How do I update when there is a change or correction of:

• Address
• Name
• Change of NRIC / Passport No / Citizenship
• Change of Occupation
• Change of Signature
• Change of Contact Details
• Withdrawal of Marketing Consent

Change and/or correction of the above is available online via TMLS Policyholder’s Portal https://mypolicy.tokiomarine-life.sg. You have the option to login by scanning the QR with your Singpass app.

As part of the Common Reporting Standard (CRS) regulation, if any of the information regarding your tax residency changes, please advise us of these changes promptly and submit a duly completed Tax Residency Self-Certification. The Self-Certification form is available at http://www.tokiomarine.com/sg/en/personal/resources/forms.html.

What is CRS?

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of the global tax systems.

Who is reportable?

The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who are tax residents outside of the country where they hold their accounts and products, and report certain financial account information to the local tax authority. The local tax authority may then share that information with the tax authority in the country where you are a tax resident.

Why are you asking me for my jurisdiction(s) of tax residency?

Under the CRS, tax authorities require financial institutions such as Tokio Marine Life Insurance Singapore Ltd to collect and report certain information relating to their customers’ tax status.

If you buy a new insurance policy, take over an insurance policy via Absolute Assignment and/or Section 49L, or change your circumstances, we will ask you to certify a number of details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS. Compliance with the CRS is a requirement under Singapore domestic law.

Are all insurers doing this?

All reporting financial institutions (that are not otherwise exempt from such reporting requirements), including banks, insurers and asset management businesses, are required to be compliant with the CRS.

What information are you asking customers to provide and verify?

In line with the CRS requirements, we will be asking you for the following information:

• Name
• Address
• Date of birth (for Individual and Controlling Persons)
• Country(ies) of tax residence
• Taxpayer identification number(s)
• Place of registration/incorporation (for Entities)
• Entity Type
• Controlling Person Type

How is my tax residence defined?

This will depend on your individual circumstances. Please contact a professional tax or legal advisor or check the OECD website for more information on how to determine your tax residency.

The information I have been asked for on the forms is similar to the information I have been asked for under FATCA. Why does Tokio Marine Life Insurance Singapore Ltd need this information again?

Even if you have already provided information under the United States government’s Foreign Account Tax Compliance Act (FATCA), you may still need to provide additional information for the CRS as these are different regulations with different requirements.

FATCA is focused on non-US financial institutions and requires such financial institutions to identify US Persons and report information on these US persons to the US Internal Revenue Service, through IRAS. This is in line with local FATCA regulations. In general, the CRS requires financial institutions to identify the tax residency of all our customers and in certain circumstances, report information on customers who are tax residents outside of Singapore where they hold their accounts to the relevant tax authorities.

I pay taxes in the same country I live in. Why do I need to give you these details?

Under the CRS, we are legally required to establish the tax residency status of all our customers. If you are only a tax resident in Singapore and not elsewhere, your financial account information will not be passed on to the Singapore IRAS until there is a change in circumstances.

How often will I need to provide this information?

Once we have a valid self-certification on record, you will only be asked to complete another self-certification when you update certain information on your account or when we believe your reportable status may have changed.

This would include changes in circumstances such as update in nationality, update in contact number, address, and/or NRIC/passport number.

Why is Tokio Marine Life Insurance Singapore Ltd providing tax authorities with my tax details?

Tokio Marine Life Insurance Singapore Ltd is required to submit your financial account information to the Singapore IRAS for reportable accounts, pursuant to Singapore domestic law.

Will Tokio Marine Life Insurance Singapore Ltd respect my data privacy?

We respect your data privacy and we will only disclose your information to the relevant tax authorities whereby we are legally required to do so.

Is my information safe?

Customer information is protected by a strict code of secrecy and security which all employees of Tokio Marine Life Insurance Singapore Ltd and third parties are subject to.

I have provided you with my details. Why are you asking me for supporting documents?

