should try to resolve it with the workshop directly. If it is not
successful, Income will help to mediate.

Do your workshops offer the lowest servicing package?

Our selected servicing workshops offer competitive servicing rates with our
assurance of reliability and quality.

Do your workshops offer car collection and delivery services?

Yes, our workshops can collect and deliver your car to you for a small fee.

Do the workshops provide after-service warranty?

Yes, our workshops will provide after-service warranties in line with industry
practices.

Can a nomination under the Insurance Act be made for all types of policies?

Nominations can only be made for policies which provide for death benefits (e.g.
Life policies and accident and health policies). The policy must insure the life
of the policy owner. The policy may have been purchased by the policy owner or
assigned or vested in the policy owner. Nomination is not allowed when a policy
insures another person apart from the policyholder. Example: group policies,
family insurance, PA Assurance etc.




The following general insurance accident and health products in Income will be
allowed for nomination.

Travel insurance Personal accident assurance Personal accident insurance
Personal accident infectious diseases insurance Personal accident rideshield
insurance PrimeShield Overseas student personal accident insurance Overseas
Study Protection Plan




Under the Insurance Act, you have the option to make either:

 1. A revocable nomination
 2. A trust (irrevocable) nomination;

for a policy to decide how the policy proceeds will be distributed.

Please note however that a trust (irrevocable) nomination cannot be made for
PrimeShield plans.
 

Do I need to name a trustee for a Trust Nomination?

Yes, you must name at least one trustee for the nomination to be valid. You,
your witness or a beneficiary may be named as trustee.

If you name yourself as a trustee, you cannot:

 1. Consent to the revocation of the trust
 2. Consent to variation of any term of the policy
 3. Give a valid discharge to the insurer for monies received under the policy

 

How did the Nomination of Beneficiaries framework under the Insurance Act come
about?

Prior to 01 Sep 2009, there was no provision in the Insurance Act to govern the
nomination of beneficiaries to insurance proceeds.

Instead, nomination of beneficiaries was governed by Section 73 of the
Conveyancing and Law of Property Act, and, also for Income, Section 45 of the
Co-operative Societies Act.

From 01 Sep 2009:
The law governing the nomination of beneficiaries is consolidated under the
Insurance Act
No nomination is allowed under the Conveyancing and Law of Property Act and
Co-operative Societies Act.

How do I cancel a Trust Nomination?

To cancel the nomination, consent must be obtained from either:

 1. A trustee who is not the policy owner; or
 2. Each beneficiary who is at least 18 years old or, in the case of a
    beneficiary who is below 18 years old, consent from the parent / legal
    guardian who is not the policy owner

I have an Income policy which I have made a nomination under the Co-operative
Societies Act. Can this nomination be superseded by a subsequent Will?

No, this is because the amendment to the Insurance Act does not have any
retrospective effect. This means that your existing nomination will still be
valid even if you make a subsequent Will.

If you wish to cancel the existing Co-operative Societies Act nomination, you
are advised to submit our prescribed form. Alternatively, if you wish to make a
new nomination, you can submit a Revocable or Trust Nomination under the
Insurance Act and the Co-operative Societies Act nomination will be deemed as
cancelled.

Similarly, if a Section 73 Trust Nomination has been made for a policy, it will
still be valid, unless cancelled. A Section 73 Trust Nomination can be cancelled
with consent from trustee and beneficiaries or trustee only, if beneficiaries
are below 21 years old.

Is there any cap on the death proceeds an insurer can pay out when a nomination
is made?

There is no cap if a nomination has been made. In the absence of any nomination,
the insurer can only pay up to $150,000 in total for all relevant policies
issued by the insurer to proper claimant(s) and any balance proceeds will be
paid upon production of letter of probate (with Will) or letter of
administration (without Will). A proper claimant is defined in the Insurance Act
to mean a person who claims to be entitled to the death proceeds as the
executor, spouse, parent, child, sibling, nephew or niece of the deceased.

What are the age requirements for policy owners, trustees and witnesses named in
a nomination?

The age requirements for a policy owner, trustee and witness are listed in the
following table.

 Revocable NominationTrust Nomination Policy OwnerAt least 18 years oldAt least
18 years old TrusteeNo Trustee requiredAt least 18 years old WitnessAt least 21
years oldAt least 21 years old

What are the requirements for a Will to cancel an earlier Revocable Nomination?

Under the Insurance Act, the Will must:

 1. Provide for the distribution of all death benefits under the policy; and
 2. Specify particulars of the policy as required under Regulation 5(3) of the
    Insurance (Nomination of Beneficiaries) Regulations 2009. The Regulations
    require the following particulars to be specified in the Will:
    1. The name of the insurer that issues the policy;
    2. The policy number;
    3. The name of each beneficiary to whom any portion (including the whole) of
       the death benefits under the policy is bequeathed;
    4. Where a beneficiary referred to in sub-paragraph (iii) is an individual,
       the following particulars of the beneficiary: NRIC / Birth Certificate /
       Foreign passport number, address, date of birth;
    5. Where a beneficiary referred to in sub-paragraph (iii) is not an
       individual, the following particulars of the beneficiary:
       * The Singapore unique entity number of the beneficiary or, if the
         beneficiary does not have such a number, any other official
         registration number which identifies and is unique to the entity; and
       * The address of the beneficiary;
    6. The portion of the death benefits under the policy which is bequeathed to
       each beneficiary.  

What are the restrictions on nomination types for policies that are purchased
with CPF funds?

The table below summarises the restrictions on nomination types for policies
that are purchased with CPF funds.

Policy TypeRevocable NominationTrust Nomination Minimum Sum Scheme (MSS)
AnnuitiesNoNo Minimum Sum Plus Scheme (MSPS) AnnuitiesYesYes Dependent
Protection Scheme (DPS)YesNo CPFIS OA (Ordinary Account) or SA (Special
Account)YesNo SRS (Special Retirement Scheme)YesNo

What do I need to know before making a Trust Nomination?

Making a Trust Nomination has many consequences, as listed below, and you should
consider carefully before making such a nomination.

 1. Policy owner loses all rights and control over his policy.
 2. Proceeds under the policy, whether made during the policy owner’s lifetime
    or after his death, will be payable to the beneficiaries.
 3. Policy owner cannot, on his own, change his nomination. To change or cancel
    his trust nomination, he must obtain the consent of each beneficiary who is
    at least 18 years old or a trustee who is not the policy owner. In the case
    of a beneficiary who is below 18 years old, the parent or guardian (who is
    not the policy owner) can consent on the beneficiary’s behalf.
 4. Policy owner cannot on his own give instructions to change any part of the
    policy. An insurer can carry out the policy owner’s instructions to change
    the policy (including any instructions to alter the benefits payable under
    the policy) only if consent has been obtained from each beneficiary who is
    at least 18 years old or a trustee who is not the policy owner. In the case
    of a beneficiary who is below 18 years old, the parent or guardian (who is
    not the policy owner) can consent on the beneficiary’s behalf.
 5. The trust is not affected by a divorce. This may be an issue if the spouse
    is one of the beneficiaries.

What if a beneficiary under a Revocable Nomination predeceases the policy owner?

The deceased beneficiary’s share will be proportionately distributed among the
surviving beneficiaries. If there is no other beneficiary, the nomination will
be deemed as cancelled.

What if a beneficiary under a Trust Nomination predeceases the policy owner?

The deceased beneficiary’s share will not be proportionately distributed among
the surviving beneficiaries. The deceased beneficiary’s share will go to form
part of his estate.

What if after making a nomination under the Insurance Act, I make a Will that
covers the same policy?

Your Will will have the following effect depending on the type of nomination
that you have made on and after 01 Sep 2009.

Revocable Nomination
If after making a Revocable Nomination, you make a Will that covers the same
policy and you have given written notice of the Will to the insurer, then the
Revocable Nomination will be cancelled by the Will. However, the Will must
satisfy specific requirements as required by the Insurance Act. For example, the
Will must provide for the distribution of all death benefits under the policy
and it must specify particulars of the policy. For the full set of requirements,
please read the question below “What are the requirements for a Will to cancel
an earlier Revocable Nomination?”.

Trust Nomination
If after making a Trust Nomination, you make a Will that covers the same policy,
the Trust Nomination will not be cancelled by the Will even if written notice of
the Will has been given to the insurer. To understand how a Trust Nomination can
be cancelled, please read the question above, “How do I cancel a Trust
Nomination?”.

What is a Revocable Nomination?

Any legal entity-individual, association or corporation can be a beneficiary.
However, the nomination is only applicable for distribution of the death
proceeds. This means that while the policy owner is alive, he continues to
retain all rights and control over his policy (including changes to the policy)
and any proceeds will be payable to the policy owner. After making a Revocable
Nomination, a policy owner can, on his own, change his nomination at any time.
This is unlike a trust nomination where any change must be subject to the
consent of the trustee or beneficiaries.

What is a Trust (or Irrevocable) Nomination?

A Trust (or Irrevocable) Nomination allows a policy owner to create a statutory
trust in favour of the beneficiaries. Only the policy owner’s spouse and / or
children can be nominated as the beneficiaries.

This is similar to the trust under Section 73 of the Conveyancing and Law of
Property Act. The difference is that under the Insurance Act, the policy owner
makes an intentional and deliberate choice to effect such a nomination by
completing a form prescribed by the Insurance Act.

Once a policy owner creates a trust nomination, he will lose all rights and
control over his insurance policy including the policy proceeds. However, the
advantage is that the policy proceeds enjoy protection against claims from the
policy owner’s creditors unless there is an intention to defraud his creditors
when the trust is created.

