Tiq by Etiqa eEASY savepro and its 3-Year Endowment Plan can be beneficial to consumers who want to save for less than 10 years. The eEASY savepro plan is a medium to long-term limited pay policy that can be suitable for someone looking for a higher risk medium term endowment plan while the 3-year endowment plan is a low-risk 3-year maturity plan that's better suited to risk averse savers. Both plans will guarantee a 100% capital return so you can be sure you will get back at least all of the premiums you put into the plan. While these plans may be good for the general saver, especially shorter term savers, it may not suit people looking for annual cash benefits or people looking for whole life savings plans.
Table of Contents
|Etiqa Endowment Plans Summary|
|100% Capital Guarantee|
|Both plans cover death (including accidental death for eEASY savepro)|
|Tiq's 3-Year Endowment (1P3) plan offers 2.10% p.a. return upon maturity|
|eEASY savepro offers a single premium payment offers 4.5% discount|
|Etiqa's Average 3-year rate of return (deducting investment expenses): 3.71%|
|Credit Rating: A|
Etiqa eEASY savepro: What You Need to Know
Etiqa's eEASY savepro is a participating endowment plan that provides a lump sum payout at the end of its policy term. Because eEASY savepro is a participating policy, your lump sum will consist of a guaranteed portion and non-guaranteed bonuses. You can opt for a shorter 7-year policy term, which you can pay for pay for as a lumpsum with an upfront premium discount or with a premium term of 2 years. Alternatively, you can opt for a 15 year policy and pay premiums for 10 years. Your annual premium size can range from S$5,000 per year to S$100,000.
eEASY savepro also provides a life insurance component which covers you for death. Your death benefit will be 105% of your total premiums paid and any bonuses. There is also an accidental death benefit which will pay out 100% of the total premiums paid plus the death benefit. Furthermore, in addition to the 100% capital guarantee, there is also a guaranteed maturity return percentage that ranges between 0.04% and 0.33% per annum.
Because the 0.33% per annum return is for the single premium 7-year plan due to the upfront premium discount, the eEASY savepro plan will most likely provide the best returns for people who are looking to save for a short period of time. This means people who are looking for long-term plans or who want to spread their premium payments over a long period of time may fare better with other insurers. Lastly, the eEASY savepro plan provides no annual cash benefits, so people who are looking for an endowment plan with this benefit should consider other plans.
Etiqa 3-Year Endowment Plan: What You Need to Know
Tiq by Etiqa's 3-year Endowment Plan is a non-participating 3-year maturity savings plan. It provides a guaranteed 2.10% per annum at maturity return but since it is a non-participating plan, there will be no additional bonus or cash value accumulation. You have the option of paying a single premium of any sum between S$10,000 and S$1,000,000. There is no medical underwriting required and you can apply and track this plan online through Etiqa's website. The life insurance component associated with this plan covers you for death at 101% of the single premium you paid.
In general, this plan may be suitable for people who want to get an extra boost in their savings to reach a financial goal that's only a few years away. On the other hand, savers who are looking for longer term savings plans or savings plans that offer the potential to accumulate a cash value and non-guaranteed bonuses may find other plans to be more suitable.
Etiqa will not payout death claims if you commit suicide within 12 months of the policy start date or the date of the last reinstatement. There is also no coverage for deaths related to pre-existing medical conditions within the first 12 months.
Claims & Contact Information
Endowment plans generally payout without you needing to file a claim. However, you have 3 months to let Etiqa know if the policyholder dies and be prepared to submit all the required documentation.
Etiqa Endowment Insurance Features & Benefits
Etiqa's eEASY savepro and 3-year Endowment plans can be suitable for people looking for simple short to medium savings plans. However, it may not be suitable for all types of savings goals, so we recommend speaking to a financial advisor to find out whether this plan will be a good fit for you. If you'd like to see how Tiq by Etiqa's endowment plans compare to other endowment plans on the market, you can read our guide to the best endowment plans in Singapore.
|Features||eEASY savepro||3-Year Endowment Plan|
|Policy Term||7 years; 15 years||3 years|
|Premium Payment Term||Single, 2 years, 10 years||Single|
|Life Coverage||Death (inc. Accidental Death)||Death|
|Death Benefit||105% of net premiums paid + 100% of bonuses||101% of premiums|
|Accidental Death Benefit||100% of premiums paid + death protection||N/A|
|Annual Cash Benefit||No||No|
|100% Capital Guaranteed||Yes||Yes|
|Medical Check-Up||None required||None Required|