How to maximize your GIGANTIQ account & earn $1,000

If you have not heard the news, GIGANTIQ Insurance Savings Plan underwritten by Etiqa Insurance Pte. Ltd. is now live on the PolicyPal app! With a crediting rate of 1.8% p.a for the first year and flexible withdrawals, this is one of the most competitive insurance savings plans in the market. 

Should that not sound exciting enough, PolicyPal has launched an exclusive promotion where you can earn an additional 8% p.a. bonus credits! What’s more, together with the encashable credits from our Refer and Earn program, this could potentially give you a return of up to $1,000 in cash and credits!

All of the above sounds nice and great, but how do you actually get them? Lucky for you, we’re not just here to tell you that you can get those returns, but how you can get them. 

But before all that, if you have not signed up for GIGANTIQ, do check this article on how to sign up for GIGANTIQ. If you have already, what are you waiting for? Read on to find out how you can maximise your returns!


How do I earn the 8% p.a bonus credits? 

For a limited time, PolicyPal is offering an exclusive promotion when you sign up for GIGANTIQ on our app. On top of the existing 1.8% crediting rate, you can earn up to an additional 8% p.a. in PolicyPal credits. 

The bonus credits will be credited monthly. This will be fulfilled by PolicyPal, and not Etiqa. 

There are two ways you can earn the bonus credits:

  1. Refer your friends to buy GIGANTIQ 
  2. Purchase additional policies via PolicyPal 

The table below provides a breakdown of the promotion. 



No. of Times

Max Bonus

Refer a friend to GIGANTIQ




Purchase a policy from PolicyPal




You may receive up to


Do note that the PolicyPal promotion will only be based on your initial deposit amount (Capped at first S$10,000).  You are recommended to make an initial deposit of S$10,000 to maximise your returns. 

Note: the bonus credits will not include the GIGANTIQ Savings Insurance plan that you have purchased.


What can I use the PolicyPal credits for? 

PolicyPal credits can be redeemed in the PolicyPal app’s Rewards Marketplace – where you can access a wide variety of rewards and vouchers!   

Rewards available for redemption include GrabFood, GrabRide, and FairPrice vouchers, etc. The PolicyPal credits can also be used to offset insurance premiums on your next purchase.

For those who are feeling charitable, you can use your PolicyPal credits to donate to any of the selected charities in the Rewards Marketplace. We will follow up with a cash donation under your name to the charity of your choice.

Of course,  you can even turn your PolicyPal credits into cold hard cash.

That’s right, upon reaching $1,000 PolicyPal credits, you have the option to exchange S$1,000 in cash under PolicyPal’s rewards marketplace!

Convinced? Well, below we have for you the step-by-step guide to maximise your GIGANTIQ returns!  


Making a referral for GIGANTIQ

For every successful referral you make for PolicyPal, you will be able to earn a 0.2% p.a bonus in PolicyPal credits. This is capped at 20 times with a maximum of 4% p.a. bonus credits.

These are the steps to make a successful referral:

1. Create a referral code

You can create your unique referral code within the PolicyPal app. Simply click on “Account” and you will be redirected to your profile page.

Under the Referral Program, you will see the “Create Referral Code” button.

Click on it and you will be prompted  to create your own unique referral code

2. Share your referral code/link

Upon the creation of your referral code, the button will change to “Share Link”. 

You can copy and share the link or your referral code with your friends and families.

3. Earn the bonus credits

Watch your returns increase the subsequent month when your friends’ accounts are successfully incepted (Ps: The minimum inception size is only S$50).

You will also be able to earn additional S$10 encashable credits for every successful referral. This can be cashed out when you have 2 successful referrals.


Purchasing additional policies via PolicyPal 

You will also be eligible for an additional 1% p.a. bonus credit for every new policy you buy with PolicyPal. This is capped at 4 policies with a maximum of 4% p.a. bonus credits.

The policies eligible for the promotion are as follow:

  • Investment-Linked Policies 
  • Endowment (Advisory – Regular Premiums) Policies 
  • Term Life Policies
  • Whole Life Policies 
  • Retirement Policies 
  • Critical Illness Policies
  • Motor Policies (capped at one per user)

The policies will have to be purchased after 6th October 2020, with a minimum total premium of S$2,000 per policy. 


How much are the returns I can get? 

Assuming you make an initial deposit of S$10,000 for a GIGANTIQ policy that is successfully incepted. 

You will be entitled to the 1.8% p.a crediting rate by Etiqa for the first year, giving you a S$180 return over the year.

