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Online Life Protection

1. What is Direct Purchase Insurance (DPI)?

DPI – identified by the prefix “DIRECT” in their product names – are life insurance products that you can buy directly from insurance companies, without paying any commissions. You do not need to pay commissions because these products are sold without any financial advice.

2. What are the types of DPI offered?

There are two main types of DPI available:

(a) Term life with Total and Permanent Disability (TPD) cover and an optional Critical Illness (CI) rider; and
(b) Whole life with TPD cover and an optional CI rider.

TPD is the complete inability to engage in any business/occupation, or total and irrecoverable physical loss, due to accident or sickness.

Tiq by Etiqa provides two DPI options, namely DIRECT – Etiqa term life & DIRECT – Etiqa whole life. Both options come with Life and Total and Permanent Disability cover and an option to cover Critical Illnesses. More information on DPI is available at: DPI Fact Sheet or MoneySense website.

3. What is the difference between a term life DPI and a whole life DPI?

A term life DPI provides insurance protection for a fixed period of time and may be suitable if you wish to provide for your financial dependents until they become self reliant. There will be a payout if you pass away, or suffer a terminal illness during the coverage period. Terminal illness is the conclusive diagnosis of an illness that is expected to result in death within 12 months. In comparison, a whole life DPI generally provides life-long insurance protection.

As term life DPI are pure protection policies with no savings or investment feature, they are generally cheaper than whole life products. However, this also means that a term life DPI has no cash value when the policy expires, or if you end the policy early.

Whole life DPI are typically more expensive than term life DPI as their premiums are invested to build up cash value in addition to paying for insurance coverage. If you end a whole life DPI early, there may be a cash value (known as surrender value). However, there may be no cash value if you end the policy in the first few years as most of the premiums you have paid would have been used to pay for the initial administrative expenses incurred by the insurers for setting up the policy.

4. What are the different coverage periods offered for term life DPI and how do I choose among them?

You may choose from three different coverage periods for your term life DPI:
• 5 year renewable;
• 20 years; or
• Term up to age 65.

A 5 year renewable term life DPI may be suitable if you prefer shorter coverage and the flexibility to renew your policy. The premiums may be higher at the point of renewal due to your age, but any medical conditions uncovered since the start of the term life DPI will continue to be covered after the renewal.

The other options are a term life DPI with coverage period of 20 years, and a term life DPI that covers you up to age 65. These may be suitable if you prefer longer coverage.

As your dependents will not benefit from the DPI’s coverage after it expires, you should consider the age of your dependents when choosing your policy coverage period.

5. What are the different premium payment periods offered for whole life DPI and how do I choose between them?

You may choose to pay premiums for your whole life DPI up to age 70 or age 85.

If you choose to pay premiums until age 70, you will need to pay higher premiums every year, but the total amount paid over the entire premium payment period will be lower.

If you choose to pay premiums until age 85, you will pay lower premiums every year, but the total amount paid over the entire premium payment period will be higher.

Consider if you can afford to pay the premiums until the age you have chosen, taking into account that you may not be earning any income after you retire.

6. Should I buy a critical illness rider for my DPI?

Once you have chosen a term or whole life DPI, you may choose to add a CI rider. The CI rider pays out the full coverage amount of a term or whole life DPI in a lump sum either when you are first diagnosed with a CI or after you have undergone surgery covered under the rider (except for Angioplasty*). This payout may ease your financial burden as your treatments and medication can be costly. Your income may also be affected as you may not be able to work due to the CI. It is important to note that the term or whole life DPI, together with the CI rider, will be terminated once the coverage amount is paid out under the CI rider. There is a total of 30 CIs covered under the CI rider.

*The CI rider will only pay out 10% of the coverage amount of the main policy or $25,000 whichever is lower, for Angioplasty and other invasive treatment for coronary artery. After the insurance company pays out the above, the remaining coverage amount for the main policy and CI rider continues to be in effect.

