GIGANTIQ vs Singtel Dash EasyEarn vs Singlife Account: Which of These Insurance Savings Plans Are Right For You?
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GIGANTIQ vs Singtel Dash EasyEarn vs Singlife Account: Which of These Insurance Savings Plans Are Right For You?

profileJoel Koh
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[UPDATED:] Singtel and Etiqa have reduced the rate of returns for Dash EasyEarn. From 25 September 2020, new signups will only enjoy a rate of return of 1.8% per annum (p.a.) (1.5% p.a. guaranteed + 0.3% p.a. bonus) for the first policy year; down from the previous 2% p.a. (1.5% p.a. guaranteed + 0.5% p.a. bonus) rate of returns.

Come 1 November 2020, Singlife will also be reducing the rate of returns on the Singlife Account from up to 2.5% p.a. to up to 2% p.a. for the first S$10,000.

However, there will be no change to the crediting rate of up to 1% p.a. for the next S$90,000 for the Singlife Account.

Despite the reduction of the crediting rates, you can still earn up to 2.5% p.a. returns for the first S$10,000 after 1 November through the company’s upcoming Save, Spend, Earn Campaign. But more on that in a bit.

Do note that the rate of returns for the Singlife Account is not guaranteed. 

Information accurate as of 2 October 2020.


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

This applies to your financial goals as well, as there are numerous investment vehicles that allow you to can plant your money in and watch it grow.

You have anything from Regular Shares Savings plans, Robo-advisors, REITs, ETFs, Unit Trusts, high-interest rate savings accounts, endowment plans — the list is endless.

Speaking of endowment plans and high-interest rate savings accounts, here is a new-ish type of investment vehicle you can consider.

Enter insurance savings plan accounts: a financial product that combines features of a regular savings plan, insurance protection, and a traditional bank account.

More specifically I am referring to financial products like GIGANTIQ, Dash EasyEarn or the Singlife Account are universal life plans that offer an attractive rate of return on the money you put into the account and provide a bit of insurance coverage based on the account value.

Liquidity is also relatively high as you can make withdrawals and top-ups as and when without early-surrender penalties or a reduction in your rate of return. Some like the Singlife account even have an accompanying Visa debit card.

But, do note that these products are insurance policies and are NOT a bank savings account nor a fixed deposit.

If these benefits and features of these products sound appealing to you, read on for our comparison of GIGANTIQ, Dash EasyEarn or the Singlife Account to see if these investment vehicles are a good fit for your financial goals.

We have chosen these policies as they have an attractive rate of return, no lock-in period and are capital guaranteed.

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


TL;DR: GIGANTIQ vs Dash Easyearn vs Singlife Account: Battle of the Insurance Savings Plan Accounts

Key FeaturesGigantiqDash EasyEarn (by Etiqa Insurance)Singlife Account (Before 1 Nov 2020)Singlife Account
(After 1 Nov 2020)
Rate of Returns 2% p.a.
(1% p.a. guaranteed + 1% p.a. bonus for first year)
1.8% p.a.
(1.5% p.a. guaranteed + 0.3% p.a. bonus for first year)
Up to 2.5% p.a. non-guaranteed return Up to 2% p.a. non-guaranteed return
Rate of Returns CapFirst $10,000: 2% for first year
Above $10,000: 1% for first year
First $20,000: 2% for first yearFirst $10,000: 2.5%
Next $90,000: 1%
Above $100,000: 0%
First $10,000: 2%
Next $90,000: 1%
Above $100,000: 0%
Initial deposit required$50Minimum of $2,000 and maximum of $20,000$500
Minimum account balance to earn rate of returns$50
Policy will be de-activated if the average daily account value for the calendar month falls below $50
$2,000$100
Account balance cap$200,000$20,000N.A.
Lock-inTop up or withdraw anytime
Withdrawal penaltiesWithdraw 100% of your capital anytime without penalty
Withdrawal fees$0.50 service fee for Direct Credit (POSB or DBS) withdrawal
$0.70 service fee for PayNow withdrawal
$0.70 service fee for each withdrawal via PayNow
Withdrawals to Dash Wallet are free
N.A.
Withdrawal RequirementsNo restrictionsMinimum of $100 in multiples of $100No restrictions
Top Up RequirementsMinimum $1 up to maximum Account Value Minimum of $500 in multiples of $500*No restrictions
Life insurance coverage for death105% of the account value105% of the account valueUp to 105% of the account value (additional terminal illness coverage)
Capital GuaranteeCapital guaranteed by SDIC under PPF*

