SNACK By Income Insurance Referral Promo
SNACK by Income is your solution to getting more out of life
Hello, I’ve just SNACK’D! Build up coverage as you go about your daily activities and experience this new way of getting more out of life.
Hungry to find out more? SNACK with me and input my referral code: CHA0414 to receive free $500 personal accident coverage!
Additional Promotion 1: CNY promo till 18 Feb 2021
Use the promo code <SNACKCNY> when your link up your first lifestyle trigger to any product and receive 3 x $10 Grab Ride vouchers.
Additional Promotion 2: Valentine’s Day promo till 8 Mar 2021
Receive 2 x $10 Foodpanda vouchers on top of the free $500 personal accident coverage.
Some extracts from the SNACK website:
SNACK by Income, is a customer-centric platform that offers micro-insurance coverage to consumers without locking them into long term commitments
Backed by NTUC Income, SNACK by Income represents a unique proposition designed around the digital lifestyle needs of the future to cater for emerging technological trends and changing consumer behaviours revolving around insurance.
How exactly does SNACK by Income work?
The micro-insurance concept is pretty abstract to me and this is just my personal understanding of how things work.
The SNACK branding and cartoonish marketing also added to my initial confusion, making me wonder whether this insurance thingy was related to food, cartoon and games.
Firstly, SNACK by Income offers 3 micro-insurance products:
- Term Life protection
- Critical Illness protection
- Personal Accident protection
Secondly, you need to set up in the app (termed as “GRAB A SNACK”), a set of instructions to purchase a micro-insurance automatically whenever a trigger is met.
Triggers are just daily activities which are unrelated to the insurance product itself. The concept is that whenever you perform such daily activities, a small amount is charged to your credit card to purchase a tiny amount of insurance.
Triggers can include:
- reaching 5000 steps on fitbit
- taking public transport using EZ Link card.
- Spending on your credit card
- pumping petrol
- paying utilities bill etc..
An example of such a set of instructions:
|Trigger||5000 steps completed on fitbit|
You can set a cap on the maximum amount to purchase weekly to stick to a budget.