Singapore Telecommunications (Singtel) has entered the insurance market of Singapore for the first time by offering prepaid data plan and Dash mobile remittance service bundled with personal insurance cover.
To offer the personal insurance cover, the telecom firm has partnered by NTUC Income. Premiums are paid by Singtel for subscribers availing the insurance cover.
Singtel said this insurance coverage will complement the mandatory medical insurance that employers need to purchase for foreign workers.
Singtel CEO of consumer Singapore Yuen Kuan Moon said: “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.
“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.
“We are always seeking new ways to complement our customers’ lifestyles and will be introducing other insurance products in the coming months.”
Prepaid users who buy a 30-day 50MB Protect data plan worth S$2 or do a S$20 prepaid top-up will be get an insurance policy, which will offer coverage for 30 days.
The coverage offers lump sum payouts in case of loss of employment due to hospitalisation, along with permanent disability and accidental death.
Additionally, the insurance policy will provide daily cash benefits for each day of hospitalisation and a one-off get-well benefit.