Income Insurance Limited (Income Insurance) unveils its “SNACK Self Care Pack,” marking the industry’s first standalone mental wellness insurance plan. This innovative plan, available as a monthly subscription on the SNACK by Income mobile app for just S$9.90, is poised to transform the way we approach mental health coverage.
The “SNACK Self Care Pack” breaks away from traditional insurance norms, as it offers coverage without the usual constraints tied to inpatient hospitalization or post-hospitalization conditions. This forward-thinking approach provides subscribers with enhanced access to crucial psychiatric consultations and psychotherapy sessions.
This landmark launch follows Income Insurance’s recent introduction of Star Secure Pro, which offers supplementary protection for five specific mental health conditions, including Major Depressive Disorder, Obsessive Compulsive Disorder, Schizophrenia, Bipolar Disorder, and Tourette Syndrome.
The timing of this release coincides with the findings of the latest National Population Health Survey by the Ministry of Health (MOH), which reveals an alarming increase in the prevalence of poor mental health, rising from 13.4% in 2020 to 17.0% in 2022. However, there is a glimmer of hope as more individuals in Singapore are now willing to seek professional help, with 56.6% seeking assistance in 2022 compared to 47.8% in 2019.
How the SNACK Self Care Pack Works
The “SNACK Self Care Pack” is meticulously designed as an “active recovery and preventive” solution, aiming to bolster mental well-being and encourage early treatment. Subscribers can avail themselves of coverage up to $200 a month for psychiatric consultations, along with coverage of up to $500 a month for psychotherapy sessions. To claim for psychotherapy sessions, subscribers will require a recommendation from a psychiatrist.
For individuals with pre-existing mental conditions who are presently under the care of a psychiatrist, eligibility for claims is restricted within the first 12 months unless the coverage pertains to a different diagnosis.
One of the standout features of this plan is its flexibility, as users can easily start or pause their “SNACK Self Care Pack” subscription at any time. Claims can be swiftly filed through the user-friendly SNACK mobile app. This monthly subscription model is ideally suited to provide continuous support for consultations and treatments that subscribers may require on an ongoing basis.
In addition to its comprehensive mental health coverage, subscribers can take advantage of the “cashback” benefits from lifestyle and wellness merchants like iJooz, Ritual Gym, and Heart Spring Spa through the SNACK Rewards program. These “cashback” rewards can be converted into complimentary micro-insurance coverage or micro-investment credits, allowing subscribers to build their insurance portfolio while enjoying their daily activities.
SNACK by Income Insurance: Transforming Insurance into a Lifestyle Experience
SNACK by Income Insurance is not just an insurance solution; it’s a lifestyle-embedded micro-insurance and investment proposition. It seamlessly integrates into various aspects of your daily life, from dining out and taking public transport to watching a movie or going for a jog.
Since its launch in June 2020, SNACK has evolved into a fin-lifestyle app, encompassing new insurance business models like stackable lifestyle-embedded micro-insurance and investment, subscription models, as well as traditional products such as travel, home, and pet insurance. This transformation caters to the needs of today’s digital-first consumers who seek comprehensive coverage that adapts to their dynamic lifestyles.
Experience the future of insurance and wellness with the SNACK app, available for download on both the App Store and Google Play Store.
