Financial independence holds great significance in everyone’s life. However, given the unpredictable nature of life, sometimes, this may sometimes be jeopardized. So, how does one ensure the comfort and financial stability of their loved ones, in case the unforeseen takes place? There are multiple solutions to that, one of which is term insurance. Term insurance has been one of the popular types of insurance chosen widely by customers across Singapore. NTUC Income is a Singapore-based insurance organization which offers multiple term life insurance plans for you to choose from.
About NTUC Income Term Insurance
Established in 1970, NTUC Income is a Singapore based private financial organization which provides multiple products and services under insurance, savings and investments. NTUC Income is one of the top 3 insurers in Singapore which enjoys a sizeable share in the local motor insurance industry. The company was originally formed as a part of the National Trade Union Congress, Singapore’s one and only national trade union center which provided insurance solutions to the middle and low-income groups.
Types of Plans by NTUC Income
NTUC Income offers several types of term insurances which is designed for individuals as well as for organizations who are looking for all-round insurance solutions. Listed below are the different term insurance plans offered by NTUC Income.
The iTerm is a unique term insurance plan by NTUC Income which provides individuals with high insurance coverage but at very reasonable and affordable premiums. Some of the highlighting features of this plan are listed below.
- This term insurance plan provides cover in case of terminal illness, total & permanent disability (TPD) or death of the insured individual.
- Under the iTerm insurance policy, customers have the option of getting extended coverage on their policy. With guaranteed policy renewal, you may enjoy insurance cover up to the age of 84 (subject to terms and conditions).
- Enhance your insurance cover by opting from a list of riders on your term policy. Each of these riders provides supplementary benefits and can be availed at nominal charges.
- Premium payment has to be done throughout the term of the policy in yearly, half-yearly, quarterly or monthly installments.
Experience the convenience of applying for insurance for your family and loved ones, right from the comfort of your home. The e-Term life insurance policy can be applied for online and provides extensive cover at very reasonable premiums. The following are some of the notable features of this term insurance plan.
- The e-Term policy provides cover not only in the case of a non-accidental death but also in case of accidental death before the age of 70 years (subject to conditions).
- Every individual insured with the e-Term Insurance policy will be entitled to a maximum sum assured of $200,000.
- Enjoy extended cover right up to the age of 84 with the e-Term policy as it features auto-renewal. The policy will be automatically renewed upon its expiry unless you instruct otherwise. This clause is subject to term and conditions.
- No more hassles of waiting for your turn. The e-Term policy can be applied for and purchased online.
- Premium payment for this policy must be made throughout the term of the policy in yearly, bi-yearly, quarterly or monthly installments.
NTUC Income has introduced Plus! Term Life Insurance, an exclusive insurance plan designed especially for Plus! Visa and NTUC Plus! Visa card holders. The following are some of the features of this insurance plan.
- The Plus! Term Life Insurance Plan provides cover for (i) Death, (ii) Death due to an accident and (iii) Total & permanent disability.
- Plus! Term Life Insurance provides comprehensive cover at some of the most affordable rates for you and your loved ones.
- This policy provides you with the flexibility to change the amount of sum assured entitled to you. This can be done after the cover on your policy commences but before the due date of your next premium payment (subject to terms and conditions).
Eligibility for NTUC Term Insurance
Following is the eligibility criteria for the different term insurance plans offered by NTUC Income Term insurance.
- iTerm Life insurance
- e-Term Life insurance
- Plus! Term Life Insurance
Age criteria is as follows:
|Coverage Period||Minimum Age for Entry||Maximum Age for Entry|
|Between 5 - 35 years (in multiples of 5 years)||0||79|
|Up to 54 years||0||49|
|Up to 64 years||0||59|
|Up to 74 years||0||69|
Age criteria is as follows:
|Coverage Period||Minimum Age for Entry||Maximum Age for Entry|
|Between 5-35 years (in multiples of 5 years)||18||60|
|Up to 54 years||18||49|
|Up to 59 years||18||54|
|Up to 64 years||18||59|
The Plus! Term Life Insurance is open to all Plus! Visa or NTUC Plus! Visa card holders, along with their spouse and children. The eligible persons must meet the following eligibility criteria in order to apply for this term insurance.
- Applicant must be a Singaporean, Singaporean Permanent Resident of a foreign national working / residing in Singapore.
- Applicant must be between 21 to 65 years of age.
