FREQUENTLY ASKED QUESTIONS
POLICYHOLDER STATEMENT

 

Contents

 

1.         What is the Policyholder Statement (PHS)?

2.         How will I receive the PHS?

3.         Do I submit this statement to IRAS for submission of income tax purposes?

4.         How much can I claim for Income Tax Relief for my life and investment policies?

5.         Will I, as a policyholder, receive a copy of this statement from NTUC Income?

6.         What is me@income?

7.         How do I access me@income?

8.          How do I request for a password for me@income?

9.         I have lost the hardcopy of my PHS, can I request for a duplicate copy?

10.       Can I request for PHS in Mandarin/ Malay?

11.       Every month I can view a Summary of Life Insurance Policies via me@income. Is this the same as PHS?

12.       How can I know the maturity value of my policy?

13.       The surrender value shown for my life policy is higher in my email statement than that shown on the PHS. Which is the accurate one?

14.       My PHS shows an Eldershield policy, but I do not remember signing up for it. Please explain why a premium was deducted for a policy which I did not sign up for?

15.       My PHS shows a Dependant Protection Scheme (DPS) policy, but I do not remember taking it up at all. Please explain why a premium was deducted for a policy which I did not sign up for.

16.       There is a total bonus amount reflected in my PHS. Can I withdraw the bonus?

17.       How is the policy loan outstanding amount derived?

18.       I do not remember taking a loan from my policy. Why does the PHS show an outstanding policy loan amount?

19.       I have cancelled one of my policies. Why is the status reflected as "in force" on the PHS?

20.       I noticed a section on OrangeAid donations for my PHS statement this year. What does it reflect?

21.       If I do not wish to receive any softcopy and hardcopy of my PHS, how do I indicate my request?

22.       I did not receive my PHS that was sent last year. Can I request a copy of the statement?

23.       I am migrating to overseas, is it possible to have my next-of-kin to handle my PHS?

24.       Where can I find out more about the enhanced online portal mentioned on the envelope?

25.       What is the QR code on the envelope for?

26.       Why did I receive an email on the Policyholder’s Statement when I have already received my statements in hardcopy?

27.       I did not receive any acknowledgement email after submitting my opt-in request for electronic statements, how do I know if my application was successful?

28.       How can I change my designated email address to receive the electronic statements?

29.       I have deleted the email which was sent to me. How can I opt-in for electronic statements now?

 

 

Q1.      What is the Policyholder Statement (PHS)?

 

A1.       PHS is an annual summary of all the policies you have with NTUC Income as at 31 Dec of the previous year. The statement can be submitted to IRAS for your Income Tax Relief.

 

 

Q2.      How will I receive the PHS?

 

A2.       NTUC Income supports Go Green initiatives.

 

            Policyholders who have opted in for electronic statements via email, phone or me@income will receive email notification to view their policyholder statements via me@income

 

            A hardcopy of the statement will be sent by post if you have not opt-in for electronic statements.  

 

 

Q3.      Do I submit this statement to IRAS for submission of income tax purposes?

 

A3.       There is no need to submit the statement to IRAS unless it is requested by IRAS.

 

 

Q4.      How much can I claim for Income Tax Relief for my life and investment policies?

 

A4.       If your policy is a Regular Premium policy, the Income Tax Relief is 7% of sum assured or the actual premium paid whichever is lower up to a maximum of $5000 (Including CPF contributions).

 

             If your policy is a Single Premium policy, the Income Tax Relief is the premium paid for the first year up to a maximum of $5000 (Including CPF contributions).

 

 

Q5.      Will I, as a policyholder receive a copy of this statement from NTUC Income?

 

A5.       Yes, all policyholders, with the exception of policyholders with only general insurance policies, will receive this statement either through post or email. The statement can also be viewed at me@income.

 

             For policyholders with only general insurance policies, their statements are available only in me@income. To request for a hardcopy, you may send an email to csquery@income.com.sg or call our NTUC Income 24-hours

             hotline at 6788 1122.

 

 

Q6.      What is me@income?

 

A6.       me@income is a comprehensive online enquiry system designed for our policyholders to check information regarding their insurance policies, payments and to perform simple transactions.

