NTUC Income, an insurance cooperative in Singapore, announced that it has launched a micro investment-linked plan (ILP) on the SNACK by Income mobile app.
Touted to be an industry-first, SNACK Investment adopts a stackable approach that allows consumers to build their investment portfolios with bite-sized premiums while providing insurance coverage as they go about their daily lives.
It is designed for those who are keen and eligible to invest but have not done so due to high barriers of entry, as well as those who are looking for options to diversify their investment portfolios.
SNACK Investment has pegged the minimum premium at $1 and also provides withdrawal flexibility at no additional fees and accidental death coverage with the sum assured pegged at 105% of the net premiums paid.
Users can link their desired micro-premium ranging from $1 to $10 to their selected lifestyle activities such as grocery shopping, taking public transport or even topping up petrol and start to build their investment portfolio and purchase units of the fund at the start of each week.
In the coming months, SNACK Investment will be expanded to allow greater flexibility to customers with the ability to customise their portfolio through fund switching and partial withdrawal.
Peter Tay
Peter Tay, Chief Digital Officer, Income said,
“With SNACK Investment, we are breaking down the conventional approach to purchasing an ILP by keeping the benefits that consumers desire, while at the same time increasing accessibility and lowering the minimum initial investment amount to just a dollar.
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When customers have bigger risk appetites or have more liquidity in future, they can also supplement and further diversify their portfolio with conventional ILPs.”
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