Questions and Answers on VivoLife Plan Features
February 14th, 2008 by ALVIN SOONG
1. Annuity Option
Qn 1: Is the 5% additional cash value guaranteed?
The 5% additional cash value is given at the time of conversion. It is not guaranteed. Conversion is subject to the type of plan, terms & conditions, and annuity rates applicable at the time it is exercised.
QN 2: Is annuity option available only at age 60? or above age 60?
Policyholder can convert the vivolife policy to an annuity anytime from age 60 onwards to enjoy the extra 5% additional cash value.
2. Retrenchment Waiver
Qn 1: Can the policyholder notify NTUC Income in advance if he knows that he will be retrenched soon?
The PH can only submit the claim when he is retrenched and remain involuntarily unemployed for a continuous period of 3 months.
Qn 2: Will the policy be lapsed if the policyholder cannot pay the premium upon retrenchment (during waiting period)?
There is a grace period for non-payment, after which the policy will go into APL before it lapses. We will revive the policy upon approval of the claim if it had lapsed.
Qn 3: Does the retrenchment waiver covers riders attached to vivolife?
No, the retrenchment waiver only waives premium for the main policy, it does not cover the riders.
Qn 4: Can the policyholder claim for retrenchment waiver for more than 1 policy?
Yes, as long as it is a vivolife policy. The retrenchment waiver is NOT APPLICABLE to other types of policies bought by the policyholder.
3. TPD
Qn 1: Is there any waiting period for TPD?
The life insured needs to provide additional evidence to us that he has been totally & permanently disabled for a continuous period of at least 6 months. Such evidence needs to be certified by a registered medical practitioner.
Qn 2: How does the Extended TPD rider applies for vivolife?
The current EPTD arrangement will apply i.e. while the main TPD benefit from vivolife will be paid in one lump sum, EPTD will commence payment only at the end of 5 years after the incidence of PTD (before the age of 65).
The EPTD rider will be discontinued after the premium payment term of vivolife. Hence, it is advisable for the policyholder to purchase the EPTD rider under the Family Insurance Plan if the rider is meant to provide long term coverage.
4. Family Insurance Plan
Qn 3: Is the policyholder required to pay policy fee for both policies if ph buys riders under Family Insurance Plan instead of vivolife?
Yes, the policyholder has to pay policy fee for the Family Insurance Plan.
The Family Insurance Plan is specially designed to enable policyholder provide long term coverage for the family and we will need to charge policy fee to administer this plan
