SINGAPORE -�Media
OutReach�-�26 November 2018 -�Etiqa
Insurance announced the launch of ELASTIQ, a first-of-its-kind online
universal life (UL) insurance plan in Singapore, which promises flexibility and
security for financial-savvy individuals. In addition to life coverage,
ELASTIQ� by Etiqa offers a high guaranteed
crediting rate of 2.02% p.a. in the first 3 years, and a short 90-day lock-in
period, after which customers enjoy the flexibility to top-up or withdraw their
funds without any penalty charges or interest clawback.
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Amid positive forecast of UL growth in Asia,
ELASTIQ seeks to fill the gaps of an effective UL plan designed to cater to the
public, especially millennials, which makes up for one fifth of the population
in Singapore. With a low minimum premium size of an affordable S$5,000, as
compared to typical UL policies where the minimum single premium usually starts
at US$100,000, the plan is kept accessible and works like a whole life
insurance savings plan.
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"Universal Life products are known to be an
effective lower-risk wealth management tool with an element of protection, but
it is often targeted at the affluent. With a lower minimum single premium and
high guaranteed crediting interest rates, we hope that more people from the
emerging affluent and mass affluent segments can benefit from ELASTIQ," said
Sue Chi Kong, Chief Executive Officer of Etiqa Insurance Singapore.
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ELASTIQ offers the best of both worlds by
marrying consumers' need for security with the freedom to top-up or withdraw
funds, as financial objectives and circumstances change over time. Customers
can easily manage their finances online such as performing ad-hoc and recurring
top-ups, up to a maximum of S$200,000 in total premiums paid, or make partial
withdrawals after a lock-in period of 90 days without penalty charges. This
flexibility and minimal lock-in period is a first-of-its-kind feature for
universal life plans in the market. It also offers a projected non-guaranteed
loyalty bonus of 0.3% of the policy's average monthly account value for the
past 36 policy months in every 3 years interval if no partial withdrawal(s) has
been made before.
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ELASTIQ by Etiqa can be purchased online with
ease at www.tiq.com.sg
via immediate DBS/POSB Direct Debit Authorisation (DDA) service. Availability
is limited. For more information, please visit http://po.st/ELASTIQSG.
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Etiqa Insurance
-- A Singapore Insurance Company with Asian and International Expertise
Etiqa Insurance Pte. Ltd. is
a licensed life and general insurance company registered in the Republic of
Singapore and regulated by the Monetary Authority of Singapore (MAS). In July 2017, Fitch affirmed the company's "A-" rating for its
financial strength and stable outlook.��
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Etiqa has been protecting Singaporeans since 1961 with
a range of general insurance solutions that constantly evolve to meet their
ever-changing needs. As the appointed insurer for the Housing Development Board
(HDB) Fire Insurance Scheme in Singapore, we have been protecting homes since
2009. In August 2014, we added a comprehensive suite of life insurance
solutions to our stable of products.
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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, one of Asia's�leading banking groups with more than 22 million
customers worldwide in 20 countries; and 31% by Ageas, an international
insurance group with 33 million customers across 16 countries and a heritage
that spans over 180 years, with a focus to provide world class insurance
solutions to consumers in Europe and Asia through market leading joint
ventures.
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At Etiqa, we believe in our brand promise of
humanising insurance, by placing people over policies in everything we do. We
are passionate about helping Singaporeans protect themselves and their loved
ones today and helping them plan for a financially secure tomorrow.