We are required by law to verify the details you have provided as part of your self-certification. We might ask you for a copy of your NRIC/passport to verify your identity or for some other evidence of your tax residency declared in your self-certification.

What information will be reported to tax authorities?

The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have with us, including:

• the cash value
• the total amounts of Anticipated Cash Benefits, Dividends, Interests or payments credited

Which countries are participating in the CRS?

For a list of countries participating in the CRS, alongside the dates that they will start exchanging information, please see the OECD CRS portal.

Where can I find further information and advice?

For further information on your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. You can also find out more at the OECD Automatic Exchange of Information portal.

What is a Fund Switch and Premium Re-direction?

If you have an investment-linked policy, you may switch units between funds or change the direction and proportions in which your regular premiums are being invested. 

Can I do a partial surrender of the funds invested?

Yes, you can. However, you may wish to note that there is a minimum level of funds that must be maintained under the policy as well as a minimum withdrawal requirement.

You may email us at customercare@tokiomarine-life.sg to enquire on the minimum amount to be maintained under your policy and the minimal withdrawal requirement.  

How do I terminate my Premium Holiday?

You may email us at customercare@tokiomarine-life.sg to enquire on the outstanding premium, interest payment and other requirements.  

Can I top up my policy?

Yes, you can. You may top up with a lump sum investment any time during the policy term (subject to policy terms and conditions).  

What is the procedure if I want to surrender all the units under my policy?

For full surrender, you will need to complete the Withdrawal / Surrender form and submit it together with the Original Policy Document to us for processing.  

What is NFL?

If premium remains unpaid after the grace period and there is sufficient cash value in the policy, the unpaid premiums would automatically be advanced from the cash value as a loan to keep your policy in-force.  

How can I know that the policy is under NFL?

A NFL notice will be sent to you on activation of NFL.  

Will there be interest chargeable?

The prevailing interest rate on the loan is 6.3% per annum compounded on a monthly rest basis.

The Company may change the interest at any time.  

Do I need to repay the NFL?

In order not to lose valuable coverage, it is advisable to repay the NFL. If the NFL together with accrued interest exceeds the cash value of the Policy, the Policy will terminate and become void.  

How do I repay the NFL?

You may email to us at customercare@tokiomarine-life.sg to enquire on the repayment options, outstanding premium, interest payment and other requirements.

It is now easier to service your policy with the following payment options:

• ^New You can now use PayNow to remit payment to us. The details are as follows:

When you are prompted for your UEN/Bill Reference No/ Reference, please indicate your full Policy Number, including the zeros and alphabet in front, if any.

• ^New Internet Banking: OCBC Bill Payment (for OCBC Internet Banking Users)
  • Select TM Life Insurance and enter your Policy Number (including the zeros and alphabet in front, if any) in the Bill Reference field for Life policy.
  • Select TM Life Insurance to add as Billing Organisation and enter your Policy Number (including the zeros and alphabet in front, if any) in the Bill Reference field and submit.

• Internet Banking: DBS / POSB Bill Payment (for DBS / POSB Internet Banking Users)
  • Select TM Life Insurance and enter your Policy Number (including the zeros and alphabet in front, if any) in the Bill Reference field for Life policy.
  • Select TM Life Insurance to add as Billing Organisation and enter your Policy Number (including the zeros and alphabet in front, if any) in the Bill Reference field and submit.

• Pay Online on TMLS website (through AXS e-Station).
  • Select 'Pay' at the top right corner of TMLS main webpage https://www.tokiomarine.com/sg.
  • After a disclaimer webpage, customers will be re-directed to the Tokio Marine Life billing screen at the AXS e-Station.
    
  • Please indicate your full Policy Number, including the zeros and alphabet in front, if any.

• Using AXS online, mobile app or terminal
  • Please indicate your full Policy Number, including the zeros and alphabet in front, if any.

