LUV

LUV

Affordable insurance for NTUC members that provides coverage for death, permanent disability and more.

What it covers

Death

We pay the sum assured in the event of death.

Total and permanent disability before the age of 65

We pay the sum assured in the event of total and permanent disability. In addition, we pay a further monthly payout of 1% of the sum assured for the next 12 months or until the insured reaches the age of 65 or until the insured dies, whichever is earliest.

Partial and permanent disability due to an accident [1] before the age of 65

We pay a percentage of the sum assured described in the table of compensation.

Hospital cash benefit

You can get a daily hospital cash benefit of up to $100 [2] for up to 365 days for each period of hospital stay in Singapore.

30 critical illnesses (for Deluxe cover only)

We pay the sum assured upon diagnosis of a critical illness [3] including major cancers, heart attack of specified severity and stroke. For angioplasty and other invasive treatment for coronary artery, payment is limited to 10% of the sum assured, subject to a maximum of $25,000.

Features

You can get 3% to 10% discount on your premium.

Years covered under LUV plan Premium discount
3 to 5 3%
6 to 10 5%
11 to 15 7%
More than 15 10%

Before you apply

You must be a NTUC member to apply for cover under LUV. If you take up this policy at 60 years old and below, you will be covered until the age of 70. If you take up this policy after 60 years old, you will be covered until the age of 65. To extend coverage to your husband or wife and children [4], they must also be a Singaporean, Singapore Permanent Resident or foreigner who is working or residing in Singapore.

  Minimum entry age Maximum entry age Maximum age of coverage
NTUC member and husband or wife 16 years old 64 years old 70 years old (if you take up this policy at 60 years old and below)
Child 15 days old 17 years old 25 years old [5]

You can choose from five different plan types (sum assured): $10,000, $50,000, $100,000, $150,000, and $200,000.

You can pay your premium either on a monthly or yearly basis and it will be deducted via your GIRO account with us. If you wish to pay your premium on a yearly basis, the yearly premium will be the monthly premium multiplied by 12 months.

The premiums that you pay are based on the sum assured and insured’s age next birthday. Premium rates will change when the insured enters a higher age band. Premium rates are not guaranteed and may be reviewed from time to time.

View premium rates for Basic and Deluxe covers

Important Notes

Footnotes

 
  1. Partial and permanent disability must happen within 90 days from the date of the accident.
  2. You will receive a daily hospital cash benefit of $100 ($5.00 for every $10,000 of the sum assured) if your sum assured is $200,000. Each stay in the hospital must be for at least six hours in a row unless the insured’s stay in the hospital is for a surgical operation, or the hospital bills for daily room and board charges. A waiting period of 30 days from the start date of the insured’s cover will apply, unless the insured’s stay in the hospital is due to an accident.
  3. For major cancer, coronary artery bypass surgery, heart attack of specified severity and angioplasty and other invasive treatment for coronary artery, a waiting period of 90 days from the start date or reinstatement date (if any) of the insured’s cover, whichever is later will apply. For the other remaining critical illnesses, a waiting period of 30 days from the start date or reinstatement date (if any) of the insured’s cover, whichever is later will apply.
  4. Your husband or wife and children will be eligible for the application of coverage only if you, as the insured and member of NTUC, are covered under the same LUV cover, unless your application has been declined or postponed by NTUC Income in view of underwriting. The sum assured or plan type for your husband or wife and children should not exceed your sum assured or plan type unless your sum assured or plan type has been reduced by NTUC Income due to underwriting reasons. If you end your policy, the cover for your husband or wife and children will end. The cover for your husband or wife will also end if you are separated or divorced from your husband or wife.
  5. This plan does not cover any claim or loss arising from insured taking part in full-time National Service.

Exclusions

 

There are certain conditions whereby the benefits under the plans will not be payable. You can refer to the policy contract for the precise terms, conditions and exclusions of the plans. The policy contract will be issued when your application is accepted.

Important Notes

 

This page is for general information only. You can find the usual terms and conditions of this plan in the master policy contract issued to to National Trades Union Congress (“NTUC”). The cover for this plan will automatically end upon the termination of the master policy by either NTUC Income or NTUC. All our products are developed to benefit our customers but not all may be suitable for your specific needs. If you are unsure if this plan is suitable for you, we strongly encourage you to speak to a qualified insurance adviser. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. This plan does not have any cash value.
This plan is underwritten by NTUC Income.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact NTUC Income or visit the websites of the General Insurance Association of Singapore (www.gia.org.sg), the Life Insurance Association, Singapore (www.lia.org.sg) or Singapore Deposit Insurance Corporation (www.sdic.org.sg).
 

Information is correct as of 20 April 2015

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