NTUC Income was founded as a cooperative in 1970 in a bid to provide general and life insurance to the average Singaporean. Today, it is chaired by Ronald Ong and CEO Andrew Yeo, and has a total of 14 branches.
Why Choose NTUC Income?
NTUC Income Term Insurance Plans
What Is NTUC Term Life Solitaire?
NTUC Term Life Solitaire is a term life insurance plan with a minimum base sum assured of S$500,000 (and above). The plan covers you for death and terminal illness, offers riders, and guaranteed renewals until you are 100 years old. With this term life plan, you will also be enrolled into the Solitaire Club and enjoy its privileges. If your base sum assured is above S$3 million, you will enjoy one free medical concierge service.
NTUC Term Life Solitaire Benefits
Base Sum Assured
When you apply for a new term life insurance policy, you will be asked to choose a base sum assured – basically the lump-sum amount that you want you and your family to receive in the event that you pass on, or are diagnosed with a terminal illness.
Your policy will pay you or your family the above-mentioned lump-sum amount in the event that you pass on or are diagnosed with a terminal illness – after which, your plan will terminate.
You will get to choose how many years you want your policy to be in effect – up to 100 years old.
If you chose a shorter policy term but outlive it, you will be able to renew your policy until you are 100 years old.
If your base sum assured is about S$3 million, you will get to enjoy one free medical concierge service.
You will be automatically enrolled into NTUC Income's Solitaire Club, which offers privileges such a CapitaLand vouchers when you purchase new insurance policies, and invites to events.
NTUC Term Life Solitaire Exclusions
Guaranteed renewal is applicable only if there is no claim on your policy during the contract term and the insured is age 74 (last birthday) and below.
The riders all come with their unique set of terms and conditions, e.g. the Disability Accelerator rider will expire when you reach 70 years old.
NTUC Term Life Solitaire Summary
In a nutshell, NTUC Term Life Solitaire is a good term life insurance plan if you intend to have a base sum assured above S$500,000, want a longer term life insurance plan that covers you up to 100 years old, and enjoy customising your plan with critical illness, dread disease, hospital income etc. riders.
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What Is NTUC iTerm?
NTUC iTerm is a term life insurance plan which covers you for death, terminal illness, and total and permanent disability (only until 70 years old). You will also have the option to renew your plan until you turn 84 years old in the event that you outlive your plan. There are also 6 riders which you can choose from to personalise your plan, ranging from hospital income and premium waivers for dread diseases.
NTUC iTerm Benefits
Base Sum Assured
When you apply for your NTUC iTerm term life insurance plan, you will get to choose the amount that you want you and your family to be paid in the event that you run into one of the 3 situations below.
Coverage This plan will pay you or your family the above-mentioned lump sum amount in the event that you pass away, are diagnosed with a terminal illness, or total and permanent disability (only valid before 70 years old).
You will be able to choose the number of years you want to be insured for - from 5 to 35 years, or until you turn 54, 64, or 74 years old. You can also continue renewing your plan until you are 84 years old.
You will need to pay premiums from the start to the end of your policy. However, you will get to choose if you want to pay your premiums monthly, quarterly, every half year, or yearly to suit your financial needs.
There are a total of 6 riders that you can add on to customise your plan, ranging from a Hospital CashAid, an Essential Protect and Total Protect to extend your coverage to include dread diseases, and 3 other premium waiver riders.
NTUC iTerm Exclusions
If you outlive your plan and would like to renew it to 84 years old, you can only do so if you've never made any claims from this policy.
There are specific waiting periods for the riders, e.g. you will not be able to claim any illnesses from the Major Impact Benefit (that's part of the Hospital CashAid) in the first 90 days that you've had the rider.
In the event that you've been diagnosed with a dread disease, you will not be able to claim from your rider if your treatment involves angioplasty, and other invasive (basically any needles or surgery involved) treatments for the coronary artery. Your rider will also terminate immediately if you've made a claim for an intermediate dread disease.
NTUC iTerm Summary
In a nutshell, NTUC iTerm is a term life insurance plan best for individuals who are looking for a shorter term life insurance plan (only until 74 years old) with coverage for dread diseases (which can be purchased via riders). While the NTUC iTerm has a unique feature - coverage for dread diseases -, it has a relatively shorter coverage duration (other plans offer you up to 100 years old of coverage), and it does not offer critical illness riders.
NTUC Mortgage Term
NTUC Mortgage Term is a term mortgage insurance which covers your leftover home loan in the event that you pass away, are diagnosed with total and permanent disability (only valid until you turn 70 years old), or terminal illnesses. As with all other mortgage plans, you will be able to choose your preferred interest rate (between 1 to 7%). Your coverage duration will match your home loan's repayment period - between 5 to 35 years.
NTUC Mortgage Term Benefits
Your sum assured in a mortgage insurance plan will be your home loan's amount - which decreases every year as you pay it off.
If you pass on, are diagnosed with total and permanent disability (only valid until age 70), or terminal illness, your mortgage insurance will pay you and your family a lump-sum amount that's equal to the outstanding unpaid home loan - so that you can pay it off.
You will get to choose your preferred interest rate, between 1 to 7%.
You will get to choose your coverage duration - basically to match your home loan repayment period.
There are 5 different riders available for you to choose from - namely one rider to extend your coverage to include dread diseases, and 3 other premium waiver riders.
