Etiqa’s ELASTIQ and SAVE3?

[flyboy]

I don't know if its me, but the policy pals' "games" are quite cumbersome. Need to do quizzes, tap on the game character to keep them "motivated", upload my other existing policies to them (which I have some reservations about).

Want to get p$30 also like make it so difficult.

 

[Extremme]

Is this as straightforward and fuss free as other products such as Singlife?

Say I want to put in 55k, just open an account -> lock in for 90 days?

thereafter I can withdraw anytime without penalties? Funds can be "FAST" out on the same day?

Otherwise I can leave it in there for 3 years for 1.8%?

 

[oceanicmanta]

I don't know if its me, but the policy pals' "games" are quite cumbersome. Need to do quizzes, tap on the game character to keep them "motivated", upload my other existing policies to them (which I have some reservations about).

Want to get p$30 also like make it so difficult.

same here, I did not bother with the MoneyBag games

i thot the quizzes r OK to test knowledge n understanding

 

[oceanicmanta]

Is this as straightforward and fuss free as other products such as Singlife?

Say I want to put in 55k, just open an account -> lock in for 90 days?

thereafter I can withdraw anytime without penalties? Funds can be "FAST" out on the same day?

Otherwise I can leave it in there for 3 years for 1.8%?

TnC says so and some have verified instant withdrawal

i have not tried withdrawal

lock in is 90 days but if u r getting the Smart Save cash rewards, need to hold for 1 year to prevent claw back

 

[Extremme]

TnC says so and some have verified instant withdrawal

i have not tried withdrawal

lock in is 90 days but if u r getting the Smart Save cash rewards, need to hold for 1 year to prevent claw back

Thank you. So the cash rewards of either $50 or $100 right? If surrender before 1 year, the equivalent will be deducted.

1.8% is damn high at this moment...seriously considering

 

[JialatThisOne]

Thank you. So the cash rewards of either $50 or $100 right? If surrender before 1 year, the equivalent will be deducted.

1.8% is damn high at this moment...seriously considering

Yup I pm you for more details. Feel free to let me know if any questions

 

[oceanicmanta]

Thank you. So the cash rewards of either $50 or $100 right? If surrender before 1 year, the equivalent will be deducted.

1.8% is damn high at this moment...seriously considering

there is also the cash portion from PolicyPal of either 10, 20 or 30 depending on the amount placed

to optimize return, i just put 26k. Intend to keep for 1 year (EIR around 2.31%), then decide what to do then. Free option to Top Up.

i have other Etiqa products and dont want to exceed PPF coverage by too much.

 

[Extremme]

there is also the cash portion from PolicyPal of either 10, 20 or 30 depending on the amount placed

to optimize return, i just put 26k. Intend to keep for 1 year (EIR around 2.31%), then decide what to do then. Free option to Top Up.

i have other Etiqa products and dont want to exceed PPF coverage by too much.

Any daily limit in terms of FAST withdrawal?

 

[oceanicmanta]

Any daily limit in terms of FAST withdrawal?

Partial Withdrawal (from WhatsApp chat) :
For Elastiq , the partial withdrawal The minimum withdrawal amount is SGD500 and must be in multiples of SGD500.
The maximum withdrawal amount per day is SGD 50,000.
The maximum number of withdrawals per day is 2

Transfer is immediate

also note :

- Full withdrawal takes 5-7 work days
- $5 fee if Account ADB is less than $5000
- min withdraw amount is $500

oh ... almost forgot .. Etiqa has a clause that says "they reserve right to hold withdrawal/claims funds for 6 months" (or something to that effect) ... i doubt they can enforce that without valid reason

from Etiqa : "This statement is in the event if we have massive withdrawal we may require longer time than usual to process the transaction."

edited due to fast response on Etiqa whatsapp

 

[jnashville]

there is also the cash portion from PolicyPal of either 10, 20 or 30 depending on the amount placed

to optimize return, i just put 26k. Intend to keep for 1 year (EIR around 2.31%), then decide what to do then. Free option to Top Up.

i have other Etiqa products and dont want to exceed PPF coverage by too much.

hi which one has EIR around 2.3?

 

[oceanicmanta]

hi which one has EIR around 2.3?

1.8% + $30 + $100 hold for 1 year give EIR 2.3%pa for 26k amount

 

[yiron]

TnC says so and some have verified instant withdrawal

i have not tried withdrawal

lock in is 90 days but if u r getting the Smart Save cash rewards, need to hold for 1 year to prevent claw back

You meant the below clause? I read it as can do partial withdraw but cannot surrender the policy within 1 year to avoid claw back.


