Most of us know the importance of saving up, and we regularly do – either for a special holiday, a luxury item, or to guard against a rainy day. We are also familiar with the concept of inflation and know that retirement planning needs to start early, since every dollar we have today will be worth less in the future.
But fewer of us know how exactly to maximise our savings by growing it.
If you have extra money that you can stash away, especially during this bonus season, consider going beyond regular savings accounts. Instead, you could put your money into instruments such as savings insurance plans to grow it. Now, you can even do it online with the best online insurance savings rates and receive complimentary shopping vouchers worth up to $1,500* with Etiqa.
Watch your money grow
Etiqa’s EASY save series offers online savings insurance plans that allow you to save for a short term of six to seven years and enjoy attractive returns starting from two per cent per annum. There are varying plan options available to cater to your individual comfort level and risk appetites.
Etiqa’s eEASY save offers guaranteed returns of 2.23 per cent per annum for a policy term of six years with a lump sum payment. This policy provides guaranteed benefits. The policyholder does not participate and share in the profits of the participating fund hence non-guaranteed benefits (in the form of bonuses) are not payable. You can pay the 2-year premium term in a single premium upfront and enjoy 114 per cent capital guarantee at the end of six years. Annual premiums start from $10,000 to $100,000.
If you are seeking for a higher potential yield and have a bigger risk appetite, you can opt for eEASY savepro which offers higher projected returns of 3.14 per cent per annum. The capital guaranteed at maturity is more than 100 per cent for a seven-year policy term. In contrast to the above, this is a participating policy which provides both guaranteed and non-guaranteed benefits (in the form of bonuses). Annual premiums start from $5,000 to $100,000.
As per public data on CompareFIRST, Etiqa offers the best online insurance savings rates in the market. Upon purchase, you will receive up to $1,500 worth of shopping vouchers*, which varies as per the first-year premium size and premium term.
This is a useful way to store up funds for long term goals such as your retirement, or for your children’s future education.
Money in a savings insurance plan is less accessible, meaning it is less tempting to move or spend it. With EASY save series, you can enjoy death benefit over the policy term and complimentary accidental death benefit throughout the premium term.
Buy online at your convenience
With the recent changes from Monetary Authority of Singapore (MAS), it only takes seconds to get a quote online. Consumers are now able to purchase insurance products directly online without going through agents. Without middlemen, the distribution costs can be turned to better savings and return rates. You can also compare products in a transparent way.
Currently, Etiqa is the only insurer providing savings insurance plans online. Upon purchase, you stand to receive up to $1,500 worth of shopping vouchers*, which varies as per the first-year premium size and premium term. Pay the full premium within the same day and get rewarded with an additional $50 worth of shopping vouchers. Enquiries can be clarified easily online via Facebook messenger, live chat, email or phone.
Etiqa is the insurance arm of Maybank Group, rated A- by Fitch Ratings last year for its financial strength. The firm was the first to launch innovations such as Direct Purchase Insurance, life insurance plans online and automatic travel delay claims. With more than 55 years of experience in the insurance industry, it is recognised for its convenient and easy claims experience. It won Insurer Claims Team of the Year award at the Claims Awards Asia-Pacific 2017.
Find out more about Etiqa’s EASY save series, a better way to save.
*Only for EASY save series. Subject to promotional terms and conditions
Information is correct as of March 19, 2018.