Singapore telco giant Singtel has expanded beyond just offering mobile services.
Singtel announced yesterday (25 July) that it is entering the insurance market for the first time with the launch of its prepaid data plan, which is a first in Singapore.
Prepaid customers who buy a $2 prepaid data plan, or a $20 prepaid top-up, or send $100 through its Dash mobile remittance service will be entitled to a 30-day personal insurance plan offered by NTUC Income (Income). Premiums are paid for by Singtel.
The coverage provides a range of benefits, including:
- lump sum cash payouts of up to $5,000 in the event of permanent disability or death
- $3,000 cash payout if they lose their job after more than 4 days of hospitalisation
- daily hospital income
- get-well benefit of free 1GB mobile data
This plan is mainly targeted at migrant workers, and will complement the mandatory medical insurance that employers need to purchase for foreign workers.
“As many of our prepaid and Dash mobile remittance customers are the sole breadwinners in their families, income stability and protection from financial loss are among their topmost concerns,” said Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
“By working with Income to remove price barriers and simplify the sign-up process, we want to make insurance accessible for all, enabling our customers to protect their loved ones, by simply topping up their data or remitting money back home.”
Customers who make a $20 prepaid top-up by the end of this year will also be entitled to most of those benefits.
Dash customers who remit at least $100 will be entitled to a 30-day policy that provides a cash payout of up to $5,000 in the event of permanent disability or accidental death.
The three insurance plans are stackable and can be applied via the hi!App or Singtel Dash app, which does not require any paperwork or medical underwriting.
At the launch event, Yuen said that Singtel will be rolling out other insurance products in the coming months, and assures that they will complement customers’ lifestyles.
Making Insurance “Simple And Affordable” For Migrant Workers
“Income is committed to extend insurance accessibility to people in Singapore. As such, the collaboration with Singtel is a meaningful one as it promotes greater financial inclusivity through their large subscriber base,” said Andrew Yeo, CEO of Income.
“It also gives us the opportunity to recognise the contributions of migrant workers to Singapore with an innovative insurance offering that plays to their routine tasks and lifestyles as they top up credit in their mobile plans or make a remittance. This makes insurance access simple and affordable.”
As part of Singtel’s initiatives to engage foreign workers, Singtel has partnered the Centre for Domestic Employees (CDE) and the Migrant Worker Centre (MWC) to offer connectivity and remittance benefits to newly-arrived workers.
These members of CDE and MWC receive a welcome SIM offering free data and International Direct Dialling talk time. They can also enjoy $5 cashback on their first remittance on Dash.
Featured Image Credit: Singtel