Dash PET Plus by Etiqa Insurance: Product Overview and Comparison

Dash PET Plus is an investment-linked insurance rider issued by Etiqa Insurance Pte. Ltd., designed primarily as a wealth accumulation tool for eligible Singtel Dash customers. Administered under a group policy with SingCash Pte. Ltd. as the policy owner, this product offers automatic coverage without the need for health declarations or medical checks at the time of application. It is a yearly renewable rider that provides protection against death and terminal illness while allowing policyholders to invest in various Portfolio funds managed by UOB Asset Management Ltd. The plan is protected under the Policy Owners’ Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC).

How it compares

When evaluating Dash PET Plus against similar investment-linked products such as GREAT Life Advantage 4, HSBC Life Flexi Protector, and #goElite Secure, it is important to note that direct financial comparisons are limited. As an investment-linked product, premiums and returns are not fixed but depend on market performance and individual fund choices. Consequently, specific premium quotes per $100,000 sum assured, surrender values at year 20, and net returns over 5 or 10 years are not available in the provided data for Dash PET Plus or its peers (GREAT Life Advantage 4, HSBC Life Flexi Protector, and #goElite Secure).

However, structural differences distinguish Dash PET Plus from these peers. Unlike traditional whole-life investment-linked plans that may have fixed premium terms, Dash PET Plus is a yearly renewable rider. This means the policy term is one year at a time, renewing automatically until the life insured attains 100 years old, provided the basic policy remains in force. Furthermore, while competitors like GREAT Life Advantage 4 or HSBC Life Flexi Protector are typically standalone policies with their own underwriting requirements, Dash PET Plus is a guaranteed issuance rider available exclusively to Singtel Dash customers, removing the barrier of medical underwriting. The maximum sum assured for terminal illness benefits is capped at SGD 5,000,000 across all Etiqa policies, and the rider account value is capped at SGD 1,000,000, with no further top-ups allowed once this limit is reached.

Pros

• No Medical Underwriting: As a guaranteed issuance rider, it does not require health declarations or medical checks, making it accessible to those who may have difficulty qualifying for standard insurance.
• Flexibility in Investment: Policyholders can choose from various Portfolio funds, allowing for tailored investment strategies based on risk appetite and market conditions.
• Liquidity Options: The rider allows for partial withdrawals at any time (subject to a minimum balance of SGD 100) and full surrenders after the free look period, with funds transferred via PayNow.
• Group Policy Protection: Being part of a group policy administered by SDIC offers an additional layer of security for policyholders.
• Automatic Renewal: The yearly renewable structure ensures continuous coverage without the need for re-underwriting, as long as the basic policy is active and the life insured is under 100.

Cons

• Market Risk: As an investment-linked product, returns are not guaranteed and are subject to market fluctuations. There is a possibility of losing the principal invested.
• Yearly Renewability: Unlike whole-life policies, this rider renews annually. While it continues until age 100, the insurer reserves the right to terminate the rider with 90 days’ notice.
• Transaction Charges: Withdrawals via PayNow incur a charge of SGD 0.70 per transaction, which is deducted from the withdrawn amount.
• Limited Accessibility: This product is exclusively available to eligible Singtel Dash customers and is not open to the general public.
• No Premium Data Available: Due to its nature as an investment-linked rider with variable premiums based on fund selection, specific cost comparisons per sum assured are not provided in the data.

Who it may suit

Dash PET Plus may suit existing Singtel Dash customers who seek a simple, hassle-free way to add death and terminal illness coverage without undergoing medical underwriting. It is particularly relevant for individuals interested in wealth accumulation through investment-linked funds but prefer a flexible, yearly renewable structure over long-term commitments. Given the lack of specific premium data, it is advisable for potential policyholders to consult Etiqa Insurance or a MAS-licensed financial adviser to understand how their chosen fund allocations and single premiums align with their financial goals.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.