Conditions for FlexiLink

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Laurence Hicks
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Conditions for FlexiLink Your policy 1 Wht your policy covers FlexiLink is single-premium investment-linked pln designed to increse the vlue of your investment.

1 Conditions for FlexiLink Your policy 1 Wht your policy covers FlexiLink is single-premium investment-linked pln designed to increse the vlue of your investment. Through this pln, you cn invest in one or numer of investment funds. Ech fund is divided into equl units nd we will llocte certin numer of units in the fund to your policy depending on the mount of money you invest. The return on your investment depends on the performnce of the chosen funds nd the fund chrges. Ech unit hs n offer price nd id price. The offer price is used to uy units. We use the id price to work out the csh-in vlue of your investments when you wnt to tke out money from your policy. The vlue of units cn fll s well s rise nd is not gurnteed. This pln provides n element of life cover. We will py enefits if the insured ecomes totlly nd permnently disled (efore the ge of 70), or dies. You my csh in ll or prt of this policy. We recommend tht you get finncil dvice. Totl nd permnent disility (TPD), nd deth enefits for stndrd life If the insured ecomes totlly nd permnently disled (efore the ge of 70), or dies during the term of the policy, we will py: the sic enefit; or the csh-in vlue t the time we re told of the clim; whichever is higher. We will tke off ny fees nd chrges which pply to your policy. This policy will end when we mke this pyment. Age when ecoming totlly nd permnently disled or t deth Under 60 Aove 59 Bsic enefit 1.25 times 1 times TPD, nd deth enefits for nonstndrd life If the insured ecomes totlly nd permnently disled (efore the ge of 70), or dies during the term of the policy, we will py: the sic enefit; or the csh-in vlue t the time we re told of the clim; whichever is higher. We will tke off ny fees nd chrges which pply to your policy. This policy will end when we mke this pyment. LHO/FlexiLink/IB of 7

2 Age when ecoming totlly nd permnently disled or t deth Under 60 Under 60 Time the insured event hppens Within one yer from the cover strt dte After one yer from the cover strt dte Bsic enefit 1 times 1.10 times Aove 59 At ll times 1 times 2 Putting money into your policy Initil single premium We will use 100% of your initil single premium to uy units (t the offer price) in the funds you choose. We my chnge the lloction rte y giving you notice. Top-ups You cn dd extr pyments clled top-ups t ny time y filling in the necessry forms. We my set minimum mount for ech top-up. We will use 100% of your top-ups to uy units (t the offer price) in the funds you choose on the forms. We my chnge the lloction rte y giving you notice. When we work out ny clim enefit, we will not consider ny top-ups tht were mde fter the event giving rise to the clim. 3 Options you hve Switching funds You cn switch etween funds t ny time nd up to two times yer for free. We will chrge you either 1% of the trnsction vlue or $30 per switch, whichever is higher, for the following fund switches. We will give you t lest one month s notice efore we mke ny chnge to the chrges. If you re not switching out of fund completely, we my tell you to leve minimum mount in tht fund. We my limit the numer of switches you cn crry out. We my tke the ove ction when we hve good reson to suspect tht y switching funds you re tking prt in ctivities which im to tke unfir dvntge of mrket timing opportunities. Mrket timing refers to the prctice of shortterm uying nd selling of units to tke dvntge of fund pricing. We my lso do this if you show pttern of crrying out lot of trnsctions over the short term or your trnsctions re likely, in our resonle opinion, to disrupt the pricing of units of the funds ffected. We will crry out the fund switch on id-to-id sis. This mens we will sell the existing fund t its id price nd use the csh-in vlue to uy the new fund t its id price. LHO/FlexiLink/IB of 7

3 Lons You cnnot tke lon from this policy. Strting from the second policy yer, you will py yerly policy fee of S$50 if the policy s net premium is less thn S$15,000. We will tke this policy fee from your policy vlue y cncelling units t the id price. 4 Tking money out of your policy c Insurnce cover chrge We do not chrge for insurnce cover. You my tke money out of your policy y cshing it in prtly or fully. We will csh in units (t the id price) to mke the pyments. We my set minimum mount which you cn withdrw. We my lso tell you to leve ehind minimum fund or policy vlue. Your policy will end fter you csh it in fully. 5 Other chrges There will e chrges for the cost of setting up your investment-linked policy nd the dvice you receive. The chrges lso cover deling with your policy nd investing your money. These chrges re set out elow. We will give you t lest one month s notice efore we mke ny chnge to the chrges elow. d Bid offer spred There is 3.5% id offer spred. This is the difference etween the id price nd the offer price of unit. As we give you minimum of 2% onus unit for your initil single premium nd ll top-ups pid with funds from your CPFIS ccount, the id offer spred will e effectively reduced to no more thn 1.5%. When you close your CPFIS ccount nd mke ny csh top-up, we give you 0.5% onus unit for the csh top-up, nd the id offer spred will e effectively reduced to 3%. e Other chrges We will tke from the funds ll direct expenses relting to uying, selling nd vluing the investments of the funds. Yerly mngement chrge This is n ongoing chrge tht we tke from the funds. We work this out s percentge of the vlue of your chosen funds. This percentge will not e more thn 2%. 6 Fund deling times nd pricing sis Policy fee We must receive your complete instructions (nd premium pyment for uy instruction) y 3pm LHO/FlexiLink/IB of 7

