My most important contributions over 30 years in running NTUC Income were providing insurance protection at lower premiums and giving a better return to policyholders on their savings.
The payout from the maturity of life insurance policies and the cash values paid on terminated policies were much higher than similar policies taken with other insurance companies, in most cases reflecting a difference of more than 20%,
When a policyholder received a payout of $100,000 on his or her matured policy, a similar policy taken from another insurance company would have paid perhaps $80,000. The difference of $20,000 is a large sum for the policyholder from modest background. The yield earned in the past was likely to be more than 5% per annum.
The higher payout was possible as NTUC Income was managed frugally during my tenure, and expenses were kept low. Furthermore, a larger portion of the investment gains were given to the policyholders in the form of high rates of bonuses.
For motor and health insurance, policyholders would remember that they paid lower rates of premiums compared to similar policies in the market and claims were generally settled promptly and fairly.
Many policyholders had seen the premium rates on their motor insurance increased significantly in the years after I have left. Although the increase was attributed to escalation of repair costs, the same difficulty was also faced during my tenure but my colleagues still managed to keep the premiums at a lower level.
My colleagues and I, who shared the cooperative principles, had done the best that we could over the 30 years to deliver to more than 1 million policyholders - the benefits that can be provided when an organisation is run with the values of honesty, fairness, positive attitude, courage and public service. I hope that the policyholders appreciate the contributions that we had made towards the welfare of their families.
I wish to bring these same values to the office of the President of Singapore. The government has done well but the people of Singapore will benefit even more when the policies of the government are also made and implemented on these values, especially the value of public service. I will use the soft power of the President and adopt a constructive and cooperative approach to influence the government to improve some of its policies, where appropriate, so that they can bring a better life for the people.
Tan Kin Lian
Video of my 30 years
Text of statement
National Day message
The payout from the maturity of life insurance policies and the cash values paid on terminated policies were much higher than similar policies taken with other insurance companies, in most cases reflecting a difference of more than 20%,
When a policyholder received a payout of $100,000 on his or her matured policy, a similar policy taken from another insurance company would have paid perhaps $80,000. The difference of $20,000 is a large sum for the policyholder from modest background. The yield earned in the past was likely to be more than 5% per annum.
The higher payout was possible as NTUC Income was managed frugally during my tenure, and expenses were kept low. Furthermore, a larger portion of the investment gains were given to the policyholders in the form of high rates of bonuses.
For motor and health insurance, policyholders would remember that they paid lower rates of premiums compared to similar policies in the market and claims were generally settled promptly and fairly.
Many policyholders had seen the premium rates on their motor insurance increased significantly in the years after I have left. Although the increase was attributed to escalation of repair costs, the same difficulty was also faced during my tenure but my colleagues still managed to keep the premiums at a lower level.
My colleagues and I, who shared the cooperative principles, had done the best that we could over the 30 years to deliver to more than 1 million policyholders - the benefits that can be provided when an organisation is run with the values of honesty, fairness, positive attitude, courage and public service. I hope that the policyholders appreciate the contributions that we had made towards the welfare of their families.
I wish to bring these same values to the office of the President of Singapore. The government has done well but the people of Singapore will benefit even more when the policies of the government are also made and implemented on these values, especially the value of public service. I will use the soft power of the President and adopt a constructive and cooperative approach to influence the government to improve some of its policies, where appropriate, so that they can bring a better life for the people.
Tan Kin Lian
Video of my 30 years
Text of statement
National Day message
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