1. What is Tiq CashSaver?

Tiq CashSaver is a regular premium, participating endowment plan that is capital guaranteed upon maturity. It provides a guaranteed and non-guaranteed yearly cash benefit starting from the end of the second policy year and a lump sum maturity payout at the end of the policy term. It offers the opportunity for wealth accumulation, financial flexibility and the assurance of life insurance coverage against death, terminal illness, and accidental death (on or before reaching the policy anniversary when the life insured attains age 80) and also waives the premium of the policy if you become totally and permanently disabled (on or before reaching the policy anniversary when you attain age 86).

2. How can I benefit from this plan?

• Grow your wealth
  • Upon maturity if the policy is still in force, the maturity benefit payable is the sum of the following: a) the guaranteed maturity value; and b) performance bonus (if any); and c) yearly cash benefit and non-guaranteed yearly cash benefit accumulated with us (if any); less any amount owing to us.
    Calculate your potential maturity value based on your savings goals here
• Enjoy yearly cash benefits
  • You will receive a guaranteed and non-guaranteed yearly cash benefit starting from the end of the second policy year until the policy matures. Please refer to the yearly cash benefit section for more details on your guaranteed yearly cash benefit.
• Life cover
  
  • Death benefit in the event of death of the life insured during the policy term, the death benefit payable is the sum of the following: a) 101% of the total premiums paid (excluding Advance Premium); and 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. When we make this payment, the policy ends.
  • Terminal Illness (TI) benefit
    If you, the life insured are diagnosed with a TI while the policy is in force, we will pay you the death benefit in one lump sum. The maximum aggregate amount payable is five million Singapore dollars (SGD 5,000,000) per life insured for all policies and riders issued by us with TI benefit. When we make this payment, the policy ends.
  • Accidental death benefit
    Upon accidental death of the life insured on or before reaching the policy anniversary when the life insured attains age 80 while the policy is in force, we will pay 50% of the total premiums paid (excluding advance premium) in addition to the death benefit. When we make this payment, the policy ends.
• Total and permanent disability premium waiver benefit
  
  • If you, the policy owner 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, we will waive all future premiums on the policy for the remaining premium term.

3. What are my premium payment options?

You can choose your premium payment term to be two (2) or five (5) years. Depending on your choice of premium term, the policy terms available ranges from six (6) to fifteen (15) years.

Our plan offers the flexibility for you to save (or make your premium payments) monthly, quarterly, half-yearly, or yearly.

4. Can I make changes to my policy after I buy it?

Yes, you may make these changes to your policy:

• • Reduce premium:
    You can reduce your premium at any time, subject to our requirements, but doing so will reduce your policy benefits. The adjusted benefits will be based on the new premium, effective from the next policy anniversary if from the policy inception, or from the policy commencement date if reduced within the from the policy inception.
  • Increase premium:
    You can increase your premium (in multiples of S) within of policy inception, subject to our requirements and insurability approval. This will enhance your policy benefits, with the new premium effective from the policy commencement date.
  • Change of Face Value and Change of Policy Term or Premium Payment Term is not allowed

5. What happens if I my endowment plan before the maturity date?

• • Upon surrender, the surrender benefit is paid in one lump sum. The total surrender benefit payable is the sum of the following: the guaranteed surrender value, performance bonus (if any), yearly cash benefit, and non-guaranteed yearly cash benefit accumulated with (if any); less any amounts owing to us.
  • If you have paid an Advance Premium on this policy and you surrender the policy in the first policy year, we will pay the surrender benefit mentioned above and refund the Advance Premium paid (without any interest).

1. What is the yearly cash benefit and how does it benefit me?

The yearly cash benefit is a guaranteed sum of money that will be paid out to you from the end of the 2^nd policy year until the policy matures. It provides you with a regular source of funds, allowing you to meet financial needs or goals while the policy is in force.

The non-guaranteed yearly cash benefit will also be paid out to you together with the guaranteed yearly cash benefit. Please refer to the non-guaranteed yearly cash benefit section for more information.

2. Is the yearly cash benefit guaranteed? How much will it be?

The yearly cash benefit is guaranteed and is 3.9% of the face value.

3. Can I accumulate my yearly cash benefit?

Yes, you may accumulate your yearly cash benefit with us at the prevailing interest rate. The prevailing interest rate is non-guaranteed and may change. A 30 days written notice will be provided to you this case.

