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Income Insurance (NTUC Income)

Income Insurance Limited

82.7Score

★★★★☆4.2

Customer satisfaction · 2.0M members

S&P: A+(2025)Fitch: A+(2025)Seedly: Best Value IP Provider(2026)

Income Insurance (formerly NTUC Income) is a social enterprise-origin insurer offering the most affordable Integrated Shield Plans in Singapore. Its Enhanced IncomeShield consistently has the lowest premiums across all IP tiers, reflecting its mission to make insurance accessible to all Singaporeans.

Overall Score

82.7/100

Founded

1970

Headquarters

Singapore

Type

hybrid

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Key Metrics

Ip Plan

Enhanced IncomeShield

Premium Level

Lowest in market

Tiers

Basic / Advantage / Preferred

Heritage

Social enterprise / cooperative origin

Editorial Ratings

S&P: A+(2025)

Rating: A+ (max: AAA)

80S&P

Fitch: A+(2025)

Rating: A+ (max: AAA)

80Fitch

Seedly: Best Value IP Provider(2026)

Rating: Best value IP (lowest premiums) (max: Best value)

88Seedly

Coverage Highlights

✓Enhanced IncomeShield — consistently lowest premiums across all IP tiers
✓Three-tier IP offerings: Basic, Advantage, and Preferred
✓Social enterprise heritage — mission to make insurance accessible
✓Snack by Income digital platform
✓Policy year claim limits: S$250K / S$500K / S$1.5M

Pros

✓Consistently lowest premiums in the market
✓Social enterprise ethos — customer-first approach
✓Simple, transparent product structures
✓Good digital platform (Snack by Income)

Cons

✗Lower annual claim limits than competitors
✗Day surgery claims limited to S$5,000 per procedure
✗Transitioning corporate structure may affect mission

Frequently Asked Questions

Why does NTUC Income have the lowest IP premiums?

Income Insurance has a social enterprise heritage with a mission to make insurance accessible. Its Enhanced IncomeShield is designed for affordability, though claim limits are lower than premium competitors.

What are the Enhanced IncomeShield tiers?

Enhanced IncomeShield offers three tiers: Basic (S$250K annual limit), Advantage (S$500K), and Preferred (S$1.5M), each covering different ward classes.

Is NTUC Income still a social enterprise?

Income Insurance was originally founded as NTUC Income, a cooperative. It has since corporatized but maintains its mission of making insurance accessible to all Singaporeans.

What is Snack by Income?

Snack by Income is a digital platform that allows users to micro-insure daily activities, automatically purchasing small insurance coverage linked to lifestyle activities.

Quick Summary

InsurerIncome Insurance (NTUC Income)

Country🇸🇬 Singapore

Overall Score82.7/100

Satisfaction4.2/5

Members2.0M

Typehybrid

Founded1970

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