NTUC Income revised the premiums for the Plus Rider in January this year to reflect the rising inflation in medical costs.
The latter, as Mr Chin correctly pointed out, has risen by between 10 and 30 per cent in the last three years.
Mr Chin purchased an Incomeshield Enhanced Basic Plan with Plus Rider (which covers both deductibles and co-insurance).
For the Basic Plan, Income is the only insurer to offer a Plus Rider,which is provided as an added benefit to our policyholders.
For other enhanced plans with more comprehensive coverage, premiums for the Plus Rider cost, on average, 30 per cent less than those of other insurers, making Income's pricing the most competitive in themarket.
Policyholders who wish to enjoy greater savings have the option of switching to the Assist Rider.
This caps their co-payment to an amount that can be paid out of Medisave, and offers a comparable level of protection against large hospital bills.
As a social enterprise, NTUC Income is mindful of its social responsibility to keep essential insurance affordable, accessible and sustainable to those who need it most.
We are committed to demonstrating our role in a tangible and responsible manner, by ensuring that the benefits offered to policyholders are fairly priced and sustainable in the long term.
We thank Mr Chin for giving us the opportunity to make these clarifications.
Ms Lee How Teck Senior Vice-President & General Manager Group & Health Department NTUC Income
