SINGAPORE (Aug 1): Grab’s insurance arm, GrabInsure, and NTUC Income have jointly launched Southeast Asia’s first micro-insurance plan – Critical Illness: Pay Per Trip (CIPPT).
The plan will be progressively rolled out to Grab drivers from today.
The CIPPT is specially designed to help Grab drivers better protect themselves against critical illnesses by offering a unique and flexible pay-per-trip micro premium and accumulative coverage proposition.
This critical illness insurance plan provides Grab drivers the option to pay for premiums on a per trip basis. The drivers can choose to pay between 10 cents and 50 cents in premium for a fixed sum assured, and accumulate the corresponding insurance coverage with each trip they complete.
All Grab drivers aged between 18 to 75 years old are eligible to sign up for the plan. They can subscribe to this plan via the Grab driver app. The app will then automatically deduct the CIPPT premiums from their in-app cash wallet.
With this plan, Grab drivers can have more flexibility and maintain their coverage on a rolling 360-day period. They will continue to stay protected by the accumulated coverage across the 360 days on a rolling basis, even if they choose to take a break from driving. There is also no minimum trip requirement.
