NTUC Income
| Co-operative | |
| Industry | Insurance |
| Founded | 1970 |
| Headquarters | Singapore |
Area served | Singapore |
Key people |
Stephen Lee (Chairman) Ken Ng (CEO) |
| Products |
Insurance Savings and Investments |
| Total assets | SGD 32.6 billion |
| Website |
www |
|
Footnotes / references [1] | |
NTUC Income Insurance Co-operative Limited is the only insurance cooperative in Singapore. It provides life, health and general insurance products.
It currently has seven branches and client advisory centres 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.
NTUC 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, NTUC 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. NTUC 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, NTUC 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, NTUC 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] NTUC Income expanded its insurance coverage for the special-needs community in December 2014, when it unveiled SpecialCare (Down Syndrome).[8]
OrangeAid
Established in 2010, NTUC Income’s corporate social responsibility initiative, OrangeAid, focuses on children and youth, especially the disadvantaged among them. NTUC Income commits 1% of its insurance operating profits to OrangeAid. Customers also support OrangeAid through regular contributions via a premium round-off programme.[9]
NTUC 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, NTUC Income will empower the selected students by enhancing their financial literacy, as well as provide opportunities for their personal and career development.[10]
References
- ↑ "2014 Financial Statements". NTUC Income. December 31, 2014.
- ↑ "Contact Us". NTUC Income. 2015.
- ↑ "Unions to map out new strategy to check slide.". The Straits Times. November 15, 1969.
- ↑ "The NTUC Social Enterprise Story." (PDF). NTUC. February 15, 2015.
- ↑ "Car insurance premiums down by up to 20%; further slide expected.". The Business Times. March 25, 2015.
- ↑ "NTUC Income’s free insurance scheme to cover more families.". Channel NewsAsia. March 19, 2014.
- ↑ "NTUC Income launches insurance plan for children, young adults with autism.". TODAYonline. August 15, 2013.
- ↑ "NTUC Income starts insurance policy for Down Syndrome children, youth.". TODAYonline. December 5, 2014.
- ↑ "NTUC Income Launches OrangeAid to Boost Help to Disadvantaged Children (40th Income Day).". NTUC Income. October 22, 2010.
- ↑ "NTUC Income commits $2.5m to help 1,000 needy students in ITE, polytechnics.". AsiaOne. July 14, 2015.