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1. Welcome Bonus is payable upon receipt of each basic regular premium paid for the first policy year, in the form of additional units. It will not be payable for any single premium top-up and any unpaid basic regular premiums due during the first 12 months of the policy. Please refer to the Product Summary for more details on the Welcome Bonus. This includes the formula of the Welcome Bonus as well as the applicable Welcome Bonus rates for the different MIP and the different basic regular premium band.

2. The Loyalty Bonus starts from the first policy anniversary immediately after the end of the Minimum Investment Period. It is paid out every policy anniversary after that as long as:

(a) the policy is in force at the point when the Loyalty Bonus is to be paid; and

(b) the policyholder has not made any withdrawals on the policy in the last 12 months from when the Loyalty Bonus is to be paid, except for withdrawals made under the Life Stage Benefit of the plan.

The Loyalty Bonus payable is as set out below:

The Loyalty Bonus will be payable on the policy anniversary, and it will be paid in one payment in the form of additional units. Please refer to the Product Summary for more details on the Loyalty Bonus.
 

3. Minimum Investment Period (MIP) refers to a period chosen by the policyholder starting from the policy effective date where:
(a) a premium shortfall charge (where applicable) will be applied if the policyholder misses any basic regular premiums;
(b) a partial withdrawal charge will be applied if the policyholder makes a partial withdrawal from the policy (except for withdrawal under the Life Stage Benefit); and/or
(c) a surrender charge will be applied if the policyholder fully surrenders the policy.

MIP can only be chosen at the point of application and it cannot be changed after the policy is incepted.

4. The policyholder can request for a change of life assured after the first policy year, up to 2 times during the policy term. The new life assured can be the policyholder himself, his spouse or his child (who is age 18 and below) and satisfactory proof is required to be submitted together with the application. Any change of life assured request is subject to acceptance by Singapore Life Ltd. Please refer to the Product Summary for more details on the terms and conditions.

5. When any of the life stage events below occurs, the policyholder can apply to withdraw up to 10% of the account value under the Life Stage Benefit, subject to the following:

(a) the partial withdrawal amount must meet the minimum partial withdrawal amount of S$500;
(b) the account value of the policy must not fall below the minimum account value of S$1,000 after the partial withdrawal;
(c) the application for withdrawal under this benefit must be submitted within 90 calendar days following the occurrence of the life stage event; and
(d) satisfactory proof to show evidence of the occurrence of the life stage event must be submitted together with the application for withdrawal.

The life stage events covered under this benefit are:

(a) the life assured changes the marital status (i.e. marries, divorces or is widowed);

(b) the life assured becomes a parent by having a newborn child, or legally adopts a child; 

(c) the life assured purchases a property;

(d) the life assured or the life assured’s child enrols into tertiary education; 

(e) the life assured reaches retirement age of 65; or

(f) the life assured is hospitalised. 

The policyholder can only use this benefit up to a maximum of 2 times during the policy term. Please refer to the Product Summary for more details on the Life Stage Benefit.

6. The Death Benefit payable for this plan is the higher of:

(a) 101% of (total basic regular premiums paid plus any single premium top-up less any withdrawal made); or

(b) the account value; 

less any amount owing to Singapore Life Ltd.

7. The Terminal Illness Benefit is an early payout of the Death Benefit.

8. The policyholder can make a single premium top-up to the policy during the policy term. The minimum amount for each single premium top-up is S$1,000. There is no premium charge for single premium top-up currently. However, Singapore Life Ltd. reserves the right to apply a premium charge for single premium top-up or vary the charge by giving the policyholder at least 30 days written notice.

9. Basic regular premiums paid will be invested into the ILP sub-funds of choice as follows:

10. The dividend distributions of the dividend-paying ILP sub-funds are at the discretion of the relevant fund managers and are not guaranteed.

11. For more details on the riders, please refer to their respective Product Summaries.

12. This charge is not guaranteed and Singapore Life Ltd. reserves the right to increase this charge by giving the policyholder at least 30 days written notice.

13. There is currently no fund switch fee for ILP sub-fund  switching. However, Singapore Life Ltd. reserves the right to impose a fund switch fee or limit the number of free switches by giving the policyholder at least 30 days written notice.