NTUC Income widens COVID-19 coverage to low-income households

The IFMIS provides a cash payout of $200 per day of hospitalisation.

NTUC Income is extending its COVID-19 protection to lower-income households through its Income Family Micro-Insurance Scheme (IFMIS), according to a news release.

IFMIS offers coronavirus benefits until 31 August, which provides the insured with a cash payout of $200 per day of hospitalisation in Singapore for up to 30 days, and is payable upon the first day of diagnosis.

Currently, the scheme has a payout of $5,000 if the insured were to pass away or suffer a total and permanent disability.

In addition, NTUC Income’s group employee benefit policies will now offer a cash payout of $100 per day of hospitalisation for up to 30 days, and a $20,000 payout if the insured dies of the virus. It comes at no additional premium to employers until 31 May, and are renewable for three months at a low premium.

The COVID-19 benefits come at no additional premium to employers from now until 31 May 2020, and are renewable for three months at a low premium.

The new benefits will also be extended to two Income PA plans, PA Assurance with Infectious Disease cover and Personal Accident Infectious Disease policy, for six months 31 August. It will provide insured persons with a cash payout of $100 per day of hospitalisation and $10,000 if the insured dies of the virus, in addition to other benefits the insured may have according to their PA plan.