Lifestyle

NTUC Income Launches Insurance For Surge Pricing - Pays Up To 60% Of Grab Fares On Rainy Days

NTUC Income just announced the launch of Droplet, an insurance product that looks to protect commuters against surge pricing on ride-hailing platforms on rainy days.

Droplet will “pay up to 60% of a commuter’s trip fare or cancellation fee” if it is raining at the point of pickup.

However, commuters would need to purchase the product “at least a day ahead of their rides”.

A real-time weather forecast is available on their website, with the price of the premium “dynamically pegged to rain forecast”.

Screenshot from Droplet

This means that the premium will be more expensive if a commuter buys it closer to days forecast to rain.

Regardless, the premium will cost “no more than $9.60” a day, and commuters can submit an unlimited number of ride receipts for claim – up to a claim cap of $50 a day.

How to make your claims to Droplet

Currently, Droplet only covers rides booked using Grab, but it “will be extended to other ride-hailing platforms by the end of the year”.

Stated NTUC Income on Droplet: “Droplet is a blue-sky response to consumers’ pain point – surge pricing due to rain – when they book a ride on ride-hailing platforms.”

“In Singapore, where an average of 167 days of rainfall can be expected a year, consumers can now meaningfully address this pain point with insurance cover by Droplet.”

Is the premium worth the money? Let us know!

Featured Image Credit: crazyyetwise.com

 

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