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GIGANTIQ

1. What is GIGANTIQ?

This is a single premium, yearly renewable, Non-participating universal life plan denominated in Singapore dollars. It offers the financial flexibility, opportunity for wealth accumulation and the assurance of life insurance coverage through providing death Benefit. You may add optional supplementary riders and add-on protection to GIGANTIQ for extra protection.

2. How can I benefit from this plan?

  • Grow your Wealth with Crediting Rate

As a policyholder, you will enjoy prevailing crediting rate on your initial single premium and any Top-up(s) paid to us, subject to the minimum guaranteed crediting rate of 1.00% p.a. for the first 1 year from the initial Policy commencement date; and 0% p.a. for the subsequent years which ensures that your capital is fully guaranteed each year.

The prevailing rate is currently illustrated as:

 

Prevailing Crediting Rate (p.a.)

First Year

First S$10,000: 1.80% p.a.

Amount above S$10,000: 1.00% p.a.

Subsequent Year

1.00% p.a.

  • Financial Flexibility with Top-up(s) and Withdrawal(s)

GIGANTIQ allows you to enjoy the freedom of financial flexibility through the availability of top-up(s) and partial withdrawal(s).

  • Life Cover

In the event of death during the policy term, 105% of the account value, less any amounts owing to us, will be paid as the death benefit and the policy ends.

We are unable to pay the death benefit for death from suicide within the first 12 months from the Policy issue date, the last Top-up transaction made or the latest policy re-activation date, whichever is later; and for any death due to pre-existing conditions throughout the policy term. Please refer to the policy provisions for full details.

  • Long Term Benefit

At maturity date on the policy anniversary immediately before the Life insured attains 100 years old, if the policy is still in force, the maturity benefit payable is the account value less any amounts owing to us.

  1. How is the Account value calculated?

Account value is calculated as:

The single premium paid plus

  1. any ad-hoc Top-up(s); and
  2. accumulated interest;less
  3. Insurance cover charge of any optional supplementary riders and add-on protection You added;
  4. any partial withdrawal(s); and
  5. any transaction fee(s).

Any interest will be credited into the Account value at the end of each calendar month.

4. How does yearly renewable work?

This is a yearly renewable plan and the policy term is 1 year. At the end of 1 year policy term, this policy will be renewed automatically for another 1 year at the same conditions on the expiry date before renewal, so long as the following conditions are met:

  • this policy is in force on the expiry date before the renewal; and
  • the Life insured has not reached Age 100 at the renewal date.

We reserve the right to terminate Your policy by giving you 90 days’ notice. Upon termination, We will refund the Account value, less any amounts owing to Us.

5. What is a universal life plan?

Universal life is a form of ‘interest sensitive’ life insurance that offers a death benefit and provides the opportunity to build cash values which you can withdraw or, in some instances, borrow from. The cash value earns interest at a declared rate, which may change over time. Notwithstanding that, most universal life plans guarantee a minimum interest crediting rate. Universal life plan gives you flexibility to support your financial goals over time by varying the amount, method and timing of premium payments.

1. Who can buy this plan?

You can purchase this plan for yourself if you fulfill the following criteria:

  1. You are a Singapore citizen or permanent resident with a valid NRIC or You are a foreigner holding a valid Work Pass/Permit or Long-Term Visit Pass; and
  2. You are between age 17 to 75 (age next birthday).

2. How many policies can I buy?

You are only allowed to purchase and hold one GIGANTIQ policy at any time.

3. Are there any minimum amount to maintain GIGANTIQ?

To continue to enjoy the benefits of GIGANTIQ after it is in-forced, the average daily account value for the calendar month cannot be less than S$50.

1. What is the minimum single premium amount for GIGANTIQ?

The minimum single premium amount is S$50.

2. How can I pay the single premium?

The single premium is payable via the following methods;

  • Direct Debit – POSB or DBS account; or
  • The encashable credits in your existing Etiqa eWallet

You may choose to make payment via your own or third party POSB or DBS account.

1. What type of top-up(s) are available?

You may make ad-hoc top-up on or after the policy issue date.

2. How can I make an ad-hoc top-up?

Ad-hoc top-up(s) are one-off top-up(s) made to the policy. You may make an ad-hoc top-up immediately after the policy issuance by logging into your account in the Tiq by Etiqa mobile application. The payment method for ad-hoc top-up(s) is same as the payment method for single premium.

