Limited Time Offer: Enjoy Guaranteed 2% p.a. Crediting Rate and Get up to $1,500 Cashback With Tiq Easy Save by Etiqa Insurance!

This article is written in collaboration with Etiqa Insurance. All views expressed in the article are the independent opinions of Sethisfy.com. Read Sethisfy.com’s editorial policy.


Are you sick of banks and insurance savings accounts dropping rates, and having to find new places to put your savings each time? How does getting a crediting rate of 2% p.a. on your savings with the rate guaranteed for 6 years sound? Etiqa Insurance offers just that with Tiq Easy Save! With Tiq Easy Save, you can enjoy a guaranteed crediting rate of 2% p.a. on your Account value for the first 6 years, with some flexibility to withdraw your funds.

If this is something that piques your interest, you need to hurry. Not only is there a limited tranche available for Tiq Easy Save, the ongoing promotion of up to S$2,000 cashback is ending on 30th November 2021. If you’re interested, do sign up with referral code R161521.

Two-year premium term, or lump sum

Tiq Easy Save has two premium payment terms to choose from. You can choose to save over 2 years, or pay both years in a single lump sum upfront and get 1.5% discount on first year premium as illustrated below:

Crediting rate

The crediting rate is guaranteed at 2% p.a. for the first 6 years of the policy. To be upfront, the guaranteed yield at the end of year 6 is 1.87% p.a. for 2-year premium term, and 1.84% p.a. at the end of year 6 for a lump sum premium payment of $30,000.

After year 6, you may choose to withdraw without penalty, or continue saving at the prevailing crediting rate at that time. 

Do note that this rate is only available as a limited tranche!

Withdrawals

There is some liquidity to the plan, although it does come at a cost. Fully surrendering or partially withdrawing incurs a charge as a percentage of the amount withdrawn. The charges are hefty at the start and scale down over time:

No of years from Policy commencement date1234567 &
above
Surrender Charge / Partial Withdrawal Charge (% of amount withdrawal from Account value)80.0%70.0%10.0%5.0%4.2%0.1%0.0%
Source: Tiq Easy Save by Etiqa Insurance

The plan is relatively short-term and one should only put aside funds if he/she is confident of setting aside for at least 6 years, but there are also compassionate grounds where one may make a partial withdrawal without a penalty during the first 6 years. This involves the policyowner or his/her to be certified by a doctor to have serious medical issues* and is subject to conditions.

Sign-up offer

For a limited time only, there is a sign-up promo for Tiq Easy Save:

Minimum Premium^S$20,000S$50,000S$75,000S$100,000S$125,000S$150,000S$200,000
Product CashbackS$70S$250S$400S$600S$800S$1,000S$1,500
^Minimum Premium based one Policy Year 1 or Lump Sum Premium before discount

If you choose to save S$25,000 per year for two years, your cashback is S$70.

Alternatively, if you opt to pay both years as a lump sum premium of S$50,000, you will enjoy S$250 cashback. As mentioned above, for lump sum payment option, you will also get discount of 1.5% off one year’s premium which is S$375 based on the example of S$50,000 lump sum premium.

Even more cashback!

Want even more sign-up rewards? Concurrently, Etiqa has another product called Tiq Invest which is a digital investment-linked plan with its own cashback promo:

Minimum PremiumS$5,000S$10,000S$20,000S$50,000S$100,000S$150,000
CashbackS$15S$30S$50S$100S$200S$300

On top of the individual promos, you can enjoy additional cashback when you sign up for two or more products:

Twin Bundle

Choose any TWO of the three productsMinimum Combined PremiumBonus Cashback on top of individual Product Cashback
• Tiq Easy Save
• Tiq Invest
• Tiq 3-Year Endowment Plan
S$25,000
S$50
• Tiq Easy Save
• Tiq Invest
• Tiq 3-Year Endowment Plan
S$50,000S$100

This means that if you get put a lump sum of $20,000 into Tiq Easy Save, and $5,000 into Tiq Invest, you can get S$135 (S$70 + S$15 + Twin Bundle Bonus Cashback of S$50)!

Trio Bundle

Get ALL three productsMinimum Combined PremiumBonus Cashback on top of individual Product Cashback
• Tiq Easy Save
• Tiq Invest
• Tiq 3-Year Endowment Plan
S$60,000
S$120
• Tiq Easy Save
• Tiq Invest
• Tiq 3-Year Endowment Plan
S$75,000S$150
• Tiq Easy Save
• Tiq Invest
• Tiq 3-Year Endowment Plan
S$100,000S$200

Getting all three products gets you even more cashback: for example, if you purchase $20,000 Tiq Easy Save, $20,000 Tiq Invest, and $20,000 Tiq 3-Year Endowment Plan, you can get S$240 (S$70 + S$50 + Trio Bundle Bonus Cashback of S$120)! 

Sign up for Tiq Easy Save

To sign up, tap here and use referral code R161521

Conclusion

Having to find new products to place funds in is a common problem I have observed in the past year or so. Banks and various insurance savings accounts reducing rates is a recurring issue, and some people are understandably tired of the constant hunt for new places to put savings. If you want a stable and predictable rate of return, Tiq Easy Save is a good fit, provided you are okay with not touching the sum for at least 6 years.

For those who have amassed a sizeable amount of cash savings, I think Tiq Easy Save would be a viable option to set aside some funds to grow in a low risk and fuss-free manner for the next 6 years. There is little volatility to worry about for funds you placed here, while other funds can be deployed in riskier investments for potentially higher growth.


*Terms apply.

These policies are underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K).

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You are recommended to read the Product Summary, Policy Illustration and policy document for the exact terms and conditions, specific details and exclusions applicable to this insurance product that can be obtained from any of our product distributors; and seek advice from a financial adviser before deciding whether to purchase the policy. In the event that you choose not to seek advice from a financial adviser, you should consider whether the policy is suitable for you and meets your needs in light of your objectives, financial situation and particular needs.
This content is for reference only and is not a contract of insurance.

Full details of the policy terms and conditions can be found in the policy contract.

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.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Information is accurate as at 19 November 2021.

Keep up to date on the best cashback/mile cards, savings accounts, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips exclusively shared in the group chat! See the Things You’ve Missed here

Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Thank you for supporting my site!

Leave a Reply

%d bloggers like this: