eEASY save V - Leading digital insurance company in Singapore | TIQ Singapore

We have the answers you need

1. What is eEASY save V?
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.

2. How can I benefit from this plan?

  • Grow your Wealth with Crediting Rates
    As a policyholder of eEASY save V, you will enjoy a guaranteed crediting rate of
    2.68% 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
    2.68% p.a.
  • 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.
  • 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.
  • 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.
  • Long term benefits to age 100
    Enjoy the benefits of eEASY save V 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.

3. How is the Account value calculated?
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.

4. What is a universal life plan?
Universal life plan is a whole life insurance that pays a death benefit and allow buildup of cash value through offering interest crediting rate. Our universal life plan offers
a guaranteed minimum crediting rate.

  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
    1) PayNow QR. You will be required to login to your mobile banking app to scan the QR and make the premium payment; or
    2) Direct Debit – POSB or DBS account
    First Year Premium
    1) PayNow QR. You will be required to login to your mobile banking app to scan the QR and make the premium payment; or
    2) Direct Debit – POSB or DBS 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.
    This is only applicable if the first premium payment is paid via Direct Debit – POSB or DBS account.
    b) PayNow Transfer Up to S$200,000 (UEN: 201331905KDN1).
    Please be reminded to indicate your Policy Number under Transaction Reference.

  1. 3. When will GIRO deductions be made for the second year premium?
  2. 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?
  2. Etiqa is providing a discount of 3% on your first year premium if lump sum premium payment is selected.
  3. Once you have opted in for lump sum premium payment and paid your total regular premiums as a lump sum:
  • Premium payment for the second year premium is not required at the end of the first policy year.
  • Withdrawal of the pre-paid second-year premium is not allowed during the policy term after the 14-day free-look period.
  • Change of payment option is not allowed.
    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. How can I withdraw money from my policy?
  2. You may withdraw money from your policy through the following ways:
      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.
        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. Free Partial Withdrawal Benefit
      4. You may make partial withdrawal(s) without paying partial withdrawal charge upon the following events:
      5. If You or Your spouse is certified by a Doctor to:
      6. a) be physically or mentally incapacitated from ever continuing in any employment;
      7. b) have a severely impaired life expectancy;
      8. 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
      9. d) be diagnosed with Terminal illness.
      10. We may appoint a Doctor to re-examine You or Your spouse on the certified medical condition.
      11. You can exercise this benefit subject to the following conditions:
      12. a) Any of the above-specified events has to occur after the policy issue date or latest reinstatement date;
      13. 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
      14. c) This benefit can only be exercised once throughout the policy term.
      15. Full Surrender
      16. 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. 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.

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

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.

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 check-up and other expenses, 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.

You can purchase this plan for yourself if you fulfil any one of the following:

  1. You are a Singapore Resident with a valid NRIC or FIN; or
  2. You are a foreigner and you own 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 age 17 to 75 (age next birthday).

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.

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. Call us at +65 6887 8777 or start a live chat with us on our website. Alternatively, you may email us at customer.service@etiqa.com.sg and we will respond within two working days.