4 Singpore time for your instruction to e delt with on the sme usiness dy. If it is not usiness dy (for exmple, it is Sturdy, Sundy or pulic holidy), we will del with your instructions on the following usiness dy. We my chnge the 3pm cut-off point t ny time y giving you notice. The offer (uy) price mens the price t which you uy the units of fund. The id (sell) price mens the price t which you sell the units of fund for its csh-in vlue. We del with our funds on forwrd-pricing sis (in other words, we work out the price only when the mrket closes on tht deling dy). This mens tht we cnnot know eforehnd the prices t which instructions will e crried out. We work out the id price of ech unit on dily sis, or t other intervls tht we set. We work out the id price of ech unit in the following wy. Bid price = totl vlue of the fund totl numer of units in the fund To find the vlue of the funds, we will vlue the investments nd other ssets of the funds ccording to the ltest insurnce regultions. We will consider the expenses chrged to the funds nd ny mounts the funds will hve to py out such s cpitl gins tx, cpitl levy or ny other txes. You cn find the offer nd id prices of the funds on our wesite. 7 Distriutions Declrtion of distriutions We my declre distriutions for certin funds which hve distriution option. You will e entitled to receive these distriutions if your policy hs not ended nd hs units held in these funds on the dte we declre the distriution. The distriution mount will depend on the numer of units you hold in these funds on the dte we declre the distriution. We set out the dtes of when we nnounce, declre nd py out the distriutions in the Semi Annul Fund Report nd Annul Fund Report, or its equivlent. Distriutions re not gurnteed. We my or my not py distriution every yer. Reinvesting distriutions For ll funds tht declre distriutions, we will reinvest ech distriution into the fund from which it is pid. We do this y uying units t the id price (unless we sy otherwise) on the pyout dte s set out in the Semi Annul Fund Report or Annul Fund Report, or its equivlent. However, if the distriution mount for fund is t lest S$50, you cn choose to receive the distriutions from tht fund s pyouts insted, y telling us in writing t lest 30 dys efore the next declrtion dte set out in the Semi Annul Fund Report or Annul Fund Report, or its equivlent. This pplies s long s the fund is not ought under ny of these schemes. Centrl Provident Fund Investment Scheme (CPFIS) Supplementry Retirement Scheme (SRS) LHO/FlexiLink/IB of 7

5 We will then follow this sme choice for the lter distriutions of tht fund (if the distriution mount is t lest S$50), unless you tell us your new choice t lest 30 dys efore the next declrtion dte set out in the Semi Annul Fund Report or Annul Fund Report, or its equivlent. vlue in ny of our funds which hve investment ims similr to the funds which hve een closed. We will decide how to mnge the funds nd choose the investments of the funds nd the fund mngers. We my chnge the investment ims, focus nd pproch, nd fund mngers of ny funds y giving you notice. 8 Specil circumstnces We my suspend ll trnsctions on fund. Trnsctions include new pplictions to the fund, top-ups, switching, nd cshing-in. We my do this in the interest of investors nd in exceptionl circumstnces. Resons for suspending trnsctions usully fll into these few rod ctegories. Nturl dissters, mrket closures, or the introduction of new exchnge controls or lws in countries in which fund hs considerle investments, mking vlution impossile or difficult. Liquidity issues, when very lrge numer of investors unexpectedly wnt to csh in their units t the sme time or when sset vlues fll shrply nd trding in the cpitl mrkets dries up, so ssets cnnot e sold to meet pyouts (for exmple, during the 2008/2009 credit crisis). When one of the min orgnistions involved in operting the fund closes down, the fund my then suspend temporrily until new orgnistion tkes over. When funds re eing wound up or merged with nother fund. In exceptionl circumstnces, if we elieve it is in the est interests of ll the investors in the funds, we my crete new funds or close or merge the funds y giving you notice. If we close ny funds, unless you tell us otherwise in writing, we will reinvest the csh-in 9 Your policy cover - wht you need to e wre of Under the definition of TPD, if the insured is under 65 yers old, he or she must e unle to crry out ny occuption. We do not py if the insured is merely unle to perform the sme jo s efore, or is unle to perform jo to which his or her trining, eduction or experience is suited for. If the insured is 65 yers old nd ove, ut under 70 yers old, he or she must e suffering from severe disility. Otherwise, we will not py the enefit. However, if there is totl physicl loss, nd the insured is under 70 yers old, we will py. We will not py this enefit if your clim rises from: delierte cts such s self-inflicted injuries, illnesses or ttempted suicide; unlwful cts, provoked ssult, or delierte exposure to dnger; or the effects of lcohol, drugs or ny dependence. We will lso not py this enefit unless the insured is certified y registered medicl prctitioner to hve een totlly nd permnently disled for t lest six months in row. LHO/FlexiLink/IB of 7

