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Income Life Insurance: How Competitive Are Its Plans?

Value-for-money coverage perfect for customers looking for flexible whole life coverage
Promo: Get up to 20% off the first year premium

Income Life Insurance: How Competitive Are Its Plans?

Value-for-money coverage perfect for customers looking for flexible whole life coverage


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  • Death and terminal illness coverage up to age 99
  • Flexible protection periods offered
  • Guaranteed renewal when policy expires


  • Total and permanent disability coverage only offered up to age 65
  • Add-on required for dread disease coverage
Promo: Get up to 20% off the first year premium

Income offers a variety of life insurance products. This review will cover two of Income's products: DIRECT Term Life and iTerm Life. These products can be suitable for people who are ready to purchase a policy online without receiving financial advice. In general, we found that the Direct Term Life plan is more competitive than the iTerm Life plan. DIRECT Term Life premiums averaged -6% below average compared to the industry average for term life plans that you can buy online. On the other hand, iTerm Life plans cost below the industry average for smaller sums, but start to become rather pricey compared to competitors for higher sums (S$200,000+)

Table of Contents

Summary of Income's Life Insurance Plans
DPI Term Life plan costs below average for most people who purchase lower sum plans (S$50,000-S$100,000)
The iTerm plan is less competitively priced than the market average for most policy tenures and sum insureds
DPI Term LIfe plan also becomes less competitive for coverage amounts greater than $200,000
Current credit rating: AA-
ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal

Direct Term Life Insurance Plan

Income (NTUC Income)'s DIRECT Term is a term life Direct Purchase Life Insurance plan that you can buy online without getting financial advice. It provides between S$50,000-S$400,000 of coverage for death, terminal illness and total and permanent disability (before age 65). You can choose a plan tenure of 5 years, 20 years or age 64 (age last birthday). Similar to other DPI plans on the market, you will have guaranteed renewal when your policy expires if you choose the 5 year plan and you can continue to renew until you turn 84. You can choose to pay your premiums monthly, quarterly, half-yearly or yearly.

Sum InsuredPlan TenureAge 25Age 35Age 45
S$50,0005 YearsS$2.85S$3.35S$6.30
20 YearsS$2.90S$4.70S$11.90
Age 65S$4.70S$6.95S$11.00
S$200,0005 YearsS$10.75S$12.65S$23.80
20 YearsS$10.95S$17.75S$45.00
Age 65S$17.75S$26.25S$41.60
S$400,0005 YearsS$20.85S$24.50S$46.10
20 YearsS$21.25S$34.40S$87.10
Age 65S$34.40S$50.85S$80.50
Monthly Premiums are for non-smoking males and do not include the Critical Illness rider. Prices are subject to change. Last updated 09/2020

We found that premiums for Income's DIRECT Term Life are generally cheaper than the average DPI term life plan. However, the discount you may get compared to other plans on the market varies based on your age and the sum insured you want. For instance, we found that consumers who want small levels of coverage will see premiums that are much more competitively priced than consumers looking for coverage amounts greater than S$200,000. For instance, while you may pay 9-30% below market average for S$50,000-S$100,000 of coverage, your premiums will increase to around the market average to 13% above average for coverage amounts of S$200,000 and above. Thus, while it may not be the cheapest term life DPI plan on the market, it may still be an attractive option for consumers looking for smaller amounts of coverage.

Income iTerm Term Life Insurance

Income's (formerly NTUC Income), iTerm life insurance plan is a term life insurance offering that provides up to S$500,0000 of coverage for death, terminal illness and total and permanent disability (before age 70). It is a traditional term life plan that allows you to purchase it online without going through a financial advisor. It also offers guaranteed renewal and you'll be covered until age 84 (last birthday). There are a variety of coverage periods, ranging from 5 and 35 years to coverage until a specific age (54, 64,74 age last birthday) with the option to pay your premiums monthly, quarterly, bi-annually and annually. Lastly, Income iTerm offers 6 different optional add-ons if you want to add extra coverage for hospital stays.

