Are you looking for a way to save money while also protecting your family's future ? Do you want the flexibility to start small but still reap significant benefits? If so, Tiq CashSaver might be the perfect solution for you. Let's dive into the details of this unique savings and protection plan.
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Tiq CashSaver is a capital guaranteed endowment plan offered by Tiq by Etiqa Insurance. It's designed to help you save money over time while providing protection for you and your loved ones. This plan offers a lump sum payout at maturity, yearly cash benefits (both guaranteed and non-guaranteed), and the flexibility to start saving from as low as S$125 a month.
Start saving from just S$125 a month . Flexible payment options: monthly, quarterly, half-yearly, or yearly.
Pay over 2 years, save for 6 to 10 years. Pay over 5 years, save for 11 to 15 years.
Receive yearly cash payouts from the end of your 2nd policy year . Option to withdraw or accumulate these benefits.
Get 100% of your capital back upon maturity, guaranteed .
Receive 101% of total premiums paid in case of death or terminal illness. Additional 50% of total premiums paid for accidental death.
Future premiums waived if you become totally and permanently disabled.
Let's break down the key components of this plan:
You choose how long you want to pay premiums (2 or 5 years) and how long you want to save (6-10 years or 11-15 years).
From the end of the 2nd policy year, you start receiving yearly cash benefits. These include: -b>Guaranteed yearly cash benefit: 3.9% of the face value br>- Non-guaranteed yearly cash benefit: 2.5% of the face value (based on 4.25% p.a. illustrated investment rate of return)
At the end of your chosen policy term, you receive: -b>Guaranteed maturity value (100% of your capital) br>- Performance bonus (if any)br>- Accumulated yearly cash benefits (if you chose not to withdraw them)
Throughout the policy term, you're covered for:br>- Death: 101% of total premiums paid + bonuses + accumulated cash benefitsbr>- Terminal Illness: Same as death benefitbr>- Accidental Death: Additional 50% of total premiums paidbr>- Total and Permanent Disability: Future premium payments waived
Let's look at how Tiq CashSaver could work for someone like Eason, a 35-year-old private hire driver and sole breadwinner for his family of four:
Year 1 (Age 35): Eason starts saving S$800/month.
End of Year 3 (Age 38): Eason uses his yearly cash benefit payout (S$1,468) to enroll his daughter in enrichment classes.
End of Year 4 (Age 39): Eason meets with a road accident and suffers from total and permanent disability. Future premiums of S$9,600 are waived.
Year 15 (Age 50): Eason's daughter's university education is fully funded with the maturity payout of S$45,953.
This example shows how Tiq CashSaver can provide both savings and protection, ensuring Eason's family is taken care of even when unexpected events occur.
Low entry point (start from S$125/month)
Flexible savings duration
Yearly cash benefits from 2nd policy year
100% capital guaranteed at maturity
Protection benefits included
No medical examination required
Extended grace period option
Non-guaranteed components (yearly cash benefits and performance bonus)
Limited to Singapore residents
Early termination may result in loss
Tiq CashSaver could be an excellent choice for:
While Tiq CashSaver offers many benefits, it's essential to keep a few things in mind:
You should check with Etiqa Insurance about options for changing your payment frequency after purchase.
There's a grace period for premium payments. If you're facing financial difficulties due to retrenchment or hospitalization, you can request a 60-day extension to this grace period.
Yes, but early termination usually involves high costs, and you may receive less than the total premiums paid.
Part of the yearly cash benefit is guaranteed (3.9% of face value), while another part is non-guaranteed and depends on the performance of the participating fund.
The performance bonus is non-guaranteed and depends on the performance of the participating fund. It's determined by Etiqa Insurance and may vary each year.
Tiq CashSaver offers a unique combination of savings and protection, with the flexibility to start small and the potential for significant returns. Its 100% capital guarantee at maturity provides peace of mind , while the yearly cash benefits offer financial flexibility. The added protection benefits make it more than just a savings plan, providing a safety net for you and your loved ones.
However, like any financial product, it's important to carefully consider your personal needs and financial situation before making a decision. While Tiq CashSaver offers many attractive features, it's a long-term commitment that may not be suitable for everyone.
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