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Tiq Invest

1. What is Tiq Invest?

Tiq Invest is a single Premium investment-linked insurance plan that is designed to meet your wealth accumulation needs. It matures on the Policy anniversary immediately before the Life insured attains 100 years old. This plan provides protection against death and Terminal illness of the Life insured during the policy term.

This plan allows you the flexibility to choose from a list of Packaged funds for investment. This plan is subject to the market performance of the assets of the ILP sub-funds. Your investment returns are subject to investment risks, including the possible loss of the principal invested. The value of the units in the Packaged fund may fall as well as rise depending on economic / market conditions.

2. How is the Account value calculated?

Account value is the value of all the units in your policy less any applicable fees and charges.

3. What is the minimum / maximum amount that I can start investing?

The minimum amount to start investing is S$1,000 while the maximum is capped at S$200,000.

4. Is there a minimum account value to maintain?

There is no minimum account value to maintain.

5. How many Packaged funds can I select?

You can choose to invest in any one of the 4 curated Packaged funds (Conservative, Moderate, Growth, Aggressive) catering to different risk profile, and consists of up to 5 ILP sub-funds.

The list of ILP sub-funds and their allocations are available here.

You may select 1 Packaged fund per policy at any point in time based on your risk appetite.

6. Can I switch between Packaged funds?

To allow you to tap into investment opportunities arising from changing market conditions, you can make unlimited Packaged fund switching after passing CKA which will be valid for 1 year from the date of assessment.

There is currently no charges when you switch your Packaged fund. Upon successful fund switch, we will switch all units out of the fund in your initial Packaged fund.

You may submit your request via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application. You can only invest in 1 Packaged fund at any point in time.

The Packaged fund switch charge is subject to changes and a thirty (30) days’ written notice will be provided to you if we do so.

7. What are the protection benefits cover for this policy?

You are covered for death and terminal illness benefit under the policy. We will pay the higher of:

  1. The Account value; or
  2. 105% of Net Premiums*

The policy will end when we make this payment.

*refers to single premium plus ad-hoc and recurring top-up paid to date less withdrawals less any fees and charges applicable.

A simple illustration:

            Scenario AScenario B
Single PremiumS$50,000S$50,000
Account ValueS$60,000S$45,000
Death or Terminal Illness Benefit S$60,000S$52,500

Based on Scenario A, we will payout the Account value since it is higher than the death / Terminal illness benefit.

Based on Scenario B, we will payout the death / Terminal illness benefit since the account value is lower.

You may refer to the Product Summary for more details on the plan benefits and exclusions.

8. What happens when the policy reaches maturity?

This policy will mature when you reach 100 years old. The maturity benefit payable will be the Account value less any applicable fees and charges.

9. What are the applicable fees and charges?

Fees and Charges

Management Charge Fee

 

(A fee that we charge for the management of your policy.)

0.75% per annum of your account value

Fund Management Fee

 

(A fee that is payable to the Fund manager / ILP sub-fund manager for managing the Packaged funds and ILP sub-funds.)

Range between 0.00% to 4.00% per annum

Fees and charges are subject to changes and a thirty (30) days’ written notice will be provided to you if we do so.

1. Who can apply for this plan?

You can purchase this policy for yourself if you are:

  1. a Singapore citizen or permanent resident with a valid NRIC; or
  2. a foreigner holding a valid Work Pass/Permit or Long-Term Visit Pass; and
  3. You are between age 17 to 60 (age next birthday); and
  4. You met the Customer Knowledge Assessment (CKA) criteria

2. Why do I need to complete the Customer Knowledge Assessment (CKA)?

To protect the interests of customers, the Monetary Authority of Singapore (MAS) require financial institutions to assess whether customers have the financial knowledge and experience to understand the risks and features of unlisted Specified Investment Products, such as ILP or Unit Trust, prior to any purchases.

To pass, you will have to meet at least one of the CKA criteria:

  • Diploma or higher qualification in Accountancy, Actuarial Science, Business, Capital Markets, Commerce, Computational Finance, Economics, Finance, Financial Engineering, Financial Planning, Insurance, or Professional Finance – related qualifications (e.g. CFA, CPA/ACCA).
  • A minimum of 3 consecutive years of working experience (including the provision of legal advice or possession of legal expertise) in the past 10 years in the development of, structuring of, management of, sale of, trading of, research on and analysis of investment products or the provision of training in investment products. Work experience in accountancy, actuarial science, treasury or financial risk management activities will also be considered relevant experience.
  • Transacted at least 6 times in a Collective Investment Scheme (e.g. Unit Trust) or Investment Linked Policy (ILP) in the last 3 years.

3. What does the Customer Knowledge Assessment (CKA) result means to me?

If you pass the CKA which will be valid for 1 year from the date of assessment, you will be able to purchase Tiq Invest ILP, perform Packaged fund switching and Top-up via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application. On the expiry date of your CKA, you would need to complete a new CKA before you can perform these transactions.

If you have any enquries, you may WhatsApp our friendly Customer Care Consultants at +65 6887 8777 during our operating hours – Mondays to Fridays, 8.30am to 5.30pm. We are closed on Saturdays, Sundays, and Public Holidays.