The ad-hoc Top-up(s) made are subject to the following:

  • the maximum aggregate amount for all Top-up(s) per policy is S$200,000 less the single premium paid to Us, plus all partial withdrawal(s), transaction fee(s) and Insurance cover charge of any optional supplementary riders and add-on protection You added.

Please refer to the illustration below:

DateAction
1st January 2020Customer purchases policy with single premium of S$200,000
1st February 2020

Customer withdraws S$100,000 via Direct Credit – POSB or DBS account.

Remaining account value (excluding crediting rate earned) = S$99,999.50

Maximum amount allowed for the next top-up = S$100,000.50

You will receive a SMS and email notification upon successful top-up.

3. Are there any charges for top-up(s) made?

There are no charges imposed for any top-up(s). Your Account value will increase by the top-up amount made to the policy.

4. What is the age restriction for top-up(s)?

You may make top-ups up to age 75 (age next birthday) of the Life insured.

1. How can I withdraw money from my policy?

You may withdraw money from your policy through the following ways:

Partial Withdrawal

You may request for partial withdrawal(s) any time after the Policy issuance, subject to the following:

  • After withdrawal, the average daily Account value for the calendar month must be at least S$50.

If the average daily Account value for the calendar month falls below S$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 We will return the Account value, less any amounts owing to Us.                              

Partial withdrawal will reduce the Account value by the withdrawal amount and the transaction fee (if any).

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 exercise this right when there is a surge in withdrawals within the Portfolio during a very short period of time.

Full Surrender

Upon full surrender, your surrender benefit will be paid in one lump sum which is equivalent to the Account value, less any amounts owing to Us. You may request for a full surrender any time after the free look period. You may choose to receive the surrender benefit amount via PayNow (using your NRIC/FIN) or to your own POSB or DBS account via direct credit. Payment to third party account is not allowed.

We reserve the right to delay the payment of the surrender benefit for up to a period of 6 months from the date of the surrender request. We will exercise this right when there is a surge in withdrawals within the Portfolio during a very short period of time.

2. How can I request for a partial withdrawal?

You may make a request for partial withdrawal(s) any time after the policy issue date via the Tiq by Etiqa mobile application. You may choose to receive the partial withdrawal amount via PayNow (using your NRIC/FIN) or to your own POSB or DBS account via direct credit. Payment to third party account is not allowed.

You will receive a SMS and email notification upon successful withdrawal.

3. Are there any charges for withdrawal(s) made?

A transaction fee of S$0.70 or S$0.50 will be charged for the following for every payment via PayNow or Direct Credit – POSB or DBS account respectively:

  1. partial withdrawal, surrender or free look request; or
  2. when the average daily Account value for the calendar month falls below S$50 and the required Top-up to keep the policy in force are not paid by the expiry date of the grace period, We return the Account value less any amounts owing to Us from this policy.

4. If my average daily Account value for the calendar month falls below S$50 by the expiry date of the grace period, how will the Account value be refunded to me upon policy de-activation?

Your Account value will be refunded via the following method:

  • By default, the refund will be via PayNow (NRIC/FIN);
  • If PayNow (NRIC/FIN) fails, the refund will be made to the latest bank account that you did the last transaction with (the bank account must be under your name, we are not able to refund to a third party account) via FAST (Fast And Secure Transfers);
  • If FAST fails, we will send notification to you to contact our Customer Care Consultants on your available refund method.

5. What happen if my Account value at the point of de-activation is not sufficient to pay for the transaction fee?

For Account value with S$0.70 or lower, there will not be any refund upon de-activation. For subsequent policy re-activation, You will be required to pay the Premium to meet the minimum Account value of S$50.

For Account value that is more than S$0.70, we will deduct the transaction fee before paying you the Account value.

1. When will my GIGANTIQ policy be de-activated?

Your policy will be de-activated when any one of the following event happens:

  1. free look of the policy;
  2. full surrender of the policy; or
  3. the average daily Account value for the calendar month falls below S$50 and the required Top-up to keep the policy in force is not paid by the expiry date of the grace period.

