NTUC introduces Six Financial Products to take care of NTUC Members' Total Needs
9 Sept 2006
MEDIA RELEASE
The National Trades Union Congress (NTUC) today announces the launch of six financial products to ensure that NTUC members’ needs are taken care of from an early stage, without incurring the high costs of protection.
2. NTUC recognizes that the various life stages of getting married, setting up a family and planning for retirements are important for everyone, but just as critical is being financially prepared for these special occasions. To this end, it has teamed up with Oversea-Chinese Banking Corporation (OCBC) and NTUC Income to introduce financial products at affordable costs for young NTUC members.
3. Each of the six financial products is developed to address the specific needs of the members through saving/investment-insurance schemes. Together with NTUC Gift which all NTUC members are currently enjoying, these products are designed to take care of these young members’ total insurance needs.
4. For couples starting a family or raising their children, OCBC Bank is introducing two packages underwritten by Overseas Assurance Corporation (OAC) under the NTUC Family Package. The PARENTHOOD PLAN prepares young couples for pregnancy and delivery costs, and they can contribute as little as $100 a month towards a savings plan for just two years, with options for maternity, hospitalization and surgical benefits. The CHILDREN PLAN is the only plan in the market for those who want to protect their children from unexpected hospitalization while covering their pre-tertiary education expenses at the same time. The monthly rate for this plan is as low as $220, with a limited premium payment of just six years.
5. NTUC will also be rolling out four packages underwritten by NTUC Income. THE YOUNG ONES is an insurance plan specially tailored for the young NTUC members. For a monthly premium of only $10 or $100 a year, those members aged 29 and below can get up to $100,000 in protection and hospitalization benefits of up to $150 a day. Also, for less than $10 per month, the PROTECTION PLAN will offer comprehensive worldwide protection against accident, terrorism cover, natural disasters, strike, 14 common Infectious Diseases such as Bird Flu and SARS.
6. Another product, CASH PLAN, offers an attractive rate for their savings. This plan currently pays about 3.5 per cent per annum, one of the highest in the market. LIFE PLAN, on the other hand, is specially designed for the well-being of the young NTUC members and their families. At a very affordable premium, it provides additional financial security for the insured and their dependents.
7. These six financial products were introduced at a press conference held in conjunction with the “Mummy and Me” seminar, which attracted more than 200 parents and children participating. Mr Lim Swee Say, Deputy Secretary-General of NTUC and Minister of the Prime Minister’s Office, was the Guest of Honour for the seminar.
8. Mr Seng Han Thong, Assistant Secretary-General of NTUC highlighted at the press conference that these benefits were introduced in response to members’ feedback. He said, “We sought feedback from our members from time to time, and many of the younger members have told us that they would like to have something to help them better prepare for the unexpected in life. We believe that our members will find these plans good value for money.”
9. NTUC Income CEO, Mr Tan Kin Lian also fully supports this initiative which benefits NTUC members. He said, “NTUC Income is the only cooperative insurer in Singapore. Our mission is to provide more than insurance at best value to all our customers. Our insurance plans have benefited large numbers of Singaporeans from all strata of the society. Today, one in two Singaporeans is insured with us. We are pleased to extend these four products to meet the insurance and savings needs of NTUC members."
10. OCBC Bank’s CEO, Mr David Conner said, “The latest tie-up between OCBC Bank and NTUC reaffirms the commitment from both sides to introduce innovative financial solutions to meet the needs of more than 460,000 NTUC members in Singapore. As a partnership, we will continue to take a hard look at the challenges facing the working community and develop financial solutions to make their lives easier and more stress free.”
11. Members who are interested in the Parenthood Plan and Children Plan may call 1800-438 6088 (Daily: 9am to 10pm) for more information. For enquiries on The Young Ones, Protection Plan, Cash Plan & Life Plan, please call 6246 2663 (Mon -Fri: 9am to 5.30pm).
12. Alternatively, members can also obtain more information on these financial products at www.ntuc.org.sg, or call NTUC hotline at 6213 8008 to find out more.
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For media queries, please contact:
Chong Yan Cheng (Ms)
Consultant
Corporate Communications Dept
National Trades Union Congress
DID: 6213 8190
HP: 9797 8985
Email: chongycheng@ntuc.org.sg
Karen Ng (Ms)
Head
Media Relations
NTUC Income
DID: 6877 3492
HP: 9619 0912
Email: karenng@income.coop
Isabella Chia (Ms)
Vice President
Group Corporate Communications
OCBC Bank
DID : 6530 6086
HP : 9878 6298
Email : chiagn@ocbc.com.sg
About NTUC
NTUC is a national federation of trade unions of workers in the industrial, service and public sectors representing more than 460,000 workers in Singapore. It has 63 trade unions and six associations affiliated to it. Over the years, NTUC has also set up 9 cooperatives and 6 related organizations to help workers achieve a better life. NTUC’s objectives are to help Singapore stay competitive and workers to remain employable for life; to enhance the social status and well-being of workers and to build a strong, responsible and caring labour movement.
