How To Invest & Buy Insurance Without Sacrificing Your Starbucks Coffee Or Mala Hotpot

NTUC Income SNACK insurance is an easy way to start investing and protecting your financial future without need large funds.

Priscilla Lee

by Priscilla Lee on Apr 8, 2024

snack by income

You’re never too young to start building a nest egg for the future. This doesn’t mean you have to sacrifice your current lifestyle or give up your daily dose of Starbucks. These days, there are many alternatives that offer affordable insurance coverage and investment products that don’t require a large amount of cash outlay. SNACK by Income is one such alternative.

SNACK is a financial lifestyle app by Income that lets you build investments and insurance a little at a time with your daily activities.

Sounds good? Read on to find out more.

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What Is SNACK by Income?

snack by income
Source: Income

Because SNACK by Income is for young income earners who are just starting out in their careers, the products are designed to look after your financial future without piling on the stress. Just imagine building your investment portfolio from just S$1 or getting insurance coverage with premiums as low as S$0.30!

The micro-investment and micro-insurance products are stackable, flexible and bite-sized. That means you can easily stack more products when you want or stop any time for financial flexibility.

The best part is, your daily lifestyle activities like taking the train, dining or shopping will go into purchasing a micro-insurance or micro-investment policy on SNACK too.

SNACK Insurance

screenshot snack by income app
Source: Income

When you think of SNACK, you will have to reimagine insurance. SNACK engages their users in a totally different way so that more can benefit from insurance protection and low-risk investments.

SNACK currently offers a selection of insurance coverage in Singapore comprising term life, critical illness and personal accident with premiums as low as S$0.30.

Type of InsuranceTerm LifeCritical IllnessPersonal Accident
CoverageUp to S$200,000Up to S$200,000Up to S$100,000
PremiumsS$0.30, S$0.50, S$0.70S$0.30, S$0.50, S$0.70S$0.30, S$0.50, S$0.70
Duration360 days360 days360 days

The coverage will stack up as you go about your daily life, allowing you to build protection without depriving you of the daily things in life.

SNACK Investment

The coolest part? SNACK has also applied the same methodology to their investment plan.

If you want to start investing, the very first Micro Investment-Linked Plan (ILP), which is similar to an endowment plan in Singapore, is also available for investment in bite-sized amounts starting from as little as S$1. Like all endowment plans, the Micro Investment-Linked Plan (ILP) also provides accidental death cover of up to S$200,000 (until 75 years old).

You can set a weekly cap amount that you’re comfortable investing via the SNACK app. The flexible model allows you to earn non-guaranteed bonuses/ dividends over time.

Even if you’re not happy with where your investment is heading, you can always stop or withdraw your investments at any time with no penalties or additional fees.

How SNACK by Income Works

snack by income benefits
Source: Income

SNACK allows you to conveniently purchase a micro policy whenever you perform a lifestyle activity, which is also known as a ‘lifestyle trigger’. There are currently eight types of lifestyle triggers:

  • Food & Drinks
  • Transport
  • Groceries
  • Retail
  • Utilities
  • Entertainment
  • Petrol
  • Steps

When you link your Visa, EZ-Link, Fitbit or Burpple to SNACK, the app will receive triggers whenever an activity is performed. Each trigger will prompt a purchase of a micro policy to whichever SNACK product that you’ve pre-linked to that activity.

Once the activity is over, the micro policy will be issued, and the premium will be charged to your selected payment mode on SNACK. Because you may initiate several triggers in a day, your coverage will grow or ‘stack’ each time you complete a trigger.

As such, your total coverage amount is the sum of all the effective policies over a period of 360 days.

SNACK offers insurance coverage even for those who don’t have enough funds to buy a comprehensive insurance policy. Even though the micro-insurance is bite-size, it is still better than having no coverage at all.

And what about investing, you ask? SNACK has that covered too.

If you’ve got your insurance coverage down pat and wish to explore ways to grow your wealth, SNACK allows you to invest with as little as S$1 and set a weekly cap amount that you’re comfortable with. You can start, stop and withdraw your investments anytime you want, without any penalties or additional fees upon withdrawals. The fund might also periodically provide distributions (non-guaranteed) that will go into buying more units and adding to your investment, so your money keeps growing.

The beauty of this Micro Investment-Linked Plan (ILP) lies not just in the low barrier to entry (i.e. minimum amount), but also its coverage on accidental death before the age of 75. The payout is 105% of the net premium, up to S$200,000, or the cash-in value at the time of claim, whichever is higher. In other words, you enjoy additional coverage while investing.

SNACKUP — Free Coverage and Investment Credits

SNACK by Income partners with nearly 50 brands, also known collectively as SNACKUP, to offer a minimum of S$100 free insurance coverage and/or S$0.20 investment credits every time you spend with them. To get the freebies, you can simply link your Visa credit or debit card to the app and spend with any of the SNACKUP brands.

SNACKFIT — Get Rewarded To Keep Fit

snackfit snack by income app
Source: Income

Also available on SNACK is SNACKFIT, a fitness and lifestyle feature that offers bonus insurance coverage based on your biological age. Yes, the healthier you are, the more bonus coverage you’ll get. SNACKFIT is designed to calculate the biological age based on the fitness and activity data retrieved from linked fitness trackers like your Apple Watch, Garmin or Fitbit. From there, it will offer bonus insurance coverage when the tabulated biological age is younger than your actual age.

This is not just a fun way to keep you engaged with the app, but also a clever method to encourage you to maintain a healthy lifestyle!

Get your SNACK today!

To start enjoying the exclusive privileges on SNACK by Income, simply download the SNACK by Income app available in both Android and iOS and follow the steps below:

  1. Create a SNACK account
  2. Go to “PORTFOLIO” and tap “Start now” on Investment
  3. Set up your account and link your Visa card
  4. Complete the Customer Knowledge Assessment (CKA) and ensure you’ve boosted your Investment

Find out more here for a detailed step by step guide to start your SNACK Investment.

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