Etiqa Enrich Flex Plus Review
- Derrick Lee
- Apr 27, 2023
- 2 min read
Etiqa has launched a new endowment plan, Enrich Flex Plus, designed to help you save for the long term while enjoying the flexibility to support your key milestones in life. You also have the assurance that your policy will continue for your loved one with a secondary life insured option.
The policy term is up to age 125, which makes it possible to pass this on to the next generation. The advantage is that you can let the value compound and grow to a huge amount, which makes it a good option for a legacy for your child.
You can choose to save in different options: lumpsum or 3/5/10/15/20 years. This is convenient for those who has budget concerns or uncertain about their future income. You can even save from as low as $100 a month, if you have a tight budget.
The guaranteed maturity yield is of up to 1.66% p.a. with potential total maturity yield of up to 3.96% p.a. Though this is not very high, the capital is 100% guaranteed from as early as policy year 5, which is one of the most attractive feature this plan offers.
There is also a lump sum payout upon death or terminal illness (101%) during the policy term, and additional payout upon accidental death (100%) until age 80. As this is a endowment plan investing in a par fund, there is not much coverage in the protection portion.
Example on how the plan works
In the event cash is needed for a certain key milestone, there is an the option to withdraw the accumulated cash value from the policy either through bonus, partial or regular withdrawal. This feature can help you for retirement or fund for your child's education.
Another additional feature of this plan is that you can add riders where you can continue the policy without paying premiums in the event of death, total permanent disability or critical illness. This helps to prevent the plan from stopping prematurely during an unexpected event.
In summary, if you are looking for a savings plan which can guarantee your capital in a very short 5 years, and provide withdrawal flexibility to meet your milestone needs which cannot be found in a traditional endowment plan, this plan is may be suitable for you. However, as this plan invests in a par fund, it does not have the potential returns of an ILP, considering the risk and returns.
If you want to know more details about the plan, or what plans are more suitable for you, please feel free to contact us for a non-obligation discussion.
Some information can be found on their website and brochure.
Website:
Brochure:
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