 

 

Q7.      How do I access me@income?

 

A7.       You can access me@income by clicking on the login tab located at the top right panel of our home page on www.income.com.sg. Please refer to FAQ(me@income) for more information about me@income.

 

             For access, you will need to enter your NRIC and password. Starting from 09 Apr 2012, besides entering your NRIC and password, we have implemented Two-Factor Authentication (2FA) to further secure your online access

             to me@income. In addition to your NRIC and password, you will be required to enter a one-time password (OTP) which will be sent to your mobile phone number.

 

             For first-time 2FA users, you will be prompted to register your mobile phone number after you have submitted your NRIC and password. Please refer to FAQ (2FA) for more information about 2FA.

 

             For iPhone and iPad users, please disable the Pop-up blocker under ‘Settings' > 'Safari' > 'Block Pop-ups' to access me@income.

 

Q8.       How do I request for a password for me@income?

A8.       If you do not have a password, you can click on "Request Password" to receive the password either by SMS or email. You should receive the password within 1 - 2 minutes.  However, there may be delays due to an influx of

             requests or during peak period.

 

             For security measures, if you enter a mobile phone number/email address that differs from what we have in our records, we will call you (within one working day) to verify your identity before sending the password to

             you.

 

              You will be prompted to change to a new password that you can remember easily. If you forget your password, you can request for it in the same manner. The password will be reset and sent to you via SMS or email.

 

             Alternatively, you may email to csquery@income.com.sg or call our NTUC Income 24-hour hotline at 6788 1122 to request for the password.

 

Q9.      I have lost the hardcopy of my PHS, can I request for a duplicate copy?

 

A9.       We have stored your PHS electronically for you. All you need to do is to access me@income to print it or call our NTUC Income 24-hour hotline at 6788 1122 to request for a hardcopy.

 

 

 

Q10.    Can I request for PHS in Mandarin/ Malay?

 

A10.     At the moment, we do not have the statement in other languages but our staff can explain the statement to you in your preferred language. Please call 6788 8288 for assistance in Mandarin or 6788 8488 for assistance in

             Malay.

 

 

Q11.    Every month I can view a Summary of Life Insurance Policies via me@income. Is this the same as PHS?

 

A11.     The PHS is an annual summary of all your policies with NTUC Income. The monthly summary is for policyholders with life insurances and it can only be viewed via me@income.

 

 

Q12.    How can I know the maturity value of my policy?

 

A12.     Please refer to the policy illustration given by your insurance adviser when you purchased the policy.

 

             Alternatively, you may wish to contact your Insurance Adviser.

 

 

Q13.    The surrender value shown for my life policy is higher in my email statement than that shown on the PHS. Which is the accurate one?

 

A13.     There is a difference in the surrender value for both statement as they were generated on different days. The surrender value shown on the PHS is as at 31 Dec of the previous year whereas email statement is based on the

             previous month. Please refer to the latest copy for an accurate surrender value.

 

 

Q14.    My PHS shows an Eldershield policy, but I do not remember signing up for it. Please explain why a premium was deducted for a policy which I did not sign up for?

 

A14.     Eldershield is an insurance scheme introduced by the Ministry of Health (MOH) to provide financial help to those who are unable to take care of themselves because of severe disabilities.

 

             All Singapore Citizen and Singapore Permanent Resident CPF account holders will automatically be insured when they reach age 40 unless they opt out from the scheme.

 

             For more information on Eldershield policy, you can refer to the Frequently Asked Questions under the Customer tab on our website.

 

 

Q15.    My PHS shows a Dependant Protection Scheme (DPS) policy, but I do not remember taking it up at all. Please explain why a premium was deducted for a policy which I did not sign up for.

 

A15.     All Singapore Citizen and Singapore Permanent Resident between the age of 16 to 60 and who currently have CPF contributions are automatically insured under DPS.

 

             DPS is a low-cost term-life insurance scheme that provides a basic coverage of up to $46,000. For more information on DPS, you can refer to the Frequently Asked Questions under the Customer tab on our website.

 

 

Q16.    There is a total bonus amount reflected in my PHS. Can I withdraw the bonus?

