Circles.Life makes foray into financial services with AXA Insurance tie-up

SINGAPORE-BASED Circles.Life has partnered AXA Insurance to offer insurance coverage to the digital telco's users.

This is Circles.Life's first step into financial services, it said on Thursday.

Existing customers of the telco startup can now purchase personal accident insurance plans starting from S$8 for 30 days of coverage, through the Circles.Life app.

The LifeSaver Personal Accident Insurance can be purchased as an add-on and users will be billed together with their current mobile plans. There is no lock-in period for the insurance plan, which is charged on a monthly basis.

The product offers the following coverage: up to S$100,000 in the event of accidental death or permanent disability; up to S$2,000 in medical expenses per accident (covers dengue fever, food or drink poisoning, and others); up to S$2,000 mobility aids per accident; up to S$5,000 in home modification expenses; and a S$250 lump sum for hospitalisation (minimum 48 hours) due to an accident.

The announcement comes four months after The Business Times (BT) reported that the telco had been cutting staff since November 2019. Circles.Life confirmed the layoffs to BT, but said less than 5 per cent of its global headcount had been axed at the time.