Dash EasyEarn vs GIGANTIQ vs Singlife Account: Which Is the Best Insurance Savings Plan For You?
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Dash EasyEarn vs GIGANTIQ vs Singlife Account: Which Is the Best Insurance Savings Plan For You?

profileJoel Koh
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Dash EasyEarn vs GIGANTIQ vs Singlife Account: Which Insurance Savings Plan Is Better?

不管黑猫白猫,捉到老鼠就是好猫。(No matter if it is a white cat or a black cat; as long as it can catch mice, it is a good cat).”
— Deng Xiaoping

What Deng Xiaoping, the de-facto leader of the Chinese Communist Party in the 1970s recognised is this: there are many ways to reach your goals.

Tom and jerry
Source: Giphy

And this applies to the myriad of financial instruments out there which you can use to achieve your financial goals.

If you’ve been paying attention to what’s going on in the world of personal finance…

One of the more new-ish types of investments which you can consider is an insurance savings plan.

It’s basically a financial product that is a combination of a regular savings plan, insurance protection, and a traditional bank account.

More specifically, I’m referring to Dash EasyEarn, GIGANTIQ, and the Singlife Account.

All of which are universal life plans that offer an attractive rate of return on the money you put into the account.

And they also provide a bit of insurance coverage too.

If these benefits and features appeal to you, read on for our comparison and find out which is a good fit for your financial goals.

Disclaimer: We are not sponsored by these companies. Check out our Seedly Code of Ethics for more information on our editorial values.


TL;DR: Dash EasyEarn vs GIGANTIQ vs Singlife Account, Which is the Best?

Seedly Dash EasyEarn vs GIGANTIQ vs Singlife Account

One of the best things about these insurance savings plans is the fact that they have an attractive rate of return, no lock-in period, and are capital guaranteed:

Comparison of Insurance Savings Plan

Dash EasyEarn
(by Etiqa Insurance)
GIGANTIQ
(by Etiqa Insurance)
Singlife Account
Rate of Returns
(Overall)
1.8% p.a.

Guaranteed: 1.5% p.a.
Bonus: 0.30% p.a. (first year)
1.8% p.a.

Guaranteed: 1.0% p.a.
Bonus: 0.80% p.a. (first year)
Up to 2.0% p.a.

Note: non-guaranteed
Rate of Returns
(First Year)
First $20,000: 1.8% p.a.First $10,000: 1.8% p.a.

Above $10,000: 1.0% p.a.
First $10,000: up to 2.0% p.a.

Next $90,000: 1.0% p.a.

Above $100,000: 0.0% p.a.
Rate of Returns
(Subsequent Year)
1.5% p.a.1.0% p.a.Up to 2.0% p.a.
Initial Deposit$2,000 (min)
$20,000 (max)
$50$500
Minimum Account Balance to Earn Returns$2,000$50

Note: policy will be de-activated if the average daily account value for the calendar month falls below $50
$100
Account Balance Cap$20,000$200,000None
Lock-InTop up or withdraw anytime
Withdrawal PenaltyWithdraw 100% of your capital anytime without penalty
Withdrawal Fee$0.70 service fee via PayNow

Free via Dash Wallet
$0.50 service fee via Direct Credit (POSB or DBS) withdrawal

$0.70 service fee via PayNow withdrawal
None
Withdrawal RequirementsMinimum of $100 in multiples of $100No restrictionsNo restrictions
Top Up RequirementsMinimum of $500 in multiples of $500*Minimum $1 up to Account Balance Cap No restrictions
Life Insurance Coverage
(For death)
105% of the account value105% of the account valueUp to 105% of the account value (additional terminal illness coverage)
Capital Guaranteed?Capital guaranteed by SDIC under PPF*

Dash EasyEarn Latest Rate of Return

From 25 September 2020, new signups for Dash EasyEarn will enjoy a rate of return of 1.8% p.a. (1.5% p.a. guaranteed + 0.3% p.a. bonus) on the first $20,000, for the first policy year.

Previously it was 2.0% p.a. (1.5% p.a. guaranteed + 0.5% p.a. bonus).

[UPDATE] GIGANTIQ Latest Rate of Return

From 19 November 2020, new signups for GIGANTIQ will enjoy a rate of return of 1.8% p.a. (1.0% p.a. guaranteed + 0.8% p.a. bonus) on the first $10,000, for the first policy year.

Existing policyholders will still enjoy the previously announced 2.0% p.a. (1.0% p.a. guaranteed + 1.0% p.a. bonus).

