In January of this year NTUC Income, Singapore insurer and ICMIF member, announced that it would make an exceptional payout of 15,000 USD under its Student Protection Plan to the family of a nine year old schoolchild, Lee Yu Heng. Sadly the young boy was hit by a car just a few steps away from his school, the Sembawang Primary School, and subsequently died as a result of his injuries.
The school had already decided to award the contract for their Student Protection Plan insurance cover to NTUC Income. The plan insures students for death, disability and medical expenses arising from accidents at the school. However, the accident occurred while the paperwork had yet to be signed and so NTUC Income’s were not legally obliged to pay out on the policy. However, NTUC Income chose to honor the intent of the contract and make an exceptional payout to the boy’s family.
Ms Lee How Teck, Senior Vice President & General Manager of NTUC Income’s Group & Health Division said: “NTUC Income decided to examine the broader goal of the protection plan and honour the commitment to the school’s students.
“NTUC Income felt it was the right thing to do to put people above processes since people are at the heart of our decision making and in everything we do. It also reflects our philosophy of settling claims quickly, fairly and in the spirit of the purpose of insurance.”
“Our hearts go out to the family of Yu Heng. We hope the payout will help provide some relief to Yu Heng’s family in this trying time.”