4. Can I withdraw the accumulated yearly cash benefit?

Yes, you may withdraw the yearly cash benefit accumulated with us at any time with no charges but the minimum withdrawal amount each time is the lower of either S$1,000 or the entire amount.

5. I have selected to withdraw my yearly cash benefit during application. How can I receive it?

Your yearly cash benefit will be automatically deposited into the bank account as you have indicated during your application.

6. What if I did not select the option to withdraw my yearly cash benefit during application? Can I change this option?

If you did not state your choice of yearly cash benefit option, your yearly cash benefit will be automatically accumulated with us at the prevailing interest rate which is non-guaranteed.

7. Can I change the yearly cash payout benefit option after application?

Yes, you can log in to the Tiq customer portal, or write in to Etiqa to change your option up to 14 days before your yearly cash benefit payout.

1. What is the non-guaranteed yearly cash benefit?

The non-guaranteed yearly cash benefit is declared yearly, and will be paid to you together with the yearly cash benefit, starting from the end of the 2^nd policy year until the policy matures.

It is 2.5% of the face value based on the illustrated investment rate of return of 4.25%.

2. Can I accumulate or withdraw the non-guaranteed yearly cash benefit?

Yes, you may accumulate both your yearly cash benefit and the non-guaranteed yearly cash benefit with us at the prevailing interest rate which is non-guaranteed.

Please refer to the Policy Illustration for the non-guaranteed yearly cash benefit amount at the illustrated investment rate of return of 3.00% p.a. and 4.25% p.a. respectively. The two rates are used purely for illustrative purposes and do not represent upper and lower limits of the investment performance of the participating fund.

1. Will my endowment plan provide coverage in case of death?

Yes, upon death of the life insured during the term of the policy while the policy is in force, we will pay 101% of the total premiums paid (excluding Advance Premium), performance bonus (if any), yearly cash benefit and non-guaranteed yearly cash benefit accumulated with (if any); less any amounts owing to us.

If you have paid an Advance Premium on this policy and death of the life insured occurred in the first two (2) policy years, we will pay 101% of one (1) yearly premium paid if death of the life insured occurred in the first policy year and refund the Advance Premium paid (without any interest); or 101% of two (2) yearly premiums paid if death of the life insured occurred in the second policy year; plus performance bonus (if any), yearly cash benefit, and non-guaranteed yearly cash benefit accumulated with (if any), less any amounts owing to us.

When we make this payment, the policy ends.

1. What happens to my endowment plan if I am diagnosed with a Terminal Illness (“TI”) during my policy term?

• If you, the life insured are diagnosed with a TI while the policy is in force, we will pay the death benefit in one lump sum. The maximum aggregate amount payable is five million Singapore dollars (S$5,000,000) per life insured for all policies and riders issued by us with TI benefit.

  If the TI benefit payable is less than the death benefit, the death benefit will be automatically reduced by the amount paid for the TI. The policy remains in force and the remaining death benefit is the original death benefit less the amount paid for TI.

• If the TI benefit payable is the same as the death benefit, the policy ends when we make this payment.

2. What is considered a Terminal Illness?

• It is the conclusive diagnosis of an illness that is expected to result in the death of the life insured within twelve (12) months. This diagnosis must be supported by a specialist and confirmed by our appointed doctor. Terminal illness in the presence of HIV infection is excluded.

1. What happens to my endowment plan if I meet with an Accidental Death?

Upon accidental death on or before reaching the policy anniversary when you, the life insured attain age 80 while the policy is in force, we will pay 50% of the total premiums paid (excluding Advance Premium) in addition to the death benefit.

If you have paid an Advance Premium on this policy and accidental death of the life insured occurred in the first two (2) policy years, we will pay: 50% of one (1) yearly premium paid in addition to the death benefit if death of the life insured occurred in the first policy year and refund the Advance Premium paid (without any interest); or 50% of two (2) yearly premiums paid, in addition to the death benefit, if death of the life insured occurred in the second policy year.

When we make this payment, the policy ends.

1. What happens to my endowment plan if I become totally and permanently disabled during the premium term?

If you, the policy owner 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, we will waive all future premiums on the policy for the remaining premium . The maximum aggregate amount payable is four million Singapore dollars (S$4,000,000) per life insured for all policies and riders issued by us with TPD benefits.

2. What is considered a Total and Permanent Disability?

Total and permanent disability is a disability that lasts continuously for at least one hundred and eighty (180) days, which the doctor considers permanent and expects it to last throughout your lifetime. Other factors are included, please refer to the policy full details.

