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Free Insurance for 13, 000 Families

Monday, 12 April 2010 08:00 Ginny Lim
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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.

 

Insurance Relief for Motorists

Thursday, 18 March 2010 08:00 Ginny Lim
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Finally, motorist can expect either no or marginal increase in the car insurance premium this year. General Insurance Association of SIngapore (GIA) announced on 17 Mar 2010 that the industry losses narrowed sharply from $214 million in 2008 to $44.5 million last year . This is probably due to higher premium collected last year and the positive result from the New Motor Claims Framework introduced  in June 2008. The framework requires motorists to report accidents - even minor ones - within 24 hours, and to supplement these reports with photographs.

 

Surprise Bonus fo NTUC Income Policyholders

Monday, 15 February 2010 08:00 Ginny Lim
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NTUC Income Policyholders can expect a surprise extra bonus in 2010 to commemorate its 40th anniversary. Details will be announced in March/April 2010 when the investment results are finalised.

Besides bringing this good news to the policyholders, NTUC Income also posted stellar sales performance in 2009. Income’s weighted life insurance new business premiums grew to $275million last year, up 7 percent from $256 million in 2008. In comparison, the industry contracted by an estimated 14 per cent last year. This result is top compared to Great Eastern Life’s $270 million and Prudential’s $265 million. The weighted premium measure is used by insurers here to benchmark performance and it takes into account just 10% of a single premium and all of a year’s premiums for annual premium plans. 

 

New CPF Changes in 2010

Saturday, 13 March 2010 08:00 Ginny Lim
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CPF LIFE
From 2013, CPF members born in 1958 or later with at least $40,000 in their Retirement Account (RA) at age 55 will be automatically included in CPF LIFE. Those with less than $40,000 will not be automatically included at 55. However, such members will be automatically included at DDA if they have $60,000 in their RA then. This $60,000 is equivalent in value to $40,000 at age 55, compounded at 4% over 10 years.

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Last Updated on Friday, 30 April 2010 04:56
 

Aging Crisis: Are you prepare for it?

Wednesday, 10 February 2010 08:00 Ginny Lim
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The number of people aged over 60 by 2050 is projected to be 1.2 billion, the same population as in China today. This will pose critical economic problem when there are fewer young people in the workforce to support the increasing population of the elderly.

In Singapore, the population of those aged 65 and above is expected to treble to a million by 2030, which is one in every five people.  By 2050, the world’s population of those aged 65 and over will be one in every six people. Japan, Singapore, South Korea and Hong Kong are the four Asian countries among the world’s 10 fastest aging populations.

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Last Updated on Friday, 30 April 2010 04:57
 
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Newsflash

Prudential Buy AIA for S$50b, 05 Mar 2010

Prudential has just confirmed that it intends to pay US$35.5 billlion (S$50billion) to buy American International Assurance (AIA), the Asian life insurance arm of American International Group (AIG).

This deal will help AIG to pay back some of its US$182.5 billion debt to the US government. Prudential will pay US$25 billion in cash and US$10.5 billion in stocks and other securities for AIA. Prudential will raise the cash of US$25 billion by selling US$20 billion worth of shares and another US$5 billion by selling bonds. AIG accepted Prudential’s offer since the price offered is much better than the initial public offering of AIA in Hong Kong which could raise for about US$15 billion. Together with the earlier purchase of UOB Life Assurance (now named Prudential Life Assurance) from UOB for $428 million, Prudential will becomes the largest life insurer in Singapore, Hong Kong, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.

There are likely to have some repercussion from this take-over. There may be job losses due to duplicate functions such as Finance and Human Resource. However, the combined sales force of 7,800 will not be affected. Prudential share price tumbles by almost 20% in just two days in March 2010, amid concern over the price of the deal. Prudential is currently valued at about S$25.8 billion. With the rights issue to be offered, there will be mass dilution to the current share price. AIA policyholders should not be too concerned on their policy contracts since Prudential is obligated to honour the original contracts.