Please note that under the Insurance (NOB) Regulations, trust (irrevocable)
nominations cannot be made for the following policies.

 *          ElderShield Supplement Plans (ESP), i.e. PrimeShield
 *          Integrated MediShield Plans (IMP), i.e. IncomeShield, Enhanced
   IncomeShield
 *          Insurance policies purchased using Supplementary Retirement Scheme
   (SRS) funds

When will my nomination take effect?

A nomination, if fully and properly completed, will take effect from the date
your nomination form is lodged with the registered insurer that issued your
policy.

Where can I find a summary of the changes to Revocable and Trust Nominations
prior to and after 01 Sep 2011, as well as the similarities and differences
between Revocable and Trust Nominations under the Insurance Act?

You will be able to find a consumer guide, by the Life Insurance Association
(LIA), on the new nomination law at the LIA website. For a copy of this consumer
guide, please click here.

We have also highlighted the following in the Tables below:

 * Table 1 – Comparison of Key Differences Between Revocable Nominations under
   the Co-operative Societies Act and the Insurance Act
 * Table 2 – Comparison of Key Differences between Trust Nominations under
   Section 73 of the Conveyancing and Law of Property Act and the Insurance Act
 * Table 3 – Comparison of Key Differences between Trust Nomination and
   Revocable Nomination under the Insurance Act.

TABLE 1: COMPARISON OF KEY DIFFERENCES BETWEEN REVOCABLE NOMINATIONS UNDER
CO-OPERATIVE SOCIETIES ACT AND INSURANCE ACT

Co-operative Societies Act prior to 01 Sep 2009Insurance Act from 01 Sep 2009
Revocable Nomination governed under S45 of Co-operative Societies ActRevocable
Nomination governed under S49M(2) of Insurance Act Use of Income’s prescribed
form to nominateUse of Form 4 of Insurance (Nomination of Beneficiaries)
Regulations to nominate One nomination form for one or more policiesOne
nomination form per policy Nomination form allows for appointment of Trustee to
receive the death proceeds under the policy on behalf of any nominee below 21
years old at time of payoutNomination form does not allow for appointment of
Trustee. If nominee is below 18 years old, parent / guardian (who is not a
policy owner) can receive insurance proceeds on behalf of such nominee
Nomination is not cancelled by a subsequent WillNomination may be cancelled by a
subsequent Will if: Written notice of the Will has been given to the insurer;
and Will provides for disposition of all death benefits under the policy and
contains particulars as required under Regulation 5(3) of the Insurance
(Nomination of Beneficiaries) Regulations. Nomination is cancelled by: Another
nomination Use of Income’s prescribed revocation form Creation of a Section 73
Conveyancing and Law of Property trust An Assignment / Notice of assignment,
encumbranceNomination is cancelled by:
Another revocable nomination (Form 4)
Express revocation (From 5)
Trust Nomination (Form 1)
Notice of assignment, encumbrance, or Will with prescribed particulars (Form 6)
For a copy of Form 1, please click here.
For a copy of Form 4, please click here.
For a copy of Form 5, please click here.
For a copy of Form 6, please click here.




TABLE 2: COMPARISON OF KEY DIFFERENCES BETWEEN TRUST NOMINATIONS UNDER SECTION
73 OF CONVEYANCING LAW OF PROPERTY ACT AND INSURANCE ACT

S73 Conveyancing and Law of Property Act prior to 01 Sep 2009Insurance Act from
01 Sep 2009 Trust created under Section 73 of Conveyancing and Law of Property
ActTrust (or Irrevocable) Nomination under S49L(2) of Insurance Act Use of
Income’s prescribed form to nominateUse of Form 1 of Insurance (Nomination of
Beneficiaries) Regulations to nominate One nomination form for one or more
policiesOne nomination form per policy Spouse and children
(excluding illegitimate children)Spouse and children (including illegitimate
children) Trustee appointed using Income’s prescribed form or policy owner is
default trusteeTrustee appointed using Form 1 of Insurance (Nomination of
Beneficiaries) Regulations but no default trustee. Policy owner must appoint at
least one trustee Consent of Trustee not required before appointmentConsent of
Trustee is required before appointment Trustee must be at least 21 years
oldTrustee must be at least 18 years old Discharge for receipt of policy money
is given by Trustee(s)Discharge for receipt of policy money by any Trustee who
is not the policy owner, or all nominees who are 18 years old and above and
parent / legal guardian’s (who is not the policy owner) consent for nominees
below 18 years old. Cancellation of trust – consent to be obtained from both
Trustee(s) and beneficiaries who are at least 21 years oldCancellation of trust
– consent to be obtained from Trustee who is not the policy owner or all
nominees who are 18 years old and above and parent / legal guardian’s (who is
not the policy owner) consent for nominees below 18 years old Use of Income’s
prescribed form to cancel   Use of Form 2 of Insurance (NOB) Regulations to
cancel For a copy of Form 2, please click here.




TABLE 3: COMPARISON OF KEY DIFFERENCES BETWEEN REVOCABLE & TRUST NOMINATIONS
UNDER THE INSURANCE ACT FROM 01 SEP 2009

Only applicable to death benefits

 Revocable S49M(2)Trust S49L(2) Policy TypeLife, general insurance and accident
& health policies with death benefits and the policies insure the life of the
policy ownerLife, general insurance and accident & health policies with death
benefits and the policies insure the life of the policy owner Minimum Age of
Policy Owner18 years old18 years old Making the NominationAnytime during policy
periodAnytime during policy period Annuities under MSSNot applicableNot
applicable Annuities under MSPSApplicableApplicable DPS/CPFIS/SRS
policiesApplicableNot applicable BeneficiaryAny legal entity (e.g. individual,
association or corporation)Only spouse / child (e.g. legitimate / illegitimate,
stepchild, adopted child) Cancellation by Policy OwnerYes, anytimeWith consent
of a trustee who is not the policy owner or consent of all beneficiaries who
have attained 18 years old or their parent / legal guardian who is not the
policy owner for beneficiaries below 18 years old Automatic
CancellationAutomatically cancelled if: Policy is assigned Another nomination
(trust or revocable) is subsequently made Policy is covered by a subsequent Will
and Will is given to insurer  No Will made subsequent to NominationNomination is
cancelled if Will provides for disposition of all death benefits under the
policy and specifies particulars as required under Regulation 5(3) of the
Insurance (NOB) Regulations Written notice of the Will is given to the insurer
 No impact Death of Nominee before Policy OwnerIf sole nominee dies, nomination
is revoked. Otherwise, the deceased nominee’s share will be proportionately
distributed among the surviving nominees.Policy proceeds form part of the
deceased nominee’s estate. Nomination applicable to living and death
benefits?Only applicable to death benefitsApplicable to both living and death
benefits for life and accident & health policies. Appointment of Trustee(s)Not
necessaryYes and policy owner, beneficiaries or witnesses may be appointed as
trustees

Why am I not allowed to make a Trust Nomination for DPS, PrimeShield and
policies purchased with CPFIS / SA and SRS funds?

The reason is because a Trust Nomination will cause the policy owner (CPF
member) to lose control over any insurance proceeds paid out during his
lifetime. This is not in line with CPF Board’s policy that CPF members must
retain complete ownership of their funds as long as they are alive.

Why am I not allowed to make any nomination for annuities purchased under the
Minimum Sum Scheme (MSS) but I am allowed to do so for annuities purchased under
the Minimum Sum Plus Scheme (MSPS)?

CPF Board treats annuities purchased under the Minimum Sum Plus Scheme (MSPS)
like any other policy as they are paid for with cash. So nominations are allowed
for you to determine how the proceeds are to be distributed.

On the other hand, CPF Board wants to ensure that disbursement of proceeds from
annuities purchased under the Minimum Sum Scheme (MSS) will be used to provide
the CPF members with a monthly income to support a modest standard of living
during retirement. So, no nomination is allowed.

Why is the restriction imposed on a policy owner who is also a trustee under a
Trust Nomination when there is no such restriction under Section 73 of the
Conveyancing and Law of Property Act?

This is to preserve the protection granted to the beneficiaries under the trust.
In some circumstances, it could be detrimental to the interest of the
beneficiaries if the policy owner is allowed to access the proceeds of the
policy based on his role as trustee.

Why is there a need to implement a new Nomination of Beneficiaries framework
under the Insurance Act?

Section 73 of the Conveyancing and Law of Property Act has generated much
controversy. When a policy owner has a policy on his own life and names his
spouse and / or children as beneficiaries of the policy, Section 73 will
automatically create a statutory trust in favour of the beneficiaries, even
though the policy owner may not have intended to create a trust. Once a trust is
created, the policy owner will lose all rights and control over the insurance
policy.

The Co-operative Societies Act provides for revocable nomination of any legal
entity (individual, association or corporation). However, for all other insurers
in Singapore who are not co-operatives, there was no statutory provision prior
to 01 Sep 2009 which govern the nomination of any legal entity. As such, the
status of such nominations with other insurers is uncertain.

Parliament thus saw a need to consolidate the law on nominations by amending the
Insurance Act to provide policy owners and insurers with directions on
nominations.

When can I withdraw the deposited regular payments in the deposit account?

You can withdraw the deposit and its interest at any time. The minimum amount to
withdraw and the minimum amount to remain in the deposit account is $100
respectively.

How can I inform Income to withdraw the deposited regular payments?
 * Login to My Income & select “Withdraw Deposited Cash Benefits”
 * Complete Request to withdraw deposited cash benefits form and email, along
   with a copy of your personal identification document, to
   csquery@income.com.sg
 * Complete Request to withdraw deposited cash benefits form and send, along
   with a copy of your personal identification document, to Income Centre 75
   Bras Basah Road Singapore 189557

When we have received the required documents, we will handle your withdrawal
request within three working days. For your convenience, we strongly encourage
you to opt for bank crediting by providing a copy of your bank book/statement.