7. What are the 30 critical illnesses covered under DIRECT – Etiqa CI rider?

1. Major Cancer
2. Heart Attack of Specified Severity
3. Stroke with Permanent Neurological Deficit
4. Coronary Artery By-pass Surgery
5. End Stage Kidney Failure
6. Irreversible Aplastic Anaemia
7. End Stage Lung Disease
8. End Stage Liver Disease
9. Coma
10. Deafness (Irreversible Loss of Hearing)
11. Open Chest Heart Valve Surgery
12. Irreversible Loss of Speech
13. Major Burns
14. Major Organ / Bone Marrow Transplantation
15. Multiple Sclerosis
16. Muscular Dystrophy
17. Idiopathic Parkinson’s Disease
18. Open Chest Surgery to Aorta
19. Alzheimer’s Disease / Severe Dementia
20. Fulminant Hepatitis
21. Motor Neurone Disease
22. Primary Pulmonary Hypertension
23. HIV Due to Blood Transfusion and Occupationally Acquired HIV
24. Benign Brain Tumour
25. Severe Encephalitis
26. Severe Bacterial Meningitis
27. Angioplasty & Other Invasive Treatment For Coronary Artery
28. Blindness (Irreversible Lost of Sight)
29. Major Head Trauma
30. Paralysis (Irreversible Loss of Use of Limbs)

For more information, please refer to Rider Contract.​

8. How much insurance coverage can I buy?

You can insure yourself for up to S$400,000 per insurer, with a cap of S$200,000 for whole life DPI.

The following are some scenarios to illustrate how the cap of S$400,000 for DPI and sub-limit of S$200,000 for whole life DPI work.

Scenario 1:
If you have bought a term life DPI with sum assured of S$300,000, you may buy an additional term life DPI or whole life DPI with sum assured of $100,000 from the same insurer.

Scenario 2:
If you have bought a whole life DPI with sum assured of S$150,000 from an insurer, you may buy another whole life DPI with sum assured not exceeding S$50,000, or a term life DPI with sum assured not exceeding S$250,000 from the same insurer.

The scenarios above are not exhaustive.

9. What if I wish to have higher coverage?

You may consider our ePROTECT term life policy, which can provide coverage up till S$2 million.

10. Will I still be covered when I move to a different country?

Yes, you will be covered as long as you continue paying your premiums.

11. I am still not sure what type of DPI to buy and how much coverage I need. What should I do?

DPI may not be suitable for you if you are unsure about which type of DPI or how much coverage to buy as no financial advice is provided during the purchase process. In such a case, you are encouraged to seek advice from a financial advisory representative who will be able to advise you on a suitable product.

12. What is ePROTECT term life?

This plan is a non-participating, regular premium level term policy that provides the sum insured upon the death, total and permanent disability or terminal illness of the life insured during the policy term. This plan does not have any cash values. At the end of the policy term, if we have not paid out any claims, no benefits will be payable. You can insure yourself from S$401,000 to S$2,000,000.

You do not need to pay commissions because these products are sold without any financial advice.

13. What are the different coverage periods for ePROTECT term life offered and how do I choose among them?

You may choose from three different coverage periods:

• 5 year renewable;
• 20 years; or
• Term up to age 65.

A 5 year renewable term life may be suitable if you prefer shorter coverage and the flexibility to renew your policy. The premiums may be higher at the point of renewal due to your age, but any medical conditions uncovered since the start of the term life will continue to be covered after the renewal.

The other options are a term life with coverage period of 20 years, and a term life that covers you up to age 65. These may be suitable if you prefer longer coverage.

As your dependents will not benefit from the coverage after it expires, you should consider the age of your dependents when choosing your policy coverage period.

1. Am I eligible to apply?

Yes, if you fulfil the following requirements:

• You are a Singapore resident with valid NRIC or FIN.
• You are between the age of 19 and 65 years old.
• You are a tax resident of Singapore.
• You have resided in Singapore for 182 consecutive days on day of insurance purchase.
• You are proficient in spoken or written English.
• You are not an undischarged bankrupt.
• You are not purchasing this plan to replace any existing policy with Etiqa or other insurer(s).

