Great Eastern has joined forces with Singtel, a prominent telecom conglomerate based in Singapore, to introduce a flexible home and contents insurance scheme.

Named the Singtel Home Protect Flexi, this insurance plan is an enhancement of Singtel’s existing home insurance offering, Singtel Home Protect, which currently offers coverage with a commitment of one or two years. Eligibility for this plan requires customers to have an active Singtel broadband subscription.

Priced at SG$8 per month, the insurance maintains the same comprehensive coverage for homeowners, encompassing various types of residential housing. The coverage includes up to SG$80,000 for household contents and renovations, and up to SG$500,000 for personal liability.

Because the plan is linked to the customer’s Singtel broadband subscription, it will be automatically updated with a new address if the customer relocates. It also offers a no-contract arrangement, allowing for the flexibility to cancel at any time if they no longer require the coverage.

“Our new plan in collaboration with Singtel provides ease of portability and uninterrupted coverage for homeowners in the event they re-locate, or allows for termination at any time with no lock in period,” Great Eastern General and Group Insurance managing director Jimmy Tong said. “By eliminating these traditional constraints, we are able to provide greater flexibility and value for our customers.”

Elsewhere in the country, Prudential has shut down its Singapore wealth management arm as part of its efforts to streamline operations.

What are your thoughts on this story? Please feel free to share your comments below.