Can I request to withdraw the deposited regular payments if I am overseas?

If you are residing overseas, the form is to be witnessed either by an Official
from the Singapore High Commission/Embassy of the Republic of Singapore (for
Singaporeans) or a Notary Public. A Notary Public is a state appointed officer
who can witness and authenticate documents.

When documents originate from or are signed in another country, it is common for
most institutions to require them to be notarised before they can be used for
official purposes. This is a matter of prudence to ensure that the person
signing the documents is actually who he purports to be. The Notary mainly acts
as an impartial and legally trained witness. You can locate a registry of
notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you can submit the
request by logging in to My Income & select “Withdraw Deposited Cash Benefits”.

Please ensure that your NRIC/identification number registered with us is the
same as the bank’s record. The cheque will be rejected if you opened your bank
account with a different identification number.

What type of personal identification document do I need to submit?

For Singaporeans or Singapore permanent residents 

 * Clear copy of NRIC (front and back)


For Foreigners staying, studying or working in Singapore 

 * Clear copy of passport showing validity dates, passport number, photograph,
   nationality, date of birth and name; and
 * Clear copy of Singapore employment pass, S pass, work permit, student pass or
   dependent's pass (front and back); and
 * Clear copy of a document (issued within the last 6 months e.g. utility bills,
   phone bill) that shows your name and address. The passport, passes or permits
   must be valid for at least 6 months.   

Can I put back the withdrawal deposited regular payment after it is withdrawn?

No, once you have withdrawn the deposit, you are not allowed to return the
withdrawn amount to re-deposit with us.

Can I request to withdraw the deposited regular payments if the policy is
assigned under absolute assignment?

If the policy is assigned under absolute assignment1, the assignee instead of
the policyholder can give us the instruction for the deposit withdrawal. The
payment will be paid to the assignee.
 
1An absolute assignment is the transfer of a life policy to another person. The
person who transfers the policy is called the assignor. The person who takes
over the ownership of the policy is called the assignee.

Can I request to withdraw the deposited regular payments if the policy is a
trust created under section 73 of the Conveyancing and Law of Property Act?

The policyholder can give us the instruction with the consent of all trustees
plus beneficiaries (at least age 21). The payment will be paid to all trustees,
or beneficiaries (at least age 21).

Can I request to withdraw the deposited regular payments if the policy is a
trust (Irrevocable Nomination) created under section 49L(2) of the Insurance
Act?

The policyholder can give instruction with the consent of any one trustee (who
is not the policyholder) or all beneficiaries (at least age 18). The payment
will be paid to the trustee (who is not the policyholder), or all beneficiaries
(at least age 18). Parental consent is required if any of the beneficiaries is
below age 18. The parent who gives consent must not be the policyholder.

How is Income notified about my bankruptcy status?

Income is notified by the Insolvency & Public Trustee's Office when a bankruptcy
order is made against any person. Upon notification, we will update our customer
database with the bankruptcy order. If the bankrupt has policies with Income,
the relevant policies will be assigned to the Official Assignee.

Can an undischarged bankrupt purchase insurance?

Each time an undischarged bankrupt wishes to purchase insurance, the bankrupt
must obtain clearance from the Official Assignee. If a third party insurance is
taken up, where the life insured is an undischarged bankrupt, the relationship
between proposer and life insured has to be one of the following:

 * Spouse
 * Parent and child or
 * Employer and employee

The Official Assignee will issue a letter of consent or approval if the request
is approved. Upon approval, we will uplift the bankruptcy status temporarily to
allow the processing of the insurance policy when the Official Assignee’s letter
of consent or approval is produced.

For travel insurance application, an e-filing letter of approval can also be
accepted. The period of cover cannot exceed the permitted overseas period stated
in the e-filing letter.

How does an undischarged bankrupt pay his / her premiums?

It is important for the undischarged bankrupt to check with Official Assignee
before paying any premium. This is because in any case if the Official Assignee
perform any transaction on the policy (i.e. requests to terminate the policy),
the proceeds (if any) is payable to the Official Assignee.

For any payment paid to the policy using an undischarged bankrupt own money, a
letter of Official Assignee's consent is required. This is because under
S82(1)(b) of the bankruptcy Act, a bankrupt is required to hand over to the
Official Assignee, any money or property that is over and above what is required
to maintain himself or his family.

Alternatively, a third party can assist the undischarged bankrupt to pay premium
by visiting any of our Income branches using NETS, cash or cheque. The name and
NRIC of the third party must be given to our staff to be recorded into our
system.

For cheque payment, please make the cheque payable to"NTUC Income" and indicate
the name, policy number and contact details on the back of the cheque. Please
mail the cheque to the following address:
Income Centre
75 Bras Basah Road
Singapore 189557    

Who can I contact if I have any further enquiries?

You can approach your insurance adviser for assistance. Alternatively, please
email your enquiry to csquery@income.com.sg or call Income hotline at 6788 1122.

What is Home Protection Scheme (HPS)?

The HPS is a mortgage-reducing insurance that protects members and their
families against losing their HDB flat in the event of death, terminal illness
or total permanent disability. HPS insures members up to age 65 or until the
housing loans are paid up, whichever is earlier.

You have to be insured under HPS if you are using your CPF savings to pay for
your monthly housing loan instalments on your HDB flat. HPS does not cover
private residential properties, such as executive condominiums (ECs) or
privatised Housing and Urban Development Company (HUDC) flats.

Can I apply to be exempted from Home Protection Scheme (HPS)?x`

You can only apply for exemption from HPS after obtaining legal ownership of the
property, or the housing loan for the property has been disbursed. 

In addition, you may apply for HPS cover with CPF Board before approaching your
insurers to apply for HPS exemption. This will avoid any delay in commencing the
use of your CPF savings for your monthly housing instalments.

You can apply for HPS exemption if you already have one or more of the following
insurance policies and they are sufficient to cover the outstanding housing loan
for the declared percentage share of loan.

• Whole Life
• Term Life
• Endowments
• Life Riders (must be attached to a basic policy)
• Mortgage Reducing Term Assurance (MRTA) / Decreasing Term Rider

In addition, your policy(s) should meet the following criteria:

• The policies must cover death, terminal illness (TI) or total permanent
disability (TPD) up to the full term of loan or till the applicant turns age 65,
whichever is earlier. You must be the legal homeowner, policy owner and life
insured of the policy.

• Your insurance policies must be priced in Singapore dollar.

• Trust arrangements (policies under Section 73 of the Conveyancing Law and
Property Act) and irrevocable nominations are not allowed. Policies that are
assigned, pledged as collateral, under Official Assignee or with policy loans
are also not allowed.

• Your policies must be portable, i.e. the validity must not depend on your
employment or membership status.

• If you are using a Mortgage Reducing Term (with interest rate) policy to apply
for HPS exemption, your policy should be tagged with the following interest
rate. 

 * If you are taking HDB loan with public or concessionary rate, your policy's
   interest rate should be 3%.
 * If you are taking a bank loan or HDB loan with market rate, your policy's
   interest rate should be 4%.

How do I apply to be exempted from Home Protection Scheme (HPS)?

If you would like to use your Income policy(s) to apply for HPS exemption,
please complete and return the following documents to life.health@income.com.sg.

• HPS exemption application form

• A copy of your latest housing loan document^ dated within the last six months 

^Housing loan document include "Letter of Offer" and Loan Disbursement
statement" from banks or "Housing Loan statement" from HDB portal.

Please ensure that your housing loan statement shows the
applicant/policyholder's name, property address, financier (i.e. HDB or bank),
outstanding loan disbursement/start date, outstanding loan amount as at
disbursement/start date, term of loan and mortgage interest rate.

We will only be able to process your request after receiving your completed
documents.

What if my housing loan statement is not dated within the last six months and/or
it does not show the required loan information?

If your housing loan statement is not dated within the last six months and/or it
does not show the information required for your application, you may forward the
below template to your financier/mortgagee to complete. 

The template must be completed by your financier/mortgagee via email or an
official letter (dated within the last six months). Also, it should show your
financier/mortgagee's official letterhead or email address before it can be used
as a supporting housing loan document.

Template for loan details request:

Name of loan applicant:                        Property address:  

Please provide the loan details at either section (A) or (B) below.

Section (A): New Loan / Refinanced Loan – This refers to loan taken up in the
past six months.
(Please fill in here if the loan started within the past 6 months)

Financier/Mortgagee:
Loan Disbursement/Start Date (DD/MM/YYYY):
Loan Amount as at Loan Disbursement/Start Date:S$ Term of Loan as at Loan
Disbursement/Start Date (in years and months):____ years _____ months  Mortgage
interest rate (%): 


Section (B): Existing Loan  – This refers to loan taken up more than six months
ago.
(Please fill in here if the loan started more than 6 months ago)

Financier/Mortgagee:
Loan Request Date (DD/MM/YYYY):
(Please indicate the date of exemption application submitted to insurer)
Outstanding Loan Amount (excluding arrears) as at Loan Request Date:S$ Remaining
Term of Loan as of Loan Request Date (in years and months):____ years _____
months  Mortgage interest rate (%):


What if me and my co-owner wish to use Income policies to apply for Home
Protection Scheme (HPS) exemption?

Please complete our HPS exemption form (one form per policyholder) and enclose a
latest housing loan statement (dated within last six months). Before submitting
your completed application form and loan statement to us, please ensure that the
total percentage of responsibility of loan as indicated in your forms add up to
100%.




