08 March 2021
NTUC Income (Income) will be extending the application period for its Income Support Schemes (ISS) by another nine months, from 1 April until 31 December 2021, in response to the pandemic situation that remains protracted. This is to ensure that customers, who continue to face financial difficulties, especially those from hard-hit sectors such as aviation, tourism and hospitality, have options to maintain their insurance cover while they work through these tough times.
With the extension, eligible customers holding life and health insurance plans can apply for premium deferments, premium assistance or even temporary basic protection plans up to 31 December 2021, should they require help in paying premiums. At the same time, motorcycle insurance policyholders who have registered their motorcycle for delivery business can continue to apply for a 20% discount on premiums up to the end of the year.
During this extension period, customers who have previously successfully applied for premium deferments on their life and health insurance policies can also apply for a second six-month deferment period on the same policy, subject to eligibility criteria.
Income had announced back in October 2020 that application for support schemes which offer instalment payment plans for general insurance and corporate business plans have been extended to 31 December 2021.
In addition to the extension of the ISS, Income is proactively reaching out to over 6,000 customers whom the company has identified as ‘most vulnerable’ to offer premium waiver for their basic IncomeShield policies so that they continue to be covered by their health insurance plans.
Since its roll-out in April 2020, Income has approved over 20,000 applications for its various support schemes, with about 17,000 approved applications for motorcycle insurance premium discounts, and over 2,000 for six-month deferment of premiums on life and health insurance plans.
Income's Chief Executive, Andrew Yeo, said: “Since the launch of the Income Support Schemes, we have provided over S$1.4 million worth of support to the community, helped over 20,000 individuals and businesses ease their financial situations so that they can continue to stay insured and protected in tough times. We have also seen positive take-up of our support schemes by motorcyclists plying their trade in the delivery business, showing that such assistance have been particularly valuable for gig economy workers as well.”
“While the financial circumstances for some customers have improved, there are individuals and companies who still require help to navigate the financial challenges on the road ahead. As such, Income is pledging an additional S$2.7 million worth of support through extension of the support schemes and additional premium waivers to continue offering help to individuals and companies, particularly to those most impacted by COVID-19. We aim to remain responsive to our customers’ needs, and are determined to stand by them to ride out the pandemic and emerge stronger from it,” he added.
The ISS were first launched in April 2020 to offer customers options and flexibility to apply for the type of support that best suits their financial circumstances. With different schemes to choose from, customers can opt for premium assistance to fund a portion of renewal premiums, complimentary basic temporary protection plans to stand in for lapsed regular premium policies with the option of guaranteed reinstatement within a year without underwriting, as well as, premium discount for motorcycle policyholders who have registered their vehicle for delivery business. For eligible customers who hold life, health or general insurance policies and wish to ease their cash flow, they can apply for Income’s premium deferment and instalment schemes. Eligible corporate customers can also apply for the premium instalment scheme.
NTUC Income (Income) will be extending the application period for its Income Support Schemes (ISS) by another nine months, from 1 April until 31 December 2021, in response to the pandemic situation that remains protracted. This is to ensure that customers, who continue to face financial difficulties, especially those from hard-hit sectors such as aviation, tourism and hospitality, have options to maintain their insurance cover while they work through these tough times.
With the extension, eligible customers holding life and health insurance plans can apply for premium deferments, premium assistance or even temporary basic protection plans up to 31 December 2021, should they require help in paying premiums. At the same time, motorcycle insurance policyholders who have registered their motorcycle for delivery business can continue to apply for a 20% discount on premiums up to the end of the year.
During this extension period, customers who have previously successfully applied for premium deferments on their life and health insurance policies can also apply for a second six-month deferment period on the same policy, subject to eligibility criteria.
Income had announced back in October 2020 that application for support schemes which offer instalment payment plans for general insurance and corporate business plans have been extended to 31 December 2021.
In addition to the extension of the ISS, Income is proactively reaching out to over 6,000 customers whom the company has identified as ‘most vulnerable’ to offer premium waiver for their basic IncomeShield policies so that they continue to be covered by their health insurance plans.
Since its roll-out in April 2020, Income has approved over 20,000 applications for its various support schemes, with about 17,000 approved applications for motorcycle insurance premium discounts, and over 2,000 for six-month deferment of premiums on life and health insurance plans.
Income's Chief Executive, Andrew Yeo, said: “Since the launch of the Income Support Schemes, we have provided over S$1.4 million worth of support to the community, helped over 20,000 individuals and businesses ease their financial situations so that they can continue to stay insured and protected in tough times. We have also seen positive take-up of our support schemes by motorcyclists plying their trade in the delivery business, showing that such assistance have been particularly valuable for gig economy workers as well.”
“While the financial circumstances for some customers have improved, there are individuals and companies who still require help to navigate the financial challenges on the road ahead. As such, Income is pledging an additional S$2.7 million worth of support through extension of the support schemes and additional premium waivers to continue offering help to individuals and companies, particularly to those most impacted by COVID-19. We aim to remain responsive to our customers’ needs, and are determined to stand by them to ride out the pandemic and emerge stronger from it,” he added.
The ISS were first launched in April 2020 to offer customers options and flexibility to apply for the type of support that best suits their financial circumstances. With different schemes to choose from, customers can opt for premium assistance to fund a portion of renewal premiums, complimentary basic temporary protection plans to stand in for lapsed regular premium policies with the option of guaranteed reinstatement within a year without underwriting, as well as, premium discount for motorcycle policyholders who have registered their vehicle for delivery business. For eligible customers who hold life, health or general insurance policies and wish to ease their cash flow, they can apply for Income’s premium deferment and instalment schemes. Eligible corporate customers can also apply for the premium instalment scheme.
