A lot of you have been requesting for insurance partnerships. We’re always listening – so we’ve decided to partner with NTUC Digital Income Office to bring you SNACK!
What is SNACK?
SNACK is a mobile application that embeds the purchase of micro-insurance into your lifestyle.
Why is it so good?
Instead of paying for your full insurance up front, SNACK allows you to pay micro-insurance ($0.30, $0.50 or $0.70) whenever you fulfil a delivery with foodpanda! The first of its kind in the world – you can choose between Personal Accident, Term Life, and Critical Illness Insurance.
If you chose the $0.30 micro-insurance option, for every order you deliver with foodpanda, you will accumulate $300 worth of insurance. If you fulfilled 10 orders that day (10 x $300) you will be able to accumulate $3,000 worth on insurance which is valid for 360 days.
If you chose the $0.50 micro-insurance option, for every order you deliver with foodpanda, you will accumulate $500 worth of insurance. If you fulfilled 20 orders that day (20 x $500) you will be able to accumulate $10,000 worth of insurance which is valid for 360 days.
The coverage amount will be based on your profile and the product you select. You can start and stop anytime, and even if you stop, you will still continued being covered for the 360 days.
Frequently Asked Questions
SNACK is a mobile application that embeds the purchase of micro-insurance into your lifestyle. You can link daily activities in your life to the purchase of micro-insurance, building up coverage while having the flexibility to manage your own protection portfolio. You’ll be able to choose from a range of micro-insurance products, namely: Life, Personal Accident and Critical Illness insurance.
SNACK is developed by NTUC Income, a Direct Insurer (composite) licensed by the Monetary Authority of Singapore.
SNACK offers you the convenience of purchasing a micro-insurance policy whenever you perform a daily activity, or what we call a ‘lifestyle trigger’. These daily activities can include petrol top-ups, groceries, dining out or just hitting your daily steps goal. Whenever an activity is completed, a micro-insurance policy will be issued and the premium will be charged to your selected payment mode on SNACK. Your coverage grows each time you complete a trigger, and your total coverage amount is the sum of all your effective policies at that point in time.
As a foodpanda rider, you’ve access to an exclusive foodpanda delivery trigger! This means that with each delivery you make with foodpanda, you’re also building up insurance coverage for yourself!
When you link the delivery trigger to any products on SNACK, you will be building up insurance coverage with the deliveries you make with foodpanda. You’ll see your total accumulated coverage updated every Thursday for the deliveries you made from the previous week (Thursday – Wednesday)!
You can go to your portfolio screen, click on the product and edit your triggers there. You can either adjust your premium, add more or delete triggers!
You can choose from $0.30, $0.50 and $0.70. For example, if you choose link up the delivery trigger to the Personal Accident product and select $0.30 premium for $300 worth of coverage, this means each time you make a delivery, you will be charged $0.30 and will build up $300 coverage. This coverage amount differs based on your profile.
It is deducted every Sunday. It will be the accumulated premiums for the deliveries you made in the past week, from Thursday to Wednesday!
Your coverage accumulated before leaving foodpanda will remain as it is. Any coverage purchased after leaving foodpanda will not be entitled to any foodpanda benefits and will default back to prevailing SNACK rates. SNACK can be paused and stopped at any time, each micro-policy purchased will continue to provide coverage a year from the purchase date.