NTUC Income has launched the first subscription-based insurance policies in Singapore, with no lock-in periods.
Known as TRIBE, the insurance offers three modular packs – Essentials Pack, Child Pack and Recovery Pack. Customers can subscribe to and customise their chosen pack based on their needs and desired insurance premiums through a digital interface. The packs are designed with specific types of customers in mind, such as gig economy workers, first jobbers and parents.
Each of the three packs is available in small, medium and large sizes, and allows customers to upsize or downsize insurance plans within a pack as needed.