Singtel and Etiqa launch free retrenchment coverage with Singtel Bill Protect

Provides bill waivers for retrenched Singaporeans impacted by volatile labour market, among other benefits

SINGAPORE - Media OutReach - 4 May 2023 - Singtel and Etiqa Insurance Singapore today launched Singtel Bill Protect, a first-of-its-kind complimentary insurance plan to cushion Singaporeans from adverse economic situations and stay connected even if they face financial difficulty.

Against the backdrop of rising economic and job uncertainty, the complimentary Bill Protect plan helps Singtel customers who face financial hardship due to a loss of employment, with waivers on their upcoming Singtel mobile and fixed broadband bills, alleviating some of their financial burden and allowing them to focus on finding new opportunities.

Ms Anna Yip, Chief Executive Officer, Consumer Singapore, Singtel, said, "Staying connected has become an essential part of modern lifestyle. By offering our new Singtel Bill Protect plan to our postpaid customers for free, we aim to help ease the strain of life's uncertainties by ensuring that our customers impacted by adverse conditions like retrenchment can stay connected with their communities using Singtel's superior network without worrying about their bills. That frees up their mind to focus on other more pressing priorities."

Mr Raymond Ong, Chief Executive Officer of Etiqa Insurance Singapore, said, "We are excited by the Singtel-Etiqa telcoassurance partnership, which will see the launch of initiatives and plans to achieve our vision of closing the protection gap that exists in Singapore, and help customers achieve peace of mind during difficult moments in their lives. The Singtel Bill Protect is a positive step towards achieving this vision by providing coverage for retrenchment and accidental death to support affected customers and their families."

A helping hand in times of need

Retrenchments in Singapore have risen for three quarters in a row, according to the latest Ministry of Manpower labour market estimates[1].

Eligible insured persons[2] who become retrenched can get their Singtel bills mobile and fixed broadband waived for up to six months, up to a maximum of S$600. In addition to retrenchment, the plan also covers accidental death[3].

Singtel Bill Protect is part of a broader series of Singtel Protect telcoassurance offerings that aim to help its customers narrow potential gaps in their insurance coverage to address life's other unexpected adversities with Etiqa Insurance Singapore's offerings. These easy-to-access solutions include Singtel Life Protect for protection against death and permanent disability; Singtel Health Protect, which covers unexpected illnesses; and Singtel Wealth Protect, which helps customers invest and accumulate wealth.

Etiqa Insurance Singapore will leverage their digital expertise and sales force to deliver these products to Singtel customers exclusively through Singtel's digital and physical retail channels. Other solutions dedicated to enhancing the protection needs of Singtel customers under the Singtel and Etiqa Insurance Singapore partnership will also be progressively introduced.

For more information about Bill Protect, please visit https://www.singtel.com/billprotect.

To learn more about the partnership between Singtel and Etiqa Insurance Singapore, please visit https://www.singtel.com/singtelprotect-etiqa and https://www.etiqa.com.sg/singtelpartnership.

Hashtag: #Singtel #EtiqaInsurance #SingtelBillProtect

The issuer is solely responsible for the content of this announcement.

About Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore)

Protecting customers since 1961, Etiqa Insurance Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance and family and general takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa is rated 'A' by credit rating agency Fitch for the group's 'Favorable' business profile and 'Very Strong' capitalisation.

Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.

About Singtel

Singtel is Asia's leading communications technology group, providing a portfolio of services from next-generation communication, 5G and technology services to infotainment to both consumers and businesses. The Group has presence in Asia, Australia and Africa and reaches over 770 million mobile customers in 21 countries. Its infrastructure and technology services for businesses span 21 countries, with more than 428 direct points of presence in 362 cities.

For consumers, Singtel delivers a complete and integrated suite of services, including mobile, broadband and TV. For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.

Singtel is dedicated to continuous innovation, harnessing technology to create new and exciting customer experiences and shape a more sustainable, digital future.

For more information, visit www.singtel.com.

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