facebookBest Insurance Savings Plans in Singapore (2022): Dash PET vs Singlife Account vs Dash EasyEarn vs GIGANTIQ
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010922 Ultimate Insurance Savings Plans Comparison

Best Insurance Savings Plans in Singapore (2022): Dash PET vs Singlife Account vs Dash EasyEarn vs GIGANTIQ

profileJoel Koh

Insurance for Savings: Dash Pet vs Dash EasyEarn vs GIGANTIQ vs Singlife Account

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.

Source: Giphy

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


TL;DR: Best Insurance Savings Plan in Singapore — Which Insurance Is Best for Saving?

Trying to find out which insurance savings plan you should go with?

Here’s an overview comparing all four insurance savings plans available on the market right now:

Comparison of Insurance Savings Plan

Dash PET
(by Etiqa Insurance)
Singlife AccountDash EasyEarn
(by Etiqa Insurance)
GIGANTIQ
(by Etiqa Insurance)
Prevailing Crediting Rate (Non-Guaranteed)26 Apr 2021 & before for 1st policy year:
First $10k - 1.8% p.a. (1% guaranteed + 0.7% bonus)
Above $10k - 1.2% (1% guaranteed + 0.2% bonus)

26 Apr 2021 - 3 Aug 2022 for 1st policy year:
First $10k - 1.3% p.a.
Above $10k - 0.3% p.a.

4 Aug 2022 onwards for 1st policy year:
1.6% p.a. on first $50,000
First $10k
-Bef. 1 Oct 2022: 1.0%
-From 1 Oct 2022:
1.5% p.a.

Next $90k:
-Bef. 1 Oct 2022:
0.5% p.a.
-From 1 Oct 2022:
1.1% p.a.

Above $100k:
-0.0% p.a. (no change)
From 1 Jul 2021 or end of 1st year of policy:
1.2% p.a. on $20k
From 1 Nov 2021 or end of 1st year of policy:
0.7% p.a. on $200k
Can New Customers Sign Up?YesNo
Bonus Interest CategoriesUp to 0.75% (0.25% for each additional policy)0.5% p.a. on first $10k for $500 monthly spend on Singlife Card (till 31 Dec 2022)

0.5% p.a. on first $10k for purchasing Singlife Sure Invest digital ILP
--
Minimum Initial Deposit$50 $500$2k$50
Account Balance Cap$50kNone$20k$200k
Minimum Account Value to Earn Returns$50

Note: policy will be de-activated if the average daily account value for the calendar month falls below $1
$100

Note: policy will be de-activated if the average daily account value for the calendar month falls below $100
$2k

Note: policy will be de-activated if the average daily account value for the calendar month falls below $1
$50

Note: policy will be de-activated if the average daily account value for the calendar month falls below $50
Lock-in & Withdrawal PenaltyInstant top-ups and flexible partial withdrawals of up to 10% of your Single Premium and Top-ups in the first policy year

Surrender charges within the first year apply
Withdraw 100% of your capital anytime without penalty
Withdrawal Fee$0.70 service fee via PayNow

Free via Dash Wallet (Can withdraw to bank account from Dash Wallet but limited to $3,000 a month)
None$0.70 service fee via PayNow

Free via Dash Wallet Free via Dash Wallet (Can withdraw to bank account from Dash Wallet but limited to $3,000 a month)
$0.50 service fee via Direct Credit (POSB or DBS) withdrawal

$0.70 service fee via PayNow withdrawal
Withdrawal RequirementsMinimum of $1 in multiples of $1 (up to 10% of your Single Premium and Top-ups)

If you wish to make a full withdrawal, you will need to request to surrender your policy. Please note that once your policy is surrendered, the add-on protection tagged to your policy will also be terminated, and you may not make another purchase of this policy within a 3-month period
No restrictionsMinimum of $100 in multiples of $100No restrictions
Minimum Top Up Requirements$1 (Dash Wallet/PayNow)

$50 (eNETS)
No restrictionsMinimum of $500 in multiples of $500*Minimum $1
(Up to account balance cap)
Life Insurance Coverage
(For Death)
105% of the account value
COVID-19 Coverage AmountUp to $52k per insured personN.A.Up to $52k per insured person
Capital Guaranteed?Capital guaranteed by SDIC under PPF*

Click to Teleport:

Disclaimer: The Information provided by Seedly does not constitute an offer or solicitation to buy or sell any insurance product(s). It does not take into account the specific objectives or particular needs of any person. We strongly advise you to seek advice from a licensed insurance professional before purchasing any insurance products and/or services.