NTUC Mortgage Term Exclusions
Total and Permanent Disability
Although the policy covers you for death, total and permanent disability, and terminal illness, take note that you can only claim from your total and permanent disability before 70 years old.
You will not be able to utilise your riders in the first 90 days of your policy.
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What Types Of Insurance Does NTUC Income offer?
NTUC Income offers 12 types of general and life insurance products, spanning whole life and Term life insurance, savings, investments, health, car, motorcycle, maid, and more. Here, a summary of some of NTUC Income's key insurance plans:
12 Types Of NTUC Income Insurance Plans
NTUC Income offers 4 whole life insurance plans and 15 types of Term insurance plans ranging from the traditional Term life plans, savings, mortgage, maternity, critical illness, SAFRA, HomeTeamNS, and corporate schemes.
There are 11 health insurance plans at NTUC Income, ranging from an Integrated Shield Plan (IP plan), CareShield, ElderShield, PrimeShield, MINDEF, and SAF medical insurance plans.
Personal Accident Insurance
There are 8 personal accident insurance plans offered by NTUC Income, spanning the PA Secure, i50 accident and home cover, PA Assurance, PA Guard, SilverCare, Autism, Down syndrome, and personal mobility insurance plans.
NTUC Income offers 16 different types of savings plans for different needs – child's education, retirement, cash payouts, annuity, and wealth management for high net-worth individuals.
There are 4 Investment-Linked Plans (ILPs) at NTUC Income, namely the VivaLink, VivoLink, FlexiLink which allows you to use CPF funds, and GrowthLink.
NTUC Income's Solitaire series of 4 insurance plans provides wealth management and protection for high net-worth individuals. They are namely the Legacy Solitaire, Wealth Solitaire, TermLife Solitaire, and Grandeur Solitaire (in USD).
NTUC Income offers 1 car insurance plan, called Drivo Car Insurance which includes benefits such as vehicle repairs, third-party property damages, accidents, road and medical assistance in West Malaysia, towing, and more.
NTUC Income's Motorcycle Insurance includes benefits and coverage such as vehicle repairs and third-party property damages in the event of accidents, fire, theft, third-party injury or death, and towing.
NTUC Income's travels insurance insures you against damages to your personal belongings, accidents, and medical expenses for you, your spouse, and children. If you or your child is going overseas for studies, NTUC Income also offers an Overseas Study Protection Plan to protect you or your child from death, permanent disability, injuries, medical expenses, and travel inconveniences.
NTUC Income's Enhanced Home Insurance protects your home's building, contents, and renovations from situations such as fire, burst pipes, and thefts. You will also be covered for accidental death, disability, and injuries.
NTUC Income also offers a Domestic Helper Insurance to protect your maid from accidental death, permanent disability, hospital expenses, and surgeries in government hospitals. You will also receive wage compensation if your helper is hospitalised.
If you golf, NTUC Income offers a Golfer's Insurance to cover you from injuries, your golfing equipments, and any public liabilities due to accidents during your golf games globally. Other benefits include a S$500 benefit for hole-in-ones.
How to apply for your Term Life Insurance plan
Applying for a Term Life Insurance plan through MoneySmart
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Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your term life insurance plan online through our portal.
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NTUC Income Insurance Claims
What are insurance claims? An insurance claim refers to the request for monetary reimbursement that the insurance plan's owner (aka you) have submitted to your insurance company. There is a lot of talk around claims because that's pretty much the point of getting a life insurance plan. What sets an insurance company apart (and likewise turn customers off) from another is the reliability, and convenience of the claims system.
How Do Claims Work?
If there's been a death, critical illness, terminal illness, or disability diagnosis, you will be able to find step-by-step guides of your claims process from the NTUC Income Website. On the left hand side menu, click on "Claims" and choose the insurance category that you will be claiming from.
After you select the insurance category, you will be able to select the specific situation and condition that you are claiming for from the dropdown menu. You will then be lead to another page with detailed step-by-step instructions of the claims process, and the necessary claims forms which you will be required to fill in before you submit together with all the supporting documents.
Frequently Asked Questions
How to pay NTUC Income insurance online?
- There are 7 ways you can pay your NTUC Income insurance online and in person – via GIRO, AXS, credit cards, internet banking (only for DBS, POSB, OCBC, UOB), via NTUC Income's own customer portal called [email protected], NETS, or cheque.
How to add sub-rider for NTUC Income?
- How to add sub-rider for NTUC Income? If you hold a NTUC Income Motorcycle Insurance and would like to add another named rider to your policy, you can do so via the "Income Motor Insurance Self-Service Portal" online. You can add up to 2 named riders if the registered owner of the motorcycle does not hold a driving license and is therefore not named.
How to surrender NTUC Income policy?
- If you would like to surrender a life insurance or an investment-linked policy, you can visit NTUC Income's "Surrender of Policies" webpage. You will then be guided through a step-by-step automated form to complete the policy surrender. If you hold other kinds of policies and would like to end the policy, you can just terminate them when it's time for renewal.
Is NTUC Income government-owned?
- NTUC Income is theoretically not government-owned. It is owned by NTUC – or the National Trades Union Congress. However, the current secretary-general of NTUC, Ng Chee Meng, was a member of the Singapore Parliament for the Pasir Ris Punggol GRC (until 2020), was the Minister for Education, Schools (2018), and held other positions as a minister in the Prime Minister's office since 2013.