*These policies are all protected under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).SDIC Logo Coverage for your policy is automatic and no further action is required from you.

According to SDIC, the amount insured (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.

For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

These policies also have a 14 day free look period where you can terminate the policy without any penalties.


GIGANTIQ by Etiqa Insurance

First up we have the latest contender: the GIGANTIQ plan from Etiqa Insurance.

GIGANTIQ
Source: Etiqa Singapore

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

The GIGANTIQ plan offers a guaranteed 1% p.a. + 1% p.a. bonus rate of return on your first $10,000 for the first year.

For anything above $10,000, you will enjoy a guaranteed 1% p.a. for the first year.

For the subsequent years, Etiqa has projected the rate of returns to be at 1% p.a.

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

Do note that this policy will be automatically be renewed for another one year unless you write to Etiqa to request for a policy termination. Upon termination, you will receive the full account value, minus any amount owed to them.

Liquidity

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

But, do note that a transaction fee will be charged for each partial withdrawal, surrender or free look request as follows:

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

Life Insurance Coverage

The policy also provides life insurance coverage for death. Upon the death of the policyholder, while the policy is in force (account active), Etiqa will payout 105% of the account value, minus any amount owed to them.

Etiqa will also payout 105% when the policy matures on the policy anniversary immediately before the policyholder turns 100 years old.

Other Notes

Which leads me to my next point, your policy will be de-activated once the average daily account value for the calendar month falls below $50. So be sure to keep at least $50 in the account at all times.

But, in any case, you can reactivate the policy by topping up the account to the minimum account value of $50.

An additional perk of Gigantiq which has yet to be released is that you will earn 0.25% p.a. on the first S$10,000 for each additional protection plan purchased with Etiqa.

Another thing to note is that on the GIGGANTIQ product summary page 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.

How to Apply

Here is the policy’s application 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.

For now, the policy is only available exclusively to TiqConnect users on the Tiq by Etiqa mobile app. However, you can leave your contact information with Etiqa to be notified of the public launch.

Who Is This For

My personal take on this plan is that in this low-interest-rate environment, GIGANTIQ is a decent option if you want someplace to store your emergency fund, investment war chest or save up to fund an upcoming expense.

If you can live with the restrictions on withdrawals and deposits, this plan is still very liquid compared to traditional endowment plans.

In addition, you get the benefit of a higher guaranteed rate of return without having to jump through hoops like salary crediting, meeting the minimum spend on credit cards etc.

This is a fuss-free option for you to park your money and receive a decent rate of return of 2% p.a. — at least for the first year.

This is just my conjecture, but judging from the additional rate of return they will be offering with each policy and the bonus rate of return for the first year, this plan is designed to acquire you as a customer and introduce to you more Etiqa products.

Singtel Dash EasyEarn (by Etiqa Insurance)
Singtel-Dash-EasyEarn

Next up we have Singtel Dash EasyEarn: another insurance savings plan underwritten by Etiqa and 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 that is pretty similar to GIGANTIQ.

Singtel Dash EasyEarn Rate of Return

This insurance savings plan offers a guaranteed 1.5% per annum (p.a.) and an additional 0.3% p.a. bonus returns for the first year for policyholders who sign up within an unspecified limited time. This adds up to a guaranteed 1.8% rate of return for the first year at least.

This rate is for customers who have signed up after 25 September 2020. For those who have signed up before 24 September 2020, you will still enjoy the 2% rate of returns for the first policy year.