Thereafter, you may submit the completed documents to life.health@income.com.sg.

What if I wish to use multiple Life Insurance policies from various Insurance
companies for exemption from Home Protection Scheme (HPS)?

You are required to approach the respective Insurance companies of your Life
Insurance policies concurrently to apply HPS exemption. CPF board will wait up
to one week for the subsequent submissions from the other insurance companies.
If those submissions were not received, CPF board will reject the exemption
application.

How will I be notified on the outcome of my application?

After we have received your completed application documents, we will assess
whether your policy(s) is sufficient for HPS exemption. After we have completed
our preliminary assessment, you will receive an update on the status of your
application.

If you are eligible for HPS exemption, we will submit your application to CPF
Board within three working days after our preliminary assessment. CPF Board will
review your application and inform you on the outcome within five working days.

If your policy(s) is insufficient for exemption during our preliminary
assessment, we will not submit your application to CPF Board.

Will CPF Board notify Income on the outcome of my application?

After we have submitted your HPS exemption application to CPF Board, CPF Board
will notify Income of the outcome.

What should I do if I still want to apply for Home Protection Scheme (HPS)
exemption and my policy(s) is insufficient after Income’s preliminary
assessment?

You may consider including more eligible policy(s) in your application.
Alternatively, if you have policies with other insurers, you may apply for HPS
exemption with multiple insurers.

I have sufficient coverage to be used for HPS exemption but why am I rejected?

The sum assured used in the HPS exemption would be the lower of the death,
terminal illness (TI) or total permanent disability (TPD) coverage. For example,
if you have a life policy with death coverage of $100,000, TI rider of $30,000
and TPD rider of $50,000, the sum assured used will be $30,000.

Would I be able to transact (i.e. alter my policy/surrender/assign etc) on the
policy(s) used for Home Protection Scheme (HPS) exemption?

Your exemption from HPS may be revoked if any of the insurance policies used for
the exemption is altered, terminated or assigned. 

What will happen to my Home Protection Scheme (HPS) exemption if my policy used
for exemption is discontinued or altered?

You will no longer be exempted from HPS if your policy is discontinued or
altered. Subsequently, CPF Board may extend an HPS cover to you based on the
declared percentage that you were exempted for, subject to the Board’s terms and
conditions.

If you wish to be exempted from HPS again, you will need to reapply for HPS
exemption.

What is a secondary insured option?

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

• The policy has a secondary insured option.

• 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.




Who can appoint a secondary insured?

Only the policyholder can appoint a secondary insured.

Who can be a secondary insured?

The secondary insured must be the policyholder (before the age of 65 years),
spouse (before the age of 65 years old) or the child/ward (before the age of 18
years old) of the policyholder at the point of exercising this option. There
must be an insurable interest between policyholder and secondary insured.

What happens to the policy upon the death of the policyholder?

Upon the death of the policyholder, the policy will go into the estate of the
policyholder.




Example a)
If the policyholder is the insured and there is an appointed secondary insured 

Policyholder: Father 

Insured: Father 

Secondary Insured: Daughter 

Upon the death of the father: The policy ownership will be transferred to the
estate of the father and the daughter will be promoted to become the insured. 

Policyholder: Estate of father 

Insured: Daughter 

Secondary insured: NIL 

No further appointment of secondary insured can be made as the policy is now
under the estate of the father. Only the policyholder can appoint a secondary
insured. 




Example b)
If the policyholder is not the insured and there is an appointed secondary
insured 

Policyholder: Father 

Insured: Wife 

Secondary Insured: Daughter 

Upon the death of the father: The policy ownership will be transferred to the
estate of the father and there will be no changes in the Insured and secondary
insured. 

Insured: Wife

Secondary Insured: Daughter

No further appointment of secondary insured can be made as the policy is now
under the estate of the father. Only the policyholder can appoint a secondary
insured.




What happens if the Policyholder dies in the midst of the premium waiver period
(i.e., Cancer Premium Waiver (GIO) rider is activated)?

If there is a secondary insured, the premium will continue to be waived for the
remaining policy term.

Can the policyholder assign the policy if there is a secondary insured already
appointed?

Yes. However, the assignee cannot appoint a secondary insured.

Can the policyholder decide to remove the secondary insured?

The policyholder can remove the secondary insured, when this happens, the
policyholder can nominate a beneficiary (for first party policy only), create a
trust under the policy or vest the policy.

If there is a change in ownership such as in the case of assignment, the
assignee cannot appoint/remove the secondary insured.

Upon the death of the insured and the secondary insured has assumed the role of
the insured, can a new secondary insured be appointed?

Yes, as long as the conditions of appointment are met.

Upon the death of the insured and the secondary insured has assumed the role of
the insured, if no new secondary insured is appointed, can the Policyholder vest
the policy to the insured (if the insured is the child of the policyholder)?

Yes, except for RevoGift.

After a policy has been vested to the insured, can the new policyholder
appoint/remove secondary insured?

Yes, as the new policyholder, he/she can appoint/remove secondary insured after
the policy has been vested. The original policyholder will no longer have the
right to appoint/remove secondary insured.

After a policy has been vested to the insured, what can he/she (as the new
policyholder) perform on the policy?

When the policy is vested, the insured will take over the ownership of the
policy. Below are examples of requests that the policyholder can perform:

• Appoint/remove Secondary Insured

• Receive policy payout, e.g., loan/surrender/cash benefit

• Choose a preferred regular payout option, e.g., accumulate or receive payouts

• Give policy alteration instructions

• Make a nomination if there is no secondary insured under the policy (for first
party policy only)

Print all queries


Updating of personal particulars Appointment of collection agency Cessation of
cash disbursement Change in contact centre operating hours Confidentiality of
information Loan redemption New Secured Access – general New Secured Access –
SMS text message Income Shares Our Service Commitment to You e-Policy Summary

Updating of personal particulars

Updating of personal particulars

Appointment of collection agency

Cessation of cash disbursement

Change in contact centre operating hours

Confidentiality of information

Loan redemption

New Secured Access – general

New Secured Access – SMS text message

Income Shares

Our Service Commitment to You

e-Policy Summary

How do I update my personal particulars?

You can update your particulars via the following options:

 * Log in to My Income. You have the option of retrieving your personal details
   from MyInfo in the Account Settings page after logging in.
 * Fill up, sign and attach documents to the “Change of Personal Particulars”
   form using your devices (i.e. Mobile, Tablet, and PC). Click here to sign!


Required supporting documents:

 * Please provide a clear copy front and back copy of NRIC/FIN card or passport
   for verification
 * For change of Name, NRIC, or date of birth, please attach a copy of
   documentary proof (E.g. Copy of deed poll or Updated NRIC).
 * For update of address, if the new address is not reflected in your NRIC,
   please submit a proof of address (E.g. Bank statements, Telephone/Utility
   bills, Rental agreement, or Government agency letter (not more than 6 months
   old)

For more information, please go to FAQs page and select "Updating of personal
particulars" under the "Customer Service" FAQs.

How soon will my change of particulars be updated in your records?

Upon receiving the completed form and all necessary documents, your particulars
will be updated in our systems within two working days. For the Marketing
Material Option, please allow up to 30 days for your option to take effect. An
acknowledgement will be sent to you to confirm the changes made.

If I update my contact details with Income, will my address be simultaneously
updated with other NTUC Affiliated Co-ops?

No, any update of particulars will only be applied to Income.

Why am I receiving calls or emails from Income on the verification of my
particulars?

We may at times call you to verify your particulars. This is part of our
security measures to ensure requested changes are authentic and done at your
instruction. If we are unable to contact you via your mobile, home or office
numbers, we may email to you instead.

Why am I receiving promotional materials from Income?

If you have received promotional materials from Income,

 * you may be our existing customer who has not indicated your Marketing
   Material Option or
 * you may have indicated ‘Yes’ for our Marketing Material Option

You can login to My Income to confirm and indicate your Marketing Material
Option under “Manage My Particulars” > “Update Particulars”. Alternatively, you
can complete the Change of personal particulars form to indicate your Marketing
Material Option and forward the completed and signed form to us with a clear
front and back copy of your NRIC/FIN/Passport for verification. For the
Marketing Material Option, please allow up to 30 days for your option to take
effect.

Why am I receiving emails that notify me to view my statements at My Income?

Income supports Go Green initiatives.

Policyholders who have opted in for e-Statement will receive email notification
to view their statements (Annual policy statement, ILP statement, Bonus
statement or Loan statement) when they are available via My Income.

You can login to My Income to indicate your e-Statement preference under “Manage
My Particulars”>“Update Particulars”. Alternatively, you can complete the Change
of personal particulars form to indicate your preference and forward the
completed and signed form to us with a clear front and back copy of your
NRIC/FIN/Passport for verification.

Who can I contact if I have any feedback?

You can approach your insurance adviser for assistance. Alternatively, please
email your enquiry to csquery@income.com.sg or call Income hotline at 6788 1122.

When will Income appoint a collection agency?

After an unsuccessful recovery action by Finance – Credit Control, we will
appoint a collection agency to assist in collecting the arrears due.

What will happen when I am contacted by your collection agency?

Our debt collectors will identify themselves to be a representative of a
particular collection agency acting on behalf of Income. They will conduct
themselves in a professional manner and will not engage in any abusive or
disruptive behaviour.

What are the actions that will be undertaken by your collection agency?

They will be sending letters to notify you of their intent to establish contact
to resolve the matter.

They will also attempt to reach you via phone during both weekdays and weekends
up to 10.00pm in the evening.