What Are Insurance Savings Plans?

One of the more new-ish types of investments that 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 PET, Dash EasyEarn, GIGANTIQ, and the Singlife Account.

All of these 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.

Note: the rate of return for these accounts changes from time to time, but we’ll update them whenever!

In the meantime, do save this article for any future updates!

Dash PET Review 2022

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

Source: Singtel Dash | Instagram

The policy is a capital guaranteed, single premium, non-participating universal life plan with a lock-in period and penalties for early withdrawal.

Dash PET policyholders are also covered for life protection and COVID-19.

It is also one of the few ISPs that are open for application right now.

Dash PET Rate of Return (1 September 2022 Update)

From 1 August 2022, new users who sign up for Dash PET will get to enjoy a crediting rate of 1.60% p.a. on up to $50,000 in their Dash Pet account for the first policy year.

Note that although your capital is guaranteed, the crediting rate is non-guaranteed. Also, the returns are calculated daily and credited to your account on a monthly basis.

But with this update, there is a major change to the Dash PET plan.

Customers who sign up after 4 August 2022 will not be able to freely withdraw their money from Dash PET.

There is now a lock in period of 12 months. 

But, you can still withdraw up to 10% of your Single Premium and Top-ups in the first policy year without penalty. If you would like to withdraw all the money from your Dash PET account within the first year, you will have to pay surrender charges.

In terms of surrender charges, Etiqa’s Dash PET product summary (issued from 12 August 2022) has stated that:

Should You choose to surrender Your policy in full during the first policy year, Your surrender Benefit shall be subject to a surrender charge of 10% of your total Account value less the partial withdrawal limit.

So let’s say you deposited $1,000 in Dash PET and want to surrender the policy in full during the first policy year. You would only get $910 back.

One more thing, once you request for a freelook or surrender on your policy, you will not be able to sign up for Dash PET within a three months’ period.

Past Subscribers of Dash PET

However, if you signed up before 4 August 2022, you can still withdraw your money from Dash PET freely and still get to enjoy these rate of returns:

  • 26 April 2021 and before for 1st policy year:
    • First $10k – 1.8% p.a. (1% guaranteed + 0.7% bonus)
    • Above $10k – 1.2% (1% guaranteed + 0.2% bonus)
  • 26 April 2021 – 3 Aug 2022 for 1st policy year:
    • First $10k – 1.3% p.a.
    • Above $10k – 0.3% p.a

Dash PET Add-Ons

If you would like to boost the returns on Dash Pet, you can opt to add on any of these three add-on protection plans (riders) for  additional returns of up to 0.25% for every activated plan.

Users can get up to $100,000 coverage from just $0.02 a day with these plans:

  • Major Cancer
  • Accidental Death
  • Death & Total and Permanent Disability.

How To Apply for Dash PET?

You’ll need to first create a Dash account and then sign up for the insurance savings plan via the Dash app.

This plan is only open to eligible Singtel Dash users aged 17 to 75 years old, who have a valid Singaporean NRIC or Singapore residency/work pass.

And no matter how much money you’ve got, only one Dash PET policy per individual is allowed at any point in time, regardless of whether your policy is active or inactive.

Once you have your account, you’ll need to make a minimum initial deposit of $50 and maintain an average daily account value of $50 to be entitled to interest crediting.

Even though this is considered the first single premium that you will pay for the plan; you can continue making top-ups to the account anytime.

Again, you might be rolling in cash, but there is a maximum cap of $50,000 for your Dash PET account.

How Easy Is It To Make Top-ups and Withdrawals From Dash Pet?