1. Who can apply for this plan?

You can purchase this policy for yourself if you are:

• • a Singapore citizen or permanent resident with a valid NRIC; or
  • a foreigner holding a valid Work Pass/Permit or Long-Term Visit Pass; and
  • between age 17 to 65 (age next birthday);
  • residing in Singapore.

You can also purchase this policy for your child if he/she is:

• • a Singapore citizen or permanent resident with a valid NRIC or Birth Certificate; or
  • a foreigner holding a valid Long-Term Visit Pass; and
  • your child is between age 1 to 16 (age next birthday);
  • residing in Singapore.

2. Do I need to declare any health conditions for this plan?

Yes, you are required to declare that you do not have any mobility problems and physical or mental disabilities; or any other disability that would fall under the definition of ‘Totally and Permanently Disable’ and ‘Total and Permanent Disability”.

3. How many policies can I buy?

There is no limit to the number of policies you can purchase. However, do note that the maximum aggregate amount payable per life insured for all policies and riders issued by us applies. Please refer to respective benefits for the max aggregate limit.

1.How does the Advanced Premium (AP) work?

The AP is only applicable for new policy applications with a yearly payment mode and it is only for the second year’s annual premium at the time of application. You will receive a discount of 3.5% on your second year’s premium if you choose to pay your second year’s annual premium in advance at the time of application. You will not be allowed to withdraw the Advance Premium paid during the policy term after the Free Look Period. We will deduct the premiums from AP when the premium is due at the first policy anniversary. 

2. How can I pay the premium?

Premium payment can be made through the following options:

1. Direct Debit : POSB or DBS account
2. PayNow QR : You will be required to login to your mobile banking app to scan the QR and make the premium payment; or
3. Pay Later Options:
   • FAST (Fast And Secure Transfers), offered by participating banks in Singapore, to our DBS Bank Ltd account (Account Number: 0720016521);
     or
   • PayNow UEN: 201331905KDP1
     When making payment via a Pay Later option, please key in your New Business Reference Number (NBXXXXXX) to allow us to identify the payment you have made.Note: For use of FAST and PayNow UEN, there is a maximum limit of S$200,000 per transaction, subject to your daily or monthly withdrawal limits. Kindly note for premium size above S$200,000, you may be required to make multiple transfers.

3. When do I have to make payment for my policy if I choose the Pay Later option?

You may make payment within 7 working days. Your proposal will automatically expire if we do not receive the premium payment thereafter.

4. How can I make payment for renewals?

Subsequent renewal premium payments can be made through the following options:

1. eGiro: Visit www.etiqa.com.sg/egiro and fill up the form with your policy number and preferred bank account details.
2. FAST: Make payment to our Malayan Banking Berhad account (Account Number: 04011519914). Input your policy number in the reference field to allow us to accurately identify the payment you have made.
3. PayNow: Make payment to UEN: . Input your policy number in the reference field to allow us to accurately identify the payment you have made.
4. PayNow QR: Make payment by scanning the QR in your premium notice, which will be sent to you 30 days before the premium due date.

5. When will eGIRO deductions be made for the second year premium?

The deductions for your premium will be made from your stated account as below:

If the scheduled deduction date falls on a Saturday, Sunday or Public Holiday, the deduction will take place on the next working day. We will notify you of any failed attempt to deduct the second year premium from the designated bank account. Kindly note that after two (2) unsuccessful deductions, the GIRO facility will be discontinued.

6. What happens if I miss a premium payment or stop paying premiums?

• If you have selected a monthly, quarterly, half-yearly, or yearly premium payment method, the next premium should be paid within 30 days from the premium due date.If you did not pay your premiums by the expiry of the grace period, we will pay the premiums for you so that the policy can continue provided that your policy has accumulated enough surrender value to pay for the premiums. This is a loan (automatic premium loan) from us and an interest (accrued on a daily basis) will be charged on your loan. If your policy does not have enough surrender value, your policy will lapse. We will deduct the loan and interest from any amount we may be due to pay under this policy.
• We recommend you to apply for eGiro on your policy here.
• If you have to miss a payment due to retrenchment or hospitalisation, the Extended Grace Period option will apply. Please refer to No.8 below.

7. How does the Extended Grace Period option work?

The 60-day extension benefit extends the grace period for premium payments if the policyholder is hospitalised or retrenched, providing additional time to make premium payments without the risk of policy lapse.

It can be exercised two (2) times if you meet with the following events:

1. You are retrenched and remained unemployed for at least thirty (30) consecutive days before reaching age 65; or
2. if you are self-employed and are issued a hospitalisation leave for sixty (60) days or more by a Singapore hospital.

