Life Insurance Savings Plan Singapore - SAVE3 | TIQ.com.sg

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  1. 1. How can I withdraw money from my policy?
  2.  
  3. You may withdrawal money from your policy through the following ways:
  4.  
      1. Partial Withdrawal
      2. You may request for partial withdrawal(s) after the policy issue date, subject to the following
          1. • The withdrawal amount must be at least S$500 (or its multiples) per withdrawal
          2. • Partial withdrawal will reduce the Account value by the withdrawal amount and partial withdrawal charges (if any).
          3. • With the exception of free partial withdrawal benefit as described below, any partial withdrawal made within the first 6 years from policy issue date are subject to the following charges. After the first 6 years, you can make partial withdrawal(s) without any charges.
          4.  
        1. No of years from Policy commencement date Surrender Charge / Partial Withdrawal Charge (% of amount withdrawn from Account Value)
          1 80.0%
          2 70.0%
          3 10.0%
          4 5.0%
          5 4.2%
          6 0.1%
          7 and above 0%
      3.  
      4. Free Partial Withdrawal Benefit
      5. You may make partial withdrawal(s) without paying partial withdrawal charge upon the following events:
      6. If You or Your spouse is certified by a Doctor to:
      7. a) be physically or mentally incapacitated from ever continuing in any employment;
      8. b) have a severely impaired life expectancy;
      9. c) lack capacity within the meaning of Section 4 of the Mental Capacity Act (MCA) and the lack of capacity is likely to be permanent; or
      10. d) be diagnosed with Terminal illness.
      11. We may appoint a Doctor to re-examine You or Your spouse on the certified medical condition.
      12. You can exercise this benefit subject to the following conditions:
      13. a) Any of the above-specified events has to occur after the policy issue date or latest reinstatement date;
      14. b) The maximum partial withdrawal amount is the lower of S$50,000 or 50% of the total regular premiums paid (not including Premiums paid in advance); and
      15. c) This benefit can only be exercised once throughout the policy term.
      16.  
      17. Full Surrender
      18. Upon full surrender, we will pay the surrender benefit in one lump sum which is equivalent to the Account value less surrender charges (if any) and any amounts owing to us. You may request for a full surrender any time after the free look period.
  1. 2. How can I request for a partial withdrawal?
  2.  
  3. You may make a partial withdrawal after the policy issue date by logging into your personal account on TiqConnect. You will receive the partial withdrawal amount via Direct Credit to your DBS/POSB bank account registered with us during application.
  1. 1. What is the annual premium amount limit?
  1. The minimum annual premium per policy is S$10,000. The maximum annual premium is subject to our approval. Annual premium amount must be in multiples of S$500.
  1. 2. How can I pay the premium?
  1. You can choose to make payment for your total regular premiums as a lump sum at the point of application, or spread the premium payment over a 2-year period. This lump sum option allows you the convenience of pre-payment of second-year premium upfront at point of application.

