To support more children and youths in need in Singapore, ICMIF member NTUC Income (Income) is expanding the Income Family Micro-Insurance Scheme (IFMIS).
The expansion, which came into effect on 1 July 2022, will see IFMIS extend insurance protection to about 54,000 eligible students in Singapore, up from over 46,500 students currently eligible for IFMIS as of early 2022.
This expansion will cover children from Ministry of Education (MOE) Kindergartens (MKs) who are under the Early Childhood Development Agency’s Kindergarten Fee Assistance Scheme (KiFAS), students in Independent Schools (ISes) who are under MOE’s Independent School Bursary (ISB), as well as students in government-funded Special Education (SPED) schools who are under the SPED FAS.
NTUC Income’s CEO, Andrew Yeo, said, “In times of crisis and especially in unforeseen circumstances, low-income families are particularly vulnerable if death or total permanent disability were to strike a parent or guardian who is the family’s sole breadwinner. In such situations, children and youths may be at risk of dropping out of school. At Income, we believe children and youths are our future and that education levels the playing field for all students regardless of their backgrounds so that they can realise their potential.”
IFMIS currently offers insurance protection, at no premium, to students from low-income families in NTUC First Campus’ My First Skool, as well as MOE FAS recipients from Primary, Secondary, Pre-University and Specialised Schools across Singapore. From 1 July 2022, to be eligible for IFMIS, a student must be:
- Enrolled in a MK and is a recipient of KiFAS; or
- Enrolled in NTUC First Campus’ My First Skool and whose Gross Household Income or Per Capita Income does not exceed SGD 4,500 a month or SGD 1,125 a month respectively; or
- Studying in a local primary, secondary, pre-university or specialised school and is a recipient of the MOE FAS; or
- Studying in an IS and is a recipient of the MOE ISB and whose Gross Household Income or Per Capita Income does not exceed SGD 2,750 a month or SGD 690 a month respectively; or
- Studying in a government-funded SPED school and is a recipient of the SPED FAS.
Created to offer support to children and youths in need from low-income families in times of crisis, IFMIS pays out SGD 5,000 to families in the unfortunate event that a parent or guardian of an eligible student passes away or suffers total permanent disability. To date, IFMIS has disbursed over SGD 1.86 million in claims to more than 330 families.
“As part of our renewed sustainability strategy, we recently pledged $100 million over 10 years in support of causes that champion the low-income, especially education for underprivileged children and youths, seniors and the environment. The expansion of IFMIS is the first of a pipeline of community development initiatives that Income will be embarking on as we transition to a corporate entity. Through IFMIS, we are glad to be able to support more eligible students in difficult circumstances so that they are empowered through education and be future ready to contribute positively to society.”
Divisional Director of Finance and Procurement Division, Ministry of Education, Mr Clarence Tang, said, “MOE is pleased that through this expansion of IFMIS, Income will further extend insurance coverage, at no premium, to students in our kindergartens, special education, and independent schools. We are glad to continue this partnership with Income to support children and youths in need.”