NTUC Income

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

It currently has seven branches and five 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 third-world 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 Scheme

The Income Family Micro-Insurance Scheme (IFMIS), a free insurance scheme for low-income households with young children, was launched in April 2010. It will pay out $5,000 in the event the main caregiver passes away or becomes totally and permanently disabled.

In 2014, Income partnered with the Ministry of Education to extend IFMIS to low-income families with young children in Government or Government-aided primary schools. Under this arrangement, all primary school students who are recipients of the ministry’s Financial Assistance Scheme will automatically be covered under IFMIS, extending the reach of IFMIS to over 30,000 families.^[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]

OrangeAid

Established in 2010, Income’s corporate social responsibility initiative, OrangeAid, focuses on children and youth, especially the disadvantaged among them. Income commits 1% of its insurance operating profits to OrangeAid. Customers also support OrangeAid through regular contributions via a premium round-off programme.^[9]

Income initiated the Future Development Programme in July 2015 to help needy students in polytechnics and Institute of Technical Education (ITE). Recipients will receive bursaries to aid living expenses. Besides monetary assistance, Income will empower the selected students by enhancing their financial literacy, as well as provide opportunities for their personal and career development.^[10]

Union

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

References

External links

• Company website