NTUC Income launches SNACK, Singapore’s first bite-sized, stackable insurance

12 June 2020


ICMIF member NTUC Income (Income) has this week officially launched SNACK, an innovative, industry-first insurance proposition that revolutionises the way consumers can engage with, purchase and obtain insurance protection in Singapore.

Typically, an insured person is required to pay insurance premiums at a fixed quantum either monthly or annually, and sometimes over a fixed duration of time, in order to be covered for a specified sum assured.

Insurance made flexible by paying micro-premiums

With SNACK, the insured person gradually builds or “stacks” his/her insurance coverage by paying micro-premiums at either SGD 0.30, SGD 0.50 or SGD 0.70 and accumulate micro-policies that offer a specified sum assured – based on the insured’s profile[1] – that corresponds with the premiums paid. The SNACK insured can also decide when and how frequent premiums are paid by linking them to his/her preferred lifestyle triggers, such as ordering a meal, exercising or simply by taking public transport.

More significantly, each micro-policy, which is issued when a micro-premium is paid, covers the SNACK insured for 360 days. This means that the insured stays protected by insurance coverage that has been accumulated over time even when he or she stops using the lifestyle triggers or if the weekly cap is reached.

Peter Tay, Income’s Chief Digital Officer said, “Today’s consumers are empowered individuals who are well informed, and seek choice, convenience and personalisation in the products and services they engage with, and insurance is no exception. By reimagining insurance, SNACK is offering consumers new freedom and flexibility in protecting themselves, just by going about their daily activities. This makes insurance more accessible and relevant to everyone, keeping it easily adaptable to lifestyle needs and personal financial situations.”

Insurance embedded in insured’s lifestyle – more options soon to enhance accessibility

Currently, SNACK partners EZ-link, Fitbit and Burpple to enable insureds to accumulate Term Life (TL), Critical Illness (CI) and Personal Accident (PA) insurance coverage on the SNACK mobile app each time they pay for their public transport using their EZ-link card, clock 5,000 steps a day on their Fitbit or redeem a dining/ takeaway deal on Burpple Beyond.

To make insurance more accessible via SNACK, new partners such as Visa, will come on board this first-of-its-kind insurance model to enable retail, entertainment, transport and groceries category triggers for all local Visa cardholders whenever they make a purchase online or offline.

This means that a SNACK insured will be able to stack his/her insurance coverage in TL, CI and PA insurance more accessibly, and potentially reached maximum sum assured quicker, with more lifestyle trigger options.

For example, 25 year-old Zac, who is a non-smoker, sets up a transport trigger on his SNACK mobile app to pay SGD 0.30 premium for CI coverage each time he commutes on a public bus or train. With each bus or train trip, Zac accumulates a micro-policy that offers him SGD 321 sum assured.

Subsequently when the retail trigger is available on SNACK, he can further stack his CI coverage every time he shops online with his Visa card. He can stack these micro-policies to accumulate a maximum coverage of SGD 200,000 for CI and TL insurance and SGD 100,000 for PA insurance.

Additionally, SNACK offers insureds the flexibility to build insurance coverage at their own pace by setting a weekly cap of up to a maximum of SGD 50 on payment triggers, if they wish to ease cash flow. SNACK is also looking to enhance its insurance offerings by offering options that help insureds save and invest for their future. 

Insurance made simple and convenient

The application process for TL, CI and PA insurance is simplified with SNACK as the only requirement is to complete a simple underwriting questionnaire on the app and applicants can get their insurance coverage approved instantly. To sign-up for SNACK, one can also set up an account via SingPass (an online account management for access to Singapore Government e-services) in less than three minutes.

SNACK also promises insureds ease of use and convenience at their fingertips as they can view, update or amend their premium payment triggers or amounts, or even stop premium payments, anytime. To make a claim, users simply need to submit online and receive their payment via PayNow (a service offered by participating banks that lets people send and receive Singapore Dollar funds from one bank to another using a mobile number).

Peter Tay said, “SNACK is designed to offer simple access to insurance and breaks down the complexities of it, especially for those who are new to insurance. It provides a novel touch-point that speaks to anyone who sees the value of stacking insurance coverage conveniently and intuitively as they go about their day-to-day activities. For those who already have existing insurance plans, SNACK can complement or enhance their existing coverage without adding any financial burden.”

“With its micro-premium and stackable coverage propositions, we believe SNACK is the future of insurance as it enhances insurance accessibility and ultimately, bridges protection gaps and fulfils a larger purpose of getting everyone meaningfully insured. More significantly, SNACK is highly scalable as it holds great potential for more insurance offerings such as savings and investment options, and new lifestyle triggers to be included in the proposition so that it continues to resonate with customers from all walks of life and diverse financial needs,” he added.


For more information on SNACK, visit www.snackbyincome.sg

Late last year, Income become the latest cooperative/mutual insurer to offer a “Pay-as-you-drive” motor insurance policy. The insurance product was launched in partnership with Carro, the largest automotive marketplace in Singapore.

[1] The corresponding insurance coverage (i.e sum assured) earned at the same premium quantum for an insurance product is determined by the insured’s profile such as, age, gender, a smoker or non-smoker.

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

Scroll to Top