SNACK by Income: Service Closure Notice
SNACK by Income will stop issuing new policies from 12 September 2026
Important dates for existing policyholders
- SNACK Protection (Life, Accident and Critical Illness): You can continue stacking coverage until 11 September 2026. The sum assured built by then will be locked in. Policies remain active for 360 days from 12 September 2026 and expire on 7 September 2027. Valid claims may be submitted up to 5 March 2028.
- SNACK Pack subscribers: Your subscription remains active for 30 days after your last payment date, in line with your current policy terms. Refer to your policy endorsement for claim details.
- SNACK Investment: Top-ups stop from 12 September 2026. Invested funds are not affected and distributions continue; you may withdraw your funds at any time. Income states that cashing out may qualify for vouchers worth up to S$50, subject to its terms.
Updated policy documents will be available in the SNACK app. See the SNACK sunset FAQ or contact hello.snack@income.com.sg for support.
Table of Contents
About SNACK by Income
The information below describes how SNACK worked before it stopped accepting new policies.
Offered by Income Insurance Limited, SNACK used a usage-based approach that differed from traditional insurance and investment products.
Instead of fixed premiums or long-term commitments, coverage and investments are triggered by selected activities configured within the app.
All features and benefits are subject to Income’s prevailing terms and conditions.
Who SNACK May Be Suitable For
SNACK may be suitable for individuals who:
- Prefer flexible, pay-as-you-use insurance
- Want low-commitment exposure to insurance or investments
- Are comfortable managing financial products digitally
It may be less suitable for those seeking guaranteed returns, fixed premiums, or comprehensive long-term coverage without ongoing configuration.
Micro-Insurance Explained
SNACK offers the following categories of micro-insurance:
- Term Life protection
- Critical Illness protection
- Personal Accident protection
Users set up rules in the app (referred to as “Grab a SNACK”) that automatically purchase small amounts of insurance when predefined lifestyle activities are completed.
Each trigger results in:
- A small charge to the selected payment card, and
- A corresponding amount of insurance coverage being added
Examples of lifestyle activities that may be used as triggers include:
- Food spending
- Public transport usage
- Petrol purchases
- Utility bill payments
Users can configure weekly spending caps to control total insurance expenditure.
Micro-Investment (SNACK Investment)
SNACK Investment allows users to make small, automated investments through lifestyle activities.
SNACK Investment is structured as a micro Investment-Linked Plan (ILP), enabling bite-sized investments to be made whenever selected activities are performed.
Key characteristics include:
- Relatively low minimum investment amounts
- User-defined weekly investment caps
- Activity-based investment triggers
Investments may be triggered by similar lifestyle activities mentioned previously, subject to user configuration and prevailing product terms.
App Usage Considerations
Activity Source vs Payment Card
SNACK distinguishes between:
- Activity sources, which are monitored to detect qualifying activities, and
- Payment cards, which are charged for insurance purchases and investments
These do not need to be the same card, which may not be immediately obvious to new users.
Final Thoughts
SNACK by Income offers an activity-based approach to insurance and investing that prioritises flexibility and accessibility. Users should review product terms carefully and assess whether the structure aligns with their financial objectives and risk tolerance.
As with all insurance and investment products, features, eligibility, fees, and benefits are subject to change.
Auntiehuat
Web Administrator
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