 

A16.     You can encash the reversionary bonus and receive its discounted value. The discounted value is quite small, if there is a long remaining duration to the maturity date. Wherever possible, you should keep the reversionary

             bonus intact so as to enjoy the long-term compounding effects.

 

 

Q17.    How is the policy loan outstanding amount derived?

 

A17.     This amount is derived from the outstanding loan which is carried forward as at end Dec of each year, with the addition of the policy loan and interest, less any loan repayment for the year.

Q18.    I do not remember taking a loan from my policy. Why does the PHS show an outstanding policy loan amount?

 

A18.     The outstanding loan could be due to the Automatic Premium Loan (APL) granted to pay for outstanding premiums.

 

             If you need more information on APL, please email to csquery@income.com.sg or call our NTUC Income 24-hour hotline at 6788 1122.

 

 

Q19.    I have cancelled one of my policies. Why is the status reflected as "in force" on the PHS?

 

A19.     The statement shows all policies in force as at 31 Dec of the previous year. Transactions done after 31 Dec of the previous year will not be reflected in this year's statement.

 

 

Q20.    I noticed a section on OrangeAid donations for my PHS statement this year. What does it reflect?

 

A20.     The statement reflects the total donations made that are tagged to your Life policy(s). The donation amount will be reflected as a separate section for period January to December of the previous year. You may click here to

             find out more about OrangeAid.

 

 

Q21.    If I do not wish to receive any softcopy and hardcopy of my PHS, how do I indicate my request?

A21.     You can either email to csquery@income.com.sg or call our NTUC Income 24-hour hotline at 6788 1122 to indicate your request and it will be recorded in our system. You may still view and retrieve PHS via me@income if

             you wish to.

 

Q22.    I did not receive my PHS that was sent last year. Can I request a copy of the statement?

 

A22.     Yes, you can. You can request for a copy of the statement to be sent via email or post by emailing your request to csquery@income.com.sg or you may call our NTUC Income 24-hour hotline at 6788 1122. Alternatively, you

             may view your PHS via me@income.

 

 

Q23.    I am migrating to overseas, is it possible to have my next-of-kin to handle my PHS?

 

A23.     It is advisable that you maintain a valid mailing address (local or overseas) for us to correspond with you. Next-of-kin and third party is not allowed to make any transaction with NTUC Income unless we receive a written

             consent from you to allow them to carry out any transaction on your behalf.

 

 

Q24.    Where can I find out more about the enhanced online portal mentioned on the envelope?

 

A24.     For more information on our online portal, please click here.

 

 

Q25.    What is the QR code on the envelope for?

 

A25.     The QR (Quick Response) code printed on the envelope is for the convenience of smartphone users to access our website. If you are using a smartphone, simply download QR reader from your app-store and scan the QR

              code with the application to be re-directed to our website.

 

              If you are not using a smartphone, you may access our website at www.income.com.sg.

 

 

Q26.    Why did I receive an email on the Policyholder’s Statement when I have already received my statements in hardcopy?

 

A26.     The email was sent to you in conjunction with our “Go-Green” initiative.  We would strongly encourage you to take part in the initiative of conserving the environment by opting for electronic statements.

 

 

Q27.    I did not receive any acknowledgement email after submitting my opt-in request for electronic statements, how do I know if my application was successful?

 

A27.     You will receive an acknowledgement email from us upon successful submission of your request. If you did not receive any acknowledgement email, please email to csquery@income.com.sg or call our NTUC Income

             24-hour hotline at 6788 1122.

 

 

Q28.    How can I change my designated email address to receive the electronic statements?

 

A28.     You may email to csquery@income.com.sg or call our NTUC Income 24-hour hotline at 6788 1122 or to indicate your preferred email address to receive your electronic statements.

 

 

Q29.    I have deleted the email which was sent to me. How can I opt-in for electronic statements now?

 

A29.     You can indicate your preferences by logging in to me@income, select Manage/Update My Particulars, and check the box to indicate that you wish to receive your statements electronically. If you have forgotten your

             me@income password or do not have one, click on Register/Request Password on the me@income login screen to request for a new password. The password will be sent to you via sms or email.

 

 

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Marketing/ Contact Centre/ Information Management
9 Mar 2012

N 3136/2


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