How does the Singlife account work and compare to other cash / endowment / savings plans?

So far what I understand is its like a cash endowment savings plan. What you put in is the premiums, and the endowment policy return is kind of like up to 2.5% for first 10k, and 1% thereafter. Different from the general endowments where the first 80+% of first year premiums is fees and commissions paid to the insurance Co / agent, this one seems like they give you less return, but the cost is lower (at least they don't eat the 80% of first year premiums). Is my understanding right?