Elastiq Reviews and Comparison - Seedly
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Elastiq

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Reviews (7)

4.4

7 Reviews

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  • Elastiq is good for the guaranteed returns. However, your money will be locked in for 3 years. If you need the money for other expenses, I would suggest going the the Singlife 2.5% account. However, do take note that it is not guaranteed!
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  • [Purchase Process] [Customer Service] It was relatively easy through the app however after making payment, the amount took quite a number of days to be reflected and then I contacted the customer service through the app, they reply after a few hours and had to check and get back to me. The app is not exactly very user-friendly, took me longer than usual to figure out how to use the app to check the policy I have gotten.
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  • Signed up for Elastiq on 29 Jul 2020. [Purchase Process] You can use MyInfo to speed up the registration process. Remember to first check on any ongoing promotion and referral codes. Be sure to click on apply code after keying in the referral code to ensure that it registers buying signing up for the product. Easiest ways to pay the premium would be through DBS direct debiting or paynow. [Customer Service] Customer service is quite prompt during working hours when texting them over WhatsApp. [Terms & Conditions] 90 days lock in. Only first premium sum is subjected to guaranteed 1.8% interest per annum for the first 3 years. Upon termination of the plan, was advised by customer service that it will take 7 to 14 working days to process the full refund. May want to take note of this.
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  • Updated on 03 Jul 2020
    [Purchase Process] I bought the policy thru policy pal , processed pretty fast within the day the setup was done. [Terms & Conditions] 90days lockup - after that free to withdraw with no limits. Essentially you are locked at 1.8% for the next 3 years with no withdrawal limits. [Customer Service] Pretty fast if you message them on whatsapp
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  • Updated on 01 Jul 2020
    [Product] I took up this savings plan after SG banks start to drop their interest rates like hot potatoes. This savings plan offers 1.8% guaranteed interest rate for 3 years and also provides the flexibility in allowing you to withdraw the money. Essentially, it feels like a "bank" to me. Good platform to park my money and earn higher interest rate. [Customer Service] Etiqa's CS is the reason behind why I minus 1 star. In order to reach CS, you would have to login to your account and then raise an enquiry/case. Thereafter, every subsequent replies would still require you to keep logging in. I find it a hassle due to the extra step of logging in with my Singpass and then again with the code sent to my phone number (2FA) just to reply the CS. Would much appreciate if subsequent replies can be done straight via emails, saves time and the effort. [Purchase Process] Straightforward process. Just a heads up, if you sign up by 30 June 2020, you'll get up to $100 cashback. [Terms & Conditions] A few things to note: 1. You would need to deposit at least 5k in order to get the 1.8% guaranteed interest rate. 2. Please make sure that you at least have money that are liquid (i.e. money not deposited into this savings plan) as you are not allowed to withdraw until day 91 onwards.
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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 – Etiqa Whole Life

With DIRECT – 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).