  1. With ‘Lump Sum’ Premium
    Payment of first year premium and pre-payment of second year premium at application
    Payment of premiums over 2 Years
    Payment of first year premium only at application
    ·   First Year Premium & Second Year Premium
    Only payable via Direct Debit – DBS/POSB bank account
    ·    First Year Premium
    Only payable via Direct Debit – DBS/POSB bank account  ·     Second Year Premium
    This payment can be made through the following options after you receive our premium notice closer to the premium due date:
    a)     GIRO through a DBS/POSB bank account registered with us during application.
    b)     FAST (Fast And Secure Transfers), offered by participating banks in Singapore, to our Malayan Banking Berhad account (Account No.: 04011519938).
      When you are making this payment via FAST, please key in your NRIC/FIN to allow us to identify the payment you had made. You may refer to Appendix A for reference on where to enter your NRIC/FIN in the FAST screen.
      Note: For use of FAST, there is a maximum limit of S$200,000 per transaction subject to your daily or monthly withdrawal limits.
      c)     Cheque. The cheque payment should be crossed and made payable to “Etiqa Insurance Pte. Ltd.” Please indicate your name and NRIC/FIN on the reverse side of your cheque. You may download our Business Reply Envelope and mail it to: One Raffles Quay #22-01 North Tower Singapore 048583.
  1. 3. When will GIRO deductions be made for the second year premium?
  2.  
  3. Policy Anniversary Date Scheduled Deduction Dates
    1st attempt 2nd attempt (If 1st attempt unsuccessful)
    1st of current month to 15th of current month 10th (of current month) 25th (of current month)
    16th of current month to 31st of current month 25th (of current month) 10th (of following month)
    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.
  1. 4. What are the benefits and terms & conditions for paying lump sum?
  1. Etiqa is providing a discount of 3% on your first year premium if lump sum premium payment is selected.
  2. Once you have opted in for lump sum premium payment and paid your total regular premiums as a lump sum:
  3. • Premium payment for the second year premium is not required at the end of the first policy year.
  4. • Withdrawal of the pre-paid second-year premium is not allowed during the policy term after the 14-day free-look period.
  5. • Change of payment option is not allowed.
  6. In the event you surrender the policy before the end of the first policy year, we will refund the second year premium (without any interest) and the surrender value.
  1. 5. What will happen if I stop paying premium?
  1. If you have chosen to spread the premium payment over a 2-year period, the second year premium should be paid within 30 days from the premium due date. If premium is not paid on time, this policy will lapse and we will pay the surrender value (if any).
  1. 6. How do I know if my premium payment is successful and the application has been completed?
  1. If your application and premium payment are successful, you will receive a confirmation email with your policy documents.
  1. 1. What is SAVE3?
  2. This is a regular premium, non-participating universal life plan denominated in Singapore dollars. It matures on the policy anniversary immediately before the life insured attains 100 years old. This plan has a premium payment term of 2 years. It offers the opportunity for wealth accumulation, financial flexibility and the assurance of life insurance coverage through providing death benefit.
  1. 2. How can I benefit from this plan?
    1. • Grow your Wealth with Crediting Rates As a policyholder of SAVE3, you will enjoy a guaranteed crediting rate of 3.00% p.a. on your Account value for the first 6 years from policy commencement date. Thereafter, the crediting rate will be determined by us subject to the minimum guaranteed crediting rate of 0% p.a. The prevailing rate is currently illustrated at 3.00% p.a.
    2. • Financial Flexibility with Withdrawal(s) This plan allow you to make partial withdrawal(s) any time after the policy issue date. Please refer to the Withdrawal(s) section for more details.
    3. • Life Cover In the event of death during the policy term, 101% of the Account value, less any amounts owing to us, will be paid as the death benefit and the policy ends. We are unable to pay the death benefit for death from suicide within the first 12 months and for any death due to pre-existing conditions throughout the policy term. Please refer to the policy provisions for more details.
    4. • Be rewarded with loyalty bonuses This plan offers a non-guaranteed loyalty bonus, equivalent to 0.6% of the Account value, at the end of the 6th policy year and at every subsequent 6 policy year interval (12th, 18th, 24th, 30th, 36th policy year and so on), as long as no partial withdrawal has been made before.
    5. • Long term benefits to age 100 Enjoy the benefits of SAVE3 up to age 100. At maturity date, if the policy is still in force, the maturity benefit payable is the Account value less any amounts owing to us.
  1. 3. How is the Account value calculated?
  2. The Account value is calculated as: The Regular premiums less a) premium charge on the first year Regular premium; and b) partial withdrawal amount and partial withdrawal charges (if any) plus accumulated interest.
  1. 4. How many policies can I buy?
  2. There is no limit to how many SAVE3 policy you can buy.
Our Customer Care team will be happy to take your questions during operating hours from Mondays to Fridays, 8.30 am to 5.30 pm. You may also contact us through WhatsApp at +65 8677 8780 or visit our website at www.etiqa.com.sg to start a live chat with us.
Your premiums are invested mostly in bonds. Investment return is affected by bond performance like actual profit / loss realization in addition to policyholder’s behaviour like withdrawal, surrender, etc.
You can purchase this plan for yourself if you fulfill the following criteria:

1) You are a Singapore Resident with a valid NRIC or FIN; or

2) You are foreigner but you must be holding a valid Work Permit, Employment pass or Social pass. (For any changes in your Pass, Permit or Visit Programme after purchasing, please write in to our Customer Care Team at customer.service@etiqa.com.sg to notify us.)

3) You are between 17 to 75 years of age (age next birthday).

Universal life plan is a whole life insurance that offers flexibility in the amount and timing of premium payments. This plan pays a death benefit and allow build-up of cash value through offering interest crediting rate. Our universal life plan offers a guaranteed minimum interest crediting rate.
Under MAS regulations, we are required to identify and put in place safeguards for customers who are Selected Clients. A Selected Client is someone who fulfills 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
You may return this policy for cancellation within 14 days after you receive the policy document, for any reason. If your policy document is sent by email, we consider this policy is delivered to you 1 day after the date of emailing.
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: a) You may not be insurable on standard terms; b) You may have to pay a higher premium for the same level of benefits; c) You may lose the financial benefit accumulated over the years; or d) 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.