SINGAPORE - After venturing into mobile payments and cybersecurity, Singtel is now entering the insurance market, offering free cover targeted mainly at migrant workers.
Singtel will pay the premiums and the plans require no paperwork or medical underwriting. They can be applied for through the hi!App or Singtel Dash app. "With the scale of Singtel, with digital capabilities, we are able to make insurance affordable, easy and accessible," he told the launch event, which was attended by Senior Parliamentary Secretary for Manpower Low Yen Ling.
Dash customers who remit at least $100 will be entitled to a 30-day policy that provides a cash payout of up to $5,000 in the event of permanent disability or accidental death.NTUC Income chief executive Andrew Yeo, who also spoke at the event at Singtel's Comcentre in Somerset, said the initiative recognises the contributions of migrant workers to Singapore.
Employers of work permit holders must buy medical insurance for them with a minimum coverage of $15,000 per year.