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Updated April 2021

Best Insurance Savings Plans

Compare and read real user reviews on Insurance Savings Plans in Singapore

4 Products Found

    Most Popular
    Most ReviewedHighest RatingA-Z

    $100

    MIN. ACC BALANCE

    1.5% non-guaranteed + 0.5% bonus

    RATE OF RETURN

    1.5% for first $10k

    INTEREST CAP

    User Experience

    4.1

    Customer Support

    3.9
    EW

    "[Interest Rate] Setting up is simple and quick. deposit and without is almost..." 2d ago

    $2,000

    MIN. ACC BALANCE

    1.5% guaranteed + 0.3% bonus

    RATE OF RETURN

    1.8% for first $20k

    INTEREST CAP

    C

    "My secondary option besides Singlife. The only con is that you can..." 3d ago

    $50

    MIN. ACC BALANCE

    1% guaranteed + 0.7% bonus

    RATE OF RETURN

    1.7% for first $10k

    INTEREST CAP

    T

    "Among the available insurance savings products available, such as Singlife, Gigantiq and..." 2d ago

    $50

    MIN. ACC BALANCE

    1.0% guaranteed + 0.8% bonus

    RATE OF RETURN

    1.8% for first $10k

    INTEREST CAP

    T

    "Applied for this for myself and my wife. The app is very engaging,..." 2d ago

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    Insurance Savings Plans Reviews Singapore 2021

    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!

    What is an Insurance Savings Plan and Do I Really Need One?

    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!

    What Is Universal Life Insurance?

    Universal Life insurance policies typically consist of 2 parts:

    • Savings - usually through investments done by the insurer with interests earned getting credited into your account
    • Insurance - in the form of death payout benefits.

    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

    What Is Covered by Insurance Savings Plans?

    Here are their death benefit coverage and interest rates summarised:

    Insurance Savings Plans

    Rate of Return (p.a.)

    Duration of Returns

    • Initial Deposit
    • Minimum Account Balance

    Death Benefit

    1.5% guaranteed + 0.3% bonus

    Capped at: 1.8% first S$20k

    Bonus returns (0.3%) only for the first policy year

    • S$2,000
    • S$2,000

    105%

    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

    • S$50
    • S$50

    105%

    2.0% non-guaranteed

    Capped at: 2.0% first S$10k, 1.0% next S$90k

    -

    • S$500
    • S$100

    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

    • $50
    • $50

    Up to 105%

    Summary of death benefit coverage and interest rates for Dash EasyEarn, GIGANTIQ and Singlife Account:

    How Much Does an Insurance Savings Plan Cost?

    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:

    Plans

    Minimum Initial Deposit

    Minimum Account Balance

    Minimum Top Up Amount

    Withdrawal Fees

    Singtel Dash EasyEarn

    S$2,000

    S$2,000

    S$500, or multiples of S$500

    S$0.70 for each withdrawal via PayNow
    Free for withdrawals to Dash wallet

    GIGANTIQ

    S$50

    S$50

    S$1

    S$0.50 for each withdrawal to a DBS/POSB account
    S$0.70 for each withdrawal via PayNow

    Singlife Account

    S$500

    S$100

    No minimum

    No fees

    Dash PET

    S$50

    S$50

    S$1

    Minimum S$50 top up applies via eNets

    $0.70 admin fee applies for withdrawals via PayNow

    Which Insurance Savings Plan To Pick?

    Insurance Savings Plans comparison Dash EasyEarn vs GIGANTIQ vs Singlife vs Dash PET

    Dash PET vs Dash EasyEarn vs GIGANTIQ vs Singlife Account: Which of These Insurance Savings Plans is Right For You? Check out this comparison to find out!

    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.