GrabInsurance, Grab insurance arm, works with National Trades Union Congress (NTUC) Income. They jointly unveiled their micro-insurance plan. The name of Grab micro-insurance is ‘Critical Illness: Pay Per Trip (CIPPT)’.
It has been launched in Singapore, started today. They claim that the product is ‘Southeast Asia’s first micro-insurance plan’.
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NTUC Income has a lot of new partnerships these days. For instance, recently, in July, NTUC Income signed a partnership with Singtel to help them launch their first insurance product.
The parties involved specifically designed Grab micro-insurance scheme for Grab drivers. They aim to better protect the drivers from critical illness. Yee Wee Tang, Grab Country Head of Singapore, stated that Grab wants their driver-partners to have easy access to an insurance plan. Moreover, He also emphasized that Grab wants to provide an affordable insurance plan for them.
Grab Micro-Insurance
Grab drivers can choose to pay between S$0.10 and S$0.50 in premium for a fixed sum assured. The number will be accumulated with the corresponding insurance coverage with each trip they complete.
Grab’s drivers can apply for the scheme by directly subscribing through their Grab app. Therefore, once they register, they will automatically have the CIPPT premiums. After they have CIPPT, the app will directly deduct their in-app cash wallet from each completed trip. On top of all, This new plan will be available for all Grab driver-partners progressively from today.
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This product is available to all Grab driver-partners who are 18 to 75 years of age. Grab offers three premium rates for their driver-partners on Grab’s driver app. The rates are S$0.10, S$0.30 and S$0.50 per trip.
Drivers who sign up will be able to accumulate insurance coverage of a Sum Assured of up to S$200,000 for 360 days. Some critical illnesses currently covered under the plan. That includes major cancers, stroke, kidney failure, major burns, muscular dystrophy, blindness and more.
Grab Insurance is a digital insurance marketplace. It sets up by a joint venture between Grab and Chinese insurtech giant, ZhongAn Technologies. It announced last January.