1. How do I pay my initial premium?

You can pay via PayNow QR, debit card or credit card.

2. How do I know if my payment is successful and the application has been completed? 

For application that does not require further underwriting, you will receive a confirmation email with your policy number and policy documents after you have submitted your payment details.

3. How do I pay my subsequent premium payments?

Subsequent renewal premiums can be made through the following options:

a) FAST (Fast And Secure Transfers), offered by participating banks in Singapore, to our Malayan Banking Berhad account

DIRECT – Etiqa term life & ePROTECT term life: Account Number 04011519938
DIRECT – Etiqa whole life: Account Number 04011519914
When you are making this payment via FAST, please key in your NRIC/FIN to allow us to identify the payment you had made.

Maybank: please key in your NRIC/FIN under ‘Transaction Detail’
OCBC: please key in your NRIC/FIN under ‘Description (optional)’
UOB: please key in your NRIC/FIN under ‘My Initials’
DBS/POSB: please key in your NRIC/FIN under ‘Comments for Recipients’
Note: For use of FAST, there is a maximum limit of S$200,000 per transaction subject to your daily or monthly withdrawal limits.

b) Giro. If you wish to apply Giro arrangement for subsequent premium payments, you may download our Giro Application form and mail it to: One Raffles Quay #22-01 North Tower Singapore 048583.

c) PayNow. Transfer up to S$200,000 to UEN: 201331905KDP1.

Please be reminded to indicate your Policy Number under Transaction Reference. Kindly note for premium size above S$200,000, you may be required to make multiple transfers.

1.  How much insurance coverage do I need?

You should consider your financial commitments (e.g. loans, family expenses and children’s educational needs) and existing insurance coverage, including insurance provided by your employer, when deciding the insurance coverage that you need.

You should also consider whether you can afford to pay the premiums for the entire duration of the policy, taking into account your outstanding loans, regular expenses and your income over the long term. If you are unable to pay the premiums, your insurance policy will lapse (or end) and you will no longer be covered.

2. Can I buy a DPI or ePROTECT term life for any of my family members? 

No, the applicant of DPI/ePROTECT term life and the life insured must be the same person.

3. What do I need to disclose in my application?

You should disclose all information requested in the proposal form (including any pre-existing medical conditions) fully and truthfully. If material information* is not disclosed, or is falsely disclosed, you or your dependents may not be able to claim the benefits under the policy. If you are unsure whether the information is material, you are advised to disclose it.

After you submit your application, the insurer will conduct its underwriting. As the terms and benefits of the policy may change after underwriting, you should consider whether the revised terms and benefits still meet your needs when you receive the policy documents.

*Examples of material information include:
1. Whether you are a smoker
2. Whether you are currently on any medication or receiving any treatment
3. Whether you have any pre-existing medical conditions

4. Is medical examination required in order to purchase a term life insurance?

With DIRECT – Etiqa term life and ePROTECT term life, you can get up to S$1.5 million of coverage without the need for a medical check for customers up to age 40 and in the pink of health. If a medical check is required, we will bear the cost. For customers above age 55, the allowable limit for purchase without medical check-up is S$100,000.

5. Is medical examination required in order to purchase a whole life insurance?

With DIRECT – Etiqa whole life, you can get up to S$200,000 of coverage without the need for a medical check if you are in the pink of health. If a medical check is required, we will bear the cost. For customers above age 55, the allowable limit for purchase without medical check-up is S$100,000.

6. 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

7. What is Policy Owners’ Protection Scheme?

The Policy Owners’ Protection Scheme protects policy owners in the event a life or general insurer which is a PPF Scheme member fails. The PPF Scheme provides 100% protection for the guaranteed benefits of your life insurance policies, subject to caps where applicable. For example, for individual life and voluntary group life policies (with the exception of annuities), there are aggregate caps applicable, namely S$500,000 for the aggregated guaranteed sum assured and S$100,000 for the aggregated guaranteed surrender value per life assured per insurer.

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

You may contact our friendly Customer Care Consultants via WhatsApp messaging 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.

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