For anything above $10,000 to $200,000, you’ll earn 1.0% p.a. returns.

Singlife Account Latest Rate of Return

From 1 November 2020, all existing and new signups for the Singlife Account will enjoy a non-guaranteed rate of return of up to 2.0% p.a. on the first $10,000.

Previously, you could enjoy a non-guaranteed rate of return of up to 2.5% p.a. on the first $10,000.

There is no change to the crediting rate of 1.0% p.a. for the next $90,000 in your Singlife Account.

However, you can still earn up to 2.5% p.a. for the first $10,000 by participating in the Save, Spend, Earn campaign (until 28 February 2021).

All you have to do is spend a minimum of $500 using the Singlife Visa Debit Card to qualify for the additional 0.5% p.a. bonus returns.


Dash EasyEarn Review for 2020

Dash EasyEarn
Source: Singtel Dash

The Dash EasyEarn is an insurance savings plan underwritten by Etiqa and is offered in partnership with Singtel.

The policy is a capital guaranteed, single premium, non-participating universal life plan with no lock-in period or penalties for early withdrawal.

If you want to find out more, I’ve also written a more detailed article about the Dash EasyEarn.

Dash EasyEarn Rate of Return

If you signed up for a Dash EasyEarn insurance savings plan right now, you’ll get to enjoy a guaranteed 1.5% p.a. rate of return.

Plus an additional bonus 0.3% p.a. rate of return for the first year.

This adds up to a guaranteed 1.8% p.a. rate of return — for the first year at least.

Note: if you’ve signed up before 24 September 2020, you will still continue to enjoy the 2.0% p.a. rate of return for your first policy year.

How To Apply for Dash EasyEarn?

To sign up for Dash EasyEarn, you’ll need to create a Dash account and then sign up for the insurance savings plan via the Dash app.

This plan is only open to Dash users aged 17 to 75 years old, who has a valid Singaporean NRIC or Singapore residency/workpass.

Once you have you Dasy EasyEarn account, you’ll need to make a minimum initial deposit of $2,000.

And have to maintain an average daily account value of $2,000 to be entitled to interest crediting.

Even though this is considered the first single premium that you will pay to the plan.

You can continue making top-ups to the account anytime.

But, do note that there is a maximum cap of $20,000 for your Dash EasyEarn account.

How Easy Is It To Make Withdrawals from Dash EasyEarn?

As compared to GIGANTIQ and the Singlife Account, there are more restrictions on Dash EasyEarn top-ups and withdrawals.

The minimum top-up is $500, and can only be done in multiples of $500.

The minimum withdrawal is $100, and can only be done in multiples of $100.

In addition, you’ll be charged $0.70 for each withdrawal you make to your bank account via PayNow.

You could withdraw it via your Singtel Dash account at no charge…

But your money is technically locked up in it and you have to consciously remember to spend it via Dash.

How Much Life Insurance Coverage Do I Get with Dash EasyEarn?

Although the Dash EasyEarn is a universal life plan, the coverage is not as comprehensive as compared to traditional universal life plans.

Upon your (unfortunate) demise, Etiqa will payout 105% of your account value (after subtracting whatever amount you owe them).

Etiqa will also payout 105% of your account value when the policy matures immediately before you turn 100 years old.

What Else Do I Need to Take Note About Dash EasyEarn?

Unlike most bank savings account, there is no fall below fee for the Dash EasyEarn.

This means that you can withdraw everything from your account and not worry about incurring extra charges.

Another thing to note is that on the Dash EasyEarn product summary page there is a line that states:

Please note that Etiqa Insurance reserves the right to delay the payment of the partial withdrawal amount for up to a period of 6 months from the date of your withdrawal application.

This line is standard for Etiqa’s other life insurance policies… so make of it what you will.


GIGANTIQ Review for 2020

GIGANTIQ
Source: Tiq by Etiqa Insurance

Next, we have GIGANTIQ by Etiqa Insurance.

Etiqa is positioning its product as an “all in one insurance tool with savings and protection plans to fulfil your life goals”.

In other words, it is a capital guaranteed, single premium, non-participating universal life plan with no lock-in period or penalties for early withdrawal.

GIGANTIQ Rate of Return

GIGANTIQ offers a guaranteed 1.0% p.a. rate of return.

Plus a bonus 0.8% p.a. rate of return on your first $10,000 for the first year.

The rate of return is calculated based on the daily account value and is credited into the account at the end of each calendar month.

