NTUC Income will extend the application period for its Income Support Schemes (ISS) from 1 April until 31 December 2021. This is to ensure that customers still facing financial difficulties, especially those from hard-hit sectors such as aviation, tourism and hospitality, have options to maintain their insurance cover while they work through these tough times.
Eligible customers who require help in paying premiums for their life and health insurance plans can apply for premium deferments, premium assistance or even temporary basic protection plans up to 31 December 2021.
Motorcycle insurance policyholders who have registered for delivery business can continue to apply for a 20% discount on premiums up to the end of the year.
Customers who have previously successfully applied for premium deferments on their life and health insurance policies can also apply for a second six-month deferment period on the same policy, subject to eligibility criteria.
In October 2020, Income also announced that application for support schemes which offer instalment payment plans for general insurance and corporate business plans have been extended to 31 December 2021.
Income is also proactively reaching out to over 6,000 customers whom the company has identified as ‘most vulnerable’ to offer premium waiver for the basic IncomeShield policies so that they continue to be covered by their health insurance plans.
Income has approved over 20,000 applications for its various support schemes since April 2020.