1. In the event of death of the life insured while the policy is in force, we will pay the sum of the:
- sum insured;
- accumulated reversionary bonuses (if any); and
- a non-guaranteed terminal bonus (if any),
less amounts owing (if any), outstanding premium (if any) and future instalment premiums which are required to make up the full year’s premiums (if any) and the policy terminates thereafter.
2. If the life insured is diagnosed with TPD before the life insured’s 65th birthday, we will advance the death benefit and the policy terminates thereafter. The TPD benefit payable is subject to the TPD per life limit of SGD3,000,000 as aggregated with other policies and riders issued by us on the same life insured.
3. If the life insured is diagnosed with a terminal illness within the policy term, we will advance the death benefit and the policy terminates thereafter.
4. There are 2 types of bonuses – reversionary and terminal. Revisionary bonus is a non-guaranteed annual bonus which may vary according to the future performance of the participating fund. We may declare and add to your policy starting from the end of third policy year. Once the bonus is declared and allocated, it will form part of the guaranteed benefits of your policy. The one-off terminal bonus is a percentage of the accumulated reversionary bonuses. It may be payable upon death, TPD or TI of the life insured, maturity or surrender of the policy, whichever is the earliest. No terminal bonus is payable within the first 3 policy years.
5. The premium payment term you select must be equal to or less than [85 less the life insured’s entry age].