There’s a new insurance savings plan called “Dash PET” that is not for your pet

Dash PET cover image

Are you looking for a new insurance savings plan that allows you to Protect, Earn, and Transact (PET)? Then you might be interested in a project called Dash PET. If you’ve read the title and clicked in, you would have known that this policy is not for your pet.

The insurance savings plan is part of a product offered by Etiqa Insurance in collaboration with Singtel Dash. Etiqa Insurance is a licensed life and general insurance company registered in Singapore. They want you to think of Dash PET as the PET that takes care of you.

“We saw a gap we could fill amid the uncertain climate to help our customers grow their money smarter and faster. Using insights gleaned from the success of Dash EasyEarn, our first insurance savings plan, Dash PET is a new product with greater flexibility and a lower entry point,” Singtel’s International Group CEO Arthur Lang said.

To that, Etiqa Insurance Singapore’s CEO Raymond Ong added that they had designed Dash PET to be an innovative all-in-one insurance plan with a savings component and on-demand protection for the end consumer.

Peeps searching for an insurance savings plan where they can take full control of their finances, look no further! We will guide you through what Dash PET can offer you.

What Is Dash PET?

Dash PET on mobile mock-up

Dash PET is as cute and as useful as it sounds. It helps you maximise your money with savings at high returns, gives you guaranteed capital, and full flexibility of funds. As you invest more money into your savings account, your Dash PET will grow and provide a desirable incentive in the long run.

A comprehensive insurance plan focused on achieving simplicity for you; there are no unnoticed loopholes that could cause you problems later. Keep reading to find out the gains of Dash PET.

How can I benefit from it?

Dash PET benefits

Dash PET has an eclectic range of benefits that are solely focused on bettering your financial health. It also provides you with the support you may need through the pandemic. Worry not about a thing if you face challenging times.

Here’s a breakdown of the main benefits:

  • High returns: It allows you to earn up to 1.7% interest every year* on your savings. As such, Dash PET makes a great plan to have as you continue to accrue your savings.
  • Easy starting requirements: Whether you start with S$50 or S$10,000, Dash PET allows you to begin small and build your savings up to S$30,000.
  • Flexibility: The fear of a lock-in period should not stop you. With Dash PET, there is no lock-in period. This means you can withdraw and top up funds anytime you like without the threat of a penalty.

*First S$10,000: 1.7% p.a. for the first year. Above S$10,000: 1.2% p.a. for the first year.

Is it still not enough to sway you towards the multitude of benefits Dash PET can provide you? Maybe the fact that the policy is administered by the Singapore Deposit Insurance Corporation (SDIC) might give you peace of mind.

Everything else is automatic upon sign-up, so you’re covered without having to take any further action (except for the management of your account).

How do I sign up?

Are you a Singtel Dash user?

Singtel Dash iPhone Screenshots

Great! If you’re aged between 17 and 75 and have a valid Singapore NRIC or residency/work pass, then you are easily eligible to sign up for Dash PET. You can also check against the eligibility rules set by Etiqa Insurance.

Download the Singtel Dash app right now or click here to kickstart your savings journey today!

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What you need to know about protecting yourself if you encounter an accident in a public space like a cinema or mall

ventilation duct collapsed during a movie at Shaw Theatres in NEX shopping mall

Slightly more than a week ago, we read in the news that two people got injured after a ventilation duct collapsed during a movie at Shaw Theatres in NEX shopping mall. In all honesty, this incident could have happened to anyone.

It got many people thinking about insurance claims, the legality of personal and protection claims, and what one has to do if they were to encounter such an unfortunate accident. If that is you, here’s what you need to know about protecting yourself should you encounter an accident in a public space.

#1: Make an insurance claim immediately

Justin Chan, Head of Dispute Resolution at Tito Isaac and Co, shares that as soon as an accident in a public space happens, an individual should inform their insurer(s) immediately. Also, it’s advisable to engage a solicitor who can point you and your claims in the right direction.

In the case of the injured cinema patrons, lawyers would most probably advise the affected parties to inform the mall. This way, the mall can then inform their respective insurers. Mr Chan adds that a similar letter will be written to the cinema operator, where they would have some sort of policy which would cover accidents within the cinema for their patrons.

#2: Know where accountability lies
Police and SCDF at Shaw Theatres in NEX shopping mall

Image Credits: AsiaOne

A question to consider is the location where you got the injury. Mr Chan said that in this particular case of the injured cinema patrons, the cinema is the occupier of that particular space. “The occupier owes a duty of care to their cinema-goers,” he adds.

But if you’re at a common public space in the mall like staircases, corridors, or open waiting areas, the responsibility will fall back on the mall. 

Mr Chan also stated that every able-bodied person should have insurance at this point in time. “But if you don’t have your own personal insurance, then you would leverage on the occupier’s insurance.”