When it comes to top-ups and withdrawals, there are quite a few restrictions.

Top-ups

The minimum top-up amount is as follows:

  • At least $1 if you are using Dash Wallet/PayNow
  • At least $50 for top-ups using eNETS
  • The top-up amount must also be in multiples of $1
  • The maximum aggregate amount for all Top-up(s) per policy is S$50,000 less the single premium
    paid to Us, plus all partial withdrawal(s) and transaction fee(s).

In addition, you cannot make any more top-ups if you are 76 and older.

Withdrawals

You may request for partial withdrawal(s) anytime after the Policy issue date, subject to the following:

  • The total withdrawal amount (excluding insurance cover charge of the optional supplementary
    riders) for the first policy year cannot exceed 10% of your single premium plus Top-up; and
  • The withdrawal amount must be at least $1 (or its multiples) per withdrawal; and
  • The balance of Account value upon deduction of withdrawal amount and withdrawal charges(if)
    any, must be at least $1.

More importantly, you’ll be charged $0.70 for each partial withdrawal you make to your bank account via PayNow.

Note: this applies to surrender or free look requests into PayNow as well.

But, withdrawals to your Dash Wallet are free.

Thus, you should withdraw your money to your Dash Wallet, and then withdraw it from your Dash Wallet to your bank account.

However, there is a $3,000 monthly withdrawal limit from your Dash Wallet to your bank account,

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

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 pay out 105% of your account value (after subtracting whatever amount you owe them).

Etiqa will also pay out 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 PET?

Unlike most bank savings accounts, there is no fall below fee for the Dash PET.

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

We reserve the right to delay the payment of the withdrawal amount for up to a period of 6 months from the date of the withdrawal request. We will trigger this right when there is a surge in withdrawals (partial or full) within the Portfolio during a very short period of time.

Back to top

Singlife Account Review 2022

The Singlife Account is capital guaranteed insurance savings plan that gives up to 2.5% p.a. returns at the moment as of 1 October 2022.

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

Singlife Account Crediting Rate

Singlife will be raising the crediting rate for the Singlife account from 1 October 2022.

Singlife Crediting Rate (Before 1 October 2022)

  • 1.0% p.a. for your first $10,000
  • 0.5% p.a. for your next $90,000
  • 0% p.a. for amounts above $100,000.

Singlife Crediting Rate (From 1 October 2022)

  • 1.50% p.a. for the first $10,000
  • 1.1% p.a. for the 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.

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

But, if you are looking to boost your Singlife account returns to up to 2.5% p.a. from 1 October 2022, you can spend some money on your Singlife card or invest in some Singlife products.

For the Save, Spend, Earn campaign, all you have to do is spend a minimum of $500 every calendar month from now till 31 December 2022 using your Singlife Visa Debit Card in order to enjoy the additional bonus 0.5% p.a. rate of return on your first $10,000 from your Singlife Account on top of your base return of 1.5% p.a. (from 1 October 2022).

As for the Singlife Sure Invest Bonus Return campaign, you need to sign up for an eligible Sure Invest Policy and fund a minimum of $1,000 to enjoy the additional bonus 0.5% p.a. rate of return on your first $10,000 from your Singlife Account on top of your base return of 1.5% p.a. (from 1 October 2022).

Do note that your Grow policy has to be in force by 30 November 2022 to qualify.

On top of this, for a limited time, customers who want to boost their savings and earn effective returns of up to 3% p.a., can do so with the newly launched Singlife Account Special Incentive Campaign.

A bonus incentive of $50, $430 or $810, is available to customers who top up $10,000, $30,000 or $50,000 respectively in fresh funds between 1 October and 31 December 2022 and maintain the amount in their accounts for one year.

How To Apply for Singlife Account?

Similar to Dash PET, Dash EasyEarn, and GIGANTIQ, you’ll need to download Singlife’s 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 your 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 incurred, and that makes it more fuss-free as compared to the first three ISPs.

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 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 S$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 S$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.

