NTUC Income Home Insurance: Should You Get It?

NTUC Income Home Insurance: Should You Get It?

Affordable, well-rounded policy with optional building coverage great for homeowners and landlords

Good for

  • HDB homeowners seeking affordability & benefits
  • Landlords looking for low-price, high-value insurance
  • Landed property owners requiring comprehensive package at affordable price

Bad for

  • Those requiring high overall coverage limit
  • Wealthy homeowners with a lot of valuables (jewellery, watch, etc.)
  • Renters looking for high-value policy
  • Private property owners seeking cheap coverage

Editor's Rating

4.5/5.0

NTUC Income is one of our top picks for home insurance. With its focus on affordability and coverage breadth, NTUC Income offers some of the cheapest solutions that do not sacrifice key benefits. Not only that, its significant flexibility caters to the needs of almost any types of consumers. Although some of the luxury features important for wealthy consumers are below-average, we think NTUC Income's home insurance plans offer highly cost-effective solutions for the average person.

Table of Contents

This compares the cost of home insurance for 4-room HDB flats in Singapore from major insurance companies

NTUC Income Standard Plan for HDB Homeowners

NTUC Income's Standard Plan, which is the company's signature offering, represents one of the cheapest entry-level deals you can get on the market as an HDB owner. Thanks to its emphasis on affordability and coverage value, the Standard Plan will almost certainly have a place for you if you are a cost-conscious consumer looking to maximise the return on your investment.

Although NTUC is the cheapest home insurance option for HDB homeowners, its 4-room HDB plan offers S$45,000 of home renovation and S$32,500 of content protection, which should be good enough for most people. Not only that, NTUC Income's Standard Plan features more than 22 benefits premium perks rarely found in the entry-level space, compared to the market average of 14 features. These include generous family accident cover (S$50,000 vs. market average of S$32,000) and high sub-limits on lost cash (S$1,000 vs. market average of S$690) and bicycle (S$1,000, which is the highest in the market).

3-Room (S$)Mkt Avg (S$)4-Room (S$)Mkt Avg (S$)5-Room (S$)Mkt Avg (S$)
Price35.3193.4351.36138.0660.99212
Value ($Insured/$Premium)1,4879741,5091,1351,5581,189
Renovation30,00056,94045,00089,63055,000148,620
Content22,50023,14032,50040,59040,00071,900
Family Accident50,00050,00050,000
Liability to Third Party500,000500,000500,000
Alternative Accommodation5,2507,7509,500
Locks/Keys500500500
Food500500500
Legal Document500500500
Money1,0001,0001,000
Laptop/Desktop1,5001,5001,500
Valuables1,1251,6252,000
Pet500500500
Excess for Contents100100100

NTUC Income Standard Plan for Private Property Owners

In contrast to its HDB offering, NTUC Income's Standard Plan for private property owners is neither the most economical nor the best-value option. For instance, it costs S$122 for S$130,000 of sum insured, while Etiqa's Maxihome offers a 38% greater coverage at a 20% cheaper price and AXA's SmartHome comes with a 4% greater coverage at a 31% cheaper price. Not only that, NTUC Income lags behind in certain coverage areas such as third party legal liability (S$500,000 for NTUC Income vs. S$1,000,000 for Etiqa) sub-limits on valuables and artwork (little to no coverage for NTUC Income vs. industry-leading benefits for AXA). NTUC Income does offer the greatest family accidental death & injury coverage, but we don't think this is a game-changer as these benefits are normally offered under life insurances.

We think that the Standard Plan for private homes is not so attractive in the private home insurance space given its tough price tag and mediocre features compared to its peers. Landed property owners may want to consider NTUC Income's Comprehensive Plan, which comes with an additional building coverage plus the same benefits as the Standard Plan.

