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INSURANCE | Staff Reporter, Singapore

NTUC Income, Visa float buildable insurance plan

SNACKUP rewards users with stackable coverage in the form of rebates.

Singapore’s NTUC Income and Visa have launched SNACKUP, an insurance plan which allows customers to build coverage, contributed entirely by merchants and participating brands, when they spend with their Visa cards.

SNACKUP builds on consumers’ shopping habits and rewards them with stackable insurance coverage in the form of rebates when they pay for their purchases with their Visa cards. For every transaction, the merchant contributes S$100 worth of insurance coverage to the consumer’s insurance portfolio on SNACK as “rebates”.

UOB YOLO cardholders and Revolut cardholders can enjoy S$100 insurance coverage with spend on their Visa cards at any merchant islandwide, and an additional S$100 worth of insurance coverage if they make purchases at participating SNACKUP merchant brands.

Customers can choose to accumulate their insurance coverage, from merchants either in term life, critical illness, or personal accident insurance, or all three insurance products. To do this, consumers simply have to link their Visa card to the selected insurance products on the SNACK mobile app, which will reflect in real-time, the cumulative sum assured of the insurance coverage as consumers continue to make transactions on their Visa cards at SNACKUP merchants.

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