Grab, NTUC Income launch microinsurance plan for drivers in Singapore

Grab insurance arm GrabInsure and NTUC Income, a social enterprise of the National Trades Union Congress, unveiled a microinsurance product to provide Grab driver-partners with critical illness protection services.

Image credit: Grab

The Critical Illness: Pay Per Trip (CIPPT) plan offers drivers a flexible pay-per-trip micro premium and accumulative coverage proposition, according to a statement.

Drivers will be able to subscribe to the plan through the Grab driver-partner app. Their CIPPT premiums will be automatically deducted from their in-app cash wallet with each completed trip. They will be able to choose from choosing from three premium rates: S$0.10, S$0.30, or S$0.50 per trip.

CIPPT will be rolled out to all Grab driver-partners progressively from today. It will be available for drivers who are 18 to 75 years of age.

Yee Wee Tang, country head of Grab Singapore, said that while the drivers see the value of insurance protection, they can be discouraged by the lack of affordable options and the application processes of insurance plans. CIPPT is created to address these specific concerns.

CIPPT is GrabInsure’s latest offering, following the launch of Personal Accident Plus and Prolonged Medical Leave Plus plans in April. GrabInsure is a joint venture by Grab and ZhongAn Technologies Insurance International.