If we compared this with Dash EasyEarn, both rates of return for the first policy year are the same.

HOWEVER, the biggest difference is the guaranteed rate of return for the subsequent year.

For Dash EasyEarn, it will be 1.5% p.a. whereas it will be 1.0% p.a. for GIGANTIQ.

How To Apply for GIGANTIQ?

You’ll need to download the Tiq by Etiqa app and register for an account.

You are eligible for a GIGANTIQ account if you meet the following criteria:

  1. You are a Singapore citizen or permanent resident with a valid NRIC; or
  2. You are a foreigner holding a valid Work Pass/Permit or Long-Term Visit Pass.
  3. You are between age 17 to 75 (age next birthday).
  4. You are only allowed to purchase one GIGANTIQ plan at a time.

Next, you’ll need a photo ID in order to sign up for GIGANTIQ.

Once you get that sorted out, you can start growing your savings with as little as $50.

Payment can ONLY be done via DBS or POSB bank accounts OR via your Etiqa eWallet.

You can continue making any amount of top-ups to the account anytime.

But there is a maximum cap of $200,000 for your GIGANTIQ account.

Note: the policy will be automatically renewed for another one year unless you write to Etiqa to request for a policy termination

How Easy Is It To Make Withdrawals from GIGANTIQ?

With this policy, there is no lock-in period, which means that you can top-up and withdraw money from your GIGANTIQ account anytime.

However, a transaction fee will be charged for each partial withdrawal, surrender, or free look request:

  • PayNow: $0.70 per transaction.
  • Direct Credit (DBS or POSB) $0.50 per transaction.

How Much Life Insurance Coverage Do I Get with GIGANTIQ?

Similar to Dash EasyEarn, GIGANTIQ’s coverage is not as comprehensive as compared to traditional universal life plans.

Upon your (unfortunate) demise, Etiqa will payout 105% of your account value (after subtracting whatever amount you owe them).

Etiqa will also payout 105% of your account value when the policy matures immediately before you turn 100 years old.

What Else Do I Need to Take Note About GIGANTIQ?

There isn’t a fall below fee levied.

But your policy will be de-activated if your average daily account value for the calendar month falls below $50.

So whatever you do, make sure you keep at least $50 in your GIGANTIQ account at all times.

An additional perk (that has yet to be released) is that you can earn up to 0.25% p.a. on the first $10,000 for selected life or general insurance products offered as a supplementary rider under GIGANTIQ.

And since GIGANTIQ is underwritten by Etiqa, there’s also this liner in their policy provisions:

Please note that Etiqa Insurance reserves the right to delay the payment of the partial withdrawal amount for up to a period of 6 months from the date of your withdrawal application.

Again, I’m just pointing it out.

So make of it what you will.


Singlife Account Review for 2020

Singlife Account
Source: Singlife

The Singlife Account is capital guaranteed insurance savings plan that gives up to 2.0% p.a. returns.

It also comes with an optional Visa debit card which you can use to earn a bit more bonus returns.

Singlife Account Rate of Return

Here’s how the Singlife Account 2.0% p.a. crediting rate works:

  • 2.0% p.a. for your first $10,000
  • 1.0% p.a. for your next $90,000
  • 0% p.a. for amounts above $100,000

The returns are calculated daily and credited to your account on a monthly basis.

Although the rate of returns seem higher than what you’d get with Dash EasyEarn and GIGANTIQ.

You should note that the Singlife Account’s crediting rates are not guaranteed.

For existing policyholders complaining about the decrease in the rate of returns from 2.5% p.a. to 2.0% p.a…

You can still get 2.5% p.a. by participating in the Save, Spend, Earn campaign which is running till 28 February 2021.

All you have to do is spend a minimum of $500 every calendar month using your Singlife Visa Debit Card in order to earn the additional bonus 0.5% rate of return on your first $10,000.

Singlife Visa Debit card

 

How To Apply for Singlife Account?

Similar to Dash EasyEarn and GIGANTIQ, you’ll need to download an app.

More specifically, the Singlife app.

You can sign up for an account using MyInfo by logging in with SingPass and confirming your personal details.

Once your Singlife ID is created and Singlife account is approved, you can get started by transferring a minimum of $500 via FAST transfer.

You’ll need to maintain an average daily account value of $100 to enjoy the return rates.

Note: the Singlife Account is available for Singapore residents who are Singapore citizens, Singapore Permanent Residents or foreigners holding valid passes, and who are between 18 and 75 years old

How Easy Is It To Make Withdrawals from Singlife Account?

