We have the answers you need
1. What is eEASY savepro?
eEASY savepro is a participating insurance savings plan that provides a lump sum maturity benefit if you hold the policy until the end of the policy term. With this plan, you can choose from a selection of policy terms and annual / single premium amount to suit your savings needs.
This product is sold without any advice and priced without intermediary commission.
2. How can I benefit from this plan?
Depending on your selection of the policy term, this plan offers a return of up to 3.26% p.a. if you hold the policy until maturity. At the end of your selected policy term, you will receive a lump sum maturity benefit. As this is a capital guaranteed plan, the maturity benefit that you will receive will not be lower than the total premium you have paid during the policy term.
In the event of death during the policy term, your family will receive 105% of the total premium paid (not inclusive of interest and Automatic Premium Benefit) plus any attaching bonuses.
1. Who can buy this plan?
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.
To start saving, click here.
2. How many policies can I buy?
There is no limit to how many eEASY savepro policies you can buy.
1. How can I pay the premium?
|First Premium Payment||Second Premium Payment Onwards|
1) PayNow QR. You will be required to login to your mobile banking app to scan the QR and make the premium payment;
2) Direct Debit – POSB or DBS account;
3) PayNow Transfer (UEN: 201331905KDP1)
4) FAST Transfer.
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: 201331905KDP1).
Kindly note that for payments using PayNow QR and Direct Debit, policies are issued immediately once payment is successful.
For PayNow UEN and FAST transfer, kindly select ‘Pay Later’ Option when prompted. Once selected, an email will be sent to you as an acknowledgement of your application submission. Please be reminded to indicate your Reference Number under Transaction Reference. Kindly note for a premium size above S$200,000, you may be required to make multiple transfers.
2. What are the terms and conditions for the first year premium discount?
(Promotional offer only)
The premium discount offered on the first year premium may vary depending on whether the ‘Lump Sum’ premium payment option is selected. The ‘Lump Sum’ option allows you the convenience of pre-payment of second-year premium upfront at the point of application.
Once you have opted in and paid for the lump sum payment option:
No premium payment is 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.
3. What will happen if I stop paying premium?
If your policy needs regular payment, all future premiums should be paid within 30 days from the premium due date to continue the policy. If premium is not paid on time, we will pay the premiums for you if your policy has accumulated a cash value which is enough to pay for the premiums. This is a loan (automatic premium loan) from us and we will charge you interest. Interest accrues on a daily basis.
If there is not enough cash value in your policy, the policy will be terminated. We will deduct this loan and interest from any amount we may be due to pay you under the policy.
4. How do I know if my application has been completed?
If your application and premium payment are successful, you will receive a confirmation email with your policy documents.
1. What is the difference between a participating and a non-participating policy?
Participating policies are insurance policies which provide both guaranteed and non-guaranteed benefits (e.g. in the form of bonuses).
The premiums paid for a participating policy are pooled with those of other participating policies offered by Etiqa in a specially designated ‘participating fund’.
This fund invests in a range of assets such as bonds, equities, cash, deposits, loans or other assets. The policyholders are allowed to participate and share in the profits of the participating fund. This is paid in the form of bonuses.
Depending on the performance of the participating fund, bonuses are declared annually. Once it is added or vested in the policy, it forms part of the guaranteed benefit of the policy.
If you wish to know more about life insurance participating products, you may refer to “Your Guide To Participating Policies” (English) on our website or Life Insurance Association’s website. Alternatively, we can provide you with a copy of the guide upon request.
Non-participating policies are insurance policies which provide guaranteed benefits only.
The policyholder does not participate and share in the profits of the participating fund hence non-guaranteed benefits (in the form of bonuses) are not payable.
The guaranteed customer’s returns of non-participating policies are generally higher than participating policies. However, as non-participating policies do not participate in the profits of the participating fund, the total customer’s returns which consist of the guaranteed and non-guaranteed benefit (if any), are generally lower than participating policies.
2. What is Selected Client and Trusted Individual?
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
3. How is my policy protected?
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you.
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 (www.lia.org.sg or www.sdic.org.sg).
4. Where is my premium invested?
eEASY savepro is a participating plan. As such, the premiums paid are pooled with those of other participating policies offered by Etiqa in a specially designated ‘participating fund’. This fund invests in a range of assets such as bonds, equities, cash, deposits, loans or other assets.
5. Who is Etiqa?
Etiqa Insurance Pte. Ltd. is a licensed life and general insurance company registered in the Republic of Singapore and governed by the Insurance Act. 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 www.etiqa.com.sg.
6. Who should I contact if I have further questions?
You may contact our friendly Customer Care Consultants via WhatsApp 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.
1. 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 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.
1. How to 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.