They will arrange for visits at your residence or office. Residence visits can
take place daily up to 10.00pm in the evening. Office visits will take place
within office hours on weekdays.

Will I be liable for the cost and expenses incurred by Income for appointing a
collection agency?

Yes. You will have to bear the additional cost and expenses as they will be
added to the total loan outstanding.

Do the debt collectors possess the authority to demand for payment from me?

Yes. They are authorized by Income within certain parameters to demand full
payment of the amounts due and to discuss instalment plans within stipulated
guidelines with you.

What if I have concerns over the authenticity of the person(s) contacting me?

You have the right to ask the person(s) for his/her supervisor’s number for
verification of the nature of the contact and the amount of monies being handed
over to a field officer.

What do I need to take note of when making payment to our debt collectors’
offices or to their field officers?

It is important that you ask for and keep the official receipt issued to you in
the event of any payment dispute.

What if I wish to make payment by cheque?

For cheque payment, please make the cheque payable to “NTUC Income” and indicate
your name, policy number and contact details on the back of the cheque. All
cheques will be forwarded via the collection agency to Income.

Why did Income stop the practice of disbursing cash over the counter?

We have ceased cash disbursement to our policyholders in order to minimise the
risks associated with cash transactions. This move is intended to safeguard the
interests of our policyholders by ensuring that the funds due to them will be
returned to the rightful owners and not to other third parties.

In addition, our current practice is in line with the guidelines issued by MAS
to ensure compliance with anti-money laundering regulations. Under such
guidelines, insurers are obligated to take measures to mitigate the risk of
money laundering activities. Our practices are also aligned with the best
practices adopted by other insurers for this purpose.

What are the transactions that are affected?

From 01 Oct 2009, we have stopped cash disbursement for the following
transactions:

 * Policy loan
 * Bonus Encashment
 * Surrender of Life / Investment Linked policy
 * Freelook of Life / Investment Linked policy
 * Maturity of Life / Investment Linked policy
 * Premium refunds for Life / Investment Linked policy
 * Cancellation of Motor insurance policy

How will I receive my funds?

You have the choice of either receiving your funds in the form of:

 * A crossed cheque
 * Direct crediting into your personal bank account

How will this affect my application of policy loan for the amount of $1,000 or
less?

This applies for all cash disbursement regardless of the amount.

In the event that you require funds urgently, you can request for a crossed
cheque to be collected at Income Bras Basah branch.

For the location of Income Bras Basah branch, please click here.

Why is there a need to change the contact centre operating hours?

Operations review found that 90% of calls received were between 8.30am and
6.30pm from Monday to Friday. The change in operating hours allows Income to
channel its resources to the period with high call volume. This change is a
reflection of Income’s commitment to continually improve its customer service.

What are the new operating hours?

The contact centre will operate from Monday to Friday between 8.30am and 6.30pm,
excluding public holidays.

How does the change in operating hours benefit Income and its customers?

The change in operating hours allows Income to channel its resources to the
period with high call volume. This enables Income to maximise its resources and
increase operations efficiency.

Who should I call in the event of an emergency?

Customers who require assistance outside the operating hours will be directed to
emergency hotlines via the Interactive Voice Response system. Customers can
contact these hotlines in the event of an emergency:

 1. Income Orange Force for motor accident assistance – 6789 5000
 2. Income’s appointed assistance company for overseas travel insurance
    emergency assistance – 6338 1222

Can I contact my financial adviser outside the contact centre operating hours?

You can approach your financial adviser for assistance outside the contact
centre operating hours.

Where can I view my policy information?

Your policy information is available at My Income, a comprehensive online
enquiry system. You can access My Income by clicking on the login tab located at
the top right corner of our home page on www.income.com.sg.

How do I obtain a Letter of Guarantee (LOG) after contact centre operating
hours?

We are unable to generate a Letter of Guarantee after contact centre operating
hours. Please contact us during our operating hours.

How do I apply for travel insurance after contact centre operating hours?

You can download our My Income app from the iOS App Store, or the Android Google
Play Store and enjoy the convenience of purchasing our Travel Insurance on the
go.

You can also click here to purchase your travel insurance policy online.

How were Income policyholders informed of the change in contact centre operating
hours?

From 1st May 2019, customers who call our hotline were notified of the change
through an Interactive Voice Response message. The announcement is also
published in our website.

Does this mean Income no longer has a competitive edge against other insurers?

The change will allow us to serve our customers more efficiently during periods
when customers are most likely to call. We will now be able to serve more of our
customers better.

What are considered confidential information?

There are two categories of confidential information

 * Financial data Such information can be revealed after verification has been
   carried out. However, information can only be revealed to policyholders and
   not the life assured if it is a third party policy. Examples of these data
   are: Surrender Value, Loan Amount and Cash Value.
 * Nominee names and Password Such information is not to be revealed over the
   phone or counter. Instead, policyholders will be advised that their request
   will be send to them via post, SMS^ or email^. 

^ Only applicable to Password request.

What are some of the verification processes used to ensure confidentiality?

Our staff will ask for your details when you call in or visit any Income branch.

For enquiries made by your servicing insurance adviser, he / she will be asked
to verify his / her agent code. We may ask for further verification on a case by
case basis.

Examples of forms of verification are: Name, Identification Number, Date of
Birth and Address.

How is my confidentiality of information as a policyholder safeguarded?

At Income, we respect your need for confidentiality. We have guidelines and work
procedures in place to safeguard the information you have provided us.

We will always direct our correspondence to you via mail, email or phone. We
will not communicate or discuss any confidential information with a third party
including your spouse or other close relatives unless you have given us the
instruction.

All employees of Income have to sign an agreement to safeguard confidential
information. Anyone who breaches this will be subjected to disciplinary action
and, for serious cases, a police report will be made.

Can I serve a shorter notice period for full redemption?

Yes, you may request for a waiver of up to one month notice period subject to
Income’s approval. Alternatively, you can choose to pay 0.25% in lieu of notice
of total outstanding balance to date.

Do I have to pay for the legal fees for the Total Discharge of Mortgage?

Yes, all legal fees / cost are to be borne solely by the borrower.

The legal fee charged by Income’s panel of lawyers is estimated to be about $500
to $1,000.

What are the payment modes available?

You can make payment via the following modes

 1. Cashier Order/Bank draft - via lawyer
 2. CPF monies¹
 3. Other modes – subject to advance notice and our approval on a case-by-case
    basis.

¹ To be arranged and advised by your conveyancing lawyer if you are eligible to
utilize your CPF monies for repayment.

What happens if I make payment after the cut-off time?

Your payment will be considered to have been made on the following working day.
Please note that the Cut-off time is subject to change without notice.

What is prepayment penalty and how is it computed?

It is a penalty incurred in the event you redeem your loan when it is still
within the lock-in-period. The penalty is 1% of the amount prepaid.

What is prepayment penalty and how is it computed?

It is a penalty incurred in the event you redeem your loan when it is still
within the lock-in-period. The penalty is either 0.3% or 1% of the amount
prepaid. Please refer to your facility letter or hire purchase or loan agreement
for details.

What is the cut-off time for receipt of payment and for Income to dislodge the
Finance Interest (Form B) with Hire Purchase, Finance and Leasing Association of
Singapore (HPFLAS)?

Please refer to the table below.

Payment Time(Mon – Fri)Dislodgement of interest with HPFLAS 9am to 6pmwithin
next working day* NAwithin four working days 9am to 6pmwithin eight working days

* “Working day” refers to Monday to Friday, from 9am to 6pm, excluding Saturday,
Sunday and Public Holidays.

^ For payment via cheque, the release of Form B will be subjected to clearance
of third-party cheque. This will delay the release of Form B.

What is the redemption notice period for mortgage loan?

If you would like to make a partial repayment, please provide us with a one
month written notice.

If you would like to make a full repayment, please provide us with a three month
written notice via a lawyer. You have the option to appoint an external lawyer
of your choice or Income’s panel of conveyancing lawyers.

What is the redemption notice period for the above loans?

You are not required to serve a notice for these loans.

What is the repayment sum for redemption of the loan?

If it is a partial repayment, the repayment sum for redemption of the loan is
any amount (minimum of $5,000) in multiples of $5,000.

If it is full repayment, the repayment sum for redemption of the loan is the
total outstanding amount including notice in lieu and prepayment penalty if you
are liable for any.

What is the repayment sum for redemption of the loan?

If you are making a partial repayment, the repayment sum for redemption of the
loan is amount (minimum of $5,000) in multiples of $5,000 or three installments,
whichever is lower.

If you are making a full repayment, the repayment sum for redemption of the loan
is total outstanding amount including prepayment penalty or other incidental
cost if you are liable for any.

What should I do if I wish to make a loan redemption of my loan?

Please send a request to us by emailing to csquery@income.com.sg or you may call
our Income hotline at 6788 1122 to inform us your intention. We will advise you
the next step.

What should I do if I wish to make a loan redemption of my mortgage loan?

Please send a request to us by emailing to csquery@income.com.sg or you may call
our Income hotline at 6788 1122 to inform us your intention. We will advise you
the next step.

When will my monthly instalment (inclusive of CPF/GIRO) be ceased?

Your monthly instalment will be ceased upon full redemption notice served.

Why is it important to fulfill all requirements for full redemption of vehicle
loan?

Income may request Land Transport Authority (LTA) to temporarily suspend or
refuse any transfer or de-registration of the vehicle or transaction relating to
the PARF/COE rebates with respect to the vehicle.

Why is it necessary to engage a conveyancing lawyer to act for me in the
discharge of my mortgage?

