Etiqa’s ELASTIQ and SAVE3?

[Itguru888]

There is a service fee of $5 charged monthly if average Account value falls below $5000. In this sense, if one takes out all the money at the end of one year, does it mean he has to pay $5 x 24 months ($120) for the remaining 2 years, given the policy is 3 yearly? Or when all money is taken out, the policy will be automatically terminated?

Did not check with them but unlikely as the 3y refers to the guaranteed interest for the first deposit. The policy actually runs much longer.

 

[Utonian]

There is a service fee of $5 charged monthly if average Account value falls below $5000. In this sense, if one takes out all the money at the end of one year, does it mean he has to pay $5 x 24 months ($120) for the remaining 2 years, given the policy is 3 yearly? Or when all money is taken out, the policy will be automatically terminated?

this is not a 3yr term thing, the 3yr is only referring to the guaranteed interest of 1.8% for first 3 year.

regarding the fall below, its like any bank account fall below. If your ADB for any month is below 5k, there is a $5 fee for that month only. If you bring up your ADB above 5k again then no more such fee.

The only way to take out every single cent if you surrender the whole policy in which you take back everything then no more account going forward. No account, no fall below...

 

[F1ngolf2012]

this is not a 3yr term thing, the 3yr is only referring to the guaranteed interest of 1.8% for first 3 year.

regarding the fall below, its like any bank account fall below. If your ADB for any month is below 5k, there is a $5 fee for that month only. If you bring up your ADB above 5k again then no more such fee.

The only way to take out every single cent if you surrender the whole policy in which you take back everything then no more account going forward. No account, no fall below...

Perfect! I understand that you can surrender your policy from 90 days after inception date without penalty and the surrender value would be top up amount plus 1.8% interest assuming this happens within the first 3 years. Am I correct?

 

[Utonian]

Perfect! I understand that you can surrender your policy from 90 days after inception date without penalty and the surrender value would be top up amount plus 1.8% interest assuming this happens within the first 3 years. Am I correct?

not sure why specifically mention top up amount plus 1.8% interest.

the interest is accrued daily and reflected in the account value which you can see when you logon. I believe at any point after the 90 days period, if you chose to surrender the whole policy to take out everything, it will be the account value at the point of in time.

 

[Utonian]

what is the surender process like? need to go down physically to surrender?

found this in the FAQ:

"You may request for a full surrender any time after the free look period by writing in to our Customer Care at customer.service@etiqa.com.sg. There are no surrender charges for ELASTIQ."

not sure if anyone has surrender their policy yet got any other experience to add on

 

[izzy85]

Just to confirm, am I right to say if I put in 50k thru policypal, I will get $130 cash after 14 days via paynow?

 

[F1ngolf2012]

not sure why specifically mention top up amount plus 1.8% interest.

the interest is accrued daily and reflected in the account value which you can see when you logon. I believe at any point after the 90 days period, if you chose to surrender the whole policy to take out everything, it will be the account value at the point of in time.

So what would be account value at the point of surrender if it is not top up amount plus 1.8%?

 

[maumu]

Just to confirm, am I right to say if I put in 50k thru policypal, I will get $130 cash after 14 days via paynow?

you get $30 from policypal after around 14 - 21 days... someone from policypal will email you to confirm your paynow number. i actually am impressed with their personal touch.

as for the other $100 encashable credits from Tiq, idk how long but i haven't seen it in my TiqConnect account yet. i think i read someone saying it takes up to 6 weeks to credit in.

 

[rkesin]

So what would be account value at the point of surrender if it is not top up amount plus 1.8%?

It would be principal + interest accrued at that point calculated at 1.8%p.a. I think what the other person was trying to say was that (for example,) if you surrendered your policy after 6 months, you would have the initial premium + 0.9% of premium (half of yearly interest). The surrender value isn’t automatically premium + 1.8%, it depends how long you’ve left it for before surrendering.