- Applicant must be a primary NTUC Plus! Visa or a Plus! Visa debit / credit card holder.
- Applicant must be named as the main insured under the said policy.
- In case of a spouse as applicant, they (husband / wife) must be legally married to the principal insured and not separated or divorced. Also, they (spouse) must be aged between 21 to 65 years of age.
- In case of children, the child must be between 15 days to 25 years of age. The child must either be your natural child or legally adopted.
- Age criteria is as follows:
|Applicant||Minimum Age for Entry||Maximum Age for Entry||Maximum Age for Cover|
|Principal card holder & husband/wife||21 years||60 years||65 years of age|
|Child||15 days old||17 years||25 years of age|
NTUC Life Insurance Promotion
When you sign up for the Plus! Protect plan, you can earn S$30 worth FairPrice vouchers as part of the promotion. Additionally, you can make use of an affordable term coverage starting from S$0.52 per day. This promotion can be only used by OCBC Plus! and NTUC Plus! Visa cardmembers. Only the first 7,000 who successfully sign up for this promotion can utilise this offer. The promotion is applicable on sign ups for Plus! Protect Classic and/or Plus! Protect Prime, where a minimum amount of S$100,000 is covered under each policy. This offer will remain valid until 30 April 2018.
How to Apply for NTUC Life Insurance
Applying for NTUC Life Insurance plan can be pretty straightforward and simple. You can get in touch with your Income adviser. The online matching tool will help you find the right adviser. You can also apply for the insurance policy by directly visiting the relevant Income branch.
Besides, you’re provided with the option to register an online enquiry for the insurance policy. You can even purchase the plan online. Furthermore, you’re provided with the option to make enquiries pertaining to the life insurance plan. You can call on 6788 1122 to register enquiries or to apply.
How to Claim NTUC Life Insurance?
You can easily make claims for NTUC Life Insurance. It encompasses few basic and simple steps, which are elementary to almost every type of claims made. The process might differ a little for different claims, for say, in terms of the documents needed for the claim to be processed. In case of death, the claim can be submitted by nominee for the insured individual or a close relative. The claims must be submitted within six months from the initial date of diagnosis in instances involving disability or critical illness.
The basic steps required to submit a claim are listed below:
- You must prepare the required documents pertaining to the claim.
- Next, you have to print and complete the relevant claim form. In cases which require medical assessment, you must make an appointment with one of the appointed assessors listed. While going for your appointment, you must bring along the claim form. Once you have your assessment report from the assessor, you must attach it along with the claim form.
- In the final step, you must submit the completed claim form along with other relevant documents for your claim to be processed.
Usually, claims are processed within 14 working days, once all the documents are submitted. In some cases, the claims might require further clarification. In this scenario, it might take over 14 days to process the claim. However, NTUC will keep you informed throughout.
You can file for life insurance claims by calling on 6788 1122. You can also submit your claims by mailing it to Claims Service Centre, Income Centre, 75 Bras Basah Road, Singapore 189557.
FAQs – NTUC Income Term Insurance
- Under NTUC Income iTerm insurance, is there any age limit on the cover provided?
- What is the amount of sum assured payable under the e-Term Insurance policy in case of an accidental death?
- In case of death due to an accident, what is the sum assured provided by the Plus! Term Life Insurance?
- What is the minimum and maximum sum assured under the iTerm insurance Policy?
- Can I add riders to my e-Term Insurance Policy?
- When does the insurance cover begin for any of the NTUC Term Insurance policies?
- What are the events excluded under the Plus! Term Life Insurance Policy?
Yes, cover will be provided against total and permanent disability up to the age of 65 for the insured individual.
In case of an accidental death before 70 years of age, the company will pay 125% of the sum assured. However, if the death has occurred due to any restricted activity, the company will pay 100% of the sum assured.
Under the Plus! Term Insurance Plan, the company pays an additional 100% of the sum assured amount, in case of death occurring due to an accident.
The minimum sum assured amount with this policy is $10,000 or a monthly premium at the rate of $1 for each policy. The maximum amount of sum assured is subject to underwriting.
No, customers cannot attach any riders to their e-Term Insurance policy.
Your insurance cover will begin as soon as the company receives the premium payment and the policy is issued.
The Plus! Term Life Insurance Policy does not cover death caused due to suicide occurring in the first year into the policy or any total / permanent disability caused due to any self-inflicted injury.