Elastiq Reviews and Comparison - Seedly
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Elastiq

  • Overview
  • Reviews (2)
  • Questions (3)
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Reviews (2)

5.0

2 Reviews

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lock period

product stable

applied product

product coz

coz market

market safe

safe risk

risk free

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  • Updated on 01 Mar 2020
    I've been using Etiqa Elastiq for over a year. The interest when I signed up back then was 2.02% p.a and it's guaranteed for 3 years. The lock-in period of 3 months is short compared to endowment plans which is usually 3 years. After 3 months, it functions like a normal bank account, allowing instant deposits and withdrawals with no penalties or whatsoever. The interest is credited on a monthly basis, on the day which you opened the account. Will be using Elastiq for the next 2 years and see what's the interest rate offered after the 3rd year and decide from there.
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  • Updated on 04 Feb 2020
    <Product USP> Applied for product recently coz in the market for new safe/risk-free place to park my "rainy day" cash fund. Ended up trying this coz of factors below: 1. Interest is decent for something at call (was 2.02% but I missed out which is bummer but Etiqa still offering at 1.8%, a decent level for a at-call product). There is a boost again after three years of 0.3% as a sweetner but only if no withdrawals. 2. Aside from initial no-touch period of 90 days, it seems pretty much can top-up or withdraw as needed. Only caveat is making sure there is more than $5k in account to avoid fall-below fee. 3. As an insurance product, the product is protected up to 70k by SDIC --- close enough to risk-free for me and sufficient to ensure safety for entire rainy day fund. <onboarding> Experience so far positive, the onboarding amazing use of technology - between MyInfo and PayNow, had the policy going immediately - ON A SUNDAY !!! Policy docs to my email within 10 minutes of me deciding to buy (of which most was me working out how to do PayNow via QR Codes - Etiqa was awesome fast). <withdrawals> Tried a withdrawal after the 90 days lock-up period; it was awesome - things are run off PayNOW/NRIC and withdrawal was essentially instant despite being outside working hours. <overall> Very decent product with high interest rate with no ongoing requirements (only catch is initial 3 month lockup). Onboarding, and transfers in/out are excellent and show good tight IT integration/testing. Part of my product stable. Recommended.
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Questions (3)
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Elastiq

Insurance

Whole Life Insurance

I understand that Elastiq ePROTECT lifetime life insurance offers retirement benefits. What are they and how does it work?
Oh Yi Ning
Oh Yi Ning
Level 6. Master
Answered on 28 Apr 2020
Hey there! "Retirement benefits" here is just a different way of calling it "having cash value that you can withdraw at retirement" So it works pretty much like an average whole life plan. In general, whole life plans are participating (ie. they have a cash value to it and how much of it depends on how the participating fund performs). The cash value is usually withdrawable at a stated age (usually at retirement age). I'm not a representative but based on what I read in the product provisions.. it works around the same way but do consult a representative to find out more. Financial planning is an integral part of your life. You can find me at this platform to find out more!
ūüĎć 0

Elastiq

Insurance

What's the difference between Online Life protection and ePROTECT Lifetime?
Colin Lim
Colin Lim, Financial Services Consultant at Colin Lim
Level 7. Grand Master
Answered on 16 Apr 2020
Online life protection from Tiq mean u can buy insurance online ranging term and whole life. E protect lifetime is a whole life plan. The problem thing about getting online is you may not understand how much coverage you need. Alot of advisors said gettinf 10x of your annual income, 5x of your income for critical illness coverage. It should be like this... Coverage is something that is personal to you and should be customise base on your financial and life situation. Lastly, the premium you pay online is probably the same as having an experience advisor to plan for you. You can reach out to me for my understand on what I said. #planwithcolin
ūüĎć 0

Elastiq

Insurance

Whole Life Insurance

How competitive are Elastiq's Life Insurance plans?
You will need to be very specific on the product that you are mentioning. The 2.02% appears to be 1.80% currently, for Elastiq. the 0.3% loyalty bonus is every 3 years with Elastiq. There are other threads which have talked about it too. There are many answers on this already. https://seedly.sg/questions/anyone-tried-etiqa-elastiq https://seedly.sg/questions/for-etiqa-elastiq-what-does-the-prevailing-rates-mean-is-it-like-a-sibor-rate https://seedly.sg/questions/any-thoughts-on-elastiq-as-a-means-to-grow-your-savings https://seedly.sg/questions/is-etiqa-elastiq-an-ilp Have fun reading it.
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About Etiqa

Established in 1961, Etiqa has offered protection for its customers, be it with a range or general or life insurance solutions. It is owned by Maybank Ageas Holdings Berhad, of which 69% is owned by Maybank, the fourth largest banking group in Southeast Asia and 31% by Ageas, an international insurance group across 16 countries. In 2019, the credit ratings of Etiqa has been raised to an 'A', reflecting its 'Favourable' business profile and 'very strong' capitalisation. Etiqa was also awarded "Marketing Initiative of the year- Singapore" at Insurance Asia Awards 2019, for the second consecutive year.

Term Life Investment Plans

1.       DIRECT - Etiqa Term Life

Sum Assured: $50,000 - $400,000

Eligibility: Between 19 and 65 years of age

Term Duration: 5-year renewable term, 20-year fixed term or covered till 65 years old

Rider: DIRECT - Etiqa Critical Illness 

 

2.       ePROTECT Term Life

Sum Assured: $401,000 - $2 million

Eligibility: Between 19 and 65 years of age

Term Duration: 5-year renewable term, 20-year fixed term or covered till 65 years old

Rider: NIL 

Whole Life Insurance Plans

1.¬†¬†¬†¬†¬†¬† DIRECT ‚Äď Etiqa Whole Life

With DIRECT ‚Äď Etiqa whole life, you can get up to S$200,000 of coverage without the need for a medical check if you are in the pink of health. If a medical check is required, we will bear the cost. For customers above age 55, the allowable limit for purchase without medical check-up is S$100,000.

Sum Assured: $50,000 - $200,000

Eligibility: Between 19 and 65 years of age

Term Duration: Lifetime

Premium Term:

(a)    Pay until 70 years of age: Higher premiums every year, total premium paid over the premium period is lower

(b)    Pay until 80 years of age: Lower premiums every year, total premium paid over the premium period is higher

Rider: DIRECT - Etiqa Critical Illness 

Universal Life Insurance Plans

1.       ELASTIQ

ELASTIQ is a single premium, non-participating universal life plan denominated in SG dollars. For the first 3 years from the Policy issue date, the crediting rate guaranteed and fixed. For subsequent years, the crediting rate will be adjusted based on the prevailing rate.

After the free look period, you may choose to surrender the policy. Upon full surrender, you will receive a surrender benefit in one lump sum which is equivalent to the Account value, less any amounts owed to the Insurance Company. Alternatively, upon Partial withdrawal, the Account value will be reduced by the withdrawal amount.

Account value is calculated as:

The single premium paid plus:

a)       any recurring Top-up(s);

b)      any ad-hoc Top-up(s); and

c)       accumulated interest;

less any partial withdrawal(s).