NTUC Income has just launched the Income Family Micro-Insurance Scheme (IFMIS) for the 13,000 families which have children receiving childcare, kindergarten and student care subsideis under the Comcare umbrella.
IFMIS provides insurance coverage for the main income earner. A payout of $5,000 will be made to the family if the main income earner dies or becomes totally and permanently disabled. The families do not need to sign up for the scheme as the insurance coverage is extended automatically to the families of the recipients in the three Comcare subsidy schemes. And there is NO underwriting and no exclusion of pre-existing illness!
This scheme is inline with NTUC Income's Social Enterprise role to help the society through its core epxertise in insurance and its social mission.
NTUC Income is also channelling $3 million towards other charity and community projects, besides the IFMIS scheme. The beneficiaries include U Care Fund, The Singapore Childen's Society, Assumption Pathway School and Moral Home.