• You may now use the GIRO Application Service via DBS / POSB Internet Banking to apply for Interbank GIRO (for DBS / POSB Internet Banking users only)
  
  • Select ‘Pay’.
  • Select ‘Add GIRO Arrangement’.
  • Select 'TM Life Insurance’ as the Billing Organisation
  • Input your Policy Number (including the zeros and alphabet in front, if any) as the Bill Reference No. 
  • Select your account number for this GIRO Arrangement.
  • Click ‘Next’.
  • You will receive a notification letter from Tokio Marine Life advising you of the start date of the GIRO deduction

• Application for Interbank GIRO
  
  • Download and submit the completed Application form for Interbank Giro to Tokio Marine Life Insurance Singapore one month before the next premium due date. This form is available at http://www.tokiomarine.com/sg/en/personal/resources/forms.html
  • For policies with outstanding Non-Forfeiture Loan (NFL), you may continue serving your regular premium payment via GIRO without full repayment of the outstanding NFL. Simply submit the Application for Interbank GIRO form if you wish to use a new bank account and instruction via the Request for Change / Alteration form. Application for Interbank GIRO form is not required if you wish to use the same bank account for prior GIRO arrangement. These forms are available at http://www.tokiomarine.com/sg/en/personal/resources/forms.html
  • Note: GIRO Application will usually take one month to process. Hence, you are required to send your payment via other alternate payment modes such as New PayNow, AXS or DBS / POSB Bill Payment while waiting to complete the application process.

• Interbank Fund Transfer to TMLS bank account.

Please indicate the Policy Number (including the zeros and alphabet in front, if any) in the Reference field.

The details are as follows:

For SGD / USD / GBP / AUD Policy

(not applicable for TM Atlas Wealth / Classic, #go / Harvest / Wealth / Affluence Investment-Linked Series plan)

For TM Atlas Wealth / Classic, #go / Harvest / Wealth / Affluence Investment-Linked Series plan

All administrative, bank charges and currency exchange difference (if applicable) will be borne by the customer.

• Cheque
  
  • To be crossed and made payable to Tokio Marine Life Insurance Singapore Limited or TMLS
  • Please do not issue post-dated cheque
  • Write the policy number (including the zeros and alphabet in front, if any) on the back of the cheque and mail to:
    
    TMLS
    20 McCallum Street
    #07-01
    Tokio Marine Centre
    Singapore 069046
     
• To obtain an Official Receipt for your payment
  • You may download or print the Official Receipt via 'My Documents - e-Receipts' menu in the Policyholders Portal. Simply login by scanning the QR in the login page with your Singpass app.

I wish to terminate my GIRO deduction bank account. What forms should I complete?

• Complete the GIRO Termination Form and mail it to TMLS.
• The form is available at http://www.tokiomarine.com/sg/en/personal/resources/forms.html
• Note - Monthly premium payment is only accepted through Interbank GIRO

Important Notice
In the event that we do not receive your premium within the grace period, your policy may lapse. If your policy has attained cash value, a Non-Forfeiture Loan (NFL) to the unpaid premium will be applied. NFL is an interest-bearing provision of the plan where the cash value is advanced to fund the premium due and allows the life assured to continue with the policy benefits. For more information on Non-Forfeiture Loan, please refer to the Non-Forfeiture Loan (NFL) in the section above.

Payment Options for Brunei customers

Tokio Marine Life Insurance Singapore Ltd account number with SCB:
01-001-001047-00

Tokio Marine Life Insurance Singapore Ltd account number with Baiduri:
02-00-110-369051

Cheque payment at Brunei Office Counter

• Premium can be paid by cheque.
• Cheque to be crossed and made payable to Tokio Marine Life Insurance Singapore Ltd.
• Please do not issue post-dated cheque.
• Write the policy number on the back of the cheque and forward to:
   

Tokio Marine Life Insurance Singapore Ltd

Unit 2 1st Floor Blk D
Abdul Razak Complex
Gadong , Bandar Seri Begawan BE4119
Brunei Darussalam

What are the Policy / Administrative charges imposed by Tokio Marine Life Insurance Singapore Ltd?

