NTUC Income introduces the first micro investment-linked plan
SNACK Investment will be available for consumers for as low as $1.
NTUC Income has launched the first micro investment-linked plan (ILP) on the SNACK by Income mobile app.
Known as SNACK Investment, it adopts a stackable approach that allows consumers to build their investment portfolios with bite-sized premiums whilst providing insurance coverage as they go about their daily lives. It is designed for those who are keen and eligible to invest but have not done so due to high barriers of entry, as well as those who are looking for options to diversify their investment portfolios.
SNACK Investment is a novel approach to conventional ILPs, lowering the barriers to entry for investments by pegging the minimum premium at $1. It also provides withdrawal flexibility at no additional fees and accidental death coverage with the sum assured pegged at 105% of the net premiums paid.
“With SNACK Investment, we are breaking down the conventional approach to purchasing an ILP by keeping the benefits that consumers desire, whilst at the same time increasing accessibility and lowering the minimum initial investment amount to just a dollar. When customers have bigger risk appetites or have more liquidity in future, they can also supplement and further diversify their portfolio with conventional ILPs.” Peter Tay, the chief digital officer of NTUC Income, said.