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Difficulty: Easy

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If you followed our site previously, you might have noticed that we run a monthly review of “The Best Savings and Fixed Deposit Alternatives in Singapore”. Our review spans across Insurance Savings Plans, Cash Management Accounts from brokers & robo-advisor platforms, and Short-term Endowments. 

In our latest review, our top three options were: Etiqa GIGANTIQ, Singlife Account and Singtel Dash EasyEarn. These three were chosen after extensive research, primarily on the basis of highest returns, while offering a relatively low risk with no lock-in requirements.

Since then, PolicyPal has announced TWO separate and stackable promotions for Etiqa GIGANTIQ. In this article, we take a look at the promotions and see how GIGANTIQ stacks up against Singlife Account and Singtel Dash EasyEarn.

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1) Etiqa GIGANTIQ vs. Singlife Account vs. Singtel Dash EasyEarn

2) Etiqa GIGANTIQ: Return Rate & Key Policy Terms

3) Etiqa GIGANTIQ: How to get S$50 Cash Rebate + P$830 Credit Rebate + Referral Link

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Appendix 1: What you can redeem with PolicyPal Credits

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Based on the latest terms, we believe Etiqa GIGANTIQ is a very attractive option, especially for those with large deposit amounts. The two concurrently running and stackable PolicyPal promotions are cherries on top – the S$50 cash rebate is easy to achieve if you act fast but we note that it’ll take effort to get that extra $830 in PolicyPal credits.

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1) Etiqa GIGANTIQ vs. Singlife Account vs. Singtel Dash EasyEarn

In the below table, we show the first-year return rates of GIGANTIQ, Singlife Account and Singtel Dash EasyEarn, including the possibility of any bonus returns, limited-time promotions or referral bonus.

The main plus of GIGANTIQ is the maximum account size limit of $200k, which is more generous than the other accounts. The Singlife Account theoretically has no limit, but they do not award return rates beyond the first $100k. 

The main downside of GIGANTIQ is that a small fee is charged for cash withdrawals, which makes it less flexible. This may be less of a concern if you are planning to just park your money there with no immediate plans to use. 

Etiqa GIGANTIQ vs. Singlife Account vs. Singtel Dash EasyEarn

Note that for GIGANTIQ: With effect from 19 November 2020, GIGANTIQ will be reducing the return rate on the first $10k balance from 2% to 1.8% p.a. for new sign ups. Existing policyholders will still enjoy the previously announced 2.0% p.a. (1.0% p.a. guaranteed + 1.0% p.a. bonus).

Note that for Singlife Account: With effect from 1 November 2020, Singlife Account will be reducing the return rate on the first $10k balance from 2.5% to 2% p.a. The new rate is updated in the table above. Do note that return rates are not guaranteed for the Singlife Account and may be changed at Singlife’s discretion.

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2) Etiqa GIGANTIQ: Return Rate & Key Policy Terms

GIGANTIQ is an Insurance Savings Plan, underwritten by Etiqa Insurance.

Who is Etiqa Insurance?

Etiqa is the insurance arm of Maybank. Maybank is listed in Kuala Lumpur Stock Exchange, with a current market cap of US$19 billion. The firm is 69% owned by Malaysia Government-linked entities.

GIGANTIQ: Return Rate and Applicable Rebates

Return Rate (see note below)	First Year: 1.8% p.a on first $10k, 1% p.a on the balance exceeding $10k Subsequent Years: Prevailing rate, projected at 1% p.a
PolicyPal GIGANTIQ 11/11 Promo 31st to 11th Nov 2020	$50 Cash Rebate (details may be found below)
Referral Discount For New PolicyPal users only	Up to $30 PolicyPal Credits (P$) (details may be found below)
PolicyPal GIGANTIQ 8% p.a. Credit Promo till 31st Dec 2020	Up to 8% rebate in PolicyPal Credits (P$) (details may be found below)
Assuming a $10K Deposit 1st Year Return	1.80% + $50 Cash Rebate + up to $30 PolicyPal Credits + up to 8% rebate in PolicyPal Credits
Assuming a $20K Deposit 1st Year Return	1.50% + $50 Cash Rebate + up to $30 PolicyPal Credits + up to 8% rebate in PolicyPal Credits
Assuming a $50K Deposit 1st Year Return	1.20% + $50 Cash Rebate + up to $30 PolicyPal Credits + up to 8% rebate in PolicyPal Credits

Note that for GIGANTIQ: With effect from 19 November 2020, GIGANTIQ will be reducing the return rate on the first $10k balance from 2% to 1.8% p.a. for new sign ups. Existing policyholders will still enjoy the previously announced 2.0% p.a. (1.0% p.a. guaranteed + 1.0% p.a. bonus).

GIGANTIQ: Key Policy Terms

While the policy term is officially 1 Year, it is auto-renewed on maturity. There is no penalty for a surrender at any time but a small transaction fee will be charged if you are withdrawing deposits.