How many types of assignment are there?

There are two types of assignment:

• Absolute Assignment
• Collateral Assignment  

What is an Absolute Assignment?

It is a transfer of ownership from the Policy Owner (Assignor) to another person or institution such as a bank (Assignee). The Assignee will have full control of the policy as if he / she is the Policy Owner.  

What is a Collateral Assignment?

Collateral Assignment is the transfer of ownership rights from the Policy Owner (borrower) to an Assignee (lender), in exchange for the granting of credit facilities. The borrower retains possession of the asset, with the understanding that the use or disposition of that asset must be managed with the consent and approval of the lender.

Any payout or claims will be made to the lender and the lender will liaise with the borrower and / or his / her beneficiary if there is excess money. Once the loan is fully repaid, the lender relinquishes the Collateral Assignment, and the borrower has full ownership and control of the insurance plan once again.  

Am I eligible to perform an Assignment?

You must be 18 years of age, of sound mind and have not been declared a bankrupt in order to perform an Assignment.  

What are the requirements for performing an Assignment?

To assign the policy to an individual, please complete the following:

• Absolute Assignment Form
• Copies of NRIC for both the Assignor & Assignee
• Individual Tax Residency Self Certification form (if Assignee is an individual)
• Entity Tax Residency Self-Certification form (if Assignee is a Company / Organisation / Trust)

To assign the policy to a Company / Organisation / Trust or for more information and enquires, please email us at customercare@tokiomarine-life.sg.

When can I apply for a Policy Loan?

Policy loan will be available when the policy has acquired a cash value, subjected to the policy terms and conditions.

Please note that certain types of polices do not have the policy loan features e.g. policies purchased through CPF funds, etc.

What is the Maximum Policy Loan amount that I can take?

You may wish to call our Customer Service Officer for the latest Policy Loan amount available for your policy.  

How can I apply for a Policy Loan?

You are required to complete the Policy Loan Agreement before the request can be processed.

The Policy Loan Agreement can be obtained via email at customercare@tokiomarine-life.sg

What is the interest chargeable for the Policy Loan?

The prevailing interest rate on the loan is 6.3% per annum compounded on a monthly rest basis, subject to changes as determined by our Company.  

In line with Singapore’s move towards a cheque-less society, TMLS will gradually transit to making payments to your policies via PayNow linked to your NRIC/FIN. If you do not have an existing recurring direct credit arrangement, this will become the default option.

You can rest assured, PayNow is a safe, secure and convenient way to receive payment from your policy.

Click to read the Terms & Conditions

FAQ

Under what circumstances would a policy lapse?

• Policy has not acquired any cash value when premium is not paid within the grace period.
• Non-Forfeiture Loan outstanding exceeds the cash value.  

I have received a Lapse Notice from Tokio Marine Life Insurance Singapore Limited. What should I do if I wish to continue with my policy?

You will be required to attach premium payment (with interest) with the Supplementary Proposal Form and send them back to us. Your policy will be subjected to Reinstatement Underwriting. A confirmation letter will be sent to you once your policy is reinstated. However, should there be further requirements, we will write to you.

I have not paid my premiums for a long time. Can I reinstate my policy?

You can reinstate your policy if:

• traditional policy / rider(s) has lapsed for less than 24 months
• regular premium ILP plans / Asia HealthPlus has lapsed for less than 12 months

Reinstatement is not allowed for the following plans:

• Asia Platinum plan
• TM Personal Accident plan
• TM Protect Cancer plan
• TM Protect PA-EZ
• TM Mosbite

How do I know how much premium and interest to be paid to reinstate my policy?

