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Income Travel Insurance Review: Types, Fees and More

Yen Joon

Yen Joon

Last updated 14 September, 2023

What is Income Travel Insurance? Is it Worth it?

One of the biggest names around when it comes to travel insurance that you’ve definitely seen a lot of when researching, and one of the few that offers coverage for pre-existing conditions, Income travel insurance definitely needs no further introduction.

However, when compared to other travel insurance providers like MSIG, Singlife, and FWD, Income is definitely on the pricier end. Let’s find out if Income is worth the extra splash of cash!

 


 

 

 


Why do you need a travel insurance policy?

But before we dig into the details, you may be wondering if you even require a travel insurance plan in the first place. Afterall, isn’t flying supposedly safer than driving a car?

Well, a travel insurance policy isn’t just when things go seriously wrong. It can also help to mitigate the negative impact of smaller – but no less annoying – mishaps. With a proper plan in place, the policyholder is entitled to benefits during the period of insurance across many events that commonly happen during travel. 

Some good examples are losing your travel documents, damage of baggage, and even travel delays due to natural disasters. Should your flight be postponed due to extreme weather, the airline may not compensate you for having to stay an extra night or two. 

With a travel policy, however, you can make a claim for reimbursement should you encounter difficulty during your trip, allowing for greater peace of mind during travel.

 

 


Income Travel Insurance coverage

1. Coverage for pre-existing medical conditions and emergency evacuation (for Income Travel Insurance Enhanced PreX only)

Income is one of the three insurance providers in Singapore (the other two being MSIG and TIQ) that provides coverage for pre-existing medical conditions, such as asthma, eczema, diabetes and high blood pressure.

You can avail yourself of these benefits by choosing the Income Enhanced PreX version of the policy.

It's worth noting that Income’s Travel Insurance plans combine overseas medical and emergency evacuation limits together, resulting in lower overall coverage. In contrast, both MSIG and TIQ offer separate limits for both claims. 

 

 

2. COVID-19 coverage

This plan also covers COVID-19-related inconveniences such as trip cancellations/postponements, medical expenses, quarantine allowance, evacuation costs, and more.

This allows you to recover pre-booked accommodation expenses should you be forced to cancel your trip due to the disease.

Also read: Best Travel Insurance Plans With COVID-19 Coverage

 

 

3. Sports coverage

Income Travel Insurance provides comprehensive sports cover. You’ll be protected when indulging in all manner of outdoors and sports activities such as hiking, skiing, scuba diving, skydiving and more.

If you need more information, do read the policy contract for more details.

4. Coverage for overseas medical expenses, personal accidents, baggage loss, etc.

Aside from COVID-19 coverage, Income Travel Insurance also provides good coverage for various benefits, including personal accidents (up to S$200,000), trip cancellations (up to S$15,000), baggage loss (up to S$8,000), travel delays (up to S$2,000), and more.  

 

 


List of exclusions

  • Pre-existing conditions (except for PreX plans)

  • Pregnancy coverage

  • Cosmetic or elective surgery

  • Metastatic or terminal illness

  • Items taken/destroyed by customs officers

  • Extreme sports

  • Fragile items, antiques, dentures, artefacts

  • Baggage checked in separately or unattended items

  • Business goods

  • Sports equipment

You may see the full list of exclusions here.


Travel Insurance Plans and Pricing

Income offers two travel insurance plans:

  • Income Travel Insurance Standard
  • Income Insurance Enhanced PreX

As previously mentioned, the difference is that the Enhanced PreX plans provide coverage to the insured person for pre-existing medical conditions, while the Standard plans do not.

Both plans are further divided into three tiers, which provide different coverage amounts:

  • Income Travel Insurance Standard: Classic, Deluxe, and Preferred

  • Income Enhanced PreX: Basic PreX, Superior PreX, and Prestige PreX

Let’s take a look at the plans and coverage amount (per insured person for adults below 70 years old):

Income Travel Insurance Standard

Plan type

Classic

Deluxe

Preferred

Overseas medical expenses

S$250,000

S$300,000

S$350,000

Emergency medical evacuation

Combined with medical expenses

Combined with medical expenses

Combined with medical expenses

Personal accident

S$100,000

S$125,000

S$200,000

Travel delay (S$100 every six hours)

S$1,000

S$1,500

S$2,000

Trip cancellation

S$5,000

S$10,000

S$15,000

Baggage loss

S$3,000

S$5,000

S$8,000

Baggage delay (S$200 every six hours)

S$1,200

S$1,200

S$2,000

Sports coverage

Included

Included

Included

COVID-19 coverage

Included

Included

Included

Income’s Standard plans offer the standard (pun intended) coverages you’d expect from a travel insurance plan, including medical expenses, personal accidents, trip cancellations, and baggage delays.

On top of this, all their plans come included with COVID-19 benefits, which is something that isn’t available in most travel insurance plans.

Lastly, you’ll also get coverage for medical expenses ranging from S$250,000 to S$350,000.

However, while this is adequate for most, remember that the limit is shared with emergency medical evacuation, so the coverage may not be enough if you need emergency medical treatment and a flight back to Singapore.

