SNACK by NTUC Income is a new app that allows users to start accumulating insurance coverage from premiums ranging from 30c, 50c and 70c. I chanced upon this new app when searching for a new term insurance plan for myself.
This is not the first time they had launch such plan. Back in Aug 2019, NTUC Income had partnered with Grab to launch critical illness coverage, with a similar concept of deducting small amount of premium for a fix coverage of up to S$200,000.
https://www.income.com.sg/about-us/corporate-information/press-releases/grab-and-ntuc-income-launch-southeast-asia%E2%80%99s-first
https://www.income.com.sg/about-us/corporate-information/press-releases/grab-and-ntuc-income-launch-southeast-asia%E2%80%99s-first
How SNACK works vs traditional insurance plans in Singapore
SNACK provides Accident, Life Term and Critical Illness benefits. There is an investment coverage currently grayed out. The intention of the app is to provide micro insurance
SNACK works by having "triggers" to initiate the insurance coverage, small amount at a time. The total coverage are accumulated up to a cap. This helps to build up the insurance cover slowly over time as compared to traditional method of purchasing insurance based on a target premium amount or Insured amount where there are minimum monthly premium limits to meet.
The premium and corresponding coverage comes in 3 predetermined "trigger" amount of 30c, 50c and 70c. There is a weekly cap from $1 to $50 for deduction. Users are able to customise according to their requirements. I;ve tested with 30c premium for each trigger with a cap of $1 each week.
Will update this post later with the sign on experience.
Premium Comparison
Comparison of the life coverage insurance premiums against the Direct Purchase term insurance based on information from Comparefirst website to see how the premium for SNACK compares to traditional insurance product based on a sample of Male, Non-Smoker, $100,000 death insured amount.
The accumulated premiums for SNACK is $17 more than Income's own direct term product. It is still a good way to start getting insurance coverage based on small amount each time.
| Insurer | Annual Premium |
| Etiqua | 64 |
| Tokio Marine | 66 |
| AIA | 74 |
| Singlife | 82 |
| Income | 84 |
| Aviva | 85 |
| FWD | 91 |
| Great Eastern | 92 |
| SNACK | 101 |
| Manulife | 113 |
| AXA | 130 |
| HSBC | 153 |
| Prudential | 161 |
Anyone else signed up and tried? Please share your thoughts and comments with us.
May I know what you meant by "There is an investment coverage currently grayed out"? Thank you in advance.
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