What:
Income, an insurance cooperative in Singapore, announced that it has launched a micro investment-linked plan (ILP) on the SNACK by Income mobile app.
Why:
Designed for those who are interested in ILP 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.
How:
- SNACK Investment adopts a stackable approach that allows consumers to build their investment portfolios with bite-sized premiums while providing insurance coverage as they go about their daily lives.
- SNACK Investment has pegged the minimum premium at $1 and also provides withdrawal flexibility at no additional fees and accidental death coverage with the sum assured pegged at 105% of the net premiums paid.
- Users can link their desired micro-premium ranging from $1 to $10 to their selected lifestyle activities such as grocery shopping, taking public transport or even topping up petrol and start to build their investment portfolio and purchase units of the fund at the start of each week.