All ages mentioned refer to age next birthday.

The Sum Assured is used to determine the Guaranteed Cash Benefit, Cash Bonus and Loyalty Bonus payable and is not the Death Benefit.

1. Yearly Income will be payable at the end of every policy year starting from the end of the Accumulation Period, less any amount owing to Singapore Life Ltd., as long as the Life Assured is alive and while the policy is in force.
The Yearly Income consists of:
a) Guaranteed Cash Benefit; and
b) Cash bonuses (non-guaranteed) may be payable from 2 years after the end of the Accumulation Period, based on illustrated investment rates of return per annum as shown in the Policy Illustration, depending on the chosen currency
If Monthly Income is selected, payouts will be distributed across 12 months starting from the end of the Accumulation Period. This option is subject to a minimum Sum Assured of S$150,000 for SGD-denominated plans and US$120,000 for USD-denominated plans. Monthly Guaranteed Cash Benefit (GCB) will be calculated as GCB ÷ 12, and Monthly Cash Bonus (CB) as CB ÷ a conversion factor, which is non-guaranteed and determined by us.
Please refer to the Policy Illustration for more details.

2. The Loyalty Bonus is non-guaranteed and will be payable every five years, starting five years after the end of Accumulation Period.
If Monthly Income is chosen, Loyalty Bonus will be payable monthly across 12 months once every 5 years. The Monthly Loyalty Bonus will be calculated as Loyalty Bonus ÷ a conversion factor, which is non-guaranteed and determined by us.
Loyalty Bonus (% of Sum Assured) indicated below are based on the higher and lower illustrated investment rates of return per annum as illustrated in the Policy Illustration.

Please refer to the Policy Illustration for more details.

3. Cash Bonus (CB) is non-guaranteed and determined by us.

CB is payable from 2 years after the end of the Accumulation Period and varies based on the illustrated investment rate of return:

Please refer to the Policy Illustration for more details.

4. There is no limit to the number of times the payout frequency may be changed; however, any change will only take effect from the next policy anniversary.

5. Reinvested Yearly/Monthly Income and Loyalty Bonus (with accrued interest) can be withdrawn, either partially or fully. The minimum amount for a withdrawal of the reinvested Yearly/Monthly Income and Loyalty Bonus is S$1,000/US$800 (in multiples of $10) or the balance available, whichever is lower. The reinvested Yearly/Monthly Income and Loyalty Bonus are to be withdrawn together, and there is no option to withdraw Yearly/Monthly Income or Loyalty Bonus separately.

6. The sum of your entry age (in years) and your preferred Premium Payment Term must not exceed 80 years.

7.  Accumulation Period is the period from the end of the Premium Payment Term until the first payment of Monthly or Yearly Income (subject to a maximum of 85 Age Next Birthday (ANB) for the sum of entry age, Premium Payment Term and Accumulation Period).

8. For policy funded by Supplementary Retirement Scheme (SRS) monies, the policyholder must be the Life Assured covered under the policy. The Monthly or Yearly Income, Loyalty Bonus and any cash proceeds will be credited back to the SRS account as per prevailing SRS guidelines.

9. The policyholder can request for a change of Life Assured after the first policy year, unlimited times. Change of Life Assured will take effect on the next policy anniversary date. The new Life Assured must have sufficient insurable interest in relation to the Policyholder and must be the Policyholder’s child of 18 Age Next Birthday and below. 

For Business Insurance, change of Life Assured is not allowed. Any request to change the Life Assured is subject to acceptance by Singapore Life Ltd. Please refer to the Product Summary for more details on the terms and conditions for change of Life Assured.

10. The policyholder can request to appoint or change a Secondary Life Assured at policy application or during policy term, unlimited times, while the Assured or Life Assured is alive. Only one Secondary Life Assured may be appointed at any time. The secondary Life Assured must have sufficient insurable interest in relation to the Policyholder. Upon the death of the Life Assured, the policy continues with cover on the life of the appointed Secondary Life Assured, and no death benefit will be payable. Please refer to the Product Summary for more details.

11. Legacy Distribution Option allows you to divide the base policy into separate sub-policies before the end of policy term. Each sub-policy will have its own policy number and will be treated as a standalone plan where it can split further. Once the policy is split, it cannot be reversed. This option can only be exercised after the policy has been fully paid.
At the time of exercising the option, the base policy and subsequent sub-policies must each meet a minimum Guaranteed Cash Value of S$100,000 /US$100,000. This amount may change at our discretion, and we will inform the policyholder if the minimum value for the Legacy Distribution Option is updated while applying. Distribution of policy into sub-policies will take effect from the next policy anniversary date. Please refer to the Product Summary for more details.

12. Guaranteed Cash Benefit (GCB) rates are as follows:
For SGD policies: 3.30% of the Sum Assured for the first 2 policy years, and 2.20% thereafter, up to policy year 80 or attained age next birthday (ANB) 120, whichever is later. Thereafter, 0.50% of the Sum Assured will be payable each year.
For USD policies: 3.80% of the Sum Assured for the first 2 policy years, and 2.60% thereafter, up to policy year 80 or attained age next birthday (ANB) 120, whichever is later. Thereafter, 0.60% of the Sum Assured will be payable each year.
Please refer to the Policy Illustration for more details.

13. The year of guaranteed breakeven is defined as the Guaranteed Cash Surrender Value plus the total Guaranteed Cash Benefit is at least equal to the Total Premiums Paid for the basic plan 2 years after Accumulation Period ends.

14. Death and Terminal Illness coverage is subject to the following conditions:
For Death Benefit
In the event of the Life Assured’s death while the policy is in force, the lump-sum Death Benefit payable will comprise:
a)   the higher of:
        I. 101% of Total Premiums Paid for the basic plan (excluding advance premiums and premiums for riders (if any) attached to the policy); or
        II. the Guaranteed Cash Value;
b)   Terminal Bonus as declared by Singapore Life Ltd (if any); and
c)    any reinvested Yearly Income and Loyalty Bonus with non-guaranteed interest (if not previously withdrawn);
less any amount owing to Singapore Life Ltd.
For Terminal Illness Benefit
Upon diagnosis of Terminal Illness of the Life Assured while the policy is in force, Singapore Life Ltd will pay the Terminal Illness Benefit in one lump sum, as an advancement of the Death Benefit.

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