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Income Enhanced PreX Travel Insurance plans

Plan type

Enhanced PreX Basic

Enhanced PreX Superior

Enhanced PreX Prestige

Overseas medical expenses

S$500,000

S$500,000

S$1,000,000

Overseas medical expenses, emergency evacuation and repatriation (for pre-existing conditions)

S$150,000

S$150,000

S$300,000

Emergency medical evacuation

Combined with medical expenses

Combined with medical expenses

Combined with medical expenses

Personal accident

S$200,000

S$200,000

S$500,000

Travel delay (S$100 every six hours)

S$1,500

S$1,500

S$2,000

Trip cancellation

S$10,000

S$10,000

S$15,000

Baggage loss/damage

S$5,000

S$5,000

S$8,000

Baggage delay (S$200 every six hours)

S$1,500

S$1,500

S$2,000

COVID-19 coverage

Included

Included

Included

 

 

Income’s PreX plans offer S$150,000 to S$300,000 to cover medical expenses and emergency evacuation. But as we’ve pointed out, the downside is that the limits for both are shared. You’ll also get coverage for overseas medical treatments, emergency evacuation, or travel inconveniences (including accommodation expenses)if they’re related to your pre-existing condition.

You can also claim up to 50% for travel inconveniences (cancellations, postponements, delays) if you buy their Superior or Prestige plans. Though, keep in mind that you need to co-pay 50% of the amount too, should you make a claim.

Like many other travel insurance plans, the premiums are based on the plan and your travel destination. In general, the farther you travel, the higher the premium.

Income offers yearly and single-trip plans for both individuals and families to several destinations around the world. Here’s the list of countries/regions that are covered under Income Travel Insurance:

ASEAN

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, Vietnam

Asia

All ASEAN countries and Australia, China (except Mongolia and Tibet), Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, Taiwan

Worldwide

All countries

Countries not covered

Afghanistan, Iraq, Liberia, Sudan, and Syria

Here are the premiums for its Standard and PreX plans:

Income Travel Insurance Standard

Income Travel Insurance plan type

Classic

Deluxe

Preferred

Price (ASEAN)

S$61 per week

S$75 per week

S$98 per week

Price (Asia)

S$70 per week

S$88 per week

S$122 per week

Price (global)

S$137 per week

S$156 per week

S$195 per week

Income Enhanced PreX

Income Travel Insurance plan type

PreX Basic

PreX Superior

PreX Prestige

Price (ASEAN)

S$102 per week

S$128 per week

S$149 per week

Price (Asia)

S$121 per week

S$156 per week

S$183 per week

Price (global)

S$194 per week

S$240 per week

S$277 per week

Not surprisingly, Income’s PreX plans are priced higher due to the pre-existing coverage. The cheapest PreX plan would cost you S$102 for a week for a trip to ASEAN countries.

Let’s see how Income compares against other popular travel insurance plans such as MSIG, FWD, and TIQ.

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SingSaver's Exclusive MSIG TravelEasy Insurance Promotion: Get up to 40% off and receive up to $40 Grab Voucher when you buy NOW! Valid till 31 March 2024. Also receive an Apple AirTag (worth S$45) with every application (min $60 premium). Valid till 29 February 2024.

 

MSIG TravelEasy has been enhanced to provide better travel protection with over 50 benefits and COVID-19 coverage.


Income vs MSIG vs FWD vs TIQ 

Insurance plan

Income Travel Insurance

MSIG TravelEasy

FWD Travel Insurance

TIQ Travel Insurance

Price (per week)

S$61 to S$195

S$61 to S$205

S$30 to S$87.60

S$39 to S$72

Overseas medical expenses

S$250,000 to S$350,000

S$250,000 to S$1,000,000

S$200,000 to S$1,000,000

S$200,000 to S$1,000,000

Emergency evacuation

Combined with medical expenses

S$1,000,000

Unlimited

S$1,000,000 to S$1,800,000

Trip cancellation

S$5,000 to S$15,000

S$5,000 to S$15,000

S$7,500 to S$15,000

S$5,000 to S$10,000

Travel delay

S$1,000 to S$2,000

S$500 to S$1,500

S$300 to S$1,000 (S$100 every six hours)

S$300 to S$500

Buggage loss/ Loss of personal belongings

S$3,000 to S$8,000

S$3,000 to S$7,500

S$300 to S$1,000

S$2,000 to S$3,000

Buggage delay

$150 every six hours (max S$600)

S$200 every six hours (max S$1,000)

S$150 to S$900 (S$150 for every six hours)

S$200

COVID-19 coverage

Included

Included

Add-on

Add-on

Among the four, Income has the highest coverage for baggage loss, and its travel delay coverage is also higher than FWD and TIQ. For baggage delay, the coverage is pretty much similar across the board.

Conversely, MSIG, FWD and TIQ all offer higher overseas medical expenses and emergency evacuation coverage compared to Income. Income Travel Insurance is more expensive than FWD and TIQ, but slightly cheaper than MSIG.


