LIC(S) Invest Smart-III Plan

Target Market

  • What is the target Market of LIC(S) Invest Smart-III Policy?
    This product is designed for individuals who prefer a short-term product with protection of capital and guaranteed returns.

Features and Benefits

  • What are the benefits provided under LIC(S) Invest Smart-III ?
    LIC(S) Invest Smart-III provides the following benefits during the term of policy.
  • Death Benefit
    In the event of death of the life assured, the death benefit is calculated as the highest of:
    1) 105% of accumulated premium or;
    2) Full surrender benefit as illustrated in the following sub-section or;
    3) Death benefit calculated as a percentage of accumulated premium paid
    The Table give calculation.
     Year end  
      Percentage of accumulated premium  
     0 Year   100%
     1   (100+1i)%
     2   (100 + 1.5i)%
     3   (100 + 2.5i)%
     4   (100 + 3.5i)%
     5   (100 + 4.5i)%

    Here 'i' denotes the applicable guaranteed interest rates.
    1)For Annual Premium from S$10,000 & S$ 15,000: Guaranteed Simple interest rate of 2.10 %
    2) For Annual Premium from S$20,000 to S$ 45,000: Guaranteed Simple Interest rates of 2.20 %
    3)For Annual Premium from S$50,000 to S$100,000: Guaranteed Simple Interest rates of 2.30 %
  • Total and Permanent Disability (TPD) Benefit
    1)If the Life Assured suffers a Total and Permanent Disability while the Policy is in force, but before attaining the age of 65 years, the benefit paid is the same as that on death. Once this claim is paid the Policy would be cancelled and no other benefits would be payable. It will be subject to the following conditions.

    Definition of Total & Permanent Disability (TPD)
    (1) The Life Assured, due to accident or sickness, is disabled to such an extent as to:
    a) require confinement to a home, hospital or other institution; and
    b) require constant care and medical attention; and such disability must:
    c) have persisted for a continuous period of at least 6 months; and
    d) in the view of a medical examiner appointed by the Company, be deemed permanent .
    (2) The Life Assured, due to accident or sickness, is disabled to such an extent as to be rendered totally unable to engage in any occupation, business or activity for income, remuneration or profit; and such disability must in the view of a medical examiner appointed by the Company, be deemed permanent. Such disability must have persisted for a continuous period of at least 6 months.
    (3) The Life Assured, due to accident or sickness, suffers total and irrecoverable loss of the effective use of:
    a) The entire sight in both eyes; or
    b) Any 2 limbs at or above the wrist or ankle; or
    c) The entire sight in 1 eye and any 1 limb at or above the wrist or ankle.
    A Life Assured under age 18 will be considered to have suffered TPD, if TPD Definitions (1) or (3) is satisfied. A Life Assured between age 18(last Birthday) and 65 (next Birthday) will be considered to have suffered TPD if TPD Definitions (2) or (3) is satisfied.
  • Maturity Benefit
    On surviving the term of the policy, the maturity benefit will be paid depending on the Annual Premium.
    An illustration of the maturity values for different premiums are given in the table below.
     Annual Premium S$ 
     Total Premium Paid (S$)   Rate of Interest   Maturity Amount (S$) 
     20,000   2.10%   21,890 
     40,000   2.20%   43,960 
     200,000   2.30%   220,700 
  • What happens if I need to terminate my LIC(S) Invest Smart-III before end of the policy term?
    An early termination before maturity of the policy involves high costs and the Surrender Value payable may be less than the Single premium paid. If policy is terminated before maturity, please refer to the table below for Surrender Value for each respective policy year. Surrender Values1 are calculated as a percentage of the single premium paid as shown in the Table below.
     Year end 
     5-year Term 
     0   80.00%
     1   85.00%
     2   92.50%
     3   97.50%
     4   (100+1.5i)%
     5   (100+4.5i)%
  • How the Benefits will be paid under the Policy?
    Any payment to be received under the Policy will be paid either by cheque or credited into your bank account with any bank in Singapore, details of which are to be provided by you. All payments by LIC(S) will be made in Singapore Dollar.
    However, if the Claimant requests for payment to be credited to a bank account outside Singapore, LIC(S) may at its discretion do so at the exchange rates applicable at the time of transfer. The bank charges for this transfer will have to be borne by the Claimant

