News

Financial Services

Danielle Isaac

, Singapore

Published:

6 years ago

Grab and NTUC Income unveil pay-per-trip insurance plan for partner-drivers

Premium rates per trip can be paid at $0.10, $0.30, and $0.50.

Grab’s insurance arm, GrabInsure, and NTUC Income (Income) jointly unveiled a micro-insurance plan called Critical Illness: Pay Per Trip (CIPPT) in Singapore. According to an announcement, this is the first of its kind in Southeast Asia.

The plan is available exclusively to all Grab driver-partners between 18 to 75 years of age. The micro-insurance plan offers a pay-per-trip micro premium and accumulative coverage proposition.

Driver-partners can choose to pay between three premium rates ($0.10, $0.30 and $0.50 per trip) for a fixed sum assured, and accumulate the corresponding insurance coverage with each trip they complete.

They can subscribe to CIPPT via the Grab driver-partner app and premiums will be automatically deducted from their in-app cash wallet with each completed trip.

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