Should the customers cancel their policy after the redemption of the Encashable TiqConnect eWallet credits, Etiqa shall be entitled to deduct an equivalent amount of the Encashable TiqConnect eWallet credits value from the surrender value of the policy, subject to a minimum retention period of 1 year from policy start date, provided no claims have been made under the policy.

 

[jnashville]

1.8% + $30 + $100 hold for 1 year give EIR 2.3%pa for 26k amount

oh chey... haha

that $30 is the P$30 right?

i had some extra funds so i placed in 50k for the eEasy Save V at 2.68. there is a P$100 + $50 rebate as well. on top of that, i paid a lump sum premium so theres additional discount of $750. so basically top up $49250 to get $50k in the eEasy save V account.

i have additional funds sitting around still so thought of where else to put... if really no good platforms, will just put in eEasy Save V again.

i have max out 2 x Singlife and 2 x Dash accounts as those are low amounts only.

I have money in uob one, dbs multiplier and cimb fastsaver but those interest rates now cmi... even top up my CPF SA account.

got to think where else to put my other funds as its sitting in those low interest accounts. really wasted. i got zero investment knowledge as well.

 

[oceanicmanta]

You meant the below clause? I read it as can do partial withdraw but cannot surrender the policy within 1 year to avoid claw back.


Should the customers cancel their policy after the redemption of the Encashable TiqConnect eWallet credits, Etiqa shall be entitled to deduct an equivalent amount of the Encashable TiqConnect eWallet credits value from the surrender value of the policy, subject to a minimum retention period of 1 year from policy start date, provided no claims have been made under the policy.

you are correct.

cannot cancel/surrender within 1 year but can partial withdraw.

 

[oceanicmanta]

oh chey... haha

that $30 is the P$30 right?

i had some extra funds so i placed in 50k for the eEasy Save V at 2.68.

The cash $30 is from PP (see https://www.policypal.com/endowment-insurance/flow/tiq/elastiq)

The P$30 is what Referee can also get from using Referral code.

also have eEasy SaveV ... but first 3 years must pray nothing happens as capital not guaranteed (unlike Elastiq)

 

[yiron]

oh chey... haha

that $30 is the P$30 right?

i had some extra funds so i placed in 50k for the eEasy Save V at 2.68. there is a P$100 + $50 rebate as well. on top of that, i paid a lump sum premium so theres additional discount of $750. so basically top up $49250 to get $50k in the eEasy save V account.

i have additional funds sitting around still so thought of where else to put... if really no good platforms, will just put in eEasy Save V again.

i have max out 2 x Singlife and 2 x Dash accounts as those are low amounts only.

I have money in uob one, dbs multiplier and cimb fastsaver but those interest rates now cmi... even top up my CPF SA account.

got to think where else to put my other funds as its sitting in those low interest accounts. really wasted. i got zero investment knowledge as well.

I think the $30 from PP is actual cash that they will contact you to arrange a FAST or bank transfer. Not the PP platform credits which has expiry and can only redeem for items once you hit a certain amount.

 

[jnashville]

The cash $30 is from PP (see https://www.policypal.com/endowment-insurance/flow/tiq/elastiq)

The P$30 is what Referee can also get from using Referral code.

also have eEasy SaveV ... but first 3 years must pray nothing happens as capital not guaranteed (unlike Elastiq)

they told me its capital guaranteed leh.

basically capital and interest guaranteed.

i chat with a policypal CSO and he confirmed as well.

which is why maybe thought of pumping more and put under my wife's name. will get additional p$100 and $50. along with $750 discount if i put in additional 50k

 

[jnashville]

1.8% + $30 + $100 hold for 1 year give EIR 2.3%pa for 26k amount

i thought u supposed to hold for 3 years as that plan is 1.8percent for 3 years. if its 3 years, it isnt EIR 2.3percent.

 

[Extremme]

getting complicated ahhaa

 

[oceanicmanta]

they told me its capital guaranteed leh.

basically capital and interest guaranteed.

i chat with a policypal CSO and he confirmed as well.

which is why maybe thought of pumping more and put under my wife's name. will get additional p$100 and $50. along with $750 discount if i put in additional 50k

sorry, I was not clear

My concern is with SDIC PPF coverage based on "Guaranteed Surrender Value at point of failure" and "does not protect premiums paid" ... so taking the worst case scenario, based on your attached table, the Surrender Value in first 3 years is below the Total Premium Paid

Maybe I shld clarify with SDIC what wld happen if policy clearly stated Capital Guaranteed but Surrender Value is lower at point of failure.

Comparing with Elastiq Illustration :

For Elastiq, the Surrender Value from Year 1 is equal to Account Value & higher than premium (unlike eSaver V)