Free micro-insurance now covers 30,000 families
NTUC Income has tied up with the Education Ministry to offer micro-insurance to more than 30,000 needy families, the insurer said yesterday.
The Income Family Micro-Insurance Scheme is free and those covered by it do not need to pay premiums.
In the event that the main caregiver of low-income families with young children dies, or becomes totally and permanently disabled, the family would receive a $5,000 payout.
There are no exclusions of pre-existing illnesses as well.
The scheme was first launched in 2010 to cover 13,000 low-income families registered under the ComCare Grow schemes administered by community development councils.
Now, the reach has been tripled with the extension of the scheme to cover the families of children in primary schools who are on the Education Ministry's financial assistance scheme, or on the ComCare kindergarten subsidies scheme.
The micro-insurance scheme is renewable every year with the application and approval of financial assistance, and there is no waiting period.