Etiqa’s ELASTIQ and SAVE3?

[rkesin]

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

I think partial withdrawals within that 1 year is ok, only cancelling the policy will make them claw back.

From Etiqa website:
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.

 

[oceanicmanta]

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.

it says guaranteed 1.8%pa for first 3 years but that does not mean need to hold 3 years to get 1.8%pa

on daily basis, the account value of my Elastiq plan has been growing at approx 1.78+%pa

this can be seen using the App or online access

 

[Squaredot]

it says guaranteed 1.8%pa for first 3 years but that does not mean need to hold 3 years to get 1.8%pa

on daily basis, the account value of my Elastiq plan has been growing at approx 1.78+%pa

this can be seen using the App or online access

do u know how come interest is less than 1.8%?
Singlife also, interest is less than 2.5%

 

[oceanicmanta]

do u know how come interest is less than 1.8%?
Singlife also, interest is less than 2.5%

shld be due to compounding

though interest is accrued daily, but only credited and compounded monthly (i think)

 

[jnashville]

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)

oh it wont apply for me because i am sure to hold it to 6 years. for me going into this type of products, i wont think of withdrawing within the contractual years. These are excess funds and not my emergency funds so i forsee i wont even use for next 20 - 30 years haha..

 

[oceanicmanta]

oh it wont apply for me because i am sure to hold it to 6 years. for me going into this type of products, i wont think of withdrawing within the contractual years. These are excess funds and not my emergency funds so i forsee i wont even use for next 20 - 30 years haha..

not about withdrawing, i m also holding 6 years for this

it's actually more about risk of insurer failure within first few years

 

[jnashville]

not about withdrawing, i m also holding 6 years for this

it's actually more about risk of insurer failure within first few years

if insurer failure, i guess theres SDIC for this yea?

 

[Hwsemb]

do u know how come interest is less than 1.8%?
Singlife also, interest is less than 2.5%

If we start with $10k, the initial daily interest is about $0.489. But towards the 11th, 12th month, the daily interest should become around $0.50. So will total-up/compound to $180 (1.8%).

 

[oceanicmanta]

if insurer failure, i guess theres SDIC for this yea?

yes ... but coverage is based on Guaranteed Surrender Value at point of failure (not maturity) and not based on total premiums paid ..

Elastiq is a universal life plan

from my last enquiry, SDIC replied :

"Universal life policies are classified as individual life policies and the Policy Owners' Protection (PPF) Scheme protection limit of S$500,000 for the aggregated guaranteed sum assured and S$100,000 based on aggregated guaranteed surrender value per life assured per insurer would apply. Please note that the coverage is not based on the total premiums paid."

so it's 100k per insured

 

[jnashville]

yes ... but coverage is based on Guaranteed Surrender Value at point of failure (not maturity) and not based on total premiums paid ..

hmm so if Tiq close shop in 1 years time, SDIC covered the surrender value at 1 year?

 

[oceanicmanta]

hmm so if Tiq close shop in 1 years time, SDIC covered the surrender value at 1 year?

BINGO ....

 

[jnashville]

BINGO ....

haha damn.. hopefully they dont. i dont think any insurer goes bankrupt in Singapore before ya?

like that people can start an insurance company... do a big promo on an endowment plan and close down after a year. they can take the money and run road. rich overnight. =x

 

[supersnail0]

yes and wonder why supersnail feel sad

What the heck they just drop to $25 LOL! but i feel sad cos this P$50 can use to get $50 endowment voucher so like you save $25 lo.. That is if i decide to buy another type of endowment ah not tiq.

 

[supersnail0]

yes and wonder why supersnail feel sad

Actually is it wise to replace bank account w endowment plan?

Saw this article but not sure what the good and bad of doing so

https://blog.policypal.com/insurance/what-should-you-do-when-banks-slash-their-interest-rates/

I also saw this.. i think its a true story cos covid then interest rate drop like siao better to buy endowment now since the rate from my understanding did not really drop yet..

 

[Squaredot]

What the heck they just drop to $25 LOL! but i feel sad cos this P$50 can use to get $50 endowment voucher so like you save $25 lo.. That is if i decide to buy another type of endowment ah not tiq.

u still can buy from Qoo10 now. Anyway it cannot be used for elastiq so no loss to u right? Why sad

 

[Governor]

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[Utonian]

Governor, think you should stop spamming referral links daily~

 

[jnashville]

governor desperate for p$. Times must be real bad or he is real greedy haha..

 

[yiron]

I'm surprised his referral posts haven't been deleted / edited by admins.

 

[Governor]

governor desperate for p$. Times must be real bad or he is real greedy haha..

If money is not important, you shouldn’t even be in here kid,you are in a forum to get idea of yielding more return. Greedy,sama sama

I am sharing a post which is relevant to the forum,so interested party can yield higher return through referral quote. Don’t sour grape leh.