It is to ensure that good title to the property will be reverted to you and
there will be no further encumbrances should you wish to transfer the property
ownership in the future.

What is a one-time password (OTP)?

A one-time password (OTP) is a string of numeric characters that is
auto-generated and sent to your pre-registered mobile number via a SMS text
message, when you login to your My Income account. It is used as a 2nd level of
authentication, identifying you as the actual policyholder during the login
process.

This is secure because every OTP is unique and can only be used in conjunction
with a user's login ID and password. For the OTP sent via a SMS text message, it
is only valid for three minutes and can only be used once.

If you exceed the time limit required to enter the OTP into the system, you will
have to login again with your login ID and password for a new OTP to be sent to
you. Receipt of SMS text messages is dependent on the roaming service of your
mobile service provider. 

How do I sign up for the New Secured Access security measures?

All users who login to My Income or sign in as an existing policyholder when
performing certain online transactions, for example online purchase of travel
insurance, will be required to use Secured Access security measures.

After you have logged or signed in to your My Income account with your login ID
and password, you will be prompted to select SMS to receive OTP on your
registered mobile number. 

Follow the on-screen instructions to register and access your My Income account.
Policyholders without a My Income account can register for an account here.

Is my account secured without a one-time password (OTP)?

Yes, your account is secured without a one-time password, as Income employs the
latest encryption methods to protect sensitive data. The New Secured Access
measures simply provide an additional layer of online security.

What additional steps can I take to make my online experience even more secure?

While Income has taken steps to keep your account information secure, you also
play an important role in maintaining the security of your account information.

Please click here to review the online security policy for Income and your role
in safeguarding your personal data and account information.

Can I choose not to participate in the New Secured Access?

For the protection of our policyholders, we will need to enforce the use of SMS
Text Message to receive your OTP as a security measure for the New Secured
Access. We will not be able to provide online access to your My Income account
if you choose not to sign up for this.

When will the New Secured Access security measure be implemented?

The security measure of using SMS Text Message to retrieve the One-Time Password
(OTP) to access and transact via the My Income account, has been in effect since
April 2012. 

What should I do if I lose my password for My Income?

If you lose your password for My Income you can request for a new password by
accessing here.

Where can I get more information about the New Secured Access security measures?

For more information on the New Secured access, read more here.

Why is Income introducing the New Secured Access?

Income is committed to protecting the security and confidentiality of your
personal information. The introduction of the New Secured Access is part of our
ongoing efforts to ensure that you have peace-of-mind when using your My Income
account. This measure provides an additional level of protection against online
identity theft and other online frauds.

I am going to change my mobile number, which I have registered for the One-Time
Password (OTP). Who do I inform?

You may login to My Income, and update your new mobile number under ‘Manage My
Particulars’ > ‘Update Particulars’.

Alternatively, you may complete the Change of personal particulars form. A copy
of the completed and signed form may be submitted at any of our branch offices.
You may also submit the original form to us by post to 75 Bras Basah Road Income
Centre Singapore 189557.

Please provide a clear front and back copy of your NRIC/FIN/Passport for
verification. Your mobile number will be updated in our systems within two
working days upon receiving the completed form and all necessary documents. Once
updated, all future OTP will be sent to the new mobile number. This newly
registered mobile number will be used for all your future correspondence with
Income.

If you subscribe to number portability or number retention services, please
confirm with your mobile service provider that all SMS text messages sent to
your previous mobile number will automatically be forwarded to your new number.

What should I do if I lose my mobile phone?

If you lose your mobile phone, please inform us immediately by calling our
Income hotline at 6788 1122. Your mobile number will be temporarily removed from
our records.

I travel frequently. Will I be able to use the One-Time Password (OTP) when I am
overseas?

Yes, you can. However, the sending and delivery of SMS text messages may be
setup differently by the various mobile service providers in each country. For
some countries such as Korea and Japan, there may be an incompatible
telecommunications infrastructure. Please check with your mobile service
provider to ensure that you are able to receive SMS text messages when you are
overseas.

Are there any charges for the One-Time Password (OTP)?

There is no charge from Income. You will need to check with your mobile service
provider if there are any charges for receiving SMS when you are overseas.

I have confirmed that my current mobile number is updated but I am still unable
to receive the One-Time Password (OTP). Why is this so?

Some common possible reasons for your inability to receive the OTP are as
follows:

 * The mobile service providers’ message centres may be experiencing congestion
   at the point in time due to high volume.
 * You may be out of the mobile service providers’ network coverage area.
 * Your SMS inbox may not have sufficient capacity to receive incoming messages.
 * You may have a security mobile app that filters the incoming SMS-OTP as spam
   messages. Please mark the SMS-OTPs as safe messages to receive them in you
   SMS inbox.
 * If you have subscribed to your mobile service provider with any short code
   barring service, you might not be able to receive the SMS-OTP as our SMS
   sender title is displayed as ‘INCOME’.
 * If you are overseas, please check with your telecommunication service
   provider to ensure you are able to receive messages from Singapore. Please
   note that there may be an incompatible telecommunications infrastructure in
   some countries.

If the problem persists, please call our Income hotline at 6788 1122 or email us
at csquery@income.com.sg for assistance.

Can non-policyholders apply for the shares?

No, non-policyholders cannot apply for the shares. Only life policyholders of
Income are eligible to subscribe to Income shares. This is a benefit given to
them to enjoy attractive returns on a long term investment.

How can policyholders subscribe to Income shares?

Applications for Income shares have been closed since Dec 2004.

We are currently maintaining a waiting list for life policyholders who wish to
subscribe to Income shares. We offer the shares which are redeemed by existing
shareholders to the persons on the waitlist on a first come first served basis.

Life policyholders who are keen to be on the waiting list may send an email
to ms@income.com.sg with their full name and NRIC number. We will contact the
persons on the wait list when we are able to process their applications.

Can I use funds from my CPF account to pay for the shares?

You cannot use funds from CPF accounts or Supplementary Retirement Scheme (SRS)
to pay for the shares.

Can I withdraw my shares urgently if I require the funds?

Yes, you can request for urgent withdrawal. Under our by-laws, our board of
directors has the discretion to waive the notice period of three months. We are
usually able to find another shareholder to take over your shares, so you do not
need to wait for three months.

What happens to the shares if the shareholder passes away?

If the shareholder passes away, the shares will be redeemed and the proceeds
will be paid to the nominees of the deceased shareholder. If there is no
nomination, the proceeds will be distributed in accordance to prevailing laws.
The shareholder can make or change his nomination at any time. The latest
nomination will supercede the earlier ones.

What happens if the nominee(s) passes away and there is no other nomination?
 * If all the nominees die before the shareholder and no further nomination is
   made the redemption value of the shares will be paid to the legal personal
   representatives of the deceased shareholder, when the shareholder passes
   away.
 * If some of the nominees die before the shareholder, and no further nomination
   is made in respect of the deceased nominees the surviving nominee(s) will be
   paid their share (i.e. the percentage stipulated in the nomination form) of
   the redemption value of the shares when the shareholder passes away. The
   share of the nominee who dies before the shareholder, will be paid to the
   legal personal representative.
 * If the nominee(s) passes away a few days after the shareholder the redemption
   value will be paid to the legal personal representative of the deceased
   nominee.
 * If the nominee(s) and shareholder passed away simultaneously in cases where
   two or more persons die in circumstances where it is not possible to
   determine which of them survived the others, the law presumes that the oldest
   died first (in order of seniority) and that younger shall be deemed to have
   survived the elder.

Will the dividend be pro-rated if I hold the shares for lesser than the entire
duration of the financial year?

Yes, the dividend will be pro-rated from the date of allocation of shares to 31
Dec. Our financial year is from 01 Jan to 31 Dec.

Are the dividends declared taxable?

Yes, it is taxable. The shareholder must declare the dividend received when
submitting his income tax returns.

Is the dividend rate guaranteed?

The dividend rate depends on our business results and can vary. When the
business does well, shareholders can expect to receive good dividends.

Is dividend payable to me during the three month notice period for redemption?

Yes, the shareholders will still receive their dividends during the notice
period.

What is meant by 'nett asset value' of the share?

The nett asset value is the actual worth of the share based on the assets in the
shareholder fund and the free surplus in the general insurance fund.

What is the redemption value of the shares?

The redemption value is the par value of $10 or the nett asset value, whichever
is the lower.

Will there be future declaration of bonus shares?

At our Annual General Meeting held on 30 May 2007, we have announced that we
have changed our dividend policy and will do away with the declaration of bonus
shares every five years. Therefore there will be no future declaration of bonus
shares. We will instead declare a special cash dividend in addition to the
normal dividend, subject to our business performance and financial position.

What are the reasons for doing away with the declaration of bonus shares?

We want to be fair to shareholders and reward them in a timely manner. Based on
feedback received from shareholders, the current practice of declaring bonus
shares every five years is perceived as being unfair to shareholders who
withdraw their shares or who die before the bonus declaration is made.

Why is the redemption value not based on the nett asset value if this is higher
than the par value?

The redemption value is not based on the higher nett asset value because the
shareholder buys the share at the par value of $10 even if the nett asset value
is higher.

Where are the funds raised from shares invested?

The funds will be invested in the insurance business as well as in fixed income
securities and equities.

Will a share certificate be issued to the shareholder?

Income has adopted a scripless system. No share certificate will be issued. A
record of the shares will be sent to the shareholder through a yearly statement
showing the number of shares he owns and the amount of dividend payable to him.

When are dividends declared?

Dividends are declared at the annual general meeting which is held in the month
of May or June each year. It will be credited to the shareholder's bank account
within two weeks after declaration.

Can I buy Income shares for my children?