So if it was 2 years, it would be premium + 3.6% as the surrender value (not taking into account any compound interest - I don’t actually know if they pay interest on previously accrued interest)

In your case you mentioned 90 days, so the surrender value would be the top up value/initial premium + approx. 0.45% (1/4 of 1.8%)

 

[world weary]

Hello~~

I am will be signing up for Elastiq.

Please do PM me referral codes (if any) since its free money on the table so might as well let one of you guys earn the referral fee.

Cheers!~~

 

[F1ngolf2012]

It would be principal + interest accrued at that point calculated at 1.8%p.a. I think what the other person was trying to say was that (for example,) if you surrendered your policy after 6 months, you would have the initial premium + 0.9% of premium (half of yearly interest). The surrender value isn’t automatically premium + 1.8%, it depends how long you’ve left it for before surrendering.

So if it was 2 years, it would be premium + 3.6% as the surrender value (not taking into account any compound interest - I don’t actually know if they pay interest on previously accrued interest)

In your case you mentioned 90 days, so the surrender value would be the top up value/initial premium + approx. 0.45% (1/4 of 1.8%)

Thanks. My understanding on the surrender value is same as yours. The 1.8% interest was meant to be p.a. So it would be pro-acted based on the period from inception to surrender date.

 

[Utonian]

Thanks. My understanding on the surrender value is same as yours. The 1.8% interest was meant to be p.a. So it would be pro-acted based on the period from inception to surrender date.

correct, i want to avoid misleading people that it is always top up amount + 1.8% p.a

this is because only the first initial sum is guaranteed 1.8% p.a.
Though top up is now still stable at 1.8%, it might vary going forward and noone can predict the next few few years

 

[JialatThisOne]

Hello~~

I am will be signing up for Elastiq.

Please do PM me referral codes (if any) since its free money on the table so might as well let one of you guys earn the referral fee.

Cheers!~~

Hi,
I sent you a PM. you can gain more and directly the full referral fee in cash if you follow my steps (I only get $10). I think it is more honest that way

 

[maumu]

correct, i want to avoid misleading people that it is always top up amount + 1.8% p.a

this is because only the first initial sum is guaranteed 1.8% p.a.
Though top up is now still stable at 1.8%, it might vary going forward and noone can predict the next few few years

Am I right that if we top up $10k now, it'll be 1.8% but say down the road, the rate will change for this $10k? So the rate is not locked in for every top ups?

Or does it mean subsequent top ups will be subjected to different rate? Say a fresh top up of $20k may get 1.6% or 2%?

 

[rkesin]

Am I right that if we top up $10k now, it'll be 1.8% but say down the road, the rate will change for this $10k? So the rate is not locked in for every top ups?

Or does it mean subsequent top ups will be subjected to different rate? Say a fresh top up of $20k may get 1.6% or 2%?

If you top up 10k now, the 1.8%pa is guaranteed for 3 years.

Subsequent top ups will be subjected to the prevailing rate at that time

 

[PPPP0414]

Anyone has Elastiq direct referral code and willing to share the benefit? Thanks.

 

[S1mpleGuy]

do you guys pay direct to policypal?

 

[oceanicmanta]

do you guys pay direct to policypal?

I did, several times. All ok

if not comfy, can ask PP for details to pay Etiqa directly

 

[Kayeesha]

Hello, if the top-ups and withdrawals are subject to approval then it doesn't have the flexibility of a bank account. Can someone explain the procedure for the top-ups and withdrawals? Thanks.

 

[Utonian]

Hello, if the top-ups and withdrawals are subject to approval then it doesn't have the flexibility of a bank account. Can someone explain the procedure for the top-ups and withdrawals? Thanks.

in FAQ, approval is only mentioned for top up (yet to see or hear rejection currently). This is a universal life product which is similar to Bank fixed deposit with only 90 days lock in that can be withdrawn, not 100% exactly like bank account

After signing up, you can login to tiqconnect account to perform top up or withdrawal.
For adhoc top up, is direct debit via your linked dbs/posb account

For withdrawal is so far immediate via paynow (registered with NRIC) or FAST to dbs/posb account