Insurance Savings Plans Compared: GIGANTIQ® vs Tiq 3-Year Endowment Plan vs Tiq Easy Save

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With higher interest rates and fewer hoops to jump through, GIGANTIQ®, Tiq 3-Year Endowment Plan and Tiq Easy Save insurance savings plans are all simple and direct ways to get more out of your savings.

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, decreased social activities) 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®Tiq 3-Year Endowment Plan and Tiq Easy SaveWith 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® allows top-ups and withdrawals at any time with no lock-in period while Tiq Easy Save 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?

GIGANTIQ® and Tiq 3-Year Endowment Plan are great options if you are saving for a short term goal, such as a wedding or travelling when borders re-open, due to their shorter tenure and attractive rates.

For the first year, GIGANTIQ® currently offers a crediting rate of 1.8%1 p.a. up to the first S$10,000. 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, GIGANTIQ® also features add-on protection that allows you to earn additional interest of up to 0.25% p.a. for each active protection2 when you protect yourself against accidental death, cancer, total and permanent disability, and more.

#TiqOurWord Saving doesn’t have to be difficult. With GIGANTIQ®, S$50 is all you need to get started. [Note tranche is closed for the time being but you may register your interest here]

For those with extra funds to park for a longer period, Tiq Easy Save offers higher guaranteed crediting rates at 2% p.a. for the first six years of the policy term and a relatively short payment premium term of two years.  Choose to save between S$10,000 to S$200,000 yearly for two years, or make a lump sum payment at the start of the policy to enjoy 1.5% off your first year premium!

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.
And if plans change – don’t worry! Should you need to retrieve your savings urgently following traumatic life events such as getting diagnosed with terminal illness, you can make free partial withdrawal(s) anytime, even within the first six years.

Here’s a closer look at how the three plans compare against each other:
  GIGANTIQ® Tiq 3-Year Endowment Plan Tiq Easy Save
Crediting rate 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)
Guaranteed for first policy year

1.62% p.a. maturity returns 2% p.a.

Where 2% p.a. is guaranteed for the first six years, and subject to prevailing rates thereafter.

Lock-in period No lock-in period 3 years 6 years with free partial withdrawal benefit. Terms apply
Premium amount From S$50 to S$200,000 in multiples of S$1.
If Account Value falls below S$50, policy will be de-activated.
From S$10,000 to S$200,000 in multiples of S$5,000. From S$10,000 to S$200,000 in multiples of S$500.
Top-ups Minimum S$1 up to maximum Account Value N.A. N.A.
Withdrawal fees S$0.50 for each withdrawal to a DBS/POSB account or
S$0.70 for each withdrawal via PayNow
Surrender charges apply within first 3 years No fees if withdrawal is made at the end of policy year 6
Death Benefit 105% of account value 101% of account value 101% of account value
Where can I get this product? Only via the Tiq by Etiqa mobile app Via Tiq.com.sg Via Tiq.com.sg

 If you are looking for safer ways to grow your money due to the current economic climate, GIGANTIQ®Tiq 3-Year Endowment Plan and Tiq Easy Save insurance savings plans are all straight forward 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.

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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 Selected Life or General insurance products offered as add-on protection under GIGANTIQ® from time to time. Additional interest earned from each add-on protection is only applicable to the first S$10,000 while active.

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 7 October 2021. 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.

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