GIGANTIQ Review: Reasons why this Insurance Savings Plan could be for you!

We are always on the lookout for savings options with low risk and better returns to stretch and maximise our savings. However, our choices have been limited with the current climate of low returns offered by savings products.

If you’re looking for a good product to place your short-term funds, this insurance savings plan might be a good option for you.

What is GIGANTIQ?

By definition, GIGANTIQ is a single premium, yearly renewable, non-participating universal life plan underwritten by Etiqa Insurance Pte. Ltd. (Etiqa).1GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate.

GIGANTIQ offers 1.8%*Guaranteed 1% p.a. + non-guaranteed 0.8% p.a. for the first policy year up to S$10,000 premium of your policy’s account value. p.a. crediting interest rate on the first S$10,000 for the first year, with no lock-in period. This 1.8%*Guaranteed 1% p.a. + non-guaranteed 0.8% p.a. for the first policy year up to S$10,000 premium of your policy’s account value. p.a. crediting interest rate is broken down into 1% p.a. guaranteed and 0.8% p.a. non-guaranteed.

GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate and provides a death benefit of 105% of the policy’s account value. 

You can take up a GIGANTIQ policy by just putting in S$50, which can then be topped-up with any amount with no transaction fees. You can also make partial withdrawals (transaction fee applies) anytime, so there is no limitation on how much you can withdraw from your GIGANTIQ policy.

Do note that if your policy’s average daily account value for the calendar month falls below S$50 and the required top-up is not paid by the end of the grace period, your policy will be surrendered and any remaining account value will be paid to you.

Product features of GIGANTIQ

The table below illustrates the amount of returns you could receive from GIGANTIQ’s crediting interest rate for the first policy year.

22 Note that for account values above S$10,000, only the guaranteed returns of 1% will apply for the first year.

Is GIGANTIQ the right product for you?

GIGANTIQ may be suitable for you if you:

  • Have a low-risk appetite

The monies that you put into GIGANTIQ are capital-guaranteed. This means that the account value of your policy will not fall below the amount you put and less any withdrawals and withdrawal fees.

  • Value convenience and flexibility

GIGANTIQ allows you to top-up (up to an account value of S$200,000) or withdraw any amount from your policy at any time with the ‘Tiq by Etiqa’ mobile app. This makes GIGANTIQ a good option for you to place and manage your savings.

While there is no early withdrawal penalty, there will be a transaction fee of S$0.50 for each withdrawal via FAST to a DBS/POSB account and S$0.70 for each withdrawal done via PayNow.

Do note that if your policy’s average daily account value for the calendar month falls below S$50 and the required top-up is not paid by the end of the grace period, your policy will be surrendered and any remaining account value will be paid to you.

  • Want to start saving but do not have a large starting capital

If you are looking to start saving but have only a small starting capital, GIGANTIQ’s low barrier of entry makes it possible for you to start saving with just S$50.

  • Want a peace of mind on your savings

This policy is protected under the Policy Owners’ Protection (PPF) Scheme and protected up to specified limits by the Singapore Deposit Insurance Corporation (SDIC). 

This means that in the event that the company fails, all your insured deposits will be aggregated and insured by the SDIC, of up to S$75,000.

 

PolicyPal Promotion: Earn up to 8%#Up to 8% p.a. bonus credits (P$) will be accumulated by friend referral of this product or purchasing other policies via PolicyPal. Terms and Conditions Apply. bonus credits (P$)!

We’re running an exclusive promotion on our platform where you can get bonus credits (P$) as high as 8%#Up to 8% p.a. bonus credits (P$) will be accumulated by friend referral of this product or purchasing other policies via PolicyPal. Terms and Conditions Apply. p.a. if you refer your friends or purchase additional selected policies with PolicyPal.

These bonus credits (P$) will be credited monthly, fulfilled by PolicyPal, and not Etiqa. Bonus credits (P$) will be added to your PolicyPal Rewards account.

You can kick start your year by purchasing GIGANTIQ through PolicyPal, download our application here with our referral code “PPBLOG” to receive P$10 credits free!

 

Important Notes

**Guaranteed 1% p.a. + non-guaranteed 0.8% p.a. for the first policy year up to S$10,000 premium of your policy’s account value.

##Up to 8% p.a. bonus credits (P$) will be accumulated by friend referral of this product or purchasing other policies via PolicyPal. Terms and Conditions Apply.

11GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate. This product’s availability is based on a first-come, first-served basis and Etiqa Insurance Pte. Ltd. reserves the right to close the tranche at any time without prior notice.

This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). As buying a life insurance policy is a long-term commitment, early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You are recommended to read the Product Summary, Policy Illustration and policy document for the exact terms and conditions, specific details and exclusions applicable to this insurance product. You should seek advice from a qualified financial adviser who will be able to advise you on a suitable product. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. In the event that you choose not to seek advice from a financial adviser, you should consider whether the policy is suitable for you and meets your needs in light of your objectives, financial situation and particular needs.

Full details of the GIGANTIQ policy terms and conditions can be found here.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

This advertisement has not been reviewed by the Monetary Authority of Singapore.​ Information is accurate as of 12 January 2021.

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