#3: Other useful actions to take

If you do not need to make a trip to the hospital immediately, Mr Chan advises the public to take pictures of the accident site. Also, see if you can spot any closed-circuit televisions (CCTVs) on the premises.

“Last but not least, get medical attention,” he said. Mr Chan reveals a personal experience where a simple headache experienced by his client grew into a multitude of physical ailments. While you may not feel the health effects immediately, there may be underlying issues so seek advice from a medical professional.

Key takeaways

Inform your insurers, contact the public space’s management, and engage a lawyer.

About Tito Isaac and Co
Tito Isaac and Co team

Image Credits: Tito Isaac and Co

Tito Isaac & Co is a homegrown, Singapore law practice founded in 1999. The law firm advises, plans, and executes legal solutions to help individuals and enterprises preserve, protect, and build on their strategic interests and business positions.

They provide a full suite of services ranging from litigation, arbitration and dispute resolution, specialist & private client interests to corporate advisory and transactional work. 

If you need legal advice, phone them at +65 6533 0288 or drop them an email via [email protected].

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Great Eastern’s GREAT Comprehensive Care insurance for freelancers

Freelancers, rejoice! Great Eastern has rolled out an insurance just for you. Coined as the ‘GREAT Comprehensive Care‘, it allows you to enjoy the healthcare support you need for lower than a dollar a day. Now, you can continue the flexibility you’ve always fancied without worrying about coverage.

The insurance is a policy in partnership with Doctor Anywhere. Doctor Anywhere is one of the telemedicine providers we’ve previously covered in one of our articles. Carry on reading if you’re keen to know more about the key benefits and more information about the insurance plan.

#1: KEY BENEFITS

There are three main benefits of the GREAT Comprehensive Care insurance. They are convenient outpatient care, personal accident coverage, and daily hospital cash.

Convenient outpatient care

This refers to the online video consultations with a doctor. You can benefit from up to 12 consultations via Doctor Anywhere. Say goodbye to physical queues and hello to convenience from the comfort of home, wherever that might be.

Personal accident coverage

Get the protection you need against death and Total and Permanent Disability (TPD) in the case of an accident. First up, for deaths and TPD due to an accident, you will get 100% of the sum assured as stated in your Certificate of Insurance. Next, for deaths in Singapore due to COVID-19, you will be assured 10,000 SGD.

Daily hospital cash

In short, you will receive a daily hospital allowance if required to stay in a hospital in Singapore. This only applies if you’re warded for at least 12 hours with the reason being an illness or accident that has happened within 36 hours. There’s also additional daily cash allowance if you’re admitted to the Intensive Care Unit (ICU).

Exclusions may apply.

#2: BASIC AND DELUXE PLANS

There are two plans to choose from – basic and deluxe. The key difference is in the maximum payout amount should you submit a claim. Thus, do expect to pay a different price under each plan.

Price

The basic plan starts from $264 per year while the deluxe plan from $446 per year.

Outpatient care

The basic plan allows up to six video consultations. The deluxe plan at twice the amount, at 12 video consultations. This benefit is transferable to your friends and family members. You can do so via the UPGREAT mobile app.

Hospital and surgical benefits

Under the basic plan, you will obtain a daily hospital cash amount of 100 SGD. In addition to that, if warded in the ICU, you will receive another 100 SGD per day. While for the deluxe plan, both amounts are at 150 SGD respectively.

Personal accident benefits

For deaths and TPD due to an accident under the basic plan, you will get a lump sum payout of 100,000 SGD. As for the deluxe plan, you will secure 150,000 SGD instead. Both plans provide a payout of 10,000 SGD if the death is caused by COVID-19.

#3: SCENARIO

Great Eastern has done a great job with this infographic. Take a look at the scenario created to have a better idea of how the GREAT Comprehensive Care insurance works.

GREAT Comprehensive Care insurance

Image Credits: greateasternlife.com

Check out the FAQs here. If you have more questions, contact their customer service via 6248 2112. You may also email them at [email protected].

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6 Things To Consider Before Panic Buying For Insurance

When the news broke about the Circuit Breaker period and its extension, essential items started flying out of the shelves. The common items hoarded by Singaporeans were face masks, hand sanitizers, instant noodles, and toilet papers. This scenario was played in various parts of the world too. This is why the Government imposed rules regarding purchasing of goods.

Panic buying is brewed by fear. Moreover, it may not lead you to strategic results. Beyond expanding their essential supplies, some people started to buy more insurance coverage. These people are concerned about their hospital bills, if they catch the virus.

Buying the right insurance policies for you and your family is vital at this time. However, panic buying may cause unnecessary waste of time and money. You need an insurance that will cover you when the need arises. Consider these things before signing-up for one.