You may make a request to free look or surrender your policy via the Tiq by Etiqa mobile application. You will receive a SMS and email notification upon successful processing.

Upon de-activation, We will return the Account value on the date of de-activation, less any amounts owing to Us from this policy. When Your policy is de-activated, all Benefits under the policy will be zeroised. Any optional supplementary riders and add-on protection added to the policy will be de-activated too. The policy will remain dormant and You may choose to re-activate Your policy at any time before termination of this policy occurs.

2. How can I request for a re-activation of my GIGANTIQ policy?

If Your policy is de-activated, You may re-activate Your policy to restore the policy to in force by paying the required Premium to meet the minimum Account value of S$50. The Premium paid will be allocated into the Account value as an ad-hoc Top-up.

You may make a request for re-activation via the Tiq by Etiqa mobile application. You will receive a SMS and email notification upon successful re-activation.

3. How is my crediting rate calculated after re-activation of my GIGANTIQ policy?

After re-activation, the crediting rate will be based on the prevailing rate, subject to the minimum guaranteed crediting rate of 1.00% p.a. for the first 1 year from the initial Policy commencement date; and 0% p.a. for the subsequent years which ensures that your capital is fully guaranteed each year.

Interest will be accrued from the day of re-activation and credited into the Account value at the end of each calendar month.

Please refer to the illustration below:

Illustration 1

Date

Action

Crediting Rate

1st January 2020

Customer purchases policy with single premium of S$8,000.

Prevailing crediting rate of 1.80% p.a. is applicable for S$8,000, subject to minimum guaranteed crediting rate of 1.00% p.a.

1st February 2020

Customer de-activates the policy and receives S$ 8,012.13 as payout.

 

1st March 2020

Customer re-activates the policy with S$15,000.

Prevailing crediting rate of 1.80% p.a. is applicable for first S$10,000, subject to minimum guaranteed crediting rate of 1.00% p.a.

Guaranteed crediting rate of 1.00% p.a. is applicable for the remaining S$5,000.

1st January 2021

 

Prevailing crediting rate of 1.00% p.a. is applicable to the account value, subject to minimum guaranteed crediting rate of 0.00% p.a.

Illustration 2

Date

Action

Crediting Rate

1st January 2020

Customer purchases policy with single premium of S$8,000.

Prevailing crediting rate of 1.80% p.a. is applicable for S$8,000, subject to minimum guaranteed crediting rate of 1.00% p.a.

1st February 2020

Customer de-activates the policy and receives S$ 8,012.13 as payout.

 

1st March 2021

Customer re-activates the policy with S$15,000.

Prevailing crediting rate of 1.00% p.a. is applicable to the account value, subject to minimum guaranteed crediting rate of 0.00% p.a.

1. How do I get the optional supplementary riders and add-on protection?

You may switch on the optional supplementary riders and add-on protection via the Tiq by Etiqa mobile application. You will receive a SMS and email notification upon successful addition. Coverage will take effect on the next calendar day.

2. Can I alter the sum insured of my optional supplementary riders and add-on protection?                       

After your optional supplementary riders and add-on protection are inforce, you may only alter the sum insured of the optional supplementary riders (Accidental Death, Major Cancer, and Death & Total and Permanent Disability) via the Tiq by Etiqa mobile application. The change will take effect the next calendar day upon successful application. Thereafter, you will receive a SMS and email notification reflecting the updated sum insured.

3. How is the crediting rate for the Account value calculated after adding the optional supplementary riders and add-on protection?

For every active optional supplementary rider and add-on protection, additional prevailing bonus crediting rates will be applicable for the first S$10,000 in the Account value. You may refer to your account details in your Tiq by Etiqa mobile application for the prevailing bonus crediting rates.

Interest is calculated based on the daily Account value as long as the optional supplementary rider or add-on protection added is in force and it will be credited into the Account value at the end of each calendar month.

We reserve the right to revise the bonus crediting rate from time to time.

Please refer to the illustration below:

Life Insured: 50 years old, male non-smoker

Date

Action

Crediting Rate

1st January 2020

Customer purchases policy with single premium of S$8,000.

Prevailing crediting rate of 1.80% p.a. is applicable for S$8,000, subject to minimum guaranteed crediting rate of 1.00% p.a.