In addition, Singlife has stated that ‘customers will be eligible for the Death and Terminal Illness Benefit even if the claim event is due to pre-existing conditions’ and that ‘exclusions for the Death Benefit will only apply to suicide within the first policy year, while exclusions for the Terminal Illness Benefit will include infection by the Human Immunodeficiency Virus (HIV). In such cases, Singlife will refund your Account Value.’

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

Similar to the other three ISPs, 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 four 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?

However, Singlife has stated that ‘the retrenchment benefit will no longer be available for new in-force policies. For existing in-force policies, this benefit will expire after one year from the Policy Start Date.’

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Dash EasyEarn Review 2022

Source: Singtel Dash

Dash EasyEarn is an 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.

Dash EasyEarn Rate of Return

From 1 July 2021 or on your first policy anniversary date (whichever is later), the crediting rates will be reduced to 1.20% p.a.

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

Previously, customers could enjoy a guaranteed 1.5% p.a. rate of return, with an additional bonus of 0.3% p.a. rate of return for the first year.

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

How To Apply for Dash EasyEarn?

Unfortunately, Dash EasyEarn is currently fully subscribed.

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’ve opened an account, you’ll need to make a minimum initial deposit of $2,000 and maintain an average daily account value of $2,000 to be entitled to interest crediting.

You can make top-ups anytime you want but the maximum cap is $20,000.

How Easy Is It To Make Withdrawals from Dash EasyEarn?

Similar to Dash PET, when it comes to top-ups and withdrawals, there are quite a few restrictions.

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.

The alternative?

Yep, you guessed it withdrawals to the Dash Wallet are free.

Thus, you should withdraw your money to your Dash Wallet, and then withdraw it from your Dash Wallet to your bank account.

However, there is a $3,000 monthly withdrawal limit from your Dash Wallet to your bank account,

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 pay out 105% of your account value (after subtracting whatever amount you owe them).

Etiqa will also pay out 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 accounts, there is no fall below fee for the Dash EasyEarn.

You also can top up and withdraw funds anytime, with no lock-in period or penalty.

Again, similar to Dash PET, the Dash EasyEarn product summary page has this one-liner as well:

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.

If you already have money inside Dash EasyEarn, here’s a promotion for you.

From 8 July 2021 to 31 December 2021, maintain at least $10,000 average daily account value and receive:

  • 100 Dash reward points every month you meet this savings milestone
  • Bonus 2,000 Dash reward points if you meet this milestone every month for six months..

Back to top.


GIGANTIQ Review 2022

Source: Tiq by Etiqa Insurance

Next up, we have GIGANTIQ by Etiqa Insurance.

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

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

GIGANTIQ Rate of Return (w.e.f. 1 August 2021)

With effect from 1 August 2021 or your first policy anniversary date (whichever is later), GIGANTIQ’s crediting rate will be reduced from 1.0% p.a. to 0.7% p.a.

This means that after the first policy year, Dash EasyEarn clocks in at the highest with 1.2% p.a., whereas GIGANTIQ’s has been reduced to a paltry 0.7% p.a. without any bonus.

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

How To Apply for GIGANTIQ?

GIGANTIQ is currently fully subscribed.

But if applications are open, you’ll need to download the Tiq by Etiqa app in order to register for an account.

You’ll have to meet the following criteria to be eligible:

  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.

And provide a photo ID to complete the sign-up.

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

Note: payment can ONLY be done via DBS or POSB bank accounts or via your Etiqa eWallet.

Like the rest of the ISPs so far, you can continue making any amount of top-ups to your GIGANTIQ account anytime.

But there is a maximum cap of $200,000.

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.

However do note that if after withdrawal, the average daily account value for the calendar month cannot fall below $50.

If the average daily account value for the calendar month falls below $50 and the required top-up to keep the policy in force is not paid by the expiry date of the grace period, your policy will be de-activated immediately and Eqtiq will return the account value, less any amounts owed to them.

How Much Life Insurance Coverage Do I Get with GIGANTIQ?

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

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

Etiqa will also pay out 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’s no fall below fee levied but your policy will be de-activated if your average daily account value for the calendar month falls below $50.