You can buy the shares for your children if they are 18 years old and have a
life policy in their own name. The shares will be issued in the name of the
child.

Can a shareholder transfer his shares?

Based on Income's by-laws, a shareholder can transfer his shares if he has held
the shares for at least one year. The transfer can only be made to another
member who is not already holding the maximum number of shares. However, this
does not apply to bonus shares. Under the Co-operative Societies Act, bonus
shares can only be withdrawn or transferred after ten years from the date of
issue. As Income is a co-operative society, it has to comply with this legal
requirement.

How can a shareholder redeem his shares?

The shareholder can write to Income, 75 Bras Basah Road, Singapore 189557. He
must include his particulars and indicate the number of shares that he wishes to
redeem. Under our by-laws, the shareholder must give three months notice to
redeem his shares. However, if the shareholder requires the funds urgently, he
can request for urgent redemption. The redemption request will then be processed
on an urgent basis and the proceeds will be paid out within 10 working days.

Are partial withdrawals allowed?

Yes, the shareholder can choose to withdraw only part of his shareholding.

What are the factors which are taken into account in determining the dividend
rate?

The factors are:

 1. Income’s co-operative status
    As Income is a co-operative, our goal is not to maximize shareholders’
    returns. Our goal is to give a reasonable return to shareholders, and to
    return a substantial part of our surpluses to policyholders.
 2. Fair returns
    Over the last 20 years, shareholders received dividends ranging from 6% to
    8% each year. In addition, they received bonus shares of up to 15% every
    five years. These returns should be viewed in the light of the higher
    interest rate environment that applied in the 1980’s and 1990’s.
    Comparatively, interest rates are much lower now and shareholders must have
    realistic expectations on future returns.
 3. Long term sustainability
    Our dividend policy is guided by long term sustainable performance and
    returns. The global interest rate environment today is very different
    compared to the past. A higher rate of returns was also possible in the past
    since the shareholder base was much smaller. With a larger shareholder base,
    the sustainability of the returns is an important factor to take into
    account.

Do I have to make a nomination for my shares?

You may make a nomination if you wish and the proceeds from the shares will be
paid to your nominees. If you do not make a nomination, the proceeds will be
distributed in accordance to prevailing laws.

If I have issues you cannot resolve to my satisfaction where else can I seek
advice ?

We will be fair in all our dealings with you and will do our best to resolve any
issue you may have with us. However, if you are not satisfied with the
resolution provided, you may approach the Financial Industry Disputes Resolution
Centre Ltd (FIDReC). FIDReC is an independent and impartial institution
specializing in the resolution of disputes between financial institutions and
consumers. You can contact FIDReC at 6327 8878 (Tel) or 6327 1089 (Fax). For
more information on FIDReC, please visit www.fidrec.com.sg.

How does Income handle feedbacks from customers?

We welcome all feedback so that we can improve your experience with us. You may
submit your feedback here and learn more about our commitment to service quality
here.

What is a Policy Summary?

A Policy Summary is a convenient overview of the key aspects of your
insurance policy. It is good practice to periodically access your policy summary
so that you are up to date with the key aspects of your insurance policy(ies).

What information is available in the Policy Summary?

The Policy Summary will include an overview of all your policies that are in
force at the point of request. These are the basic categories displayed in your
Policy Summary:

• Policy Number               • Insured Name • Policy Description

• Period of Insurance • Premium

For Life insurance policies, this information is also included in your Policy
Summary:  

• Net Cash Value        • Sum Assured        • Total Bonus

Any donations made towards OrangeAid will also be included in this view for your
easy reference.

How can I access my Policy Summary?

As of 11 December 2020, the Policy Summary will be available digitally on
demand. You will be able to to generate your e-Policy Summary at any time via My
Income. Upon logging in to your account, simply click on ‘Download Policy
Summary’ from the main dashboard.

I do not have a My Income account. How else can I access my Policy Summary?

We highly encourage all Income Policyholders to register for a My Income
account. The online service portal enables common transactions to be made
directly by our customers online – anytime, anywhere. If you would prefer to
receive your Policy Summary through other means, please submit your request to
us via our online form.

How is this different from the Policyholder Statement I receive annually?

As part of our efforts in improving your experience with us at Income, we want
to ensure that you enjoy easy access to your e-Policy Summary at any time via My
Income. This new self-serve option provides you with greater flexibility and
convenience in managing your policy needs, and is part of our commitment to
adopt more sustainable practices to help minimize our environmental footprint.
As such, the Annual Policyholder Statement you have previously received from us
will be discontinued, and this new option will be made available to you all year
round at My Income.

I am currently able to view my Monthly Life Summary in My Income. How is this
different from the Policy Summary stated?

The Monthly Life Summary provides you an overview of only your life insurance
policies that are in force. The Policy Summary provides you a consolidated view
of all your Life, Health and General insurance policies that are in force.

Why are the values shown for my life policies in the Monthly Life Summary
different from those shown in the Policy Summary?

The values shown across both summary documents may differ if they are generated
on different dates. In the interest of providing you the most up-to-date
information available, the values reflected in the Policy Summary are based on
the current date that it is generated.

Is my Policy Summary a suitable document to submit when filing my income tax
with IRAS?

Income tax submissions require a supporting document that reflects the total
amount of premium paid for your policy in that year. This information is not
available within the Policy Summary. To obtain this information, please submit
your request to us via our online form and we will attend to it as soon as
possible.

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My Income Account – General

My Income Account – Registration

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My Income Account – Policy Transactions

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My Income app - Policy Transactions

What is My Income?

My Income is an online service portal for Income policyholders that enables
certain transactions to be made directly by our customers online – anytime,
anywhere.

What features are available on My Income?

These are some of the most frequently-used features you can enjoy on My Income:

 1. Access all your policy information – anytime, anywhere
 2. Perform online policy transactions such as premium payment (Life Insurance
    policies and selected General Insurance policies), change your premium
    payment method and payment frequency. 
 3. Submit your life and health insurance claims online. 
 4. Update your particulars online
 5. View your nomination details
 6. View and download statements and letters

Some features are only available to certain policy types, please log in to My
Income to view the full list of features available to you.

What should I do if I am unable to log in using the password I have entered?

Please note that your password is case sensitive and should be entered exactly
as registered. If you still encounter issues logging in, please click on “Forgot
Password” for new password to be sent to you via email. Alternatively, you may
call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) or submit your
request to us via our online form.

Why did I not receive the SMS OTP after entering my User ID and password?

The SMS one-time password (OTP) is sent to the mobile number that is registered
with Income. Please ensure that you have updated your contact details with us,
including your latest mobile number. You may call our Customer Service at 6788
1777 (Mon-Fri 8:30am to 6:30pm) to update your contact details. 

If you are trying to access My Income from another country, please note that the
success of sending and receiving SMS text messages may depend on the settings
provided by both your local mobile service provider and the chosen network at
your overseas location. For easy access to My Income whilst travelling, we
recommend logging in via the SingPass Mobile app. 

Is the policy information shown in My Income up-to-date?

We strive to provide you with the most accurate and updated information.
However, some investment-linked transactions may require a longer processing
time. If there are any discrepancies, the actual values will prevail.

Should you encounter any issues with your policy information, please call our
Customer Service at 6788 1122 (Mon-Fri 8:30am to 6:30pm) so we can investigate
the matter and further assist you.

Who should I contact if I encounter problems on My Income?

For general queries, you may call our Customer Service at 6788 1777 (Mon-Fri
8:30am to 6:30pm) or submit your request to us via our online form.

Why do I still see my inactive or terminated policy in My Income?

Inactive or terminated policies are displayed in My Income for 6 months after
termination or cancellation to facilitate with claim processes.

Why do I need to register a new My Income User ID?

In accordance with the Personal Data Protection Act (PDPA), Income is ceasing
the use of NRIC/FIN/Passport numbers for log in to My Income with effect from 23
July 2019.

 As such, your email address will be your new default User ID. Learn more about
the PDPA here.

Why does my User ID have to be an email address?

We are standardising the format of User IDs to email addresses for easier
recall.

How do I ensure that access to My Income account is secure?

Accessing My Income requires Two-Factor Authentication (2FA) to verify every
user. Upon logging in to My Income with your User ID and password, an SMS OTP
will be triggered to your registered mobile number for further verification.
Income also employs the latest encryption methods to protect your data as an
added layer of security. 

Why am I unable to use the same email address for multiple accounts?

In our efforts to protect the data and privacy of all our policyholders, each
policyholder is required to have a unique My Income account, along with a unique
User ID. 

I do not have an email address. How can I proceed to register?

You may create an email address by selecting an email provider of your choice.
Some common email providers are Gmail, Yahoo Mail and Outlook. Once you have
successfully created an email address, you can then proceed to register it as
your new User ID on My Income.


I have chosen an email address as my User ID but I would like to change it
again. How can I do so?

You may call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) or
submit your request to us via our online form.

Can I register for a My Income account if my mobile number is outdated or not
registered with Income?

Customers whose mobile number is not registered with Income or have outdated
mobile number can now register using SingPass Mobile App.

Upon successful validation, you will be prompted to provide your latest mobile
number.

How do I update my personal particulars via My Income?

Click here to update your particulars via My Income. To speed up the process,
you may retrieve your personal details from MyInfo.

You may be required to submit any of the following supporting documents:

 * A clear front and back copy of your NRIC/FIN card or passport for
   verification
 * For change of name, NRIC, or date of birth, please attach a copy of
   documentary proof (e.g. copy of latest NRIC, copy of deed poll).
 * For update of address, if the new address is not reflected in your NRIC,
   please submit a proof of address (e.g. Bank statements, Telephone/Utility
   bills, Rental agreement, or Government agency letter (not more than 6 months
   old)

What is SingPass Mobile?