1st February 2020

Customer adds Major Cancer rider with sum insured of S$100,000 on 31st January 2020.

Major Cancer rider in force.

Daily insurance cover charge of rider = S$1.72.

Prevailing crediting rate of 2.05% p.a. is applicable for S$8,012.13, subject to minimum guaranteed crediting rate of 1.00% p.a.

1st January 2021

Renewal for both GIGANTIQ and Major Cancer rider.

Daily insurance cover charge of rider = S$ 1.96 (assume no change in the sum insured).

Prevailing crediting rate of 1.25% p.a. is applicable to the first S$10,000 account value and 1.00% p.a. is applicable to the remaining account value, subject to minimum guaranteed crediting rate of 0.00% p.a.

4. How is the insurance cover charge for optional supplementary riders and add-on protection being deducted?

Insurance cover charge for the optional supplementary riders and add-on protection are payable daily starting from the coverage commencement date via deduction from the Account value in GIGANTIQ.

For optional supplementary riders (Accidental Death, Major Cancer, and Death & Total and Permanent Disability)

If there is insufficient Account value in GIGANTIQ, you have a three (3) days’ grace period such that your optional supplementary riders are kept in force. The optional supplementary riders will be de-activated if the required Insurance cover charge is not paid by the expiry date of the grace period.

For General Insurance add-on protection (Home Insurance and Cyber Insurance)

If there is insufficient Account value in GIGANTIQ, add-on protection will be de-activated immediately. You will receive a SMS and email notification upon de-activation of your General Insurance add-on protection.

The Insurance cover charge for the optional supplementary riders and add-on protection is not guaranteed. We reserve the right to change the Insurance cover charge at any time by giving a thirty (30) days’ written notice in advance.

In the scenarios when there are multiple optional supplementary riders and add-on protection attached, the Insurance cover charge will be deducted based on the issued date and time of the optional supplementary riders and add-on protection, in chronological order from earliest to latest.

5. When will my optional supplementary riders and add-on protection be de-activated?

Your optional supplementary riders and add-on protection will be de-activated when any one of the following event happens:

  1. de-activation of GIGANTIQ;
  2. free look of the optional supplementary rider;
  3. upon your request to de-activate the optional supplementary riders and add-on protection. The de-activation will take effect on the next calendar day;
  4. there is insufficient Account value in GIGANTIQ and Insurance cover charge for your optional supplementary rider is not paid by expiry date of the grace period; or
  5. there is insufficient Account value in GIGANTIQ for payment of the Insurance cover charge for your General Insurance add-on protection.

Free look or de-activation request can be make via the Tiq by Etiqa mobile application. You will receive a SMS and email notification upon successful processing. Please note that free look is only applicable for the optional supplementary riders.

When your optional supplementary rider and add-on protection is de-activated, all benefits under the optional supplementary rider and add-on protection will end and you may choose to re-activate at any time before termination occurs.

6. How do I re-activate the optional supplementary riders and add-on protection?

If your optional supplementary rider and add-on protection is de-activated, you may apply to re-activate it.

Re-activation is subject to approval, depending on the insurability of the Life insured and such other terms and conditions as Etiqa shall determine from time to time. Upon our approval, re-activation will take effect on the next calendar day. All exclusions will begin from the effective day of re-activation.

You may make a request for re-activation of the optional supplementary riders and add-on protection via the Tiq by Etiqa mobile application. You will receive a SMS and email notification upon successful re-activation.

1. How do I check the status of my requests?

You can check the status of your request via the Tiq by Etiqa mobile application.

2. How can I view my policy status?

Your policy status such as your Account value is available to view in your Tiq by Etiqa mobile application.

An annual policy statement will also be sent to you. This document aims to keep you informed of the status of your policy such as the Account value, total top-up(s) and total partial withdrawal(s).

3. Are there any useful resources which I can refer to?

You should consider your financial commitments (e.g. loans, family expenses and children’s educational needs) and existing insurance coverage, including insurance provided by your employer, when deciding the insurance coverage that you need. You may use the Insurance Estimator from Central Provident Fund to help you decide on the amount of coverage you need.