Submission & Underwriting

  • What are Medical requirements for LIC(S) Invest Smart-III?
    No medical examination is needed.Acceptance will dependent on other applicable checks.
  • Will all LIC(S) Invest Smart-III applications with payments submitted to LIC(S) be accepted?
    Please be informed that application and making payment for LIC(S) Invest Smart-III does not guarantee acceptance by the company. The Company reserves the right to withdraw the plan earlier or reject applications, whenever tranche limit is reached, without prior notice.
  • What are the guidelines for Anti Money Laundering (AML) for LIC(S) Invest Smart-III?
    Customers whose current annual income is below S$30,000 including students, housewives, and unemployed individuals, have to provide details of source of funds & wealth along with Application Form. If the funds and wealth originate from a person other than the customer, e.g. spouse, parent, please furnish identification details of that person.
  • What is the premium payment method?
    The First Premium under the policy can be paid either by Cheques or Cashier's Order.
    The second premium can be paid through Cash/Cheque or GIRO. The GIRO Form authorising LICS to collect the second premium may be submitted along with the application form. Cheques/Cashier's Order should be made payable to Life Insurance Corporation (Singapore) Pte Ltd.
    Requirements for Cashier Order:
    i) Copy of Banker.s Slip for the cashier Order purchased.
    ii) Certified copy of NRIC of the person who purchased the Cashier order( if the person is different from the Proposer)
    * Note: Life Insurance (Corporation Singapore Pte Ltd) accepts insurance premiums payments from the Proposer or from the legal spouse, parent or grandparent of the Proposer only.
  • When and how the second premium is to be paid?
    The second premium becomes due on first anniversary of the policy commencement date. It can be paid by Cheque/Cashier's Order or GIRO. A Grace Period of 30 days will be allowed for receipt of the second premium from the date of first policy anniversary
  • What happens if the second premium is not paid for some reasons?
    If the second premium is not received within the Grace Period, the guaranteed simple interest rates will be reduced to 1.5 % irrespective of the Annual Premium the policy will not be entitled to all the privileges of a regular policy.
  • If the second premium is not paid can I Reinstate my Policy later?
    Reinstatement of policy will not be allowed. Any exception may be reviewed by the Appointed Actuary on a case by case by basis.
  • What are the Submission Procedures for LIC(S) Invest Smart-III?
    . All completed and signed documents listed under .Proposal submission check list. to be forwarded/ handed over at our office before the close of Office hours on any working day.
    . Completed proposals along with payment may also be mailed / sent by courier to our office.
  • Can Invest Smart-III plan be sold to foreigner(s)?
    LIC(S) ) Invest Smart-III More application is accepted from the Nationals of the following countries. But they must be a resident of Singapore as on the date of application.They are also required to submit proof of residence for both Singapore and Country of origin
     Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Liechtenstein, Luxembourg, Malaysia, Monaco, Netherlands, New Zealand , Norway, Philippines , Singapore, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, United Kingdom. 


  • Can I date back the policy commencement?
    No. Backdating is not allowed for LIC(S) Invest Smart-III.
  • Can I make Nomination?
    Subject to the Insurance (Nomination of Beneficiaries) Regulation 2009 of the Insurance Act:
    i. You can nominate your spouse or children as beneficiaries under the irrevocable trust nomination.
    ii. You can also nominate any person or Organisation as a beneficiary under Revocable Nomination.
  • Can I Assign the rights and benefits of a policy to another person or entity for any consideration?
    The rights and benefits of the policy can be assigned (transferred) in exchange of a benefit (consideration) to another person or organisation. The assignment will come in effect only after we issue an endorsement based on the notice of assignment given to us. In acknowledging the notice of assignment, we do not assume any responsibility for the legality, validity and consequences of the assignment.
  • Can I take Policy loan on LIC'S Invest Smart-III?
    No. Policy loan is not payable under the policy.


  • Is this plan available for ongoing sales?
    No. This plan is available on limited period/tranche basis. The offer ends when tranche size is reached. The Company reserves the right to withdraw the plan earlier or reject applications, whenever tranche limit is reached, without prior notice.
  • Tell me about Life Insurance Corporation (Singapore) Pte Ltd.
    Life Insurance Corporation (Singapore) Pte Ltd is Wholly Owned Subsidiary of Life Insurance Corporation (LIC) of India. LIC of India is fully owned by the government of India and has network of more than 4500 offices in India with customer base of more than 300 million. It is the largest life insurer in India with total assets exceeding US$ 300 billion. LIC of India consistently tops the Insurance sector in all Brand Surveys as the most trusted brand in India.
  • How can I buy this Product Policy
    This product is distributed through selected Financial Advisory Firms only. For the details of Financial Advisory Firms, please refer our website:
    The details are also printed in the brochure/ad mailer and other publicity materialsfor the product.
  • Is this Policy covered under Policy Owners' Protection Scheme?
    Yes. This policy is covered under Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). LIC(S) is a member of Policy Owners' Protection Scheme. Coverage for your policy is automatic and no further action required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage where applicable, please visit the SDIC web site: