Press Releases

Press Releases

Income’s enhanced Family Micro-Insurance Scheme provides additional pay-out, matching low-income families’ savings dollar-for-dollar

6 Dec 2016 SINGAPORE, 6 DECEMBER 2016 – NTUC Income (“Income”) announced today that it will replace its existing Income Family Micro-Insurance Scheme (IFMIS) with the new Income Family Micro-Insurance and Savings Scheme (IFMISS), with effect from 1 January 2017.

Similar to IFMIS, the new Scheme offers a pay-out of $5,000 in the unfortunate event that the insured passes on or suffers total and permanent disability (TPD). Additionally, it offers a dollar-for-dollar pay-out that matches the collective bank balances of the insured’s family unit, capped at $5,000. The family unit may comprise the insured’s surviving spouse, parents, siblings, child or ward.

The additional benefit is payable only if the claim for death or TPD is approved. This means that the maximum benefit pay-out under the new Scheme is $10,000.

Individuals who qualify for the new Scheme include parents and guardians of a child or ward who are either:
  1. Studying in a local primary school and are recipients of the Ministry of Education’s (MOE) Financial Assistance Scheme (FAS); or
  2. Enrolled in NTUC’s My First Skool and has a Gross Household Income that does not exceed $3,500 a month, or Per Capita Income that does not exceed $875 a month.

The new Scheme does not require underwriting and has no exclusion of pre-existing illnesses. The Scheme is also free and eligible individuals need not pay any premium. Eligible individuals are automatically enrolled in IFMISS and the Scheme is expected to benefit over 32,000 individuals from low-income families.

Mr Ken Ng, Chief Executive of Income, said, “When death or disability occurs to a parent or guardian of young children, especially to those who are sole breadwinners of their families, those from disadvantaged backgrounds often are the hardest hit. We know that low-income families face real challenges in setting aside savings, and in a family crisis, every dollar counts.”

Mr Ng added, “Schools are teaching our children about saving for rainy days and IFMISS dovetails this effort. With the new Scheme, we aim to highlight the importance of savings and hope that the additional dollar-for-dollar benefit will encourage low-income families to try and save, with the aim of being more future ready. On the onset, our intention to offer the micro-insurance scheme is to help pre-school and primary school children from low-income families cope financially in times of need. We believe that families in vulnerable circumstances learn quickly that self-reliance is important in the face of difficulty, and IFMISS is our way of extending more tangible support to them.”

“Unfortunate situations can strike anyone at any time, but these can be especially overwhelming when they befall the less privileged among us. We are therefore, heartened to hear of the enhancements made by NTUC Income to the existing IFMIS scheme. The new IFMISS coverage will be extended to more than 2,500 My First Skool children who come from disadvantaged families,” said Mr Chan Tee Seng, Chief Executive Officer, NTUC First Campus.

Prior to the new Scheme, IFMIS was first launched in April 2010. To date, the latter has disbursed close to $700,000 in claims to 138 families.

Mdm Siti Zubaydah Binte Mohd Hamzah, 33, whose husband died of Pancreatic Cancer in 2015, was one of IFMIS’s beneficiaries.

She said, “The $5,000 payout from IFMIS was definitely useful and helped with an urgent housing situation I faced after my husband passed away. My husband was the sole bread winner and with four young children to raise, the pay-out helped to cover our immediate basic expenses during a difficult time. We are thankful to Income for being prompt in extending help to us.”

Mdm Zubaydah added, “Now that my youngest child has grown up, I have started looking for a job as I want to be financially independent and to be able to support my family on my own. With this new savings enhancement to IFMIS, I will definitely start putting money aside so I know that I am able to give my family the best protection should something happen to me.”

The Income Family Micro-Insurance and Savings Scheme (IFMISS) is part of Income’s continuous efforts to support the lower-income community in Singapore. It dovetails the company’s mandate to make insurance accessible to all in Singapore, including the unserved and underserved.

To find out more about IFMISS, please visit www.income.com.sg/IFMISS or contact Income at 6788 1777.