Plan 1 (S$)Mkt Avg (S$)Plan 2 (S$)Mkt Avg (S$)Plan 3 (S$)Mkt Avg (S$)
Price121.98114.92173.34168.89224.7272.25
Value ($Insured/$Premium)1,0668281,1549741,1791,030
Renovation75,00050,900125,00087,710165,000156,750
Content55,00023,600750,00041,760100,00079,540
Family Accident50,00050,00050,000
Liability to Third Party500,000500,000500,000
Alternative Accommodation19,50030,00039,750
Locks/Keys500500500
Food500500500
Legal Document500500500
Money1,0001,0001,000
Laptop/Desktop1,5001,5001,500
Valuables2,7503,7505,000
Pet500500500
Excess for Contents100100100

Flexible Plan For Tenants: Avoid NTUC Income

While NTUC Income does not offer policies specifically for tenants, they can build their own protection schemes under the Flexible Plan. Despite the market-beating price tag, the plan comes with a caveat: there is a minimum premium requirement that forces your plan to cost at least S$35.3. As a result, you must get at least S$24,300 of content coverage for your premium to meet the restriction. We think AXA SmartHome can be a better alternative in this budget space, since it's cheaper and provides slightly more coverage. NTUC Income is definitely a great choice if your coverage need goes beyond S$75,000, as AXA's policies only cover up to S$75,000 of home content.

NTUC Income (S$)AXA (S$)Mkt Avg (S$)
Cost per S$10,000 Content (HDB)14.567.38 - 12.5225.28
Cost per S$10,000 Content (Private)1925.84
Minimum Premium35.331.3
Minimum Coverage24,30025,000
Maximum CoverageNot specified75,000

Flexible Plans For Landlords: Stay With NTUC Income

NTUC Income's Flexible Plan stands out as the cheapest and best-value option in the landlord's insurance market. For the minimum premium of S$35.3, you can get home renovation coverage of S$144,000. In contrast, AXA's entry-level landlord's policy costs S$31.3 and offers only S$25,000 of coverage. NTUC Income yields a superb value ratio of S$4,082 insured per dollar of premium, compared to AXA's S$799 per dollar of premium. By combining market leading price and benefits, NTUC Income provides the best value for landlords looking to insure the cost of their home furnishing.

NTUC Income (S$)AXA (S$)Mkt Avg (S$)
Cost per S$10,000 Renovation (HDB)2.457.38 - 12.525.17
Cost per S$10,000 Renovation (Private)45.37
Minimum Premium35.331.3
Minimum Coverage144,00025,000
Maximum CoverageNot specified75,000

Comprehensive Plan: Best For Landed Property Owners

NTUC Income's Comprehensive Plan, the third form of insurance offering by the company, is a step-up from its comparable Standard policies with an added benefit of building coverage. While most HDB or private homeowners do not need this option, you will find the Comprehensive Plan useful if you do already not have a fire insurance policy (building insurance) on your property.

In terms of coverage quality, NTUC Income has unique advantages and vies with one competitor in this space, MSIG, as discussed in our Best Cheap Home Insurance article. We think that if you are a landed property owner with great building coverage needs, you should choose NTUC Income. On the other hand, if you are a landed property owner with many expensive household belongings, MSIG might be a smarter move. For instance, NTUC Income is 7% cheaper than MSIG for additional building coverage, and stands out on features such as bicycle, credit cards, and cash sub-limits. However, MSIG beats NTUC Income’s rate by 15% on additional contents, while offering greater accident & liability coverage, as well as higher sub-limits on valuables like jewellery and art pieces.

NTUC Income Comprehensive Plan 2 (S$)MSIG HomePlus Superior (S$)Market Average(S$)
Price295.32326.35421
Value ($Insured/$Premium)1,1791,1621,067
Building350,000350,000 NA
Renovation125,000115,000146,110
Content75,00080,00075,140
Additional rate (S$10,000 renovation)4.004.285.37
Additional rate (S$10,000 content)19.0016.0525.84
Family Accident50,00075,000
Liability to Third Party500,0001,000,000
Alternative Accommodation20,00019,500
Locks/Keys500750
Food500750
Legal Document500 0 or Unspecified
Money1,000750
Laptop/Desktop1,5006,000
Valuables3,75024,000
Pet500750
Excess for Contents100100
* These two plans are shown to represent the typical needs of high-profile landed homeowners. NTUC Income's Plan 2 is the second cheapest among the four tiers in the Comprehensive Plan.

Final Thoughts

NTUC Income consistently ranks as our favorite pick for home insurance, thanks to its market-beating rates and standard benefits across the board. Despite the shortcomings in regards to its valuables sub-limit, the insurance social enterprise offers high value, ample benefits, and honest pricing for the average household. With some exceptions, we think you should be able to find a place in one of NTUC Income's versatile offerings and enjoy peace of mind. If you'd like to learn more, please take a look at our list of the best and cheapest home insurance plans in Singapore.

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