#1: READ THE FINE PRINT

With the global pandemic, it is up to you to go ahead and pursue your travel plans despite the official travel advisory of postponing it. To safeguard your health, you decided to take a travel insurance. You must understand that not travel insurance insurers are providing coverage in the present moment. Any exclusions can affect you. Check the travel insurance policy!

The same goes for health insurance. You may be supported by a Critical Illness policy that can cover your hospitalization bills, but it may not be for your COVID-19 claim. A CI plan offers a lump-sum cash payment if you are diagnosed with any of the illnesses covered in your plan. Look at the specifications first.

#2: REVIEW YOUR EXISTING POLICIES

Do not buy insurance policies that mimic your previous coverage. Set aside some time to review your previous insurance policies and access your protection needs. Your needs change as you age. You need to ensure that what you are buying is still relevant, especially at this time.

Milestones such as getting married or having a baby can affect your insurance needs. If you can review your insurance portfolio with your Wealth Planning Manager at least once a year, then your needs will be met.

#3: ESTABLISH A ROBUST FINANCIAL PLAN

Incorporate financial protection to your financial plan to ensure that you are covered during the pandemic. You may start with having a realistic budget, putting adequate emergency savings, optimizing your home loan, and maximizing your streams of income.

Do not forget about your financial wellness and estate planning. You will need it!

#4: TAKE MEASURES TO MINIMIZE YOUR HEALTH RISKS

Prevention is better than cure. Risk management goes a long way to help you stay protected. Start by performing seasonal maintenance checks and regular sanitation procedures at home and at your office. If you have a home-based business, consider adding digital shields to protect you from cyber crime.

Lastly, do not forget to sanitize and wear a mask whenever you are out for your grocery trips. Minimize face-to-face interactions whenever possible.

#5: KNOW WHAT THE POLICY DOES NOT COVER

By reading the fine prints, you will be able to read what the insurance covers. The next step is to ask your insurance provider what the policy does not cover. The exclusions may not be explained upfront.

Image Credits: unsplash.com

Do not hesitate to ask. It will save you the stress of discovering additional fees or losses.

#6: ASK IF THEY ALLOW DOUBLE-CLAIMS

Having a hospitalization plan is highly recommended as a basic coverage for many Singaporeans. Hospitalization fees quickly add up, especially if there is a major surgery involved. As such, some people take up more than one hospitalization plans. However, not all institutions allow double-claiming. For hospitalization plans, you can usually claim up to the actual amount spent on your medical treatment. In some cases, you will not be able to claim from another insurer to reimburse each medical expense.

An exception to the rule is life insurance. You can get multiple life insurance policies.

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Important Benefits Of Life Insurance

Say you are a breadwinner to a family of three. You are happy to sustain the needs of your family. Suddenly, you caught the coronavirus bug. What will you do? You can no longer go to work! You cannot fulfill your work from home duties either.

Fortunately for you, you decided to purchase a life insurance policy prior to this event. Your critical illness is covered. Apart from that, how can life insurance help you in the future?

Firstly, there are two types of insurance such as whole life and term insurance. The latter is cheaper than the former. I will get to that later. Nonetheless, life insurance serves as your protection for unforeseen events, your shield for medical emergencies, and your extend relief after retirement.

The difference between whole life and term insurance is the amount of money you will have to put inside and the amount of money you will get back. Both policies provide protection in the event of total permanent disability and death.

Term insurance, true to its name, provides you with protection only for a fixed period of time (such as 20 to 30 years). The plan expires after the given term. If nothing happens to you and you do not make the claim, you get nothing. On the other and, whole life insurance covers you until you die. This is as long as you pay your premiums.

PROTECTION FOR UNFORESEEN EVENTS

Ensure that you will be able to support the needs of your surviving family with life insurance. When the income earner dies, there is a significant impact for the surviving family. There are possibilities when a survivor can provide for the rest of the family’s needs as well, but it is better to be prepared.

Keep the impact of death to minimum and provide your surviving family members with a source of income by arranging your life insurance plan.

SHIELD FOR MEDICAL EMERGENCIES

Whether you are single or married, having an emergency fund is vital to your life. You will never know when bad events such as this pandemic will occur.

Getting life insurance and having emergency funds are the best way to be ready for any emergencies. It will not only assure you but it will also prevent you from having an empty pocket when you drown in an unfortunate situation.

Some people might say that getting life insurance is like getting ready for your funeral. However, you may look at it as a means to prepare yourself for survival.

RELIEF FOR RETIREMENT

Using the cash value of your life insurance policy allows you to have an additional financial support once you retire.

Image Credits: unsplash.com

You may also use this money to indulge yourself, after you retire. Just ensure that you work within your means.

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