3 Dec 2008
Year-long initiative aims to off-set impact of premium increases during the economic downturn
Singapore, 3 December 2008 - NTUC Income will launch a $6 million special assistance scheme during this financial crisis to help its current Incomeshield policyholders cope with premium revisions. This money will go towards benefiting the lower-income and elderly patients whose finances are affected by the economic downturn.
The year-long Incomeshield Assistance Scheme will benefit about 77,000 policyholders, most of whom hold plans pegged to the B and C wards in restructured hospitals.
Existing Incomeshield policyholders below the age of 61 will have their monthly premium increase capped at $5 or $10, depending on the wards their plans are pegged to. Policyholders aged 61 years and above whose plans are pegged to the C wards will enjoy annual subsidies ranging from $55 to $211 depending on the plans that they hold (refer to the table below).
Commenting on the scheme, NTUC Income Chief Executive Tan Suee Chieh said: "During this financial crisis, we are especially sensitive to the impact that this move will have on the lower income group and the elderly. While Incomeshield still offers the most competitive rates in the market even after the premium adjustment, the Incomeshield Assistance Scheme would provide some relief to our policyholders facing hard times. This is also a goodwill gesture by NTUC Income to acknowledge our customers' support over the years."
"As a social enterprise, it is important for us to come forth and make a difference to people's lives by helping to ease their cost of living in difficult times like this. NTUC Income will keep essential insurance such as Incomeshield affordable, accessible and sustainable so that all Singaporeans can benefit from the scheme," he added.
About NTUC Income
Established in 1970 in response to the growing needs for affordable insurance, NTUC Income has become a leading life, health and general insurer, earning the trust of 1.8 million customers.
The $20 billion company has been rated 'AA' by independent credit ratings agency, Standard & Poor's since 1999, the highest accolade given to a domestic insurer in Asia, reflecting a strong financial profile, flexibility and capacity to meet new challenges.
NTUC Income's insurance plans benefit large numbers of Singaporeans from all strata of society, and the company supports the community through financial contributions to charities and other worthy causes.