NTUC Income launches first subscription-based insurance
Singaporean insurer NTUC Income (Income) has announced the launch of TRIBE, a product that offers insurance in customisable subscription packs with no lock-in periods.
At launch, TRIBE offers three modular insurance packs – Essentials Pack, Child Pack and Recovery Pack – and customers can subscribe to, and customise, their chosen pack based on their needs and desired insurance premiums.
Via a user-friendly digital interface, customers can upsize and downsize their insurance coverage flexibly within each pack, as well as by mixing and matching insurance plans across packs to find a combination that is just right for them. This allows customers to manage their insurance commitments on their own terms so that they fit changing lifestyles and financial circumstances.
The main highlights of TRIBE include:
- Flexibility – the Essentials Pack, Child Pack, and Recovery Pack are available in small, medium and large sizes. Customers can upsize or downsize insurance plans within a pack as needed and are also allowed to start or stop their insurance coverage as required to fit changing lifestyles with no lock-in periods, annual contracts or penalties for cancellation.
- Adaptability – customers can subscribe to an insurance pack starting from S$5 ($3.69) per pack monthly. To enjoy higher insurance protection, customers can opt to pay premiums at $10, $20 or $40 should their budgets permit. Customers can also adjust insurance plan sizes within each pack or across packs, to build a more relevant insurance portfolio based on their preferred budget.
- Convenience – the subscription process for TRIBE is simple and convenient. Consumers can self-serve and sign up for a pack on the TRIBE website and be insured in five to 10 minutes. They also have full control to change their insurance premiums and coverage anytime, by toggling between options on the TRIBE website. A
Manulife enhances MOVE app to help make healthy habits stick
Manulife has launched a new habit-building feature on its MOVE app that allows customers to set their own fitness targets, achieve winning streaks and earn rewards, including a one-to-three-month subscription to celebrity actor Chris Hemsworth’s health and fitness app, Centre.
ManulifeMOVE customers can select access to Centr as a reward, once they have achieved a series of seven ‘self-set target’ challenges. They will enjoy full access of the app’s workout programmes, meal plans, and meditation podcasts - all delivered by a team of health experts. Customers also gain entry to Centr’s private Facebook community of over 50,000 members for 24/7 support.
Manulife has also selected other popular health, wellness, and lifestyle brands – including Sweaty Betty, CircleDNA and Happy Plugs - to reward customers and help build lifelong healthy habits. A
Igloo and foodpanda to offer personal accident cover for riders and their families
Singapore-headquartered regional InsurTech Igloo has announced its partnership with Singapore’s food delivery platform, foodpanda, to offer personal accident cover to riders and their loved ones.
The policy, named PandaCare, aims to provide riders with simple, affordable insurance coverage that they can also extend to immediate family members.
The plan, underwritten by MSIG Insurance, is specifically designed for gig economy workers and encompasses six benefits: Accidental death, accidental medical expenses, accidental mobile ‘phone screen damage, daily hospital cash, permanent total/partial disablement and temporary disablement.
PandaCare can be purchased monthly from S$9 ($6.64) per month and offers personal accident coverage of S$50,000. Riders can purchase the plan through its purchase page on desktop or mobile and answering three simple questions. They can choose from three plans: lite, basic or premium, and make payment using a credit or debit card. A
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