You should also consider whether you can afford to pay the premiums for the entire duration of the policy, taking into account your outstanding loans, regular expenses and your income over the long term. If you are unable to pay the premiums, your insurance policy will lapse (or end) and you will no longer be covered. You may use the Budget Calculator available on the MoneySENSE website to check if the premium is affordable based on your current income and expenditure.

You may also consider the different types of Direct Purchase Insurance (DPI) and other types of life policies available, and whether the life policy is suitable for your financial circumstances and needs. To do this, you may visit the compareFIRST website to understand the features and premiums of DPI and other types of life policies.

4. Switching of Policy / Replacement of Policy

If you are preparing to surrender or terminate any of your existing life insurance policies with this new proposal, you may wish to note that you may not receive any returns under your existing policies or the returns may be lesser than the total premium paid.

Also, please note of the disadvantages of replacing your existing plan:

  1. You may not be insurable on standard terms;
  2. You may have to pay a higher premium for the same level of benefits;
  3. You may lose the financial benefit accumulated over the years; or
  4. The terms and conditions may be different.

You should seek the advice of your financial adviser when in doubt or if you require further clarification.

5. What if I change my mind?

For GIGANTIQ

You may return GIGANTIQ for cancellation within 14 days after You receive the policy document, for any reason. We will deduct any costs incurred by the Company in assessing the risk under the policy, such as payments for medical check-up and other expenses, from the Premium You paid. Any partial withdrawal previously paid to You under this policy and transaction fee (if any) will also be deducted. The balance and interest calculated on daily basis (if any) will be refunded to You.                 

If Your policy document is sent by email, We consider this policy is delivered to You 1 day after the date of emailing.

Free look period is only applicable for the first time when this policy is issued. It is not applicable to the subsequent re-activation of the policy.

For optional supplementary riders

You may return the optional supplementary riders for cancellation within 14 days after You receive the optional supplementary rider document, for any reason. We will deduct any costs incurred by the Company in assessing the risk under the optional supplementary rider, such as payments for medical check-up and other expenses, from the Insurance cover charge You paid. The balance Insurance cover charge (if any) will be refunded back into the GIGANTIQ’s Account value.           

If Your policy document is sent by email, We consider this policy is delivered to You 1 day after the date of emailing.

Free look period is only applicable for the first time when this optional supplementary rider is issued. It is not applicable to the subsequent re-activation of the optional supplementary rider.

6. When will GIGANTIQ be terminated?

Your policy will be terminated when one of these events happens first:

  1. We paid out 100% of the Death Benefit;
  2. Life Insured is deceased;
  3. on the maturity date and We paid out 100% of the maturity benefit;
  4. 90 days after We give You notice that the policy cannot be renewed; or
  5. We receive Your written request and accept Your request to terminate the policy.

Upon termination, We will refund the Account value, less any amounts owing to Us.  You will not be able to apply for this policy after termination.

7. How to file for a death claim?

To file for a claim, written notice must be given to us within 3 months of the occurrence of the claim event. The claimant must supply at his/her own expense, all certificates, information and evidence required by us for assessment of the claim. We reserve the rights to conduct a post-mortem and we will bear the expenses.

8. How is my policy protected?

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

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), General Insurance Association (GIA) or SDIC web-sites (www.lia.org.sg, www.gia.org.sg or www.sdic.org.sg).

GIGANTIQ is an Individual life policy with a cap of S$500,000 for the aggregated guaranteed sum insured and S$100,000 for aggregated guaranteed surrender value per life insured per insurer.

9. Where is my premium invested for GIGANTIQ?

Your premiums are invested mostly in bonds. Investment return is affected by bond performance like dividend yield and actual profit / loss realization in addition to policyholder’s behaviour like tops-up, withdrawal, surrender, etc.

10. Who is Etiqa?

Etiqa Insurance Pte. Ltd. is a licensed life and general insurance company registered in the Republic of Singapore and governed by the Insurance Act. It is an insurance arm of Maybank Group which is among Asia’s leading banking groups and South East Asia’s fourth largest bank by assets. To know more about our corporate profile, visit our website at www.etiqa.com.sg.

11. Who should I contact if I have further questions?

If you have any other enquiries, you may WhatsApp our friendly Customer Care Consultants at +65 6887 8777 during our operating hours – Mondays to Fridays, 8.45am to 5.30pm. We are closed on Saturdays, Sundays, and Public Holidays.

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