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Tiq Easy Save

1. What is Tiq Easy Save?

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 Rate

As a policyholder of Tiq Easy Save, you will enjoy a guaranteed crediting rate of 2.00% 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 2.00% 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.

  • Long Term Benefits up to Age 100

Enjoy the benefits of Tiq Easy Save 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

  1. premium charge on the first year Regular premium; and
  2. 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 build-up of cash value through offering interest crediting rate. Our universal life plan offers a guaranteed minimum crediting rate.

1. Who can buy this plan?

You can purchase this plan for yourself if you fulfill the following criteria:

  • You are:
  • a Singapore Resident with a valid NRIC; or
  • a foreigner holding a valid Work Permit, Employment pass or Social pass.
  • You are between 17 to 75 years of age (age next birthday).

2. How many policies can I buy?

There is no limit to how many Tiq Easy Save policy you can buy.

1. What is the annual premium amount limit?

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.

2. How can I pay the premium?

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.

Initial premiums can be made through the following options:

  1. Immediate Payment
  2. Paynow QR. You will be required to login to your mobile banking app to scan the QR and make the premium payment; or
  3. Direct Debit – POSB or DBS account.
  4. PayLater Option
  5. FAST (Fast And Secure Transfers), offered by participating banks in Singapore, to our DBS Bank Ltd account (Account Number: 0720016521); or
  6. PayNow UEN: 201331905KDP1.

When you are making this payment via PayLater option, please key in your New Business Reference Number (NBXXXXXX) to allow us to identify the payment you had made.

Note: For use of FAST and PayNow UEN, there is a maximum limit of S$200,000 per transaction subject to your daily or monthly withdrawal limits. Kindly note for premium size above S$200,000, you may be required to make multiple transfers.

Subsequent renewal premiums can be made through the following options:

  1. 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;
  2. FAST, offered by participating banks in Singapore, to our Malayan Banking Berhad account (Account Number: 04011519914); or
    • PayNow UEN: 201331905KDP1

When you are making this payment via FAST and PayNow UEN, please key in your NRIC/FIN to allow us to identify the payment you had made.

Note: For use of FAST and PayNow UEN, there is a maximum limit of S$200,000 per transaction subject to your daily or monthly withdrawal limits. Kindly note for premium size above S$200,000, you may be required to make multiple transfers.

3. When will GIRO deductions be made for the second year premium?

Policy Anniversary DateScheduled Deduction Dates
1st attempt

2nd attempt

(If 1st attempt unsuccessful)

1st of current month to 15th of current month10th (of current month)25th (of current month)
16th of current month to 31st of current month25th (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.

4. What are the benefits and terms & conditions for paying lump sum?

Etiqa is providing a discount of 1.50% on your first year premium if lump sum premium payment is selected.

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.

5. What will happen if I stop paying premium?

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).

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

If your application and premium payment are successful, you will receive a confirmation email with your policy documents.

7. How can I view my policy status?

Your policy status such as your Account value is available to view on TiqConnect via Etiqa’s website (www.etiqa.com.sg).

An annual policy statement will also be sent to you. This document aims to keep you informed of the status of your policy such as the Account value, total partial withdrawal(s) and charge(s).

1. How can I withdraw money from my policy?

You may withdraw money from your policy through the following ways:

Partial Withdrawal

You may request for partial withdrawal(s) after the policy issue date, subject to the following:

  • The withdrawal amount must be at least S$500 (or its multiples) per withdrawal.
  • Partial withdrawal will reduce the Account value by the withdrawal amount and partial withdrawal charges (if any).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.
  • We reserve the right to delay the payment of the withdrawal amount for up to a period of 6 months from the date of the withdrawal request. We will exercise this right when there is a surge in withdrawals within the portfolio during a very short period of time.
  • We will also monitor your account value and exercise Market Value Adjustment (MVA) at our discretion to protect the interest of all policyholders. This is to ensure those who remain in our portfolio will not be placed at a disadvantage when others leave.

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%

Free Partial Withdrawal Benefit

You may make partial withdrawal(s) without paying partial withdrawal charge upon the following events:

If You or Your spouse is certified by a Doctor to:

  1. be physically or mentally incapacitated from ever continuing in any employment;
  2. have a severely impaired life expectancy;
  3. 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
  4. be diagnosed with Terminal illness.

We may appoint a Doctor to re-examine You or Your spouse on the certified medical condition.

You can exercise this benefit subject to the following conditions:

  1. Any of the above-specified events has to occur after the policy issue date or latest reinstatement date;
  2. 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
  3. This benefit can only be exercised once throughout the policy term.

Full Surrender

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.

We reserve the right to delay the payment of the surrender benefit for up to a period of 6 months from the date of the surrender request. We will exercise this right when there is a surge in withdrawals within the portfolio during a very short period of time.

We will also monitor your account value and exercise MVA at our discretion to protect the interest of all policyholders. This is to ensure those who remain in our portfolio will not be placed at a disadvantage when others leave.

2. What is Market Value Adjustment (MVA) and how does it work?

Market Value Adjustment (MVA) means an adjustment to your surrender or partial withdrawal amount which is to reflect the market value fluctuations of the assets supporting your policy. The adjustment, expressed as a percentage of the surrender or partial withdrawal amount, is decided at our discretion.

The MVA will only affect the non-guaranteed component of the surrender or partial withdrawal amount, and will not affect any guaranteed component in your policy.

3. How can I request for a partial withdrawal?

You may make a partial withdrawal after the policy issue date by logging into your personal account on TiqConnect. You may choose to receive the partial withdrawal amount via PayNow (using your NRIC/FIN) or Direct Credit to your DBS/POSB bank account registered with us during application (if any).

1.How do I check the status of my requests via TiqConnect?

If you have submitted a request via TiqConnect, you may refer to ‘My Request’ tab on your personal TiqConnect account for all your request status including any partial withdrawal(s).

2. 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) before deciding to purchase this plan.

3. 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.

4. 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

5. Switching of Policy / Replacement of Policy

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:

  1. You may not be insurable on standard terms;
  2. You may have to pay a higher premium for the same level of benefits;
  3. You may lose the financial benefit accumulated over the years; or
  4. 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.

6. I would like to nominate beneficiaries for my policy, how should I go about doing it?

If you wish to nominate beneficiaries for your policy, you may refer to this guide: https://www.tiq.com.sg/life-nomination-guide/

7. 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. If your policy document is sent by post, we consider this policy is delivered to you 7 days after the date of posting.

8. How do I 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.

9. 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 web-sites (www.lia.org.sg or www.sdic.org.sg).

10. Where is my premium invested?

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.

11. 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.

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

If you have any other enquiries, you may WhatsApp our friendly Customer Care Consultants 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.

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