NTUC Income has launched a new offering in Singapore that allows customers to get travel insurance by the hour.
The new product, called FlexiTravel Hourly Insurance, aims to offer cover to travellers going on a short or impromptu regional trip by land or sea that last for a few hours to a full weekend.
Currently, FlexiTravel Hourly Insurance is available only for customers who are travelling to Bintan, Batam and Malaysia.
The travel insurance plan charges a minimum of S$1.8 for six hours of cover, with the ability to get additional coverage at S$0.3 per hour, which is capped at S$3 per day.
Income’s travel insurance offering can be accessed and toggled on/off via the ‘My Income’ app.
The FlexiTravel Hourly Insurance also uses geolocation data to remind customers to activate or terminate their insurance cover depending on where they are.
According to a survey conducted by NTUC Income, most travellers are concerned about getting help in events such as catching Covid, accidents and losing their belongings.
Despite these concerns, majority of the respondents of the survey found purchasing travel insurance for such short trips expensive or cumbersome.
NTUC Income vice president and head of personal lines said Annie Chua: “With this in mind, we designed FlexiTravel Hourly Insurance to offer a pay-by-the-hour proposition to solve travellers’ pain points so they can continue enjoying their short trips while staying protected.”
According to the insurer, “FlexiTravel Hourly Insurance also provides COVID-19 benefits such as medical expenses incurred overseas and emergency medical evacuation if required.”