To open the account, you will also need to make an initial deposit with a minimum of $2,000 and maintain the average daily account value of $2,000 to earn the return rates. This is considered the first single premium that you will pay to the plan.

But, do note that there is a cap of $20,000 that you can top-up to the account.

This is also where Singtel Dash EasyEarn is better than GIGANTIQ, as you get to earn a higher rate of return for the first $20,000.

Liquidity

But, compared to GIGANTIQ, there are more restrictions on the top-ups and withdrawals.

For top-ups to the account, you will need to top-up a minimum of $500 in multiples of $500. 

For withdrawals, you will need to withdraw a minimum of $100 in multiples of $100.

In addition, you will be charged a $0.70 fee if you make any withdrawals to your bank account.

Although withdrawing to your Dash account is free, your money will be locked up in your Dash account so be careful with that option.

Life Insurance Coverage

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

Upon the death of the policyholder, while the policy is in force (account active), Etiqa will payout 105% of the account value, minus any amount owed to them.

Also, Etiqa will payout 105% when the policy matures on the policy anniversary immediately before the policyholder turns 100 years old.

Other Notes

On top of the coverage, there is also no fall below fee that bank accounts generally charge. This means that you can withdraw everything from this account and not worry about 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.

How to Apply

In order for you to purchase or manage the Dash EasyEarn plan, you will need to signup for a Dash account and then signup for the policy in the Dash app.

Do note that this plan is only open to Dash users aged 17 to 75 with a valid Singapore NRIC or Singapore residency/workpass through the Dash app and is subject to acceptance by Etiqa Insurance Pte. Ltd.

Who Is This For

The plan is offering a guaranteed 1.8% p.a. return for the first year with a decent amount of liquidity as you can withdraw or deposit funds into the plan at any time.

Even after the first year ends, you will still enjoy a 1.5% p.a. rate of return.

There is also the bonus of the death coverage of 105% which you don’t get with bank savings accounts or money management accounts. (Do check their product summary for the terms and conditions of this benefit)

On top of the coverage, there is also no fall below fee that bank accounts generally charge. This means that you can withdraw everything from this account and not worry about extra charges.

Since the rate of return for GIGANTIQ is more than Dash EasyEarn, you should get the GIGANTIQ account if you have more than $10,000 to put away.

But do take note of the more restrictive withdrawal rules as this policy has withdrawal and top-up requirements.

For more details, you can check out our coverage of Singtel Dash EasyEarn.

Singlife Account

Last but not least we have the Singlife account insurance savings plan.

Singlife Rate of Return

This mobile insurance savings plan offers a non-guaranteed 2.5% per annum (p.a.) rate of return which can be broken down into:

  • 2.5% p.a. for the first $10,000
  • 1% p.a. for the next $90,000
  • 0% p.a. for anything above $100,000

This means that the blended interest rate will be 1.15% p.a. for the first $100,000 in the account.


1 November 2020 Changes to Singlife Account

Come 1 November 2020, Singlife will also be reducing the rate of returns on the Singlife Account from up to 2.5% p.a. to up to 2% p.a. for the first S$10,000.

However, there will be no change to the crediting rate of up to 1% p.a. for the next S$90,000 for the Singlife Account.

This means that the blended interest rate will be up to 1.1% p.a. for the first $100,000 in the account.

Despite the reduction of the crediting rates, you can still earn up to 2.5% p.a. returns for the first S$10,000 after 1 November through the company’s upcoming Save, Spend, Earn Campaign. But more on that in a bit.

Do note that the rate of returns for the Singlife Account is not guaranteed. 

Singlife Save, Spend Earn Campaign

From 1 November 2020 to 28 February 2021, Singlife will also run a campaign for additional interest.

You will simply need to spend at least $500 per policy month with your Singlife Visa debit card.

This will earn you an additional 0.5% bonus interest on the first $10,000 in your Singlife Account for the following month.