Please refer to your Policy Contract for more details

8. How do I exercise the Extended Grace Period option?

You will have to submit these documents:

1. Proof of Retrenchment and Unemployment
   • A formal retrenchment letter from your previous employer.
   • Proof of unemployment, which could be in the form of unemployment benefits application, records showing no income from employment, or a statutory declaration that you have not been employed.
   • Any additional documents requested by the insurance company to show that you have been unemployed for at least 30 consecutive days before reaching age 65.
2. Proof of Hospitalisation Leave for Self-Employed
   • An official hospitalisation leave certificate or document issued by a Singapore Hospital.
   • Medical records or a doctor’s statement verifying that you have been hospitalised or were required to be on medical leave for 60 days or more.
   • If you’re self-employed, you may also need to provide proof of your self-employed status, which could include business registration documents, tax returns, or other official documents that show you are operating your own business.

9. How do I know if my premium payment was successful and that the application has been completed?

If your application and premium payment are successful, you will receive a confirmation email with your policy documents immediately.

10. How can I view my policy status?

Your policy status and information such as Policy value are available to view on TiqConnect. An annual policy statement will also be sent to you. This document aims to keep you informed of the status of your policy such as the Account value, total partial withdrawal(s), and charge(s).

1. How do I check the status of my requests via TiqConnect?

If you have submitted a request via TiqConnect, you may refer to the ‘My Request’ tab on your personal TiqConnect account for all your request statuses, including any partial withdrawal(s).

2. I am still not sure if I need this product. What should I do?

This product is sold online without advice. If you are unsure of the product suitability, you are encouraged to seek advice from a financial adviser who will be able to advise you on other suitable product(s) before deciding to purchase this plan.

3. What is Selected Client and Trusted Individual?

A Selected Client is someone who fulfils two of the following: 62 years and older; not proficient in spoken or written English; or has below GCE O-Level or N-Level or equivalent qualification.

If you are a Selected Client, you may only proceed with the online purchase if you are comfortable to do so without a Trusted Individual. A Trusted Individual is someone who meets all the following: Is at least aged 18; possesses at least GCE ‘O’ or ‘N’ Level certifications, or equivalent academic qualifications; is proficient in spoken or written English; and is a person you trust.

4. Switching of Policy / Replacement of Policy

If you are preparing to surrender or terminate any of your existing life insurance policies with this new proposal, you may wish to note that you may not receive any returns under your existing policies or the returns may be lesser than the total premium paid. Also, please note of the disadvantages of replacing your existing plan:

1. You may not be insurable on standard terms;
2. You may have to pay a higher premium for the same level of benefits;
3. You may lose the financial benefit accumulated over the years; or
4. The terms and conditions may be different.

You should seek the advice of your financial adviser when in doubt or if you require further clarification.

5. I would like to nominate beneficiaries for my policy. How can I go about doing it?

If you wish to nominate beneficiaries for your policy, you may refer to our life nomination guide here.

6. What if I change my mind?

You may return this policy for cancellation within 14 days after you receive the policy document, for any reason. We will deduct any costs incurred by the company in assessing the risk under the policy, such as payments for medical fee and other expenses, such as payments for medical check-ups and medical reports, from the premium you paid and refund the balance to you.

If your policy document is sent by email, we consider this policy is delivered to you 1 day after the date of emailing. If your policy document is sent by post, we consider this policy is delivered to you 7 days after the date of posting.

7. How do I file for a Death Claim?

To file for a claim, written notice must be given to us within 3 months of the occurrence of the claim event. The claimant must supply at his/her own expense, all certificates, information and evidence required by us for assessment of the claim. We reserve the rights to conduct a post-mortem and we will bear the expenses.

8. Who is Etiqa?

Etiqa Insurance Pte. Ltd. is a licensed life and general insurance company registered in the Republic of Singapore, licensed by the Monetary Authority of Singapore and governed by the Insurance Act 1966. It is an insurance arm of Maybank Group which is among Asia’s leading banking groups and South East Asia’s fourth largest bank by assets. To know more about our corporate profile, visit our website at etiqa.com.sg.

9. Who should I contact if I have further questions?

If you have any other enquiries, you may WhatsApp our friendly Customer Care Consultants at +65 6887 8777 during our operating hours – Mondays to Fridays, 8.45am to 5.30pm. We are closed on Saturdays, Sundays, and Public Holidays.