The new Tiq CashSaver endowment plan offers comprehensive protection and flexibility, with a low minimum monthly savings amount to encourage the good habit of regular saving.
SINGAPORE - Media OutReach Newswire - 30 May 2024 - Etiqa Insurance Singapore, a leading life and general insurer announced the launch of Tiq CashSaver, a new capital-guaranteed endowment plan tailored to address the evolving financial needs and challenges faced by young families and adults. Available online through Tiq by Etiqa, Tiq CashSaver helps individuals to save and invest amidst a challenging economic landscape.With rising costs of living and inflation rates of up to 4.8%, it is increasingly difficult for individuals to prioritise savings amidst ongoing financial obligations, according to Etiqa's 2023 Financial Fitness Survey, which interviewed 1000 Millennials and Gen Zs on their financial plans and habits. The study revealed that only 41% of respondents consistently allocate funds for savings each month, with the rest often deterred by the challenges of high living costs, alongside indulgences such as travelling and personal hobbies.
Tiq CashSaver seeks to address these issues through a customisable solution that provides flexibility to choose the length of the plan and premiums paid. With a minimum monthly savings amount starting from just S$1251, the plan is designed to encourage individuals to cultivate the habit of saving modest amounts and make investing simple and accessible. The plan also offers a yearly cash payout starting from the end of the second policy year, serving as a steady source of supplementary income2. Moreover, Tiq CashSaver offers unparalleled peace of mind with capital guaranteed at maturity, alongside the flexibility for guaranteed and non-guaranteed yearly cash benefits based on individuals' savings goals. The online application process, which does not require any medical examinations, also ensures a hassle-free experience for all applicants.
"Tiq CashSaver offers a flexible savings duration, catering to young families and adults seeking short to medium-term endowment plans that align with their financial goals. The significance of saving from as early as possible, starting modestly and progressing steadily, cannot be emphasised enough. With Tiq CashSaver, we aim to empower individuals to embark on their savings journey confidently, with a modest starting point," said Raymond Ong, CEO of Etiqa Insurance Singapore. "With today's financial pressures faced by Singaporeans, the Tiq CashSaver epitomises our unwavering dedication to delivering accessible solutions. The plan features a seamless online application process, requires no medical examinations, and offers affordable premiums."
Tiq CashSaver is also designed to serve as a safety net, offering protection and stability for applicants and their loved ones during difficult times. In the unfortunate event of death or terminal illness, Etiqa will provide support by reimbursing 101% of the total premiums paid3. In the case of accidental death, an additional 50% of the total premiums will be paid in addition to the Death Benefit4. Policyholders can also request an extended grace period of 60 days during tough financial circumstances5 to help maintain their savings plan payments, providing much-needed flexibility and protection. Future premiums will also be waived if the policy owner become totally and permanently disabled during the premium term6.
About Tiq CashSaver
Tiq CashSaver is a participating endowment plan designed to help individuals save and invest amidst challenging financial times. Policyholders can:
- Save Comfortably Within Your Budget: Start saving from just S$125 a month1.
- Choose Flexible Savings Duration: Tailor your plan to fit your savings horizon by choosing to pay your premiums over 2 years and save from 6 to 10 years or pay your premiums over 5 years and save from 11 to 15 years. Policyholders can also choose to pay their premiums monthly, quarterly, half-yearly or yearly.
- Enjoy Yearly Cash Payouts: Receive a steady flow of supplementary income available for withdraw from the end of your 2nd policy year2.
- Secure Your Family's Future: Place the plan under your or your child's name while you remain insured against the unexpected. In the event that you become permanently disabled during the premium term, your remaining premiums will be waived6 .
- 100% Capital Guaranteed: Upon maturity of your policy, policyholders are guaranteed to get 100% of their capital back, providing them with a stable foundation for their future.
To learn more about Etiqa Insurance Singapore's Tiq CashSaver, visit https://www.tiq.com.sg/product/cashsaver/
Terms apply. Protected up to specified limits by SDIC.
Footnotes
1Based on a premium term of 5 years and yearly payment of S$1,500 (rounded to the nearest dollar).
2Receive a guaranteed yearly cash benefit starting from the end of the second policy year until the policy matures, as long as the life insured is alive, and the policy is in force. The guaranteed yearly cash benefit is 3.9% of the face value, while the non-guaranteed yearly cash benefit is 2.5% of the face value based on the illustrated investment rate of return of 4.25%.
3The Death Benefit payable will be: (a) 101% of the total premiums paid (excluding Advance Premium); (b) performance bonus, if any; and (c) yearly cash benefit and non-guaranteed yearly cash benefit accumulated with us (if any); less any amounts owing to us.
If the life insured has a Terminal Illness while the policy is in force, the Death Benefit is paid in one lump sum. The maximum aggregate amount payable is S$5,000,000 per life insured for all policies and riders issued by us with Terminal Illness benefit.
4The Accidental Death Benefit payable is 50% of the total premiums paid in addition to the death benefit. It covers the life insured on or before reaching the policy anniversary when he attains age 80.
5The Extended Grace Period Option benefit can be exercised two (2) times if you meet with the following events: (a) You are retrenched and remained unemployed for at least thirty (30) consecutive days before reaching age 65; or (b) if you are self-employed and are issued a hospitalisation leave for sixty (60) days or more by a Singapore hospital. Please refer to the policy contract for the full terms and conditions.
6The Total & Permanent Disability (TPD) Premium Waiver Benefit waives all future premiums on the policy for the remaining premium term if you become totally and permanently disabled (on or before reaching the policy anniversary when you attain age 86) during the premium term while the policy is in force.
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About Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore)
Etiqa Insurance Pte. Ltd. (EIPL) is a life and general insurance company licensed and regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Having protected customers in Singapore since 1961 under the name United General Insurance Co. Sdn. Bhd., the company transitioned into the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL in Singapore stands as the pivotal operating entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN.
EIPL offers a comprehensive range of life and general insurance products accessible through its diverse distribution channels, including bancassurance, agents, brokers, financial advisers, partnerships, direct and online sales via Tiq by Etiqa. Etiqa is rated 'A' by credit rating agency Fitch for the group's 'Favorable' business profile. EIPL is owned by Maybank Ageas Holdings Berhad, a joint venture combining local market expertise with international insurance knowledge, with 69% ownership by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group operating across 13 countries.
source: Etiqa Insurance Singapore
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