By Vanessa Teo
NTUC Income Co-operative Limited once again demonstrated its commitment to ‘Do Good’ by putting people before its profits when it launched a new medical and term insurance package on 2 March 2012.
The new NTUC Income Value Pack is positioned as one of the most affordable insurance products in the market to meet the long-term health and protection needs of lower-income Singaporeans and Permanent Residents (PRs).
“If we want to be a truly inclusive and strong community, we must not forget those who are at risk of being left behind while the rest of society progresses. The Value Pack offers this group a chance to afford a basic level of life and health insurance that they need and can afford.
“No family should be devastated by the high costs of healthcare or the financial burden that comes after losing a breadwinner, especially when such a situation can be prevented,” said NTUC Income Chief Executive Officer Tan Suee Chieh.
The NTUC Income Value Pack is for anyone without a life insurance policy or residing in a household whose monthly income is $3,500 and below. There are two plans available: the Value Pack Enhanced Incomeshield Plan and the Value Pack Term.
The Value Pack Enhanced Incomeshield Plan is an integrated shield hospitalisation plan providing as charged coverage against hospitalisation and surgery costs in Singapore restructured hospitals for class B2 and C wards with premiums payable via CPF Medisave funds.
For the other option, the Value Pack Term is an insurance plan that is priced 30 to 40 per cent cheaper than NTUC Income’s usual term policy rates, and enables beneficiaries to obtain a payout of up to $50,000.
NTUC Social Enterprise Development Council Executive Chairman Lim Boon Heng, who was Guest-of-Honour at the Income Summit Club Gala Dinner and witnessed the launch of the new product, commended NTUC Income’s move to stay committed to its social purpose.
Said Mr Lim: “This evening, I am delighted to be present at the unveiling of what I consider to be another strong evidence of NTUC Income’s commitment to its social purpose: an initiative to provide affordable basic insurance for the lower-income groups… I am glad that NTUC Income is living up to its pledge to make essential insurance affordable and accessible to Singaporeans.”