For the PolicyPal promotion, the bonus credits will be determined by 

  1. The number of people you refer
  2. The number of policies purchased from PolicyPal

Below is a table you can refer to:

Assuming you are able to fulfil the criteria, you will be able to maximise your returns to a whopping $800 credits. With $10 encashable credits for every successful referral, you’ll also accumulate an addition of $200 encashable credits. 

This will take your total earning to $1,000 in PolicyPal credits, which makes you eligible to encash S$1,000 under PolicyPal’s Rewards Marketplace!


How will I receive the returns? 

Both the 1.8% p.a. crediting rate from Etiqa and 8% p.a bonus credits from PolicyPal will be credited on a monthly basis.

For the PolicyPal credits, it will be credited to your account after the eligible policy inception date and after the 14 days free look period.

Any successful referrals or Purchases of Life/Motor Policies will be counted towards the calculation of the bonus credits. You will receive the bonus credits in the following month on the same date as your policy inception or the successful GIGANTIQ referral.


To illustrate, 

On 15 October 2020, John bought a GIGANTIQ policy from PolicyPal with an initial deposit of S$10,000. On the same day, he also referred two friends to buy GIGANTIQ from PolicyPal. 

On 15 November 2020, he will receive  S$15 (1.8% p.a. return) from Tiq and $3.33 PolicyPal credits (0.4% p.a) from PolicyPal. 

On 3 December 2020, he bought a life insurance policy from PolicyPal and the policy was successfully incepted by the insurer.

On 15 December 2020, he will receive S$15 (1.8% p.a. return) from TIq and $11.67 PolicyPal credits (1.4% p.a) from PolicyPal. This will continue until 15 September 2021.

Assuming that  John does not conduct any top-up or withdrawal over the year, John’s total return will be S$180 in cash and $49.3 in credits. 

John will also be able to withdraw an additional S$20 cash from the Refer and Earn program, taking his total earnings to $229.3 in cash and credits.


What happens if I want to top-up my account? 

All top-up(s) will have to be done through the Tiq by Etiqa mobile app.

Top-up(s) can be done by either direct debit via DBS / POSB or using cashable Etiqa eWallet credits. The minimum top-up value is S$1 and the maximum account value of S$200,000. 

Do note that the crediting rate for any value above S$10,000 is 1% p.a. and the PolicyPal promotion is also only valid for the first S$10,000 from the initial deposit amount. Top-ups will not be considered in the calculation for the bonus credits.

How about partial withdrawal? 

Similarly, withdrawal(s) can only be done through Tiq by Etiqa mobile app. There is no lock-in period and withdrawal can be conducted anytime. This would be credited immediately.  

However, do note that Etiqa has the rights to delay the payment for up to 6 months should there be a sudden surge of withdrawal from GIGANTIQ. 

A transaction fee of S$0.70 or S$0.50 will be also charged for each partial withdrawal via PayNow or Direct Credit – POSB or DBS account respectively. 

You will have to maintain a minimum account value of S$50 to keep the policy in force. Should the daily account value drop below S$50, you will receive a notification from Etiqa. If the situation remains after a grace period of 30 days, the account will be de-activated and the account value, less any amounts owed, will be refunded by Eitqa.



To maximise your returns, PolicyPal recommends that you make an initial deposit of S$10,000. The money should be your spare cash or emergency fund, which minimises the need for withdrawal and incurring unnecessary transaction fees.

With Etiqa being a registered insurer by the Monetary Authority of Singapore, GIGANTIQ is  protected under the Policy Owners’ Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation.

With this in mind, GIGANTIQ can be a safe and attractive option for those looking to stash your emergency fund! 

If you haven’t bought GIGANTIQ, sign up here and receive free $10 credit! 

For those with a GIGANTIQ account, start earning the $1,000 credits by referring your friends or consider other policies that you may need.


Important Notes 

1 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.

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

3 Selected Life or General insurance products offered as supplementary coverage under GIGANTIQ from time to time.

4 If you have applied for GIGANTIQ before 18 Nov 2020, 23:59PM, you will still be entitled to earn 2% p.a. crediting rate (1% p.a. guaranteed + 1% non-guaranteed) for the first policy year up to S$10,000 premium of your policy’s account value.

GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate.

 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 ( or

This advertisement has not been reviewed by the Monetary Authority of Singapore.​ Information is accurate as of 19 November 2020.


Read more:

GIGANTIQ Review: Should You Switch to This 1.8% p.a. Insurance Savings Plan?
4 Best Short Term Insurance Savings Plans in Singapore
What should you do when banks slash their interest rates?



PolicyPal is here to help you make informed and savvy financial decisions through the good times and the bad.

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