Insurance Savings Plans: Singlife Account vs GIGANTIQ vs SingTel Dash EasyEarn

Alevin Chan
·9-min read

Featuring greater flexibility with high-interest yields, meet the new generation of insurance-savings hybrids. 

If you’ve ever been torn between saving money and having insurance protection, you’d be glad to know there are financial products that combine the two.

These products — a type of universal life plan — promise to pay interest on the amount you put in, at better rates than traditional bank accounts. At the same time, you gain insurance benefits based on your account value. 

However, unlike most insurance life plans, there are no fussy rules and regulations such as early surrender penalties or strict premium payment dates. In fact, these plans act more like regular savings plans, allowing you to make partial withdrawals and top-ups into your account whenever you feel like it, and with nary a fee or form in sight. 

So how do these really work? Should you think of them as bank accounts or insurance policies? Are they merely a flash-in-the-pan, or a genius product you never knew you’ve been missing all along? 

How do insurance savings plans work?

A good way to understand these insurance savings plans (again, we use the term loosely) is by examining the features and benefits they offer. 

Let’s compare three such plans available in Singapore that offer returns of around 2% p.a.: Singlife Account, SingTel Dash EasyEarn and GIGANTIQ by Etiqa.


Minimum amount

Interest offered

Account value that earns interest

Insurance benefit

Things to note

Singlife Account

$500

Up to 2% p.a. on the first $10,000, and up to 1% per annum on the next $90,000

Earn a bonus 0.5% p.a. by spending $500 on your SingLife Visa debit card

$100 – $100,000

Death or terminal illness: Up to 105% of account value

Retrenchment: Up to $10,000 over 3 months

Includes complimentary VISA debit card

No service, withdrawal or surrender fees

No lock-in period
Funds transfer via FAST

GIGANTIQ by Etiqa

$50

1.8% p.a. returns for the first year

Up to $10,000

Death: 105% of your account value

Amounts above $10,000 earns 1% p.a. for first year

Earn additional interest for each protection plan purchased from Etiqa

GIGANTIQ is currently exclusive to TiqConnect Users, however, you can leave your contact and be notified of the public launch

SingTel Dash EasyEarn

$2,000

1.8% p.a. for the first year (or 2% p.a. if you signed up before 24 Sep 2020)

$2,000 – $20,000

Death: Up to 105% of account value

Additional insurance coverage for COVID-19 including hospitalisation benefit, intensive care unit benefit and death benefit

No service, withdrawal or surrender fees

No lock-in period

Funds transfer via SingTel Dash app (eNets)

Singlife Account: Generous returns with useful insurance benefits

Of the three plans, Singlife Account stands out for its refreshingly different proposition. 

Sign up and you can earn up to 2% per annum (p.a.) on your deposits, up to the first $10,000. On the next $90,000, you’ll earn 1% per annum. Sadly, if your account’s value exceeds $100,000, you won’t earn any more interest.

Let’s examine why this is so attractive. Firstly, up to 2% p.a. is amongst the highest returns among the three. (However, these returns are not guaranteed, and you may get poorer rates). Secondly, while the returns drop significantly after the first $10,000, you are allowed to get there on your own schedule. Other plans give high payouts for a limited time only. 

Now, let’s talk about the insurance benefits you’ll enjoy. Your account value (i.e. how much you have inside your Singlife Account) forms the death benefit that will be paid out upon your death or diagnosis of terminal illness; your beneficiaries will receive up to 105% of the account value. 

So, if you’ve managed to max out your Singlife Account, you’ve gained a $100,000 life insurance policy. Even if you don’t hit the cap, any amount you have accrued forms a life policy of equivalent value. 

Additionally, there’s also a retrenchment benefit which you can tap on. This benefit allows you to claim up to $10,000 over three months, should you become unemployed for four months or more. The actual benefit you can claim is dependent on your spending habits: it is the average spent from your Singlife Card over the last six months of employment. 

Singlife Card? Yes, your Singlife Account is linked to a complimentary VISA Debit Card with no annual fee or foreign exchange charges.

Since 1 November 2020, Singlife has also introduced their ‘Save, Spend, Earn’ campaign, allowing customers who spend $500 per policy month on the Singlife Visa Debit Card to qualify for a bonus 0.5% p.a. return, on top of the new base return of 2% p.a. This gives Singlife account holders the chance to earn 2.5% p.a., the highest amongst the options on this list.

Take note that in order to earn interest, your account value must be at least $100. 

Who is it for?

With its flexible character and useful features, Singlife Account is best suited for users looking for a fuss-free everyday spending account while building towards the foundations of a life insurance plan. 

