SINGAPORE - Breadwinners of needy families will get free personal accident insurance for five years under a new initiative funded by Maybank Singapore and Etiqa Insurance.
Both companies will commit $1.55 million to a new fund over the next three years to equip families with financial literacy skills and shore them up through the free insurance plan and matched savings programmes.
Singapore's Office of the Mayors, representing the five Community Development Councils (CDCs), signed a Memorandum of Understanding (MoU) with Maybank Wednesday (Nov 21) to launch the Maybank Family Fund @ CDC.
Guest-of-honour Desmond Lee, Minister for Social and Family Development and Second Minister for National Development, witnessed the signing of the MOU between Ms Low Yen Ling, chairman of Mayors' Committee and mayor of South West District, and Dr John Lee, country CEO and CEO of Maybank Singapore.
"The MoU will seek to uplift low income and vulnerable families over three years in three areas: their livelihood and employability, as well as protection and financial education for the family," said Ms Low.
According to Ms Low, $1.25 million from the Fund will go to into funding programmes with a focus on improving social mobility.
Eligible families will receive financial education on the values of good saving habits, and financial planning on budgeting and managing their money.
Additionally, under the Fund, all five CDCs will roll out the "eProtect family @ CDC" for eligible low-income families. This free personal accident insurance scheme, which will be provided by Etiqa Insurance, insures breadwinners and a maximum of six of their dependents for five years, up from the previous two.
Each insured person is insured for up to $50,000 in the event of accidental death or accidental permanent disablement.
"We look forward to empowering low-income households to save regularly with matched funding from Maybank, and providing a financial safety net for them through complimentary insurance coverage," said Dr Lee at Wednesday's launch.
He added: "We are excited to embark on a new three-year partnership with all five CDCs under the People's Association, to support programmes which provide financial empowerment, livelihood and employability for low-income families."