Journeying hand in hand with Singaporeans: 55 years of growing together

When her grandmother was hospitalised for a heart attack and subsequent health complications in 2015, Ms Tay and her extended family had to foot a bill of almost half a million dollars as their grandparents did not have insurance. “After that, we all bought policies,” she adds.

Her Enhanced IncomeShield plan with Plus Rider paid for her own surgery and hospitalisation. It has continued to cover her follow-up treatment and medication to date, totalling about $160,000. At the same time, she also claimed a $93,000 lump sum and $100 daily for 30 days from her critical illness plan when she was at home recovering from the surgery, which helped with expenses.

“If I didn’t have the policies, things would have been really bad,” she says. “With insurance, I could focus on getting well. Even my doctor commented that my recovery was quite good.”

Ms Tay’s story, like that of many others, underscores how health insurance can be a lifeline in times of need, sparing families from the financial strain of a medical crisis.

These are not just customer stories. They are snapshots of Income Insurance’s 55-year journey – one that began in 1970 with a simple but revolutionary idea: insurance should be for everyone, not just the privileged few.

When Income Insurance started as Singapore's first and only insurance cooperative for workers, the purpose was crystal clear: make insurance protection competitive and accessible to those who needed it most but could afford it least. Low-income workers finally had an option for essential coverage.

Even then, maintaining a financially sustainable model was paramount. As Dr Goh Keng Swee, Singapore's first finance minister, noted at the time: “Income is being run on a sound business profit and loss basis. This is as it should be, for a cooperative must be run like any other commercial enterprise. In this respect, a cooperative cannot expect preferential treatment from the Government… They must sink or swim on their own merit.”

That balance – purpose with business sustainability – became the company's DNA. As current chief executive officer Andrew Yeo puts it: “Our ability to continue delivering on our social objectives and investing in communities – another one of our priorities – is dependent on the company doing well.”

A year later, as the Government took steps to moderate rising healthcare costs, the insurer launched IncomeShield, with premiums payable through MediSave (up to the additional withdrawal limits), to aid Singaporeans and permanent residents in meeting higher medical costs. The plan offers higher hospitalisation coverage on top of MediShield Life and reduces out-of-pocket costs with optional riders.

Mr Yeo says: “Through the decades, we continue to create relevant and accessible products and services that help people close protection gaps.”

For low-income families, a sudden crisis can disrupt both home life and a child’s education. To support children through such challenges, Income Insurance introduced the Income Family Micro-Insurance Scheme (IFMIS) in 2010.

It provides premium-free coverage for pre-schoolers and students under the Ministry of Education Financial Assistance Scheme, offering protection if a parent or guardian passes away or becomes disabled. Today, the IFMIS covers more than 51,000 children and youth from lower-income families in Singapore.

As Singapore embraced greater inclusivity, Income Insurance extended protection to those traditionally excluded from coverage. In 2013, it pioneered coverage for persons with autism and later extended it to those with Down syndrome through its SpecialCare products.

At the same time, Singapore’s ageing population presented another pressing need – making sure seniors stayed covered as health risks increased with age. In 2012, Income Insurance debuted SilverCare Insurance and subsequently Silver Protect in 2016. The former offers seniors affordable protection against accidents and infectious diseases, while the latter provides coverage for early and advanced stage cancer. Both initiatives reflect Singapore’s goal in helping seniors get better protection in a soon-to-be-super-aged society.

But protection is also about adapting to the way people live and work.

As flexible and freelance work became more prevalent in Singapore's workforce, Income Insurance launched microinsurance SNACK in 2020 to enable users to seamlessly integrate and stack insurance coverage through lifestyle activities like shopping and jogging.

Amid growing conversations about mental health, the insurer launched Star Secure Pro in 2022, a whole life insurance plan that also covers mental health conditions, including major depressive disorder and schizophrenia, through an optional rider. Complete Life Secure, another whole life plan, also supports policyholders’ children by providing counselling sessions to them via the new Child Secure Project when a parent faces critical illness.

In recent years, Income Insurance has worked to help people stay financially protected during serious illnesses. Last year, it launched Complete Critical Protect, Singapore’s first plan that lets policyholders buy a specified new term plan even after being diagnosed with advanced stage critical illness or an impairment of the heart, lungs or kidneys. This matters because most people lose insurability after such diagnoses, but the plan ensures they can still secure coverage for themselves.

Protection now also covers how Singaporeans travel, with more people taking short, last-minute trips. FlexiTravel Plus lets travellers buy insurance by the hour, so they only pay for what they need. And they can even purchase it after leaving Singapore – perfect for quick getaways.

With the growing role of pets in families, coverage has been extended to include them too. “Over the years, we’ve seen a rise in pet ownership, especially during the Covid-19 crisis, so we rolled out our Happy Tails pet insurance in 2021,” says Mr Yeo. The plan covers accidental outpatient expenses, surgical and chemotherapy expenses for dogs and cats.

Beyond new products, Income Insurance also supports customers through services that ease stressful moments in everyday life. When administrative healthcare worker Gururaj Thulesiram’s car was hit from behind at a traffic light last year, help arrived the same day. Orange Force, a dedicated accident response team from Income Insurance, met him to understand what happened – even though he did not need to file a claim.

Mr Gururaj, 43, says Orange Force was one reason he chose Income Insurance’s Drivo Car Insurance. “They came at a time that suited me and handled everything. I remember when my dad got into an accident previously, we had to do all the paperwork ourselves with the previous insurer. This time, there was no stress – I could just carry on with my day with peace of mind.”

Says Mr Yeo: “To stay attuned to needs on the ground, we regularly listen to and learn from the people we serve. Last year, we spent 300 hours speaking with customers through 150 Customer Connect sessions, to understand what matters to them.”

Today, Income Insurance continues to stay ahead by preparing for future needs. Mr Yeo notes: “We are navigating a world that is constantly evolving. We are dealing with climate volatility, social shifts and economic disruptions, as well as medical inflation, which has been our biggest challenge, coupled with an ageing population.”

These community efforts, among others, are backed by strong finances, including an AA-S&P rating and $43.3 billion in assets last year.

In their own ways, each effort reflects a deeper belief: that doing good is part of doing business.

Mr Yeo observes: “Insurance is fundamentally a people business.” Whether it’s strengthening support for caregivers, offering protection, savings and investment products for the next generation, or driving sustainability initiatives for the planet, Income Insurance remains what it has always been: a home-grown insurer dedicated to serving everyone who calls Singapore home.

Important notes

^{^}Income Insurance data as of June 30, 2025.

This article is for informational purposes only and does not constitute an offer, recommendation, solicitation or advice to buy or sell any product(s). The terms, conditions and exclusions of the product mentioned are specified in the policy contract. All Income Insurance products are developed to benefit their customers, but not all may be suitable for your specific needs. If you are unsure if the product is suitable for you, speak to a qualified insurance adviser. Protected up to specified limits by SDIC. (applicable for any Income product that falls under the Policy Owners’ Protection Scheme) This advertisement has not been reviewed by the Monetary Authority of Singapore.

Information is correct as at Oct 22, 2025.