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Josh Tan Jian Liang
06 Jan 2019
Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd
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" ...first-of-its-kind online universal life (UL) insurance plan in Singapore, ... ELASTIQ by Etiqa offers a high guaranteed crediting rate of 2.02% p.a. in the first 3 years, and a short 90-day lock-in period, after which customers enjoy the flexibility to top-up or withdraw their funds without any penalty charges or interest clawback". It seems so but the rates aren't that nice.
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You bear the investment risk with an ILP. This is different.
Then what's the difference between traditional wholelife plans and universal life plans? Universal life plans use a transparent "crediting method" whereas for wholelife plans it is opaque because they smooth out returns and guarantee bonuses on a yearly basis.
It does not mean a universal life plan gives superior returns. It all depends on the underlying asset.
Etiqa Elastiq is called a universal life (UL) plan because it does the crediting rate method. It's not focused on protection value so you can see it more of a savings plan.