Minimum premium, eligibility and other notes

If you’re interested to sign up for a Singlife Account, take note of the following:

  • Minimum premium: $500, top up at anytime

  • Maximum account value: No limit

  • Requires Singlife app

  • Eligibility: Singapore citizen, PR or Work Pass holder, between 18 and 75 years old

  • Funds transfer: FAST

  • Free-look period: 14 days

Learn More

GIGANTIQ by Etiqa: Savings tool to help you grow spare cash for the first year

Etiqa previously offered Elastiq, an insurance savings plan that offered a guaranteed 1.80% p.a. for the first three years. Elastiq has since been fully subscribed and Etiqa has now introduced GIGANTIQ.

GIGANTIQ is now offering 1.8% p.a. returns on your first $10,000 for the first year (guaranteed 1% p.a. and 0.8% p.a. bonus). Applicants and policyholders prior to 19 November 2020 would continue to receive the previously advertised 2.0% p.a. (1.0% p.a. guaranteed + 1.0% p.a. bonus) rate.

Amounts more than $10,000 will earn 1% p.a. for the first year. Beyond the first year, you will earn prevailing market rates with your capital guaranteed.

In terms of insurance coverage, you have a death benefit of 105% of your account value. There is no lock-in period​ and you can top up or make withdrawals anytime.​​ Returns are earned daily and will be credited monthly into your account.

You can also earn additional interest of up to 0.25% p.a. on first $10,000 for every protection plan purchased from Etiqa. These insurance plans can include home, cancer or travel insurance.

The minimum amount required to get started with GIGANTIQ is just $50. While GIGANTIQ is currently available exclusive to TiqConnect Users, you can leave your contact and get an invitation to apply when it is made available to the public.

Who is it for?

Savvy savers looking for an account to store their spare cash for a year, or for those looking to purchase an insurance plan with Etiqa.

Minimum premium, eligibility and other notes

If you’re interested to sign up for GIGANTIQ, take note of the following:

  • Minimum premium: $50, top up at anytime

  • Maximum account value: $10,000 to earn 1.8% p.a. in the first year; amounts above $10,000 earn 1% p.a. in the first year

  • Eligibility: Singapore citizen, PR or foreigner with a valid Work Pass/Permit or Long-Term Visit Pass

  • Age: 17 to 75 (age next birthday)

  • Funds transfer: Payment only via DBS/POSB bank account, or via your Etiqa eWallet

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

  • Tiq by Etiqa mobile app required

Do note that GIGANTIQ is currently exclusive to TiqConnect Users, however, you can leave your contact and be notified of the public launch.

Learn More

Singtel Dash EasyEarn: Save and boost your digital wallet funds

Those of you who are familiar with digital wallets would no doubt have heard of Singtel Dash. In case you’ve been meaning to jump on the bandwagon, but find the lack of interest a turnoff, EasyEarn may change your mind. 

Essentially, EasyEarn (which is underwritten by Etiqa insurance, incidentally), adds the ability to earn some interest on the funds stashed in your digital wallet, providing the same advantage as a traditional bank account. 

The plan is advertised as paying out 1.8% per annum in the first year (as of 25 September 2020), putting it on equal footing with many competing alternatives. However, it is not clear what the rates will be from the second year onwards, but we’re guessing 1.5% per annum or near. 

You also enjoy additional insurance coverage for COVID-19 with EasyEarn. This COVID-19 coverage includes hospitalisation benefit, intensive care unit benefit and a $50,000 death benefit.

To start your EasyEarn, you’ll need to put in a single premium of at least $2,000, and you can top up your account to a maximum of $20,000. 

Granted, you’ll be covered for up to 105% of your total account value in death benefits when you sign up for this plan, but do bear in mind that the account value is capped at $20,000. You should make a proper assessment whether this is adequate for your beneficiaries. 

If you’re one of the early birds that signed up for Dash EasyEarn before 24 September 2020, you will continue to enjoy the previously advertised 2% p.a. interest for the first year starting from your policy start date, including subsequent top-ups. You will also enjoy the additional insurance coverage for COVID-19.

Who is it for?

Digital wallet users looking to boost their digital wallet funds by collecting passive returns. 

Minimum premium, eligibility and other notes

If you’re interested to sign up for Singtel Dash EasyEarn, take note of the following:

  • Minimum premium: $2,000, top up at anytime

  • Maximum account value: $20,000

  • Eligibility: Singapore citizen, PR or Work Pass holder, between 18 and 75 years old

  • Funds transfer: eNets 

  • Singtel Dash app required

  • Free-look period: 14 days

Learn More

Read these next:
Fixed Deposit vs Singapore Savings Bond (SSB) vs Savings Account: Where To Put Your Money?
Endowment vs Insurance Savings vs Bank Savings: What’s The Difference?
Endowus Review: Investing Your Cash, CPF And SRS Money At Low Fees
Best Alternatives to Savings Accounts in Singapore (2020)
Regular Savings Plan (RSP): What They Are And The Best Ones To Invest In

By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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