SNACK sets itself apart as the first-of-its-kind "snackable" insurance program in Singapore. SNACK offers basic products for term life, critical illness and personal accident, and it is on a mission to disrupt the market by offering stackable micro premiums that can be "purchased" with everyday activities. The digital insurance from NTUC Income makes it possible for a small amount—in the range of cents—to be deducted from an activity like using a card to pay for public transit or even purchasing a takeaway meal or exercising.
With a micro-premium paid, users will get protection for a micro-insurance policy and 360 days of coverage. As Peter Tay, NTUC Income’s Chief Digital Officer, says: "we believe SNACK is the future of insurance as it enhances insurance accessibility and ultimately, bridges protection gaps and fulfills a larger purpose of getting everyone meaningfully insured."
Image Credit: NTUC Income