Singtel, Great Eastern offer insurance for telco bills, home contents

SINGAPORE Telecommunications (Singtel) and Great Eastern on Wednesday announced a partnership to launch a range of general insurance products spanning home, motor and travel that provide coverage for one's telco bills.

Underwritten by Great Eastern, these insurance offerings seek to address customer needs arising from their increasingly digital lifestyles, featuring "telco-centric benefits that are industry firsts", both companies said in a joint statement.

To start off, Singtel and Great Eastern have introduced Singtel Home Protect, a home insurance that provides coverage for telco bills and home contents.

Singtel Home Protect was launched on Aug 18, a company spokesperson told The Business Times on Wednesday.

"The plan reimburses Singtel broadband expenses besides covering renovation, furniture, appliances, valuables and personal effects, which most homeowners do not insure today," the companies said in their joint statement.

Singtel Home Protect is now available to Singtel's broadband customers and will be made available to all Singtel customers subsequently.

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The plan covers the reimbursement of Singtel bills of S$280 per month for up to three months, and up to S$80,000 for home contents and renovation in the event of disruption to services due to a fire, or other types of damage to the home, the companies said.

It is available at S$84 for 12 months of coverage, or S$156 for 24 months of coverage.

In the coming weeks, Singtel and Great Eastern will be offering motor insurance for car owners.

The telco will also introduce travel insurance with mobile-related benefits. This includes mobile bill reimbursement during hospitalisation due to an accident, additional mobile data expenses incurred due to travel delays, as well as repair or replacement of mobile phone in the event of loss, the companies said.

As at 3.40pm on Wednesday, Singtel shares were trading at S$2.31, up S$0.01 or 0.4 per cent, while Great Eastern shares were trading at S$18.99, down S$0.03 or 0.2 per cent.