NTUC Income

NTUC Income Insurance Co-operative Limited (Income) is an insurance cooperative in Singapore. It provides life, health and general insurance products.

NTUC Income
TypeCo-operative
IndustryInsurance
Founded1970
Headquarters
Singapore
Area served
Singapore
Key people
Ronald Ong (Chairman)
Andrew Yeo (CEO)
ProductsInsurance
Savings and Investments
Total assetsSGD 41.9 billion
Websitewww.income.com.sg
Footnotes / references
[1]

It currently has seven branches and seven lite branches across Singapore.[2]

History

The idea of co-operatives, also known as social enterprises, was first conceived at the Modernisation Seminar in 1969, where delegates from NTUC affiliated unions gathered to discuss the challenges Singaporean workers were facing. Then, Singapore was a developing nation with a population comprising mostly blue-collar and low income workers.[3]

One of the founding leaders of NTUC, Mr Devan Nair, articulated the need for the Labour Movement to turn into a social institution to serve Singaporean workers in various ways. Then Finance Minister Dr Goh Keng Swee supported this call and urged NTUC to set up social enterprises in areas such as life insurance and essential consumer goods to meet the needs of the working population.[4]

This led to the establishment of NTUC co-operatives or Social Enterprises.

Income was established in 1970 with the objective of providing insurance protection to the masses. At that time, life insurance was something only the higher income group could afford.

Today, Income serves over two million customers. It is the top composite insurer in Singapore and one of the largest general insurers and health insurance providers. Income is also the largest motor insurer in Singapore, covering about one in four vehicles in Singapore.[5]

Initiatives

Income Family Micro-Insurance and Savings Scheme

The Income Family Micro-Insurance and Savings Scheme (IFMISS), a free insurance scheme for low-income households with young children, was launched in April 2010. The Scheme covers eligible families with children registered at NTUC’s My First Skool and families receiving financial assistance from the MOE Financial Assistance Scheme (MOE FAS) for Primary Schools.

In the unfortunate event of death or total and permanent disability (TPD) of a parent or guardian, IFMISS offers a pay-out of $5,000 to help the family cope financially during this difficult period, upon approval of the claim. Income also offers an additional pay-out (capped at $5,000) that matches the collective bank balances of the parent/guardian and his/her family unit.[6]

SpecialCare

In August 2013, Income became the first insurer in Singapore to provide insurance coverage specially designed for children with autism. The plan, called SpecialCare (Autism), provides coverage for medical expenses from accidents and infectious diseases. This includes outpatient and hospitalisation expenses, daily hospital income, personal liability, death and disability due to accidents. They include reimbursement for mobility aids, psychiatric treatment and physiotherapy, home modifications and caregiver training following an accident.[7] Income expanded its insurance coverage for the special-needs community in December 2014, when it unveiled SpecialCare (Down Syndrome).[8]

Union

Employees of Income are represented by the Singapore Insurance Employees' Union, an affiliate of the National Trades Union Congress.

References
  1. "2019 Financial Statements". Income. December 31, 2019.
  2. "Contact Us". Income. 2015.
  3. "Unions to map out new strategy to check slide". The Straits Times. November 15, 1969.
  4. "The NTUC Social Enterprise Story" (PDF). NTUC. February 15, 2015.
  5. "Car insurance premiums down by up to 20%; further slide expected". The Business Times. March 25, 2015.
  6. "Income's free insurance scheme to cover more families". Channel NewsAsia. March 19, 2014.
  7. "Income launches insurance plan for children, young adults with autism". TODAYonline. August 15, 2013.
  8. "Income starts insurance policy for Down Syndrome children, youth". TODAYonline. December 5, 2014.
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