Customers can now grow their wealth from the comfort of their home with fuss-free online purchase
Singapore, 13 April 2020 – Etiqa Insurance Singapore announced the launch of a new short-term endowment plan with attractive guaranteed maturity returns of 2.10% per annum to help customers safeguard and grow their hard-earned money amid global economic impacts of the COVID-19 pandemic.
Tiq 3-Year Endowment Plan is a non-participating policy that guarantees customers with 106.43% returns1 on the single premium upon a short maturity period of 3 years. Available online for a limited tranche only, it offers a simple and smart way to save for the short-term. In addition to its attractive returns, Tiq 3-Year Endowment Plan includes a life protection benefit of 101% of the single premium. Customers who sign up for the endowment plan will also be eligible for the Financial Assistance Benefit2 for COVID-19.
“In today’s uncertain climate, the topic of financial security is more important than ever. Etiqa stays committed to helping people maintain their lifestyles, protect their assets and work towards their aspirations, and we do so by keeping their interests at heart, creating products and solutions that are simpler and more personal, yet relevant to their needs, so they can live their lives to the fullest today while saving towards a better tomorrow” said Sue Chi Kong, Chief Executive Officer, Etiqa Insurance Singapore.
Last year, a survey found that over 60 per cent of Singapore’s millennials save at least 20 percent of their salary. On average, most respondents including the millennial demographic kept about half of their assets as cash in savings accounts. Endowment plans, also known as insurance savings plans, represent an alternative financial instrument for individuals to grow their wealth and enjoy life protection, often without the requirement of a medical check-up.
The timely introduction of Tiq 3-Year Endowment Plan follows closely upon the heels of Etiqa’s recent campaign that encourages Singapore residents to re-evaluate their level of preparedness in times of crisis. The progressive digital insurer has been rolling out several initiatives such as free COVID-19 and dengue fever cover since the coronavirus outbreak.
1 Terms apply. Protected up to specified limits by SDIC.
2 The Financial Assistance Benefit is provided to all existing and new Insured Person but the benefit is not payable if diagnosis is within 14 days of policy issuance or the Insured Person shows symptoms of the virus strain and is suspected to have contracted the Novel Coronavirus (COVID-19) before 13 February 2020. Etiqa reserves the discretion to make amendments to the benefits and its validity at any time.
Information is correct as at 13 April 2020.
Manager, Brand and Communications
Etiqa Insurance Pte. Ltd.
Tel: 6690 4309
Etiqa Insurance – A Singapore Insurance Company with Asian and International Expertise
Protecting customers since 1961, Etiqa is a licensed life and general insurance company registered in the Republic of Singapore. We are regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act.
With a comprehensive suite of protection, savings, retirement and legacy planning solutions, we are committed to helping our customers plan for a better future. Rated ‘A’ by Fitch in April 2019 for our financial strength and stable outlook, we humanise insurance by placing people over policies.
Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.