6 If the insured is lso covered for TPD under ny policies which hve een issued in the pst (whether issued y us or y ny other insurer), the totl TPD enefit due under ll these policies cnnot e more thn S$6.5 million (not including onuses). In this cse we will first tke into ccount the mounts due under the erlier policies, nd then py out only n mount to ring the totl pyments to S$6.5 million (not including onuses). The cover for deth will e reduced y the TPD pyment, nd this remining cover will continue s long s you py premiums on it. We will work out the remining cover nd the reduced premium you will need to py for this remining cover. 10 Generl conditions Suicide If the insured commits suicide within one yer from the cover strt dte, we will only py the csh-in vlue. d Trnsferring the legl right of the policy You cnnot ssign (trnsfer) this policy. e Excluding third prty rights Anyone not directly involved in this policy cnnot enforce it under the Contrcts (Rights of Third Prties) Act (Chpter 53B). f Supplementry Retirement Scheme (SRS), Centrl Provident Fund Investment Scheme (CPFIS) If premiums for this policy hve een pid with funds from the SRS or CPFIS ccount, this policy will follow the SRS or CPFIS regultions, which include the following. You cnnot tke lon from the policy or ssign (trnsfer) the policy. We will mke ll pyments, except the deth enefit, to the policyholder s SRS or CPFIS ccount. Mking clim g Zero csh-in vlue We must e told within six months fter the dignosis or event giving rise to the clim. This policy will end once the csh-in vlue of its units flls to zero fter tking off ny det. c Refusing to py clim After you hve een continuously covered for one yer from the cover strt dte, we will py your clim unless: it is cse of frud; your policy hs ended; the insured hs mteril pre-existing condition; or the clim is excluded or not covered under the terms of the policy. 11 Definitions Cover strt dte mens the dte: we issue the policy; or we issue n endorsement to include or increse enefit; whichever is lter. LHO/FlexiLink/IB of 7

7 Mteril pre-existing condition mens ny condition tht existed efore the cover strt dte which would hve resonly ffected our decision to ccept your ppliction nd for which: the insured hd symptoms tht would hve cused ny sensile person to get medicl tretment, dvice or cre; tretment ws recommended y or received from medicl prctitioner; or the insured hd medicl tests or investigtions. Net premium mens the initil single premium pid, nd the totl of ll top-ups mde, less ll mounts cshed in. Non-stndrd life mens n insured who hs een dignosed with ny of the following medicl conditions t ny time efore or within 90 dys fter the cover strt dte. Cncer Ischemic hert disese Coronry rtery disese Chronic renl disese Kidney filure Stroke Chronic liver cirrhosis Systemic lupus erythemtosus Registered medicl prctitioner mens doctor who is qulified in western medicine nd is leglly licensed in Singpore or hs the qulifictions recognised y the Singpore Medicl Council. Severe disility mens the inility to perform t lest three of the following ctivities of dily living, even with the id of specil equipment nd lwys needing the help of nother person throughout the entire ctivity. Wshing the ility to wsh in the th or shower (including getting into nd out of the th or shower) or wsh stisfctorily y other mens. Dressing the ility to put on, tke off, secure nd unfsten ll grments nd, s pproprite, ny rces, rtificil lims or other surgicl pplinces. Trnsferring the ility to move from ed to n upright chir or wheelchir nd vice vers. Moility the ility to move indoors from room to room on level surfces. Toileting the ility to use the lvtory or otherwise mnge owel nd ldder functions so s to mintin stisfctory level of personl hygiene. Feeding the ility to feed oneself once food hs een prepred nd mde ville. Stndrd life mens n insured who is not nonstndrd life. Totl nd permnent disility, nd totlly nd permnently disled, men ny of the elow. If the insured is under 65 yers old, totl nd permnent disility, nd totlly nd permnently disled men totl physicl loss, or the inility to tke prt in ny pid work for the rest of person s life. If the insured is 65 yers old nd ove ut under 70 yers old, totl nd permnent disility, nd totlly nd permnently disled men totl physicl loss, or severe disility. Totl physicl loss mens: the totl nd permnent loss of sight in oth eyes; the loss of, or totl nd permnent loss of use of, two lims t or ove the wrist or nkle; or the totl nd permnent loss of sight in one eye nd the loss of, or totl nd permnent loss of use of, one lim t or ove the wrist or nkle. We, us, our mens NTUC Income Insurnce Coopertive Limited. You mens the policyholder shown in the policy schedule. LHO/FlexiLink/IB of 7

Conditions for GrowthLink

Importnt: This is smple of the policy document. To determine the precise terms, conditions nd exclusions of your cover, plese refer to the ctul policy nd ny endorsement issued to you. Conditions for GrowthLink