Singtel Makes First Foray Into Insurance Market
Singtel has announced its first foray into the insurance market, introducing Singapore’s first prepaid data plan and Dash mobile remittance service that comes with personal insurance cover, provided by NTUC Income (Income) and premiums paid for by Singtel.
“As many of our prepaid and Dash mobile remittance customers are the sole breadwinners in their families, income stability and protection from financial loss are among their topmost concerns. By working with Income to remove price barriers and simplify the sign-up process, we want to make insurance accessible for all, enabling our customers to protect their loved ones, by simply topping up their data or remitting money back home,” said Mr Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
Prepaid customers who purchase a 30-day 50MB Protect data plan worth S$2 or do a S$20 prepaid top-up will be entitled to an insurance policy that provides coverage for 30 days. The coverage provides a range of benefits including lump sum payouts in the event of loss of employment due to hospitalisation, as well as permanent disability and accidental death. The plan also offers daily cash benefits for each day of hospitalisation and a one-off get-well benefit, together with mobile data to ensure that the beneficiary can stay connected with his or her loved ones.
The insurance enrolment process is made easy via the hi!App or Singtel Dash app, requiring no paperwork or medical underwriting. Customers will be notified of their enrolment via SMS. “Income is committed to extend insurance accessibility to people in Singapore. As such, the collaboration with Singtel is a meaningful one as it promotes greater financial inclusivity through their large subscriber base. It also gives us the opportunity to recognise the contributions of migrant workers to Singapore with an innovative insurance offering that plays to their routine tasks and lifestyles as they top up credit in their mobile plans or make a remittance. Thus, making insurance access simple and affordable,” said Mr Andrew Yeo, CEO of Income.