Elastiq Reviews and Comparison - Seedly
 
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  • Applied for product recently coz in the market for new safe/risk-free place to park my "rainy day" cash fund. Happy so far and looking forward to testing out withdrawal process. 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. 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). Will be updating the review again in 90 days after trying out the topup/withdrawal process.
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About Elastiq
Term Life Insurance PlansDIRECT – Etiqa Term Life, ePROTECT Term Life
Whole Life Insurance PlanDIRECT – Etiqa Whole Life
Universal Life Insurance PlanELASTIQ
RidersDIRECT - Etiqa Critical Illness
Contact Information+65 6887 8777; Monday to Friday: 8.45am to 5.30pm; Weekends and Public Holidays: Closed

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).