I truly love the convenience of our modern world. Hungry? There’s multiple food delivery options. Wanna get somewhere quickly? Book a Grab or Uber ride from the comfort of your home or office. Shopping doesn’t require you to leave your house either – you can even buy the clothes you like and get a full refund if you need to return any of them in case they don’t fit or aren’t as flattering as the model made them look. Which happens often, if you look like me.
And today, even buying life insurance, which typically requires sitting down with a financial planner over an extended coffee and having to be extremely open about your financial goals? Even that can be done online, thanks to a new set of rulings by the Monetary Authority of Singapore or MAS earlier this year.
MAS recognises that there are many Singaporeans eager to avoid the hassle of the normal application process. At the same time, the financial advice we receive may be compromised by the commission-based nature of the financial planner’s job. By allowing direct online purchase for life insurance policies, MAS is not only making it easier for you, but is potentially making it cheaper and better for you too, since the cost savings from commissions can be passed on to you.
Eh… sure or not? They’ll pass the cost savings on to you?
Take the newly introduced eEASY save from Etiqa Insurance. It’s a 6-year insurance savings plan that offers an attractive guaranteed return of 2.02% per annum upon policy maturity. With which, 112% of your capital is guaranteed.
Latest update on 10 August 2017: eEASY save is now part of the EASY save series, which consists of eEASY save and eEASY savepro. eEASY save remains as a non-participating insurance savings plan with a guaranteed 2.02% p.a. return and 112% capital guarantee at maturity. On the other hand, eEASY savepro is a participating insurance savings plan which offers a projected highest return of up to 4.02% p.a. with 100% capital guarantee at maturity.
How it works is you pay two fixed premiums in the first 2 years, and at the end of year 6, you’ll receive a lump sum guaranteed amount which equals to 112% of what you paid, regardless of premium choice.
Here are the 5 options available:
|First year premium||Second year premium||Guaranteed total maturity benefit|
So that means, if you put in $100,000 in the first year, and $50,000 in the second, at the end of year 6, you will get $168,015 back. Your money has just earned you $18,015!
Because it’s so simple, you can purchase the plan online in just 5 simple steps. And here’s the thing – because your returns are guaranteed upon maturity, you have nothing to lose and everything to gain.
What’s more, your money is safe with Etiqa
The eEASY save policy is protected under the Policy Owners’ Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites.
What else should I know about eEASY save?
There are two other things to note:
Firstly, should something serious happen to you i.e. you pass away at any time throughout the policy term, you will still get back 105% returns on your premiums as a death benefit.
The product is also offered on a limited tranche basis. All that means is that once enough people sign up for it, it will no longer be offered by Etiqa. So, don’t take too long to think about it.
Should I go for this attractive savings plan?
Looking to set aside money for 6 years? There’s no better product that guarantees your returns. Etiqa guarantees you the return of 2.02% p.a. upon maturity. Say your child is preparing for PSLE now, in 6 years she should be ready for her university studies. $168,015 will go a long way regardless of whether she’s studying locally or overseas. Knowing that your returns are guaranteed at an attractive rate makes planning for big events in life much easier.
Interested in the eEASY save insurance savings plan? Apply here.
This article was brought to you in collaboration with Etiqa Insurance.
Keep updated with all the news!
Get the latest personal finance tips and tricks delivered to your inbox!
We promise never to spam you!