NTUC Income expands micro-insurance scheme for low-income families

NTUC Income expands micro-insurance scheme for low-income families | Insurance Business Asia

NTUC Income expands micro-insurance scheme for low-income families

NTUC Income has expanded its Income Family Micro-Insurance Scheme (IFMIS), which will now cover an additional 22,000 students, bringing the total number to 52,000.

Effective September 01, the scheme will cover eligible low-income families with a child or ward who is studying in a local secondary school, specialised school, or pre-university institution and receiving assistance under the Ministry of Education Financial Assistance Scheme (MOE FAS).

According to a statement from Income, IFMIS currently provides insurance protection, at no premium, to more than 30,000 eligible students, including those enrolled in NTUC First Campus’ My First Skool.

In case of death or total and permanent disability of the eligible child’s parent or guardian, IFMIS will pay out SG$5,000 upon approval of the claim. According to Income, IFMIS has disbursed close to SG$1.5 million in claims for almost 280 families.

Since February 17, IFMIS also expanded its insurance coverage to include a COVID-19 benefits of SG$200 for each day of hospitalisation in a public hospital in Singapore due to COVID-19, for up to 30 days. The insurer announced that it will extend the COVID-19 benefit until December 31, and will include new beneficiaries of the scheme.

“Families from low-income backgrounds are often the hardest hit when a parent or guardian of children and youths, becomes seriously ill, suffers a permanent disability or dies,” said Andrew Yeo, CEO of Income.

“This is especially so when the parent or guardian is the sole breadwinner of the family. Given such trying circumstances, these school-going children and youths may have to drop out of school due to the financial challenges that they face. Income champions education for youth-in-need as we believe education levels the playing field for all and is an effective driver for social mobility. Thus, by expanding IFMIS to protect more eligible students, Income is stepping up to offer tangible support to families who are the most vulnerable amongst us in these challenging times.”