Etiqa’s ELASTIQ and SAVE3?

[BBCWatcher]

Is this covered under SDIC?

Yes, within the SDIC limit (S$100,000 per policyholder).

 

[iMac]

That means 1st 4 years not capital guaranteed ie interest income may not cover capital loss?

Thanks for pointing that out.

For lay-man like me with zero finance knowledge...sure kana conned deep deep if approached by "financial consultant" and tricked into invest in this....

 

[chinesetcm]

I thought most endowment plan requiring you not to withdraw during the first few years!

 

[demoforce1]

Thanks for pointing that out.

For lay-man like me with zero finance knowledge...sure kana conned deep deep if approached by "financial consultant" and tricked into invest in this....

make sure not to withdraw until 6 years

 

[wutawa]

Thanks for pointing that out.

For lay-man like me with zero finance knowledge...sure kana conned deep deep if approached by "financial consultant" and tricked into invest in this....

Tat's why i like to "let me tink abt it" and go home search "hardwarezone <scam>", hehe

 

[SRNTNTQ]

Save 3 has just released Early Savers Promo.. Can receive up to $500 worth of shopping vouchers if the first 5 to purchase daily. Can consider.

 

[demoforce1]

Save 3 has just released Early Savers Promo.. Can receive up to $500 worth of shopping vouchers if the first 5 to purchase daily. Can consider.

the issue is we do not know if we are the first 5

 

[SRNTNTQ]

the issue is we do not know if we are the first 5

Have a counter on website. As of today still have 5...

 

[a4973]

just received this via email.
https://www.tiq.com.sg/product/eeasy-save-v/
are the meat & potatoes of this product same as the Save 3 discussed upthread just with different interest?
thanks all

 

[SRNTNTQ]

yes, both save3 and save V are the same, just different crediting rates

 

[demoforce1]

Do you guys know the frequency of Elastiq interest? monthly or annually?

 

[ingen]

It increments daily. But on the statement record it is credited on the 20th every month for me.

 

[confused]

Should the customer cancel their policy after redemption of the Gift, the Organizer is entitled to deduct an equivalent amount of the Gift’s value from the refund amount of the policy, subject to a minimum retention amount of the Gift value, provided no claims have been made under the policy.

For those who signed during this time, and receive the NTUC e-voucher, did you notice this condition? What do they mean by 'cancel the policy'?

For Elastiq, you can full surrender the policy anytime after the free look period, and there isn't a maturity date for the policy. So that means anytime you cancel, even after years later, they can still deduct the gift value from your policy - refund amount? Then isn't it like they buy the e-voucher and then take the money from your policy to pay for it??

 

[Sambuca78]

I considering to deposit 50k into Elastiq for short term (3 to 6 mths), anyone had experience in withdrawal after the 90 days, or maybe close the account.

I see the best deal is to open the Elastiq via policypal, right?

 

[oceanicmanta]

I considering to deposit 50k into Elastiq for short term (3 to 6 mths), anyone had experience in withdrawal after the 90 days, or maybe close the account.

I see the best deal is to open the Elastiq via policypal, right?

if u read TnC carefully, it allows "partial withdraw" after 90 days ...

dont think anyone has any actual experience yet bcos the product is new

signing up with the intention to surrender 3 to 6 mths is probably not advisable

 

[Sambuca78]

if u read TnC carefully, it allows "partial withdraw" after 90 days ...

dont think anyone has any actual experience yet bcos the product is new

signing up with the intention to surrender 3 to 6 mths is probably not advisable

yes, so u mean can only "partial withdraw" but cannot close account after 90 days?

why surrender 3 to 6 mths is probably not advisable?

 

[oceanicmanta]

yes, so u mean can only "partial withdraw" but cannot close account after 90 days?

why surrender 3 to 6 mths is probably not advisable?

It’s not a deposit account, but a insurance savings product so better be careful.

You shld read the terms, there r other details. Think only Etiqa can confirm whether u can “close account” or not n what r the terms.

 

[Sambuca78]

It’s not a deposit account, but a insurance savings product so better be careful.

You shld read the terms, there r other details. Think only Etiqa can confirm whether u can “close account” or not n what r the terms.

I did read the terms, I interpret that i can close the account after 90 days, please correct me if i am wrong.

https://www.tiq.com.sg/wp-content/uploads/2019/08/ELASTIQ-Tranche-2-FAQs-Individual.pdf

17. How can I withdraw money from my policy?
You may withdrawal money from your policy through the following ways:

Partial Withdrawal
You may request for partial withdrawal(s) 90 calendar days after the policy issue date, subject to the following:
 The withdrawal amount must be at least S$500 (or its multiples) per
withdrawal.
Partial withdrawal will reduce the Account value by the withdrawal amount.

Full Surrender
Upon full surrender, we will pay the surrender benefit in one lump sum which is equivalent to the Account value, less any amounts owing to us. You may request for a full surrender any time after the free look period.

 

[SBC]

I considering to deposit 50k into Elastiq for short term (3 to 6 mths), anyone had experience in withdrawal after the 90 days, or maybe close the account.

I see the best deal is to open the Elastiq via policypal, right?

6-mths should consider only FD. But FD rate is very poor now.

Are you having OCBC 360 or UOB One?

 

[Sambuca78]

6-mths should consider only FD. But FD rate is very poor now.

Are you having OCBC 360 or UOB One?

Already have UOB One and a 3 years FD for emergency fund.

Just want to park the remaining monies somewhere as I may use it near future.

If 1.8% pa and able to withdraw after 90 days I find this ok leh.