Best Adoption - Enterprise

Company Profile:

NTUC Income is the only insurance co-operative in Singapore. Established in 1970 to make essential insurance accessible to all Singaporeans, we are now the leading composite insurer in Singapore offering life, health and general insurance. Our wide network of financial advisers and partners provide value-added financial advisory that complements today’s digital-first landscape, offering insurance products and services that serve the protection, savings and investment needs of customers at different life stages and across all segments of society. Today, Income serves over two million customers. It is the top composite insurer in Singapore and one of the largest general insurers and health insurance providers. Income is also the largest motor insurer in Singapore, covering about one in four vehicles in Singapore. Through Income Family Micro-Insurance and Savings Scheme, SpecialCare and OrangeAid, it also extends assistance & support to the less fortunate and under-insured in society.

Product Description:

Providing an exceptional & versatile pay-per-trip micro premium and accumulative coverage proposition, Income launched SNACK by Income in June 2020, offering Term Life, Personal Accident insurance, & Critical Illness protection to SNACK users, in bite-sized portions which that stack up over time. With SNACK, the insured gradually stacks his coverage of choice by paying micro-premiums ($0.30, $0.50 or $0.70) and accumulating micro-policies that offer a specified sum assured that are commensurate with the premiums. 
The insured decides when and how frequent premiums are paid by linking payment to lifestyle triggers on the SNACK app, such as ordering food, exercising, taking public transport or using their VISA credit cards to pay for all kinds of purchases such as groceries and restaurant bills. Each micro-policy, issued when a micro-premium is paid, covers the insured for 360 days. SNACK offers a way for people to build & manage their insurance via small steps that add up over time.