1. What is the minimum / maximum initial Single Premium amount?

You can start investing with an initial Single Premium of S$1,000 up to a maximum of S$200,000.

2. What are the accepted payment methods?

Initial premiums can be made through the following options:

  • Direct Debit – POSB / DBS account
  • Paynow QR

1. What type of Top-up(s) are available?

You can make a recurring or ad-hoc Top-up immediately after the Policy issuance to power up your investment.

Ad-hoc Top-up

  • Ad-hoc top-up(s) are one-off top-up(s) made to the policy. You may make an ad-hoc top-up immediately after the policy issuance by logging into our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application. The payment method for ad-hoc top-up(s) is same as the payment method for single premium.
  • The minimum amount for ad-hoc Top-up is S$500 and the maximum is capped at $200,000 per transaction. Top-up must be in multiples of S$100.

Recurring Top-up

  • The minimum amount for recurring Top-up is S$1,200 per annum, S$600 per semi-annual, S$300 per quarter, or S$100 per month.
  • Top-up must be in multiples of S$100.
  • The maximum recurring Top-up per enrolment allowed is S$200,000.

There is no additional fees imposed for Top-up(s).

2. What happens when my account value is zero or less than zero?

Top-up is required in order for your policy to remain active, otherwise your policy may lapsed after the thirty (30) days grace period.

1. Can I withdraw money from my policy?

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

Partial Withdrawal

You can make partial withdrawal(s) any time after the Policy issuance, subject to the following:

  • Minimum partial withdrawal amount is S$200.
  • After partial withdrawal, the minimum account balance must be at least S$200.
  • Partial withdrawal(s) is not allowed if the remaining amount in of your Packaged fund falls below the minimum requirement after withdrawal(s).

You can submit a request for partial withdrawal(s) via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application. You may choose to receive the partial withdrawal amount via PayNow (using your NRIC) or to your own POSB or DBS account via direct credit. Payment to third party account is not allowed.

You will receive a SMS and email notification upon successful withdrawal. There is no additional fees for withdrawals.

The minimum / maximum partial withdrawal amount is subject to change and a thirty (30) days’ written notice will be provided to you.

Full Surrender

Upon full surrender, we will pay the surrender benefit in one lump sum which is equivalent to the Account value, less applicable fees and charges. When we make this payment, the policy ends. You may request for a full surrender any time after the free-look period.

You will receive a SMS and email notification upon full surrender. There is no additional fees for full surrender.

1. What if I change my mind?

You may cancel (free-look) this policy within 14 days after you received the policy document, for any reason. We will refund you the Premiums you have paid less any change in the unit price(s) of the Packaged fund and any costs incurred by the Company in assessing the risk under the policy. Any partial withdrawal previously paid to you under this policy will also be deducted.

Should the free look request be received before 12 p.m. (Singapore time), We will use the unit price for the current Valuation day or else it will be based on the unit price as at the next Valuation day. In the event that the Account value of the Packaged fund of Your policy is more than the Premium paid, We will only refund the Premium paid.

If your policy document is sent by email, we consider this policy is delivered to you 1 day after the date of emailing.

2. How can I request to reinstate my policy?

If your policy has lapsed, you may reinstate your policy within 12 months from the policy lapse date by:

  • paying any Top-up(s) required;
  • paying all fees and charges for reinstatement of this policy;
  • giving Us satisfactory proof of the Life insured’s good health (if applicable), at Your own expense.

Reinstatement is subject to our approval.

You may make a request for reinstatement via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application. You will receive a SMS and email notification upon successful reinstatement.

3. How do I check the status of my requests or view my policy status?

You can check the status of your request or access your policy status such as your account value via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application.

4. Will there be any monthly policy statements sent to me?

A monthly policy statement will be sent to you via email. This document aims to keep you informed of the status of your policy such as the Account value, total Top-up(s) and total partial withdrawal(s). Alternatively, you may view the monthly policy statement via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application.

5. I am unable to view my units after I have submitted my application/ made a Top-up.

If you submit your applications/request before 12 p.m. (Singapore time), we will use the unit price for the current Valuation day or else it will be based on the unit price as at the next Valuation day.

Below is a simple illustration on the date that your units and unit price will be available for viewing via our TiqConnect customer portal or by logging into your account via our Tiq by Etiqa mobile application.

A simple illustration:

Application Submission Date

Unit Pricing Used

Display of Units & Unit Price

01 September 2021 on or before 12 p.m. (Singapore Time)

02 September 2021

Available on 03 September 2021

01 September 2021 after 12 p.m. (Singapore Time)

03 September 2021

Available on 04 September 2021

6. How to file for a death / terminal illness claim?

We are sorry to learn of the unfortunate event of our Life insured. In order for us to assess your claim, please send us a written notice to nonmotor@etiqa.com.sg within 3 months of the occurrence of the claim event.

We are committed to keeping the claim process as swift as we can.

7. 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).

8. Who is Etiqa?

Tiq Invest ILP is underwritten by Etiqa Insurance Pte. Ltd., 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.

9. 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, 8.30am to 5.30pm. We are closed on Saturdays, Sundays, and Public Holidays.

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