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GIGANTIQ

1. What is GIGANTIQ?

GIGANTIQ 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.

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 premium paid to us, subject to the minimum guaranteed crediting rate of 1.00% p.a. for the first 1 year from the 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: 2.00% p.a.

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

Subsequent YearProjected at 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 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

On maturity date at age 100, if the policy is still in force, the maturity benefit payable is the account value less any amounts owing to us.

3. How is the Account value calculated?

The account value is calculated as the single premium paid plus;

a) any ad-hoc Top-up(s); and

b) accumulated interest;

less any partial withdrawal(s) and transaction fee(s).

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:

  1. this policy is in force on the expiry date before the renewal; and
  2. 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 plan is an insurance plan that offers flexibility in the amount and timing of premium payments. This plan pays a death benefit and allow build-up of cash value through offering interest crediting rate.

6. What are the differences between ELASTIQ, GIGANTIQ and Dash EasyEarn?

ELASTIQ, GIGANTIQ and Dash EasyEarn are flexible insurance savings plans offered by Etiqa. The following shows a general overview of what each product has to offer:

 GIGANTIQELASTIQDash EasyEarn
Eligibility

Currently exclusive to eligible TiqConnect  users. Leave your contact here and be notified of the public launch!

TiqConnect users 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
– a foreigner holding a valid Work Pass/Permit or Long-Term Visit Pass.
2. You are between age 17 to 75 (age next birthday).

You are only allowed to purchase one GIGANTIQ plan at a time.

You can purchase this plan for yourself if you fulfill the following criteria:
1. You are:
– a Singapore Resident with a valid NRIC or FIN; or
– a foreigner but you must be holding a valid Work Permit, Employment pass or Social pass.
2. You are between age 17 to 75 (age next birthday).

You are only allowed to purchase one ELASTIQ plan at a time.

You can purchase this plan for yourself if you fulfill the following criteria:
1. You are:
– Singapore citizen or permanent resident with a valid NRIC ; or
– a foreigner holding a valid Work Pass/Permit or Long-Term Visit Pass.
2. You are between age 17 to 75 (age next birthday).

You are only allowed to purchase one Dash EasyEarn plan at a time.

Policy TermYearly renewableUp to age 100Up to age 100
Premium TermSingle PremiumSingle PremiumSingle Premium
Where can you get this product?Only via the Tiq by Etiqa mobile appOnly via Tiq.com.sgOnly via the Singtel Dash mobile app
Is there a minimum Account value required?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$5,000 to S$50,000 in multiples of S$1,000.
If Average Daily Account Value falls below S$5,000 by end of the Policy Month, a monthly service fee of S$5 will be charged.
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.
Crediting rate

2% p.a. (up to first S$10,000)
Where 1% p.a. guaranteed + 1% p.a. bonus for first policy year

1% p.a. (above S$10,000)
Guaranteed for first policy year
Limited tranche only!

1.80% p.a. guaranteed for first 3 years
Limited to your Single Premium, top-up is subject to market prevailing rate
Fully subscribed!
1.8% p.a.
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
Limited tranche only!
Top-upsMinimum S$1 up to maximum Account ValueMinimum S$500, in multiples of S$500 up to maximum Account ValueMinimum S$500, in multiples of S$500 up to maximum Account Value
Lock-in periodNo lock-in period90 days, after which partial withdrawals can be made with no penalty or interest clawbackNo lock-in period
Withdrawal feesS$0.50 for each withdrawal to a DBS/POSB account
S$0.70 for each withdrawal via PayNow
No feesS$0.70 for each withdrawal via PayNow



1. Who can buy this plan?

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

  • 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.
  • 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 cashable 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(s) after the policy issue date. Ad-hoc top-up(s) are one-off top-up(s) made to the policy.

2. How can I make a top-up?

You may make an ad-hoc immediately after the policy issue date by logging into your personal 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 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) and transaction fee(s).

Please refer to the illustration below:

Date

Action

1st January 2020

Customer purchase policy with single premium of S$200,000

1st February 2020

Customer withdrawal 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 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 amount of Top-up(s) made to the policy.

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

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

1. How can I withdraw money from my policy?

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

Partial Withdrawal

You may request for partial withdrawal(s) any time after the policy issue date, 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, Your policy will be de-activated immediately and We will refund 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 trigger this right when there is a surge in withdrawals (partial or full) within the Portfolio during a very short period of time.

Full Surrender

Upon full surrender, we will pay the surrender benefit 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.

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 trigger this right when there is a surge in withdrawals (partial or full) 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) or to your own POSB or DBS account via direct credit. Payment to third party account is not allowed.

            You will receive SMS and email notification upon successful withdrawal.

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

A transaction fee of S$0.70 and S$0.50 will be charged for each partial withdrawal or surrender request via PayNow or Direct Credit – POSB or DBS account respectively.

1. When will my policy be de-activated?

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

a) free-look of the policy;

b) full surrender of the policy; or

c) the average daily Account value for the calendar month falls below S$50

When Your policy is de-activated, the Account value and all Benefits under the policy will be zeroised. 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 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.

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

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

DateActionCrediting Rate
1st January 2020Customer purchase policy with single premium of S$8,000Prevailing crediting rate of 2.00% p.a. is applicable for S$8,000, subject to minimum guaranteed crediting rate of 1.00% p.a.
1st February 2020Customer de-activated the policy and receive S$8013.47 as payout 
1st March 2020Customer re-activated the policy with S$15,000

Prevailing crediting rate of 2.00% 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

DateActionCrediting Rate
1st January 2020Customer purchase policy with single premium of S$8,000Prevailing crediting rate of 2.00% p.a. is applicable for S$8,000, subject to minimum guaranteed crediting rate of 1.00% p.a.
1st February 2020Customer de-activated the policy and receive S$8013.47 as payout 
1st March 2021Customer re-activated the policy with S$15,000Prevailing 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 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?

You may return this policy 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 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.

You will receive SMS and email notification upon successful cancellation.

6. When will my policy 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. 

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) or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg).

GIGANTIQ is categorized under “Individual life and voluntary group life policies (with the exception of annuities)” 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?

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 contact our friendly Customer Care Consultants via WhatsApp 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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