You can contact your adviser or email to our Customer Service Officers at customercare@tokiomarine-life.sg for the latest quotation to reinstate your policy.

When can I surrender my policy?

You can surrender your policy at any time. However, do note that there will be no refund of premium. 

What is the procedure to surrender my policy?

Policy that has attained Cash Value

• Complete the Surrender Discharge Voucher and return it to us together with the Original Policy document for processing.

Policy that has not attained Cash Value/Term Policies

• You will need to write to Tokio Marine Life Insurance to terminate the policy.  

I have lost my policy document. What should I do?

If you intend to surrender your policy but have lost your policy document, you are required to complete the Indemnity Form for Loss/ Non-Receipt of Policy Document.   

I have surrendered / terminated my policy. Can I change my mind and continue with the policy?

Once your policy is surrendered / terminated, we are unable to reinstate your policy. Hence, it is advisable that you consult with your Financial Adviser Representative or our Customer Service Officers on the various options available instead of surrendering your policy.  

Can I surrender part of my policy?

Yes. You can choose to reduce your Sum Assured to make the premium more affordable based on your financial situation. You will receive partial surrender proceeds if your policy has acquired cash value.  

How long does it take to surrender my policy and get the proceeds?

For cash policies:

The surrender proceeds will be credited to your bank account via PayNow or fund transfer within three days from the date we receive the completed Surrender Discharge Voucher.

For more information or enquires, kindly email to our Customer Service Officers at customercare@tokiomarine-life.sg for assistance.

For CPF-OA / SRS policies:

If the policy was bought using the CPF-OA or SRS funds, the proceeds will be credited into the designated investment account.

If you need the funds to be transferred to your CPF-OA urgently, you will have to inform your agent bank and authorise them to transfer the funds in the investment account back to your CPF-OA.

For CPF-SA policies:

If the policy was bought using CPF-SA funds, the proceeds will be credited directly to the CPF Board.

For more information or enquires, kindly contact our Customer Service Officers at customercare@tokiomarine-life.sg for assistance.  

Nomination of Beneficiaries (NOB)

The Nomination of Beneficiaries (NOB) was implemented on 1 September 2009 under the Insurance Act.

Please refer to the “Your Guide to the Nomination of Insurance Nominees 2013″ published by the Life Insurance Association (LIA) to understand the NOB framework before proceeding with the nomination.

“Your Guide to the Nomination of Insurance Nominees 2013″ can be found at Tokio Marine Life Insurance Singapore’s website under \Consumer Guides\.   

How do I get a copy of the Nomination Form?

• Nomination Forms can be downloaded from Tokio Marine website under \’Resources - Forms\’ in the Personal section.
• Email us at customercare@tokiomarine-life.sg

CPFIS

What are the new restrictions on the CPF Investment Schemes (CPFIS) arising from the CPF Reforms?

From 1 July 2010, you will not be able to invest the first $20,000 and $40,000 in your Ordinary Account (OA) and Special Account (SA). To invest under CPFIS-OA, you will have to set aside $20,000 in your OA before the remaining savings in your OA can be used for investments. Similarly, to invest under CPFIS-SA, you will have to set aside $40,000 in your SA before the remaining savings in your SA can be used for investments. This restriction is in place because of the extra 1% interest that you will earn on the first $60,000 of your combined CPF accounts from 1 January 2008.

Why is the threshold for investing SA monies raised from $20,000 to $40,000? What is the basis for the new threshold?

The threshold has been raised given the high interest rate paid on the SA and the uncertainty of CPFIS returns. The minimum interest rate on the SA is 4% currently. With the extra 1% interest on the first $60,000 of a member’s total CPF balances, the SA interest rate is 5% currently. This is in contrast to the returns from CPFIS, which can be highly uncertain.

I have made some investments using my CPF before 1 July 2010 and my balances in my OA and SA are below the $20,000 and $40,000 respectively. Do I need to liquidate my CPFIS investments?