About NTUC INCOME
NTUC Income was established with an initial capital of $1.2 million in 1970, in response to a growing need for affordable insurance. In the 36 years of operations, NTUC Income has matured into a leading insurer and progressive organisation with over 1.8 million policyholders and assets at $16.6 billion.
It is Singapore's only cooperative insurer and a leading life, general and health insurer. Currently, NTUC Income is the largest general insurer with the dominant share of the motor insurance market, insuring 33 per cent of all vehicles.
Besides quality insurance plans, NTUC Income offers a wide range of special benefits including, competitive loans, 24-hour repair services, domestic cleaning services, house moving service, tuition service, health screenings, fitness centre memberships, and will-writing services.
About OCBC Bank
Singapore's longest established local bank, OCBC Bank, currently has assets of S$136 billion and a network of over 310 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, Vietnam, China, Hong Kong SAR, Brunei, Japan, Australia, UK and USA. This network includes more than 200 branches and offices in Indonesia operated by OCBC Bank’s subsidiary, PT Bank NISP. OCBC Bank and its banking subsidiaries offer a wide range of specialist financial services, from consumer, corporate, investment, private and transaction banking to global treasury and stockbroking services to meet the needs of its customers across communities.
OCBC Bank’s insurance subsidiary, Great Eastern Holdings, is the largest insurance group in Singapore and Malaysia, in terms of assets and market share, and its asset management subsidiary, Lion Capital Management, is one of the largest asset management companies in Southeast Asia.
In 2005, OCBC Bank was named Global Finance magazine’s Best Trade Finance Bank and FinanceAsia’s Best Bond House. Additional information may be found at www.ocbc.com.
Annex
Six Financial Products for NTUC members
PARENTHOOD PLAN
A high-interest 24-month savings plan to prepare young couples for pregnancy and delivery costs.
• Affordable savings starting from $100 per month.
• Lump sum payment in the event of death.
• Additional insurance coverage of up to $10,000 to take care of unexpected complications during pregnancy.
• Hospitalisation & surgical coverage of up to $50 per day for room and board benefit and other covered expenses for the mother.
CHILDREN PLAN
A unique 2-in-1 plan dedicated to protecting your child and covering basic education expenses incurred during his schooling years.
• Affordable savings starting from $220 per month.
• Waiver of premium in the event of death or disability of the parent.
• Hospitalisation allowance of up to $200 per day for the child.
• Hospitalisation & surgical coverage of up to $250 per day for room and board benefit and other covered expenses for the child.
THE YOUNG ONES
• Tailored to suit the needs of those between 1 to 29 years old.
• $50,000 cover for death and total & permanent disability.
• $100,000 cover for accidental death.
• Includes hospital benefits of $150 per day, up to 365 days.
• Affordable premium - $100 a year or $10 a month.
• Hassle-free application with no medical check up.
PROTECTION PLAN
• Only PA plan that covers accidents and up to 14 infectious diseases, such as SARS, Bird Flu, Dengue Fever and Hand, Foot & Mouth Disease.
• 24-hour worldwide cover.
• Affordable premium from as low as $10 per month.
• Hassle-free application and claims.
• No medical check-up required.
• Free additional 3-month coverage with every policy and enjoy 15% discount when you sign up for a 3-year plan.
CASH PLAN
A savings plan with potentially higher returns than fixed deposits and your savings account.
• Savings invested in the Money Market Fund, with low risk of losing your capital.
• Earn an attractive interest with no lock-in period or penalty for early withdrawal.
• Current return about 3.5% per annum. Interest adjusts according to the market.
• From as low $5,000, you can earn a potentially higher return than fixed deposits.
LIFE PLAN
A low cost group insurance scheme for you and your love ones.
• Affordable premium from as low as $9.30 per annum for every $10,000 sum assured.
• 24-hour worldwide cover.
• Death from all causes - full sum assured payable.
• Accidental death - full sum assured plus additional 25% payable.
• Total Permanent Disablement from all causes - full sum assured plus additional 1% for 24 months or till age of 65 years.
• Partial Permanent Disablement from accident - pays according to Table of Compensation.
