Etiqa’s ELASTIQ and SAVE3?

[Ahboy069]

Anyone needs etiqa voucher ? I have $50 can use to buy insurance products except elastiq n gigantic ... can pm me thx

 

[shengliang1981]

the 50k maximum is for the initial account opening.. only this first 50k is guaranteed 1.8% rate for 3yrs.

After opening can do adhoc top up at prevailing rate (currently still 1.8%).. minimum of 500 in increment of 500 up to total 200k...

but as maumu was sharing, SDIC only cover up to 100k total

Is the top up amount locked for 90 days before can be withdrawn? Thanks

 

[Barbarblacksheep]

I know the difference liao
Elastiq is uniform 1.8% for all your money for the first 3 years
Gigantiq is the same like singlife/dash, ie. balu 2% on the first $10K for the FIRST YEAR nia, $10,000.01 onward you get 1%
On paper Elastiq seems like a better deal.

Thanks! Can move the 10k out after 1yr.

 

[Utonian]

Eh guys this SDIC coverage ish 75K or 100K?
I blur liao

100k as different from bank deposit

 

[Utonian]

Is the top up amount locked for 90 days before can be withdrawn? Thanks

the 90 days applies on the account, after the first 90 days, can withdraw the account value at will subject to the minimum withdrawal, multiple of 500, fall below charge etc.

 

[Utonian]

Thanks! Can move the 10k out after 1yr.

if already have elastiq or have more than 10k to park, probably not worth the effort to do gigantiq since for 10k the difference in interest only $20... (gigantiq 2% for first year only versus Elastiq 1.8%)

probably easier to manage if just get Elastiq since still can top up as we continue to build savings.

 

[vegavega25]

Is the top up amount locked for 90 days before can be withdrawn? Thanks

the 90 days applies on the account, after the first 90 days, can withdraw the account value at will subject to the minimum withdrawal, multiple of 500, fall below charge etc.

Sorry, but just to be clear:

Any interest accrued in the account can be withdrawn after 90 days of the initial account opening/deposit. Right?

Or, does any withdrawal have to be in multiples of 500? That is, if I want to withdraw the interest, I must wait until S$500 of interest is accrued?

Does the interest accrued also earn 1.8% interest (current rate)?

 

[Utonian]

Sorry, but just to be clear:

Any interest accrued in the account can be withdrawn after 90 days of the initial account opening/deposit. Right?

Or, does any withdrawal have to be in multiples of 500? That is, if I want to withdraw the interest, I must wait until S$500 of interest is accrued?

Does the interest accrued also earn 1.8% interest (current rate)?

after 90 days over then can start to withdraw.

I think their website quite clear leh:
"Withdrawals: Minimum S$500 and in increments of S$500 per withdrawal, with no penalty or interest claw back."

the withdrawal minimum is 500 each time (they do not care if is from the initial or topup or interest since they are lump together as account value).. why think till so complicated.....

only the initial amount is guaranteed at 1.8% for 3yr.. any topup, interest thereafter is at prevailing rate (currently still 1.8%)

 

[itchying]

It looks like only way to get back full within 3years is surrender policy ? Anyone tried surrender after 90days and how long actually does it take? Tia

 

[yiron]

Those who signed up Elastiq via Etiqa referral, how long does it take before you receive the referral eWallet credits?

 

[Supermarket_astronaut]

Those who signed up Elastiq via Etiqa referral, how long does it take before you receive the referral eWallet credits?

I received it about 3 weeks later!

 

[yiron]

I received it about 3 weeks later!

I see, thanks!

 

[tweeety]

after 90 days over then can start to withdraw.

I think their website quite clear leh:
"Withdrawals: Minimum S$500 and in increments of S$500 per withdrawal, with no penalty or interest claw back."

the withdrawal minimum is 500 each time (they do not care if is from the initial or topup or interest since they are lump together as account value).. why think till so complicated.....

only the initial amount is guaranteed at 1.8% for 3yr.. any topup, interest thereafter is at prevailing rate (currently still 1.8%)

May I ask the interest is given monthly? Or must wait until end of 3 years then will get it?

I'm thinking should I withdraw out together with the interest.

BTW, how to withdraw? Need written instruction or like singlife just trf out?

 

[Guojing88]

Eh guys this SDIC coverage ish 75K or 100K?
I blur liao

https://www.sdic.org.sg/calc/pop_calc
The caps applicable are as follows:

Individual life and voluntary group life policies (with the exception of annuities): Cap of S$500,000 for the aggregated guaranteed sum assured and S$100,000 for aggregated guaranteed surrender value per life assured per insurer.*

Individual and voluntary group annuities: Cap of S$100,000 for the aggregated commuted value of guaranteed benefits (i.e. annuity payments, death or surrender benefits) per life assured per insurer.

My interpretation of this is that all these policies offered by Tiq are whole life policies, and not annuities.

Hence the cap is 500k. Is that the correct interpretation?

 

[oceanicmanta]

https://www.sdic.org.sg/calc/pop_calc
The caps applicable are as follows:

Individual life and voluntary group life policies (with the exception of annuities): Cap of S$500,000 for the aggregated guaranteed sum assured and S$100,000 for aggregated guaranteed surrender value per life assured per insurer.*

Individual and voluntary group annuities: Cap of S$100,000 for the aggregated commuted value of guaranteed benefits (i.e. annuity payments, death or surrender benefits) per life assured per insurer.

My interpretation of this is that all these policies offered by Tiq are whole life policies, and not annuities.

Hence the cap is 500k. Is that the correct interpretation?

500k is Sum Assured

100k is aggregated guaranteed Surrender Value

Guess everyone's more concerned about the latter

 

[Guojing88]

500k is Sum Assured

100k is aggregated guaranteed Surrender Value

Guess everyone's more concerned about the latter

But the 100k is per life assured per insurer right?

That to me meant is per policy, but the total cap for all policies is 500k.

Is that correct?

 

[tweeety]

500k is Sum Assured

100k is aggregated guaranteed Surrender Value

Guess everyone's more concerned about the latter

Base on this, I should not put more than 100k on the elastiq right?

 

[Guojing88]

Base on this, I should not put more than 100k on the elastiq right?

If its indeed per policy, than yes.

But if its per insurer only, then your total across Tiq cannot exceed 100k.

 

[Guojing88]

Upon reading the examples given, I realized the 500k is referring to death claims from your beneficiaries.

So it appears that its 100k surrender value per insurance firm.

That means total across Tiq should not exceed 100k, if you are not concerned about beneficiaries claim upon death.

 

[oceanicmanta]

Base on this, I should not put more than 100k on the elastiq right?

that's correct ... if you r primarily concerned with getting back your premiums paid in case of insurer failure ( edit: and not invested in other similar products from same insurer ... ie Dash EasyEarn, Gigantiq, eEasy Save etc )