Starting on February 17, close to 27,000 individuals insured by Income’s Personal Accident (PA) plans with infectious disease cover, and over 500,000 employees of organisations insured by its Group Employee Benefits policies, will automatically enjoy additional COVID-19 cover at no additional premium.
To further support lower-income households in Singapore, Income is also extending COVID-19 benefits to the Income Family Micro-Insurance Scheme (IFMIS).
Currently, IFMIS offers insurance protection, at no premium, to almost 29,000 eligible individuals, who are parents or guardians of a child or ward studying in a local primary school and a recipient of the Ministry of Education’s Financial Assistance Scheme. The Scheme also covers families whose child is enrolled in NTUC First Campus’ My First Skool and have a gross household income that does not exceed $4,500 a month, or a monthly per capita income that is not more than $1,125.
Income’s Chief Executive, Andrew Yeo said, “These past few weeks have brought about uncertainties and are continuing to worry many. As such, we look to offer equanimity in this current climate via our insurance offerings where we can, especially to those who are more vulnerable amongst us. This is why we have not imposed a cap on the number of claimants as long as they are eligible to do so.”
IFMIS offers COVID-19 benefits for six months
The IFMIS currently offers a pay-out of $5,000 if the insured person were to pass away or suffer a total and permanent disability. The Scheme now includes COVID-19 benefits until 31 August 2020, which provide the insured person a cash pay-out of $200 per day of hospitalization in Singapore due to COVID-19, for up to 30 days. The claim is payable upon the first day of diagnosis.
Mr Yeo added, “Families from low-income backgrounds are often the hardest hit when a parent or guardian of young children becomes seriously ill, suffers a permanent disability or dies. As COVID-19 can lead to hospitalisation and loss of income for these families for a prolonged duration, our intention is to be able to support and help them tied over this difficult period financially should the need arise. This is also the reason why we have decided on a bigger cash benefit quantum for our IFMIS beneficiaries compared to other insurance plans that we have extended the COVID-19 benefits to.”
Income’s Group Employee Benefits policies now cover COVID-19 for greater peace of mind
Under the extended coverage, employees of organisations insured by Income’s Group Employee Benefits policies will be offered a cash pay-out of $100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days, and a pay-out of $20,000 in the unfortunate event of death due to the new coronavirus.
The COVID-19 benefits come at no additional premium to employers from now until 31 May 2020, and are renewable for three months at a low premium.
Mr Yeo explained, “While we encourage everyone to practice social responsibility and be vigilant during this period of uncertainty, we see it also as our responsibility, as a company, to step up and protect our people. Hence, we are extending additional coverage on COVID-19 to our existing Group Employee Benefits policyholders at no additional premium for three months. This is particularly important when we know that amongst our insured persons are vulnerable groups such as migrant workers and healthcare workers in Singapore.”
All Income employees, staff of its wholly-owned financial advisory firm, Infinitum Financial Advisory, and financial advisers, also stand to benefit from the extended coverage. Additionally, NTUC Enterprise and its social enterprises, which besides Income, also include FairPrice, Foodfare, Kopitiam, NTUC First Campus, NTUC LearningHub, NTUC Health, NTUC Link, Mercatus and MoneyOwl, will also be extended COVID-19 benefits under Income’s Group Employee Benefits policies.
Mr Seah Kian Peng, Group CEO of NTUC Enterprise and FairPrice Group, said, “Staff are invaluable assets to any organisation. During challenging times, staff welfare and protection become even more crucial as they go about doing their work. This additional insurance coverage helps provide assurance and certainty which would allow them to perform their duties with greater confidence.”
Income PA plans cover COVID-19 for six months
The new COVID-19 benefits will also be extended to two Income PA plans – PA Assurance with Infectious Disease cover and Personal Accident Infectious Disease policy – for six months, starting today until 31 August 2020.
The extended coverage will provide insured persons with a cash pay-out of $100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days. There will also be a one-time pay-out of $10,000 if the insured person were to pass away due to COVID-19. This pay-out will be in addition to other benefits that the insured person may have according to his or her PA plan.
Mr Yeo said, “We hope that through these measures, our policyholders will have better peace of mind knowing that they are better financially supported if they were diagnosed with COVID-19, and can stay focused on getting well. We will continue to stay responsive to the developing outbreak situation, both for our staff as well as for our policyholders, and extend necessary support wherever possible.”
The extension of COVID-19 benefits to its PA and Group Employee Benefits policies, as well as IFMIS, adds to Income’s list of life and health insurance, as well as, selected general insurance plans that already provide coverage for hospital expenses and offer daily or lump-sum pay-outs to policyholders who contract COVID-19.
Since 20 Jan, Income has been offering full refunds for customers who wish to cancel their travel insurance as they change or cancel their travel plans due to the COVID-19 situation.
More information about Income’s insurance policies can be found on www.income.com.sg.