But here are some terms and conditions you need to take note of for the campaign:

  1. You must have an in-forced Singlife Account policy
  2. You must have ordered and activated your Singlife Visa Debit Card
  3. You must spend the minimum of S$500 within a card spend period to qualify for the 0.5% p.a. bonus return on your first S$10,000 in the next policy month.
  4. You can spend the minimum of S$500 in any or all of the individual card spend periods to qualify for the 0.5% bonus return in the next policy month as each card spend period is independent of each other. Spend the minimum of S$500 in all of the card spend periods throughout the Promotion to maximize your bonus return earnings.

In addition, the returns are calculated daily and credited to your Singlife Account on a monthly basis.

However, do note this rate of return is not guaranteed and may fluctuate according to economic and market conditions.

To open the account, you will also need to make an initial deposit $500 and maintain the average daily account value of $100 to enjoy the return rates. The $500 is considered the first single premium that you will pay to the plan.

Liquidity

Top-ups and withdrawals can be done over FAST where you will be transferring money to Singlife’s DBS account.

There are also no restrictions which make it more fuss-free compared to GIGANTIQ and Dash EasyEarn.

Singlife Visa Debit Card

Singlife Visa Debit card

You will be able to apply for a Singlife Visa Debit card upon account opening. This card can be used worldwide with no additional FX fees and zero annual fees.

For overseas transactions through the Singlife Card, there will be an option for you to either make your payment in Singapore Dollars or in foreign currency at the point of sale.

Life Insurance Coverage

Although this is termed as a universal life plan, the coverage is slightly more comprehensive than the other policies due to the additional terminal illness coverage.

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. The additional coverage is reduced to 1% after the age of 61 for a total of 101% of the account value in payouts.

Additional Retrenchment Coverage

Singlife Account’s additional retrenchment converge also caught our attention, given the state of our economy due to COVID-19.

Here’s a summary of how this coverage works:

  • Upon retrenchment, your average monthly card spend over the six months (immediately before you were retrenched), will be recorded.
    Let’s assume that your average card spend is at $800 per month.
  • If you fail to find a job in the next four months, Singlife will pay you your Retrenchment benefit for three months.
    Meaning, after four months of unemployment, you will receive $800 per month for three months.
  • The amount of Retrenchment Benefit payout will be capped at $10,000 in total.
  • There should be no payout if the individual is retrenched within the first 6 months of opening the account or your severance package is more than three (3) months of Your monthly salary.

Other Notes

On top of the coverage, there is also no fall below fee that bank accounts generally charge. This means that you can withdraw everything from this account and not worry about extra charges.

Not to mention the multi-currency feature on Singlife Visa Debit card can be a plus point for Singaporeans who are frequent travellers.

But do note that most of the benefits come with terms and conditions, so do your research and own calculations before making a decision.

How to Apply

You will need to signup for a Singlife account on the Singlife App. The signup process with MyInfo is quite fast and intuitive.

Do note that each person is only entitled to one Singlife Account policy.

Here is the policy’s application criteria:

The Singlife Account is available for Singapore residents who are Singapore citizens, Singapore Permanent Residents or foreigners holding valid passes. In addition, you must be between the age of 18 and 75 years of age to qualify.

Who Is This For

Of the three policies, the Singlife Account stands out for its:

  • Flexibility with tops and withdrawals.
  • Additional terminal illness and retrenchment coverage.
  • The additional option of a Visa debit card which can be used to spend the money in the Singlife account.

The main drawback here is that the non-guaranteed up to 2.5% p.a. rate of return on the first $10,000 compared to the lower but guaranteed rate of return for the other policies.

Not to mention that from 1 November, the rate of return for the first $10,000 will drop to up to 2.0% p.a.

If you prioritise liquidity over guaranteed returns, you should go with the Singlife Account.

Singlife Promotion

Singlife is also running a referral program. If you are keen on signing up, you should seek out someone who has a Singlife Account. When you signup via the invitation link sent by the account owner and activate your Singlife Visa debit card;  both of you will receive $10 from Singlife.

For more details, you can check out our coverage of the Singlife Account.

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 in any stock. 

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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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