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Tiq 3-Year Endowment Plan
1. What is Tiq 3-Year Endowment Plan?
This is a single premium, non-participating life insurance savings plan. This plan has a policy term of 3 years. A lump sum guaranteed maturity benefit will be paid at the end of the policy term.
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.
3. You are between age 17 to 70 (age next birthday).
2. How many policies can I buy?
There is no limit to how many Tiq 3-Year Endowment Plan you can buy.
1. How can I pay the premium?
Premiums can be made through the following options:
- Direct Debit : POSB or DBS account.
- Paynow QR : You will be required to login to your mobile banking app to scan the QR and make the premium payment; or
- 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.
2. When do I have to make payment for my policy when 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.
3. 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.
4. How can I view my policy status?
You may view your policy status such as your product documents on TiqConnect.
1. What happens if I want to surrender my policy?
A guaranteed surrender benefit, less any outstanding amount owing to us, will be payable upon surrender.
From Policy commencement date
Surrender value (% of single premium)
2. 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.
1. 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).
You may contact our friendly Customer Care Consultants through Whatsapp at +65 6887 8777 during our operating hours – Mondays to Fridays, 8.45am to 5.30pm, for assistance.
2. Are there any useful resources which I can refer to?
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 may use the Insurance Estimator from Central Provident Fund to help you decide on the amount of coverage 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. You may use the Budget Calculator available on the MoneySENSE website to check if the premium is affordable based on your current income and expenditure.
You may also consider the different types of Direct Purchase Insurance (DPI) and other types of life policies available, and whether the life policy is suitable for your financial circumstances and needs. To do this, you may visit the compareFIRST website to understand the features and premiums of DPI and other types of life policies.
3. 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
4. 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).
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 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.