NTUC Income Insurance Co-operative Limited is a insurance cooperative in Singapore. It provides life, health and general insurance products. It currently has seven branches and seven lite branches across Singapore.
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 developing nation with a population comprising mostly blue-collar and low income workers. 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. This led to the establishment of NTUC co-operatives or Social Enterprises. 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, 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. Income is also the largest motor insurer in Singapore, covering about one in four vehicles in Singapore.
Initiatives
Income Family Micro-Insurance and Savings Scheme
The Income Family Micro-Insurance and Savings Scheme, a free insurance scheme for low-income households with young children, was launched in April 2010. The Scheme covers eligible families with children registered at NTUC’s My First Skool and families receiving financial assistance from the MOE Financial Assistance Scheme for Primary Schools. In the unfortunate event of death or total and permanent disability of a parent or guardian, IFMISS offers a pay-out of $5,000 to help the family cope financially during this difficult period, upon approval of the claim. Income also offers an additional pay-out that matches the collective bank balances of the parent/guardian and his/her family unit.
SpecialCare
In August 2013, Income became the first insurer in Singapore to provide insurance coverage specially designed for children with autism. The plan, called SpecialCare, 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. Income expanded its insurance coverage for the special-needs community in December 2014, when it unveiled SpecialCare.
OrangeAid
Income’s community development and involvement arm, OrangeAid, focuses on empowering youth-in-need through education. Established in 2010, OrangeAid champions marginalised children and youth in Singapore. Under this initiative, Income commits 1% of its annual insurance operating profits to fund OrangeAid programmes. OrangeAid’s flagship Future Development Programme seeks to support tertiary students from the lowest income households through partnership with all the five Polytechnics and the Institute of Technical Education. Beyond providing financial assistance for their school fees and living expenses, OrangeAid also believes in developing other important holistic aspects of their lives. Since 2015, the OrangeAid has disbursed a 1000 bursary awards, amounting to $2.55 million, through the Future Development Programme.
Union
Employees of Income are represented by the Singapore Insurance Employees' Union, an affiliate of the National Trades Union Congress.