No, you are not required to liquidate your CPFIS investments if you had purchased them before 1 July 2010.

Can I continue to service my insurance premiums if my balances fall short of $20,000 and $40,000 in my OA and SA respectively?

You can continue to service your regular premium insurance policies but NOT recurring single premium insurance policies or regular savings plans for unit trusts. This is because for regular premium insurance policies, the significant maturity benefits would be forgone if payment of the premiums is stopped, hence the CPF Board has made an exception for members to continue to service their insurance premiums if their balances fall short of $20,000 and $40,000 in the OA and SA respectively.

However, this loss of benefits upon a stop in premium payment does not apply to recurring single premium plans. While the CPF Board encourages regular savings and dollar cost averaging over the long term to help build up retirement savings, on the balance, it is good to have some OA cash balance for emergency needs so that members can continue to fund housing installments, children’s tertiary education and maintain insurance covers. You can resume paying premiums on regular savings plans after you have built up savings in excess of $20,000 and $40,000 in the OA and SA respectively.

Do I need to pay cash for agent bank fees if my balances fall short of $20,000 and $40,000 in my OA and SA?

No, you can continue to service the agent bank fees with your CPF savings even if your OA balance falls below $20,000. The agent bank fees are ongoing fees which need to be paid as long as you continue to hold on to your investment, hence the CPF Board has made an exception for you to continue paying the agent bank charges using your CPF savings. Also, the $20,000 and $40,000 restriction in the OA and SA is to allow members to earn additional 1% interest and they should continue to enjoy the convenience of paying the bank charges using their CPF.

If I sell my investments or switch between investments after 1 July 2010, will I be able to re-invest the sale proceeds if my OA or SA balance is below $20,000 & $40,000 respectively?

Switching between investments is made up of a “sell” transaction of existing investment, followed by a “buy” transaction of new investment. Any “buy” transaction will be subjected to the $20,000 and $40,000 restriction on OA and SA respectively which is applied to the balances held with the Board.

Under CPFIS-OA, when you sell or switch your investments, the sale proceeds will be credited into your CPF Investment Account. You may reinvest the sale proceeds in your Investment Account, even if your OA balance is below $20,000. However, if the sale proceeds are refunded to your OA, you may not re-invest the balance if your OA balance is below $20,000.

Under CPFIS-SA, when you sell or switch your investments, the sale proceeds may be credited to your SA and you may not re-invest the balance if your SA balance is below $40,000.

If I have $X in my OA and $Y in my CPF Investment Account, how much can I invest?

Please see below:

a) If $X is less than or equal to $20,000, you can only invest $Y.

b) If $X is more than $20,000, you can invest $X minus $20,000 and $Y.

c) If you initiate a refund of $Y to your OA or $Y is automatically refunded to your OA as you have no active transactions in your Investment Account for two consecutive months,

i) if $X plus $Y is less than or equal to $20,000, you will not be able to invest any amount, and

ii) if $X plus $Y is more than $20,000, you will be able to invest $X plus $Y minus $20,000.

If I have $X in my SA and $Y in my CPF Investment Account, how much can I invest?

Please see below:

d) If $X is less than or equal to $40,000, you can only invest $Y.

e) If $X is more than $40,000, you can invest $X minus $40,000 and $Y.

f) If you initiate a refund of $Y to your SA or $Y is automatically refunded to your SA as you have no active transactions in your Investment Account for two consecutive months,

i) if $X plus $Y is less than or equal to $40,000, you will not be able to invest any amount, and

ii) if $X plus $Y is more than $40,000, you will be able to invest $X plus $Y minus $40,000.

Will my stock and gold limits be affected?

There is no change in the computation of your stock and gold limits. However, if you do not have $20,000 in your OA, you will not be able to invest in stock or gold even if you have sufficient stock and gold limits.

The above information is obtained from the CPF website. For more information, please refer to http://www.cpf.gov.sg