SINGAPORE Telecommunications (Singtel) has launched an insurance savings plan on its Dash app. The plan has no lock-in period and no penalties for withdrawals.
In a statement on Monday, the listed telco announced that the insurance savings plan, called Dash EasyEarn, accepts a minimum of S$2,000 and a maximum of S$20,000 in initial premium.
Policyholders get a guaranteed return of 1.5 per cent per annum for the first policy year, with an additional return of 0.5 per cent per annum if they sign up within an unspecified limited period. But, interest is earned only if the minimum policy amount of S$2,000 is maintained at all times.
The savings insurance plan does not have any lock-in period; unlimited withdrawals are allowed, with no penalties imposed. But a charge of S$0.70 is applicable each time a withdrawal is made to a bank account. Withdrawals to Singtel's Dash are free of charge.
Dash is an e-wallet by Singtel which offers lifestyle services such as restaurant bookings and travel insurance. With over a million registered users, it is available to everyone regardless of telco or banking relationship, and can be downloaded on any mobile platform.
The capital-guaranteed Dash EasyEarn comes with a coverage of 105 per cent of the account value in the event of the policyholder's death.
Dash EasyEarn is offered only through Singtel's Dash app and underwritten by Etiqa Insurance.
To sign up, eligible users in Singapore need to verify their personal details before topping up using their bank account to get started. Users can perform top-ups and opt to withdraw funds directly into their bank account or Dash wallet.
Gilbert Chuah, head of mobile financial services, Singtel's International Group, said the company will continue to use technology to glean deeper business insights, better understand the needs and habits of consumers and bring them the products and services they want.
Singtel was trading cum-dividend at S$2.46 or three Singapore cents lower at 4.56pm on Monday.