Oh, FYI: your policy will be automatically renewed for another year unless you write to Etiqa to request a policy termination.

Besides this, you can also earn up an additional 0.25% p.a. on the first $10,000 for selected life or general insurance products offered as a supplementary rider under GIGANTIQ.

I know I’m repeating myself again, but since GIGANTIQ is ALSO underwritten by Etiqa, here’s the same one-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.

Back to top.


Eh… What About COVID-19 Protection?

Since Dash PET, Dash EasyEarn and GIGANTIQ are all underwritten by Etiqa, you get to enjoy additional COVID-19 protection.

In fact, all existing and new Insured Person(s) who have bought life protection and insurance savings plans underwritten by Etiqa Insurance Pte. Ltd. are entitled to COVID-19 Financial Assistance Benefit(s).

If you noticed, this insurance savings plan niche is dominated by Etiqa.

We hope that other insurers would jump in and offer some competition in this space to liven things up.

Here are the details of the benefit(s):

BenefitDetailsMaximum Payout per Insured PersonMaximum Days of Hospitalisation Benefit
Hospitalisation BenefitIf the Insured Person is hospitalised due to the contraction of the Novel Coronavirus (COVID-19), we will provide a hospitalisation benefit of S$100 per day for stable condition, up to S$1,000.$1,00010
Intensive Care Unit (“ICU”) BenefitIf the Insured Person is hospitalised and warded in the ICU due to the contraction of the Novel Coronavirus (COVID-19), we will provide an ICU benefit of S$200 per day up to S$1,000.$1,0005
Death BenefitIn the unfortunate event of the Insured Person passing away due to the contraction of the Novel Coronavirus (COVID-19), we will provide a lump sum death benefit of S$50,000.$50,000N.A.

Do Note

  • For policies issued/ reinstated on or after 13 February 2020, the Financial Assistance Benefit for the Novel Coronavirus (COVID-19) will not be payable if:
    • The Insured Person’s first diagnosis by a Medical Practitioner occurs within 14 days from the policy issue/ reinstatement date; or
    • The Insured Person shows symptoms of the virus strain and is suspected of having contracted the Novel Coronavirus (COVID-19) before 13 February 2020.
  • The maximum benefit payable under the Financial Assistance Benefit for the Novel Coronavirus (COVID-19) is $52,000 per Insured Person, regardless of the number of Etiqa Singapore life insurance policies with the same Insured Person.
  • Etiqa Singapore reserves the discretion to make amendments to the benefits and their validity at any time.

Are Insurance Saving Plans Good Which One Should I Pick?

In this high-interest-rate environment, these options are half decent if you want to:

  • Store your emergency fund
  • Park your investment war chest, OR
  • Earn some interest while waiting to fund an upcoming expense

But, assuming you’re a brand new customer, your only choices are:

  • Dash PET
  • Singlife Account.

But here’s the deal, although Dash Pet is offering marginally more interest than Singlife (0.10%) you are losing liquidity as you can only withdraw 10% of the premium paid plus any top-ups.

If you would like to withdraw within the first year, you would have to pay surrender charges in the first year.

This is something you need to take note of for the higher interest.

Granted, you get the 1.6% p.a. interest on the first $50,000.

On the other hand, if you want liquidity and a decent rate of return on the first $10,000 in the account, then the Singlife Account is a no-brainer since it has

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

I mean, overall, the non-guaranteed rate of returns for the Singlife Account is still pretty promising.

.

.

.

If you’re a current user of any of these ISPs and are considering switching…

Just wait a moment and think about it.

This high interest-rate environment means financial institutions will revise their interest rates willy nilly.

So who’s to say that they won’t make more changes or revise downwards in the future after you go through the hassle of transferring all of your money into their product?

Source: SpongeBob SquarePants | Giphy

I’d rather just leave it wherever it is to earn whatever interest I can get.

And focus on growing my wealth via other means like exploring side hustles or learning alternative investment strategies to earn extra money.

But hey, you do you.

Back to top.


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

All four 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 about 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.

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About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them.
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