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Paul Chen

Edited 25 Nov 2021

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Is SNACK by ntuc income's $1000 free coverage too good to be true?

They give it out for signing up on the app. But how are they able to give out $1000 free coverage without anything in return from users? How does it work in their favor? Are they banking on people not needing to make any claims when they sign up? Curious about their revenue model.

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Esther

22 Mar 2024

Could be

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Tan Choong Hwee

25 Nov 2021

Investor/Trader at Home

It is free coverage (not outright $1000 reward) and only claimable with claim events. So the actual cost per customer is much less than $1000, depending on the claim rates. It is a business cost used to entice customers' sign up, and hoping to earn from your SNACK insurance.

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