Withdrawal Restrictions	Withdrawal via PayNow: $0.70 per transaction Withdrawal to DBS Bank Acct: $0.50 per transaction
Account Size (min and max)	$50 – $200k
Age Restrictions	17 – 75
Insurance Payout	Death: 105% of Account value

GIGANTIQ’s product terms may be found here.

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3) Etiqa GIGANTIQ: How to get S$50 Cash Rebate + P$830 Credit Rebate + Referral Link

[Offer expired] $50 Cash Rebate

From 31^st October to 11^th November 2020, the first 1,111 PolicyPal users who successfully incept a GIGANTIQ policy of at least S$10,000 initial premium, will be entitled to a S$50 cash rebate.

This promotion is stackable with PolicyPal’s existing “Refer and Earn” program and the concurrently running 8% p.a. bonus credit promotion mentioned below.

Terms and Conditions of this promotion may be viewed here.

Max $30 Rebate for New PolicyPal Users

For NEW PolicyPal users, use our referral code to enjoy up to $30 of PolicyPal Credits:

1. CLICK HERE for a referral link to register for a PolicyPal account. I noticed that the referral code does not appear automatically in the registration page, so you can input referral code “THEIQ” just to be safe.
2. Receive $10 of PolicyPal credits for each completed activity:
   1. Sign up for Tiq 3-Year Endowment Plan or eEASY save V by Tiq or NTUC Personal Accident Plan
   2. Join the “Moneybag” game on PolicyPal
   3. Complete an insurance portfolio review with a PolicyPal staff via phone call

Terms and Conditions of PolicyPal’s referral program may be viewed here.

Max $800 Rebate for Buying GIGANTIQ via PolicyPal

Till 31 December 2020, incepting a GIGANTIQ policy via PolicyPal allows you to earn up to 8% of PolicyPal Credits, capped at $800.

To be eligible:

1. The Policy must be purchased through the PolicyPal mobile app.
   • Using our referral code “THEIQ” during purchase may help generate affiliate fees to support our site.
2. The Policy must be incepted by Etiqa.
3. The Policy must complete the free-look period of 14 days.
4. The participant must be a registered PolicyPal user with a verified email address and mobile number.

PolicyPal will determine the rebate amount using two critieria (see table below):

• the no. of friends you refer who purchased GIGANTIQ
• the no. of eligible policies bought from PolicyPal

Let’s assume you have incepted a GIGANTIQ policy of S$10k. If you incepted GIGANTIQ with a higher amount, you would still get the same rebates as shown below. We explain how to arrive at the numbers below.

1. How many friends you referred that purchased GIGANTIQ (capped at 20 referrals).
   • Each referred friend will entitle you to 0.2% rebate on your initial GIGANTIQ premium (capped at S$10k premium).
   • The max PolicyPal Credit rebate you would receive is S$20 per referral (0.2% * S$10k).
2. How many additional policies you purchase from PolicyPal (capped at 4 policy purchases)
   • Each additional eligible policy purchase from PolicyPal entitles you to 1% rebate on your initial GIGANTIQ premium (capped at S$10k premium). The max PolicyPal Credit rebate you would receive is S$100 per eligible policy purchased from PolicyPal.
   • The rebate is only applied to additional policies purchased after 6^th October 2020 and a min total premium of S$2,000 applies per policy purchase. Eligible insurance policies include:
     • Investment-linked Policies
     • Endowment (Advisory – Regular Premium) Policies
     • Term Life Policies
     • Whole Life Policies
     • Retirement Policies
     • Critical Illness Policies
     • Motor Policies (capped at one per user)

For this promotion, do note that PolicyPal Credits are rebated to the account over the course of a year. For example, if you referred 3 friends under this promotion and are entitled to $60 of PolicyPal Credits, your account will be credited with $5 of PolicyPal Credits per month over twelve months ($60 divided by 12).

Terms and Conditions of this promotion may be viewed here.

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The InvestQuest’s View

Based on the latest terms, we believe Etiqa GIGANTIQ is a very attractive option, especially for those with large deposit amounts. The two concurrently running and stackable PolicyPal promotions are cherries on top – the S$50 cash rebate is easy to achieve if you act fast but we note that it’ll take effort to get that extra $830 in PolicyPal credits.

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Appendix 1: What you can redeem with PolicyPal Credits

There are five ways to earn PolicyPal Credits, as mentioned on their website:

1. Participate in PolicyPal challenges
2. Complete PolicyPal quizzes
3. Buy general insurance through the app
4. Refer your friends & family
5. Play the MoneyBag virtual savings game

At the time of writing, PolicyPal credits can be used to redeem Cash, Vouchers or Donations, details of which we have listed below.

Cash redemption offers the best value (per PolicyPal credit) but it is redeemable only in S$1,000 denominations, requiring the user to save up a relatively large amount of PolicyPal Credits.

*You may choose to donate to the following charities: Migrant Workers’ Assistance Fund, Singapore Cancer Society, Children’s Cancer Foundation, St Luke’s ElderCare Ltd, Apex Day Rehabilitation Centre for Elderly, AWARE