Are these insurance savings plans suitable for me?
It all depends on what you are looking for. Perhaps you have come into a newfound stash of savings (thank you, circuit breaker) and are looking for a safe and easy way to grow them while pondering your next steps.
Perhaps you are saving up for a wedding in the next year where, fingers crossed, you can invite more than 100 people. Or perhaps you have applied for a flat in the latest BTO exercise and are searching for ways to grow your financial nest to pay for your physical one.
Does that describe you?
If your answer is yes, you may want to take a closer look at these three insurance savings plans: GIGANTIQ, Dash EasyEarn and eEASY save V. With flexibility and shorter tenures as one of their key features, these plans are suitable if you are saving up for a short term goal.
GIGANTIQ and Dash EasyEarn allow top-ups and withdrawals at any time with no lock-in period while eEASY save V offers free partial withdrawal benefits in the first 6 years of policy term, which is far shorter than the 10 to 25 years you may find in a traditional endowment plan.
Another point to note – especially if you are saving for important life events such as your wedding and first home and are reluctant to risk it all – is that all three plans are capital guaranteed upon maturity AND insured by SDIC.
#TiqOurWord Unsure of when you should get an insurance savings plan? Find out if you are ready with this checklist here.
Which insurance savings plan should I get?
For the first year, GIGANTIQ currently offers a crediting rate of 1.8%1 p.a. up to the first S$10,000 while Dash EasyEarn2 offers 1.8% p.a. for savings up to S$20,000. With features such as low minimum account values and top up values, both plans are also ideal if you are a student or new to the workforce and do not have as much to spare.
If you have just started your financial planning journey, do also look out for GIGANTIQ‘s upcoming feature that allows you to earn additional interest of up to 0.25% p.a. on first S$10,000 when you protect yourself with coverage3 against accidental death, cancer, total permanent disability, and more.
#TiqOurWord Saving doesn’t have to be difficult. With GIGANTIQ, S$50 is all you need to get started.
For those with extra funds to park for a longer period, eEASY save V offers higher guaranteed crediting rates at 2.68% p.a. for the first six years of the policy term and a relatively short payment premium term of two years. You can even enjoy 3% off 1 year premium when you make an upfront payment for both years.
With newer BTO flats taking an estimated 5-6 years for completion, future home owners may well consider this plan for its higher rates instead.
Here’s a closer look at how the three plans compare against each other:
eEASY save V
1.8% p.a. (up to first S$10,000)
Where 1% p.a. guaranteed + 0.8% p.a. bonus for first policy year
1% p.a. (above S$10,000)
Where 1.5% p.a. guaranteed + 0.3% p.a. bonus for first policy year limited to your Single Premium, top-up is subject to marketing prevailing rate
Where 2.68% p.a. is guaranteed for the first six years, and subject to prevailing rates thereafter.
No lock-in period
|No lock-in period||
6 years with free partial withdrawal benefit. Terms apply
From S$50 to S$200,000 in multiples of S$1.
|From S$2,000 to S$20,000 in multiples of S$500.
If Average Daily Account Value falls below $2,000 at end of the Policy Month, no interest will be credited.
From S$10,000 to S$200,000 in multiples of S$500.
Minimum S$1 up to maximum Account Value
|Minimum S$500, in multiples of S$500 up to maximum Account Value||
S$0.50 for each withdrawal to a DBS/POSB account or
|No fees for each withdrawal to a Dash wallet or S$0.70 for each withdrawal via PayNow||
No fees if withdrawal is made at the end of policy year 6
105% of account value
|105% of account value||
101% of account value
|Where can I get this product?||
Only via the Tiq by Etiqa mobile app
|Only via the Singtel Dash mobile app||
If you are looking for safer ways to grow your money due to the current economic climate, GIGANTIQ, Dash EasyEarn and eEASY save V insurance savings plans are all straightforward options that offer a decent return on your savings. Before diving headfirst into the plan with the highest interest rates, consider how much starting capital you have and the commitment level you are comfortable with, to help you decide on which plan suits you best.
1 Guaranteed 1% p.a. + 0.8% p.a. bonus (first S$10,000) for first policy year; and Guaranteed 1% p.a. for additional account value above first S$10,000. Prevailing market rates for subsequent policy years with your capital guaranteed. Available on a first come, first served basis.
2 Guaranteed at 1.5% p.a. + 0.3% p.a. bonus for the first policy year, available on a first come, first served basis.
3 Selected Life or General insurance products offered as supplementary coverage under GIGANTIQ from time to time. Additional interest earned from each rider is only applicable to the first S$10,000 while rider is active. (Coming soon!)
GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate.
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as at 27 November 2020. This content is for reference only.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
Discover the full range of Tiq online insurance plans here.