Snack by NTUC Income: Singapore's first bite-sized insurance policy without commitment
Stack your coverage
Anyone in their mid-20s would cite insurance to be imperative in paving the way of a blinding future. But, then there's the obstacle of forking out a substantial sum of money monthly for an extended period of time — into a place that's seemingly non-existent. That changes things. Before you know it, you're skirting the issue while living life sans any kind of coverage.
In what would be the first attempt to remove that barrier, comes Snack, a new insurance scheme from NTUC Income. Unlike other traditional models, it's not repped by an intimidating agent, instead the power of the plan is easily customisable in the hands of the user, with a spiffy app. Above everything else, there's almost zero commitment involved here.
There are three policies to obtain: Term Life, Critical Illness, and Personal Accident, with a premium from as low as $0.30. And to jazz things up, the payment is triggered by a certain lifestyle activity — from taking the bus, to clocking in 5,000 steps, to buying a cup of coffee. Respective partners with Snack are EZ-Link, Fitbit, Burpple, and in the pipeline, Visa will be added to the list.
So how does this innovative plan work? Well, for starters you decide which lifestyle trigger would be tied to a coverage plan (whether it be Term Life, Critical Illness, or Personal Accident). Then you choose how much you want to commit to — it starts from a minimum of $0.30 to a maximum of $0.70. This amount can be altered whenever you want to. And whenever your lifestyle trigger is activated, the $0.30 will be deducted, while essentially accumulating a micro-policy, with a coverage generated based off your age and lifestyle habits. All the plans are stackable and can be accumulated over time (just by going about your activities) for a maximum coverage of $200,000 for Critical Illness and Term Life and $100,000 for Personal Accident.
Even if the user has stopped using his lifestyle triggers — for instance, unable to go for daily jogs, each micro-policy that holds the insurance coverage amassed over time, will still remain vaild and insured for 360 days. Weekly caps can be set to a maximum of $50 if you're worried about losing track of how often you board a bus or redeeming your meals on Burpple.
If you change your mind, simply edit your existing plan or remove it anytime at your fingertips. Sure, it's not the best choice for those who desire a huge amount of coverage or money growth, but for the emerging generation that restlessly swipes on dating apps and prefers options over ownership by signing on an outfit-subscription service, Snack fits the mould seamlessly.