Readers of Financial Horse often ask us where to park excess cash, while earning a decent rate of interest.
Besides parking your cash in Singapore Savings Bonds or a bank account, having an insurance savings plan is a worthwhile option to maximize your savings.
Well, here’s a new option to consider.
Available on the Singtel Dash app, Dash PET is an insurance savings plan (underwritten by Etiqa) that offers up to 1.5%*^ p.a. returns!
No lock up period, that can be withdrawn any time.
With complimentary insurance coverage that is absolutely free.
Up to 1.5%*^ is pretty attractive compared to the other options on the market today.
There are also cash back bonuses when you sign up now, scroll down for more details!
Note: This post is sponsored by Singtel Dash. All views and opinions expressed in this post are from Financial Horse.
What is Dash PET?
Dash PET is an insurance savings plan.
Key benefits of Dash PET life insured include:
- Up to 1.5%*^ p.a. returns on your cash
- Low minimum requirements: Start saving from just S$50 up to S$30,000
- Flexibility: Top up and withdraw funds with no lock-in period or penalty
- Affordable add-on protection e.g. life coverage with additional returns on your savings
Basically, you earn interest on your cash, while also being insured at the same time.
The key advantages – higher yield on your cash, full capital guarantee, and easy liquidity.
The insurance part of the Dash PET policy includes coverage for life insurance and COVID-19 (underwritten by Etiqa Insurance).
Up to 1.5%*^ p.a. returns on your cash?
Under Dash PET, you earn returns based on your account value:
- First S$10,000: 1.3%* p.a.
- Above first S$10,000: 0.3%* p.a.
To get the full 1.5% on your first S$10,000, you need to add-on your free insurance protection plan.
This will effectively bump your 1.3%* p.a. up by 0.2%^ p.a. to hit 1.5%*^ p.a. for your first S$10,000.
That said, they do have the right to change the interest rates down the road, and crediting rates are not guaranteed (Full T&Cs on the Dash PET policy here).
Given that we’re moving into a rising interest rate environment though, hopefully the chance of any reduction is low.
Dash PET: Can I top up & withdraw money any time?
Yes, you can top up or make withdrawals any time:
|
Transfer Method |
Cost |
Minimum Transfer Amount |
|
Transfer to/from Dash Wallet |
Free to top up & withdraw |
$1 |
|
Bank Account via eNets |
Free to top up |
$50 |
|
Bank account via PayNow |
Free to top up $0.70 admin fee per withdrawal |
$1 |
You can use Dash Wallet for payments at hawker centres, FavePay merchants, Singtel bill etc.
If you do, Dash PET is pretty helpful because you can move any unused monies between Dash wallet and Dash PET freely to earn the extra interest.
Minimum Account Balance
Do note that there is a minimum account value of S$50 to enjoy the interest rates and other policy benefits.
This is to ensure that your Dash PET and other add-on protection plans stay active and to earn additional interest.
Complimentary Insurance Coverage
As Singaporeans we’re always concerned when something is too good to be true.
To allay my fears – the team has assured me that the insurance activation is absolutely free, and you will not be charged after the free period.
What kind of insurance coverage do I get under Dash PET?
Under Dash PET, you get life insurance and Covid-19 coverage, as well add-on plans for extra protection.
What does the Complimentary Insurance cover?
And what does the complimentary insurance cover?
You get:
– Protection for Death & Total and Permanent Disability^
– Coverage of up to 5 times of your Dash PET Account Value (capped at S$10,000^)
– Valid for your first Dash PET policy year
If you are not eligible for the Death & Total and Permanent Disability protection plan (due to pre-existing conditions), you will get the Accidental Death^ protection plan instead.
In the event of death during the policy term, 105% of your Account Value will be paid (full details for the policy here).
All Dash PET life insureds are also entitled to the Financial Assistance Benefit for COVID-19, including side effects of the vaccine, introduced by Etiqa Insurance (full details for the policy here).
Additional Add-On Protection
All Dash PET users may also add up to 3 add-on protection plans to their existing Dash PET policy:
– Major Cancer
– Accidental Death
– Death & Total and Permanent Disability
For each add-on protection, you can enjoy:
– Coverage from S$10,000 to S$100,000
– Affordable premiums from as low as 2 cents a day
If you decide to go with the additional insurance coverage, you will also receive up 0.25%# p.a. extra interest for each additional insurance plan.
This is capped at 3 plans – so assuming that you add on all 3 protection plans, you’ll earn 2.25%*^# p.a. on your S$10,000.
Are the Dash PET policies SDIC protected?
Dash PET policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).
Dash PET is categorized under “Individual life and voluntary group life policies (with the exception of annuities)” with a cap of S$500,000 for the aggregated guaranteed sum insured and S$100,000 for aggregated guaranteed surrender value per life insured per insurer.
TLDR – They are SDIC insured and risk free up till the guaranteed limits.
What if I change my mind?
Dash PET has a 14-day free look period. This means you can request to cancel the policy any time within 14 days.
Dash PET is a yearly renewable plan, and the policy term is 1 year. If you wish to surrender the policy, you can make a request via Dash app.
Sign up now to enjoy Cashback Promo!
Dash PET is available to users aged between 17 to 75 with a valid Singapore NRIC or Singapore residency/work pass.
From now until 31 March 2022, Sign Up and enjoy up to $23 cash back!
- Get up to $10 cashback if you save S$5,000 or more; and
- An additional $13 by making eligible transactions with Singtel Dash.
How to Sign Up? Get Started on the Singtel Dash App
Everything’s easy and convenient via the Singtel Dash app!
Launch Dash > Home screen > Grow Money to access and manage your account.
- Complete the sign-up form
- Make your first top-up to activate your account
- Go to Dashboard to add-on free protection
- Sign up to activate the free protection and enjoy additional interest!
Download Singtel Dash here!
Note: This post is sponsored by Singtel Dash. All views and opinions expressed in this post are from Financial Horse.
Disclaimers:
*For the first policy year, 1.30% p.a. up to S$10,000 and 0.30% p.a. for subsequent amount in Account Value. Crediting rates are non-guaranteed.
^Additional 0.2% p.a. to the existing 1.3% p.a. returns for your first S$10,000 Dash PET savings during the first policy year while the complimentary protection is active. Complimentary protection sum assured is based on up to 5X of the first S$10,000 of your Dash PET Account Value. Complimentary Accidental Death coverage will be offered for the same sum duration if you are not eligible for this add-on protection. Sum assured will be based on your age and occupation.
#Additional interests of up to 0.25% p.a. from each activated payable add-on protection applies to the first S$10,000 account value of the active Dash PET policy.
**Based on comparison with similar digital insurance savings plans available for subscription. Information accurate as at 9 September 2021. This comparison does not include information on all similar products. Etiqa Insurance does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for products that are listed in www.comparefirst.sg.
Dash PET 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). This content is for reference only and is not a contract of insurance. Full details of the policy terms and conditions can be found in the policy contract. Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an 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 should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as at 14 March 2022.