Investing

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

You don’t have to start investing and buying insurance only when you’re rich. Here’s a way to start small.

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 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.

What Is SNACK by Income?

SNACK by 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

SNACK micro insurance

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.

Read More: Pros and Cons of Investment-Linked Plans (ILPs) & Who Should Buy It?

How SNACK by Income Works

SNACK coverage

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 $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

SNACKUP

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.

  • Foodpanda
  • UOB EVOL
  • Acai Beach Club
  • Sarnies
  • Eyesight.sg
  • WhyQ
  • IJooz
  • MarketFresh
  • Carro
  • Wafuken
  • Thomson Medical
  • Revolut
  • Snackbar by Mogushop
  • Randy Indulgence
  • Unpackt
  • Mortgage Master
  • Out of the Bun
  • Bootstrap Beverages
  • Fave
  • Juice Stories
  • BoxGreen
  • Swapaholic
  • No Harm Done
  • Sea Soul.Itaire
  • Purnama Outreach
  • Deeda
  • Hanguk Kitchen
  • United Nail Supply
  • Snackright
  • Innervate Fitness
  • Crunchy Teeth
  • Coco Veda
  • Solve NPlusone
  • Upside Down Coffee Roaster
  • VIU
  • Shariot
  • Whatsdoc
  • Ritual Gym
  • Hey! Chips
  • Garmin
  • Revolution Singapore
  • Heart Springs Spa
  • Brow Art Asia
  • Heart Springs Wellness
  • Love Handle
  • Amazin’ Graze
  • Ask Eyecare
  • Dexafit Asia

SNACKFIT — Get Rewarded To Keep Fit

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 S$80 welcome gifts from SNACK today!

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

  1. Create a SNACK account with referral code VC80
  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

Get S$80 investment credits when you sign up for a SNACK account with referral code VC80 and start your SNACK Investment!

Ready to start investing with SNACK? You’ll get another 20% bonus investment credits (up to S$500). That’s pretty generous. However, do read the terms and conditions below to ensure you’re eligible to participate.

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

S$80 Investment Welcome Gift T&Cs: income.sg/si-vc80
20% Bonus Investment Credits T&Cs: income.sg/si-500

Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance, as well as the prediction, projection or forecast on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of the ILP sub-fund. The performance of the ILP sub-fund is not guaranteed and the value of the units in the ILP sub-fund and the income accruing to the units, if any, may fall or rise. A product summary and product highlights sheet(s) relating to the ILP sub-fund are available online at www.income.com.sg/funds. A potential investor should read the product summary and product highlights sheet(s) before deciding whether to subscribe for units in the ILP sub-fund.

All opinions expressed in this article are solely those of Value Champion and do not reflect the opinions of Income Insurance Limited (“Income”). Income is not responsible nor liable to any party in any manner whatsoever for such opinions, and Value Champion is solely responsible for any opinion and the accuracy and completeness of any information and intellectual property used in this article. The information contained in this article pertaining to any insurance product or plan is provided and meant for general information only and does not constitute an offer, recommendation, solicitation or advice by Income or Value Champion to buy or sell any product(s), plan(s) or investment product(s). It is not and should not be relied on as financial advice and has no regard for any person’s investment and financial needs. If you are unsure whether this product or plan is suitable for you, you may seek personalised financial advice from a qualified insurance advisor. Otherwise, you may end up buying a product or plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. Precise terms, conditions and exclusions of the product are found in the policy contract.

For customised advice to suit your specific needs, consult an Income insurance advisor.

Protected up to specified limits by SDIC (applicable for Income products that fall under the Policy Owners’ Protection Scheme).

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Information is correct as of 17 October 2022.*

This article was written in collaboration with SNACK by Income. While we are sponsored by them, we still review products and services with an objective lens and stay true to our mission – providing you with the best recommendations and advice to make smarter financial decisions.

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