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Insurance savings plans like Dash EasyEarn, GIGANTIQ, and the Singlife Account give you death coverage and returns that are similar to high-interest savings account... should you use them in your journey to personal finance independence and freedom?
And which insurance savings plan is the best?
Check out the reviews left by real users on SeedlyReviews to make a smarter decision before committing!
Insurance Savings Plan is a savings plan, with insurance coverage, that provides you with a significant rate of return similar to a high-interest rate savings account.
Insurance savings plans are flexible in their premium payments where you can choose a duration to spread out your premium payments (5 to 20 years), or pay in one lump-sum.
The high returns are possible due to investments that the insurers use your premiums to fund.
For Singtel Dash EasyEarn, GIGANTIQ, Singlife Account they are Insurance Savings Plans that are also Universal Life Insurance Plans.
If you're looking for a place to park some funds or monies which you might be using in the short-term, it's not a bad idea to consider insurance savings plan if the rate of return exceeds what you can get elsewhere. The fact that you can also get some form of protection by buying an insurance savings plan is also a plus — but that's not enough though!
Universal Life insurance policies typically consist of 2 parts:
According to Tiq, their definition of Universal Life insurance is " a whole life insurance that offers flexibility in the amount and timing of premium payments. This plan pays a death benefit and allows the build-up of cash value through offering interest crediting rate."
What differentiates Universal Life Insurance from Life insurance?
Unlike regular whole life insurance, universal life insurance allows flexibility in premium payments. You do not need to pay a fixed amount, simply pay the minimum to keep your account and policy
Here are their death benefit coverage and interest rates summarised:
Insurance Savings Plans
Rate of Return (p.a.)
Duration of Returns
1.5% guaranteed + 0.3% bonus
Capped at: 1.8% first S$20k
Bonus returns (0.3%) only for the first policy year
1.0% guaranteed + 0.8% bonus
Capped at: 1.8% first S$10k, 1% above S$10k
Bonus returns (0.8%) only for the first policy year
Capped at: 2.0% first S$10k, 1.0% next S$90k
Up to 105%
1% guaranteed + 0.7% bonus
Capped at: 1.7% for the first $10k, 1.2% for amounts above $10k
Guaranteed 1% p.a. + 0.7% p.a. bonus for the first policy year
Up to 105%
Summary of death benefit coverage and interest rates for Dash EasyEarn, GIGANTIQ and Singlife Account:
Singtel Dash EasyEarn, GIGANTIQ, and the Singlife Account are all single-premium plans which means you only need to pay the minimum premium once and you'll be covered for life until expiration or policy surrender.
The minimum account balance to start an insurance savings plan, as well as other fees, are as follows:
Minimum Initial Deposit
Minimum Account Balance
Minimum Top Up Amount
Singtel Dash EasyEarn
S$500, or multiples of S$500
S$0.70 for each withdrawal via PayNow
S$0.50 for each withdrawal to a DBS/POSB account
Minimum S$50 top up applies via eNets
$0.70 admin fee applies for withdrawals via PayNow
If you're keen to know more about each plan, we've also broken down the pros and cons of each insurance savings plans in these individual articles:
Contact us at [email protected] should you require any assistance or spot any inaccuracies.