SingPass Mobile is a mobile application available on iOS and Android that allows
you to log in easily via your fingerprint, face recognition or a 6-digit
passcode. It is offered as an alternative Two-Factor Authentication (2FA) method
to log in to My Income. Watch this introduction video for more information. You
can also learn more about the SingPass Mobile app here.

What are the benefits of signing in to My Income using SingPass Mobile?

With the SingPass Mobile app, you do not have to enter both your User ID and
password each time you access My Income. It also saves you time by eliminating
the wait for SMS OTPs. Additionally, you can log in securely to My Income, even
when in use overseas.

How do I get started with SingPass Mobile?
 1. Download the SingPass Mobile app from the official Apple App Store or Google
    Play Store. Check that the app developer is Government Technology Agency.
 2. Complete a one-time setup.
 3. You are now ready to log in to My Income via SingPass Mobile.

Need more guidance? Follow this step-by-step instructional guide here, or refer
to these FAQs here.

How do I use SingPass Mobile to log in to My Income?

After you have activated SingPass Mobile on your mobile device, you can start
using the app to log in to My Income right away. Here’s how it works:

 1. Launch the SingPass Mobile app and scan the QR code on the My Income
    homepage using the app’s QR code scanner.
    (If you’re logging in on a mobile device, tap on the QR code to launch
    SingPass Mobile.)
 2. Confirm your log in request.
 3. Verify your identity using your fingerprint, face recognition or 6-digit
    passcode, and you will be logged in to My Income.

Watch this how-to video for more information. 

For more help with logging in to My Income, you may call our Customer Service at
6788 1777 (Mon-Fri 8:30am to 6:30pm) or submit your request to us via our online
form.

How do I change the payment frequency for my policy via My Income?

The function “Change payment frequency” allows you to view and change your
payment frequency via My Income. However, this is only applicable for Life
Insurance policies excluding Investment-Linked policies (ILP).

To submit change of payment frequency, go to “iManage”, select “Change payment
frequency”. Please ensure your personal information is updated before proceeding
as an email acknowledgement will be sent to your registered email address upon
successful submission of your request.

How do I retrieve my policy documents via My Income?

After logging in to your account, select the policy you wish to view or retrieve
the policy document. In the policy details page, click “View policy document” to
download and retrieve the PDF copy of your policy document.

Please note that “View policy document” function is only available for the
following policy types:

• Life insurance (policies purchased after 26 Sept 2019)

• Motor Insurance 

To request for Life policy document that was purchased before 26 Sept 2019
(subject to admin fee of $10), complete and submit the Life Policy Alteration
Form with payment at any of our Income branches. The document will be mailed to
you subsequently.

How do I change the payment method for my IncomeShield policy via My Income?

The function “Change payment method” allows you to update the payment method for
your Life and Health Insurance policies. These are the current accepted payment
methods via My Income:

• Life insurance – GIRO application

• Health Insurance – Medisave, Cash and Credit Card




To change the payment method, click here and follow the steps below:

1. Select the policy to change the payment method for

2. Ensure your personal information is updated before proceeding

3. Read and agree to the Important Notice and proceed to change payment method

4. Review the changes before agreeing to the Declaration and Personal Data Use
Statement




An email acknowledgement will be sent to your registered email address upon
successful submission of your request.




How do I withdraw the deposited cash benefits including interest of my policy?

The function “Withdraw Deposited Cash Benefits” is available if your policy has
a deposited coupon.

Upon successful log-in, select the policy you wish to withdraw cash benefit
from. In the policy details page, scroll down to “My benefits” section and click
“Withdraw Deposited Cash Benefits”. Please ensure your personal information is
updated before proceeding. 

Kindly provide us your preferred withdrawal option by selecting full or partial
withdrawal, followed by preferred payment option by selecting repay to own
policies’ loans and/or outstanding premiums, cheque or bank crediting.

 You may be required to submit the following document(s):

• Copy of your NRIC (front and back)

• Copy of your bank book or recent bank statement showing your name, bank name
and account number




An SMS and email acknowledgement will be sent to your registered email address
and mobile number upon successful submission of your request.




How do I request to change the cash benefit option?

Update of cash benefit option via My Income serves as a standing instruction for
all future cash benefit option, except for Anticipation policy. The request has
to be submitted 21 days before the cash benefit due date. Otherwise, the change
will only be effected on next cash benefit due date. Upon successful log-in,
select the policy you wish to change the benefit option for. In the policy
details, scroll down to “My benefits” section and click “Change Cash Benefit
Mode”. Please ensure your personal information is updated before proceeding to
provide us your preferred payment option by selecting repay to own policies’
loans and/or outstanding premiums, cheque or bank crediting. 

 

You may be required to submit the following document(s):

• Copy of your NRIC (front and back)

• Copy of your bank book or recent bank statement showing your name, bank name
and account number




An SMS and email acknowledgement will be sent to your registered email address
and mobile number upon successful submission of your request.

How do I request for the maturity proceeds to be credited to my bank account?

The function “Pay maturity proceeds to bank a/c” will be made available 2 months
before the policy matures.

After logging in, select the policy that is due to mature. In the policy details
page, click “Pay maturity proceeds to bank a/c”. Please ensure your personal
information is updated before proceeding. Kindly provide bank details and upload
a copy of your bank book or bank statement showing your name, bank name and
account number along with your request. 

You may also be required to submit a copy of your NRIC (front and back).

An SMS and email acknowledgement will be sent to your registered email address
and mobile number upon successful submission of your request.

How do I apply for a policy loan via My Income?

Upon successful log-in, select the policy you wish to apply policy loan from. In
the policy details page, click “Request for Policy Loan”. Please ensure your
personal information is updated before proceeding. 

You will need to provide us the loan amount you wish to apply, followed by your
preferred payment option by selecting either “Cheque” or “Direct crediting into
my bank account”. You may also be required to submit the following document(s):

 * Copy of your NRIC (front and back)
 * Copy of your bank book or recent bank statement showing your name, bank name
   and account number

Please review your loan request before the submission. You will also need to
ensure that you have read and understood the Important Notice, Terms and
Conditions, Personal Data Use Statement and Declarations.

An SMS and email acknowledgement will be sent to your registered email address
and mobile number upon successful submission of your request.

What is My Income app?

My Income app is a free mobile app for Income policyholders. It enables you to
take care of your Income Insurance matters on the go.

What features are available on My Income app?

With the My Income app, you will be able to: 

 1. Access your policy information
 2. Track the status of your claims 
 3. Redeem Treats
 4. Buy new policies
 5. Locate our branches and submit queries

While some features are only available to certain policy types, we are
constantly working to improve the app experience for all customers. 

Is the policy information shown on My Income app up-to-date?

We strive to provide you with the most accurate and updated information.
However, some transactions, like payments or purchases, may take some time to be
reflected in the app. If there are any discrepancies, the actual values will
prevail.

Should you encounter any issues with your policy information, please call our
Customer Service at 6788 1777 (Mon-Fri, 8:30am-6:30pm) or submit your request to
us via our online form so we can investigate the matter and further assist you.

Who should I contact if I encounter problems with My Income app?

For general queries, you may call our Customer Service at 6788 1777 (Mon-Fri,
8:30am-6:30pm) or submit your request to us via our online form.

Is my information secure?

Two-Factor Authentication (2FA) is required to view all your personal and policy
details. Upon logging in to My Income and navigating to any such details, for
example to the My Policies or Claims screens, an SMS OTP will be triggered to
your registered mobile number for further verification. Income also employs the
latest encryption methods to protect your data as an added layer of security. 

How do I log in to My Income app?

You may log in with your Income customer account credentials or register for a
new account. 

What should I do if I am unable to log in using my password?

Please note that your password is case sensitive. If you encounter issues
logging in, click on “Forgot Password” for a new password to be sent to you via
email. Alternatively, you may call our Customer Service at 6788 1777 (Mon-Fri,
8:30am-6:30pm) or submit your request to us via our online form.

Can I use My Income app without creating an account?

Yes, you can use the My Income app without creating an account by clicking on
“Continue as guest” on the login screen. However, you will not be able to access
certain features, such as your policies or claims information.

Can I use My Income app without verifying my account?

Yes, but you will not be able to access certain features, such as your policies
or claims information.

Why did I not receive the SMS OTP when prompted for it?

The one-time password (OTP) is sent via SMS to the mobile number that is
registered with Income. Please ensure that you have updated your contact details
with us, including your latest mobile number. You may call our Customer Service
at 6788 1777 (Mon-Fri, 8:30am-6:30pm) to update your contact details. 

If you are trying to access My Income from another country, please note that the
success of sending and receiving SMS text messages may depend on the settings
provided by both your local mobile service provider and the chosen network at
your overseas location.

Can more than one customer log in to My Income app on the same device?

You can only log into one account on My Income app at a time. To view another
account on the same device, you’ll have to log out of the first account before
someone else can log in. Do note that biometric login is only available for 1
user per device. 

Why do I get automatically logged out of My Income app when I close the app?

For security reasons, you will automatically be logged out of the My Income app
when you close it. You can log in again to continue. 

Why do I get logged out of My Income appon one device when I access it on
another device?

For security reasons, you can only be logged in to the My Income app on one
device at a time.  

How do I retrieve my policy documents on My Income app?

After logging in to your account, tap on the Policy tab and select the policy
you wish to view. In the policy details page, click on Quick actions > Policy
document to download and retrieve the PDF copy of your policy document.

Print all queries




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