Top-ups and withdrawals can be done over FAST.

There are also no restrictions or service fees which make it more fuss-free as compared with Dash EasyEarn or GIGANTIQ.

How Much Life Insurance Coverage Do I Get with Singlife Account?

Although the Singlife Account is also a universal life plan, the coverage is slightly more comprehensive than the other policies due to the additional terminal illness coverage it provides.

This policy provides a life insurance coverage for death or terminal illness, for up to 105% of your account value at age 60.

Here’s a more detailed explanation of the life insurance coverage in the event of death or terminal illness:

In Event of Death or Terminal IllnessBenefit
Before the policy anniversary on which account holder’s age last birthday is 61The sum of:
- account value

and

- 5% of account value or SGD 50,000, (whichever is lower)
On or after the policy anniversary on which
account holder’s age last birthday is 61
The sum of:
- account value

and

- 1% of account value or SGD 50,000
(whichever
is lower)

This means that the additional 5% coverage on top of the 100% is only for policyholders under the age of 61.

Once you’re past 61 years old, that additional coverage is reduced to 101% of the account value.

What Else Do I Need to Take Note About Singlife Account?

Similar to Dash EasyEarn and GIGANTIQ, there is no fall below fee for the Singlife account.

What’s interesting is that the Singlife account also provides Retrenchment Coverage, which is particularly useful given the state of our economy due to COVID-19.

Here’s an overview of how this coverage works:

Let’s say you are (unfortunately) retrenched and remain unemployed for 4 months.

You can submit a claim, within 90 days, to Singlife to receive your Retrenchment Benefit.

Singlife will take your average monthly Singlife Visa Debit Card spend over 6 months before your retrenchment to calculate this benefit.

Assuming your average monthly card spend is $800, your Singlife Retrenchment Benefit will be $800.

Singlife will pay you $800 for 3 months — up to a cap of $10,000 in total.

There are prevailing terms and conditions of course, but it’s a pretty nice thing to have, no?


Dash EasyEarn vs GIGANTIQ vs Singlife Account: Which One Should I Pick?

In this low-interest-rate environment, all three options are pretty decent if you want someplace to:

  • store your emergency fund
  • park your investment war chest, OR
  • earn some interest while waiting to fund an upcoming expense

Now, if you’re looking for a guaranteed rate of return, your only options are Dash EasyEarn or GIGANTIQ.

If you have less than $2,000 to put aside, then GIGANTIQ is your only option because the minimum initial deposit for Dash EasyEarn is at least $2,000.

But if you have between $2,000 to $20,000, and would like to enjoy a higher guaranteed rate of return after your first policy year.

Then Dash EasyEarn’s guaranteed 1.5% p.a. rate of returns for subsequent years would be the best bet.

.

.

.

However, that’s not to say that the Singlife Account is not worth considering.

IMO, if you prioritise liquidity over guaranteed returns, then the Singlife Account is a no-brainer.

In fact, out of the three insurance savings plans we looked at… the Singlife Account stands out for its:

  • Flexibility with tops and withdrawals (high liquidity)
  • Additional terminal illness and retrenchment coverage
  • Optional Visa debit card which can be used to spend your money in your Singlife Account

Overall, the non-guaranteed rate of returns for the Singlife Account are still pretty promising.

And since there’s no withdrawal penalty…

What’s stopping you from taking your money out of your Singlife Account then — if the rate of returns isn’t great.

And putting it into another insurance savings plan with a better rate of return?


How Safe Is My Money if I Leave It in an Insurance Savings Plan?

SDIC Logo

All three insurance savings plans are protected under the Policy Owners’ Protection (PPF) Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC).

This coverage is automatic so you do not need to apply for anything.

According to SDIC, the amount insured (aka amount deposited) has a guaranteed surrender value at the point of failure that is capped at $100,000.

There is also a cap of $500,000 for the aggregated guaranteed sum assured.

Basically, your money’s safe as long as you’re dealing with amounts within what is covered.

If you’d like to find out more the types of benefits covered under the scheme as well as the limits of coverage.

You can check out the Life Insurance Association (LIA) or SDIC website for more information.

If you’re still unsure about committing to an insurance savings plan, all policies come with a 14 day free look period where you can terminate the policy without any penalties.

Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing.

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About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. My time as a history student has equipped me with the skills to evaluate the impact societal development has on financial and nonfinancial events.
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