FWD

 

SingSaver's Exclusive FWD Promotion: Use the promo code ENDFEB to get a 25% discount on Single Trip and on Annual Trip plans! Valid till 25 Feb 2024. Plus, receive an Apple AirTag (worth S$45) with every application (min $60 premium). Valid till 29 February 2024. Additionally, buy now to receive:

  • 8 Max Miles on Heymax for every dollar spent on your premium (transferrable to 20+ popular airline or hotel partners at 1:1 ratio). Learn more about Max Miles . Valid till 29 February 2024.
  • OR a 1GB Airalo eSIM before you fly (with min net premium of S$60). Valid till 29 February 2024.
 
 

Income Enhanced PreX vs MSIG TravelEasy Pre-Ex vs TIQ Travel Insurance Pre-Ex

Insurance plan

Income Enhanced PreX

MSIG TravelEasy Pre-Ex

TIQ Travel Insurance Pre-Ex

Price (per week)

S$102 to S$277

S$70.50 to S$192.50

S$93 to S$254

Overseas medical expenses (for pre-ex conditions)

S$150,000 to S$300,000

S$75,000 to S$150,000

S$75,000 to S$150,000

Emergency evacuation (for pre-ex conditions)

Combined with medical expenses

S$100,000 to S$200,000

S$150,000 to S$200,000

Trip cancellation

S$10,000 to S$15,000

S$5,000 to S$15,000

S$5,000 to S$10,000

Travel delay

S$1,500 to S$2,000

S$750 to S$2,000

S$300 to S$500 (S$50 every three hours)

Baggage loss

S$5,000 to S$8,000

S$3,000 to S$7,500

S$2,000 to S$3,000

Baggage delay

S$1,500 to S$2,000

S$600 to S$1,500

S$200 (S$100 every six hours)

COVID-19 coverage (for pre-ex conditions)

Yes

No

Add-on

As mentioned, Income, MSIG, and TIQ are the only insurers in Singapore that provide coverage for pre-existing conditions at the moment.

As you can see, Income Enhanced PreX plans have the highest premiums among the three. However, you get better coverage for most categories, including trip cancellations, travel delays, and baggage delays. Additionally, it also comes included with COVID-19 benefits.

That said, the caveat is that the medical coverage is comparatively lower than its counterparts since the limit is combined with emergency evacuation.

For example, Income’s Enhanced PreX Basic’s overseas medical expenses and emergency evacuation have a combined coverage of S$500,000.

In contrast, MSIG TravelEasy Pre-Ex Standard offers S$500,000 for overseas medical expenses and S$1,000,000 for emergency evacuation.

On the other hand, TIQ Travel Insurance Pre-EX Entry offers S$200,000 and S$1,000,000 for overseas medical expenses and emergency evacuation respectively.

Therefore, if you’re on a budget or want higher medical coverage, then MSIG and TIQ travel insurance plans are better options. Though, remember that MSIG doesn’t provide any COVID-19 coverage while TIQ only has a COVID-19 add-on option.
Back to top


 

SingSaver's Exclusive TIQ Travel Insurance Promotion: 

Single Trip: Use the promo code TIQSINGSAVER to get 47% off  plus first 1,000 purchases will receive an eSIM by JetPac with 1GB data (Fulfillment by TIQ). Valid till 29 Feb 2024. T&Cs apply. Additionally, receive an Apple AirTag (worth S$45) with every application (min $60 premium). Valid till 29 February 2024.

Key in the promo code under the coupon code section on the next page after selecting your destination and dates. The prices shown are before discounts.

Receive coverage for trip cancellations, medical expenses, and more when you purchase the COVID-19 Rider. T&Cs apply.

 


 


Should I buy NTUC Income Travel Insurance? Pros and cons

Pros

Cons

Coverage for pre-existing conditions (for Enhanced PreX plans only)

Overseas medical expenses and emergency evacuation limits are combined

Coverage for COVID-19

Pricier than most insurance plans

Higher-than-average coverage for trip cancellations, travel delays, and baggage loss

No coverage for extreme sports such as skydiving and bungee jumping

Income Travel Insurance is a competent travel policy for a wide range of different travellers. Whether you’re looking for a laidback vacation, or an adrenaline junkie seeking to go skydiving, this plan will likely cover your needs. Furthermore, the included COVID-19 coverage adds another layer of assurance. 

For travellers with pre-existing conditions, Income Enhanced PreX is one of the few travel insurance options available on the market. Though pricey, it becomes a worthwhile investment for those facing health worries, providing essential coverage and peace of mind during their travels.

Also read: What You Need to Know About Travelling With Pets Singapore


How to make a claim

You can make a claim via Income’s claims hotline at +65 63381222. Alternatively, you can also make a claim by filling the online form with supporting documents including invoice, flight itinerary, police report, medical report, etc.

Otherwise, you can also drop an email to the Income customer service team at pcc@income.com.sg.

 

Read these next:

Find Out About Travel Insurance Providers Here:

In my past life, I was always broke because of a lack of financial literacy. Now, I publish a few posts every week* on personal finance to help you manage your money better. *I mean, I’ll try

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