Sum InsuredPlan TenureAge 25Age 35Age 45
S$100,0005 YearsS$5.80S$6.96S$12.92
20 YearsS$6.32S$10.40S$26.56
Up to Age 65S$11.44S$17.52S$24.72
S$200,0005 YearsS$10.56S$12.64S$23.52
20 YearsS$11.52S$18.88S$48.36
Up to Age 65S$20.80S$31.84S$44.96
S$400,0005 YearsS$19.84S$23.76S$44.2
20 YearsS$21.64S$35.48S$90.84
Up to Age 65S$39.12S$59.84S$84.52
Monthly Premiums are for non-smoking males and do not include the Critical Illness rider. Prices are subject to change. Last updated 09/2020

In terms of price, we found that iTerm is less competitive than other term life plans on the market. First, plans that provide coverage up to age 64 (ALB) cost between average to 20% above average regardless of your choice of sum insured or your age and gender. Similarly, 20-year plans also cost average to 23% above average for term life plans. Due to the higher price, you may find cheaper term life plans with other insurers like FWD. The maximum coverage amount of S$500,000 may also be too low for your needs. In this case, you might find traditional term life plans that provide greater coverage amounts to be more suitable.

Optional Riders & Add-ons

Income's DIRECT-Term life insurance plan offers a dread disease rider (aka a critical illness rider) that will provide you with a 100% payout should you be diagnosed with a critical illness that is covered under their policy. The exception is angioplasty and invasive coronary artery treatments, which will receive a payout of 10% of the sum assured, subject to a maximum amount of S$25,000. The add-on will continue for the original sum minus the payout for angioplasty and invasive coronary artery treatment.

Income's iTerm has 6 riders to choose from: 1 hospital cash rider, 2 protection riders and 3 premium waivers.

Hospital CashAidProvides payouts in event of hospitalisation
Essential ProtectReceive sum assured of rider in event of death, TPD (before age 70), terminal illness or critical illness (restrictions apply)
Total ProtectReceive sum assured in the event of diagnosis of early, intermediate, or late stage dread diseases. Additional Advanced Restoration Benefit which provides extra coverage for stroke with permanent neurological deficit, major cancers and heart attack of specified severity after early or intermediate stage dread disease claim is made
Payor Premium WaiverFor insured who are not policyholders. Waives future premium payments for basic policy that you bought for someone else if death, TPD occurs during rider's term period.
Enhanced Payor Premium WaiverWaives future premiums for basic policy you bought for a loved one if you die, become TPD, diagnosed with dread disease (exceptions apply) during rider's term period.
Dread Disease Premium WaiverWaives future premiums for basic policy if you are diagnosed with dread disease during rider's term period.
Each of these riders have applicable terms and conditions. Please see website for more details and exclusions.

Policy Exclusions

Income will not pay out claims due to suicide that occurs within the first year of your policy. TPD benefits will also not be paid out if the insured is younger than 65 still able to hold a job (even if it's not the same job they were able to have before the accident). If the insured is older than 65, but under 70, the disability must be severe. For the iTerm plan, disability benefits will also not be paid out if the disability is a direct result of self-inflicted injuries, unlawful acts or drugs/alcohol.

Claims & Contact Information

You have to file a term life insurance claim within 6 months of a death or TPD/terminal illness diagnosis. Depending on who you bought the policy from, you can either contact your financial advisor at PolicyPal or Income.

Contact Information
Customer Service Hotline+68 6788 1122
Contact E-mailEnquiry Form
Making a ClaimClaim Forms
PolicyPal Customer Service+65 3163 9184
PolicyPal Claims (if policy was bought from PolicyPal)[email protected]

Income Term Life Insurance Summary & Benefits

A life insurance plan can be a long-term financial responsibility. While some plans may be beneficial for your needs, others may not. It is prudent to do your due diligence and speak with an advisor if you are unsure about a product and how it applies to your financial situation. If you would like to learn more about life insurance, you can read our guide to the top life insurance plans available in Singapore.

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Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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