Friday, April 9, 2010

Free insurance for needy

Fri, Apr 09, 2010

The Straits Times
By Carolyn Quek

The NTUC Income has launched a free insurance scheme to help needy families with young children. To qualifty, these children have to be receiving childcare, kindergarten and student care subsidies under Comcare.

Called the Income Family Micro-Insurance (IFMIS) Scheme, it provides insurance coverage for the main income earner. A payout of $5,000 will be made to the family if their main income earner dies or becomes totally and permanently disabled.

About 13,000 families stand to benefit from the free insurance scheme, which is expected to cost the insurer up to $500,000 in the next three years.

NTUC Income chief executive Tan Suee Chieh on Friday said the company is launching the scheme as part of its commitment to help the community and also to mark its 40th anniversary this year.

Minister for Community, Youth, Development and Sports Vivian Balakrishnan, launching the scheme, thanked the insurer for providing essential insurance to those who needed it most.

The families do not need to sign up for the scheme as the insurance coverage is automatically extended to the families of the recipients under the three Comcare subsidy schemes. It is also renewable every year, does not involve underwriting, a waiting period or exclusion of pre-existing illnesses.

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