Etiqa Enrich Flex (REVIEW): A flexible savings plan
Etiqa Enrich Flex: Do you know the benefits of having a flexible savings plan like the flexible savings plan from Etiqa? If not, don’t worry because in this article, I’m going to share some reasons why you can consider hold of this product. ___________ Let’s start with how flexible is though!
Product at a glance
What is it?
Etiqa Enrich flex
- This is a participating insurance savings plan with regular premiums that will mature on the policy anniversary just before the primary insured person reaches 100 years old.
Benefits of the plan
- Provides the option to withdraw bonuses from the policy.
- Etiqa Enrich Flex offers limited premium payment term options: 10, 15, and 20 years.
- Offers option to include another person as the secondary life insured to ensure policy continuity.
- Provides protection against death, terminal illness, or total and permanent disability (until the policyholder reaches 70 years old) during the policy term of Etiqa Enrich Flex.
- Etiqa Enrich Flex is a guaranteed issuance policy that does not require any health checks.
Etiqa Enrich flex is Suited for
- Those who are looking for financial flexibility (withdrawals from policy).
- Those who are looking to benefit their generations (appointment of secondary life insured).
How flexible is Etiqa Enrich Flex?
Flexibility is at the heart of the Etiqa Enrich Flex, and that’s why we love it.
Take money out anytime, up to 100 years old
With this flexible savings plan, you can take money out from your Etiqa Enrich Flex anytime, no matter what your age is.
Scenario 2: Peter, a male non-smoker is turning 30 on his next birthday. He plans to save on a long-term basis and invests S$3,047 annually in Enrich flex for 20 years. | Total premium paid S$60,940 | |
| Total surrender value at age 60 | S$104,950 | Nearly 1.7 times of premium paid |
| Total surrender value at age 70 | S$145,878 | Nearly 2.3 times of premium paid |
| Total surrender value at age 80 | S$212,047 | Nearly 3.4 times of premium paid |
You can choose to either fully or partially withdraw from your policy—whatever works best for you. And if you need some extra cash for a rainy day? That’s okay! You can take money from your Etiqa Enrich Flex policy anytime you need it until you’re 100 years old!
You can make partial withdrawals too.
This means that if you want to use the money for something like a trip abroad or a new car, you can take as much as you need for those items and then still have enough left over for retirement.
If you’re saving for your child’s education or even their wedding day, Etiqa Enrich Flex gives you the freedom to use the money whenever they need it without having to worry about paying penalties (early surrender penalties). Or maybe you’re saving up for an emergency fund—whatever the case may be, Etiqa Enrich Flex makes sure that your savings are available when they’re needed most.
What if I don’t withdraw any money before that?
The Etiqa Enrich Flex policy offers a flexible savings plan, which means you can make withdrawals at any time without any restrictions.
Option 1:
Receive a lump sum at age 100.
If you don’t withdraw any money from Etiqa Enrich Flex before that, your option will mature into a lump sum benefit payout on the policy anniversary immediately before your 100th birthday.
Option 2:
To choose a second person to receive the maturity benefit for your Etiqa Enrich Flex plan.
Another option is to designate a secondary life insured (to receive the maturity lump sum at your attained age 100) in case something happens to you.
Is Etiqa Enrich Flex Capital guaranteed?
Yes, Etiqa Enrich Flex is a capital guaranteed plan.
Once your policy reaches its 15th policy anniversary, your capital is guaranteed. This means that regardless of whether you have completed the premium payment term or not, your capital will be safe.
Does Etiqa Enrich Flex offer any protection?
If you’re looking for a flexible savings plan that gives you the freedom to save and invest your money, while still protecting it in case of a medical emergency, Etiqa Enrich Flex is the plan for you.
This plan offers protection against death, terminal illness, or total & permanent disability. It can also waive the premiums if you’re diagnosed with a critical illness, death, or if you become disabled.
What payment terms are available?
We get it. You’re ready to retire, but you don’t want to pay for your savings plan until you’re 100 years old. (And who does?) That’s why Etiqa Enrich Flex is such a great choice for you.
If you want to save, but don’t want to commit to a long-term plan, Etiqa Enrich Flex is the answer. This flexible savings plan offers payment terms of 10 years, 15 years, or 20 years.
What are the drawbacks of the Etiqa Erich Flex plan?
Etiqa Enrich Flex is a flexible savings plan that allows you to invest for your future without the commitment of a fixed maturity duration. You can withdraw your money anytime, or leave it in the plan until maturity.
What are the drawbacks of the plan?
- There is no premium payment shorter than 10 years (if you want to make a payment before 10 years, let us Compare and Find the Best Savings plan for you.
- There is some element of insurance protection but it’s not for income protection. It’s meant as a safety net in case you have a severe medical emergency and unable to continue savings for your plan.
Anything else that I should know about this plan?
No health checks required.
No medical tests. No blood tests. Just a simple application, and you’re set!
The new Etiqa Enrich Flex Savings Plan is one of the best savings policies available in Singapore. It guarantees your capital after 15 years and offers flexible payment options, making it a smart choice for those looking to save money. There is no long-term payment commitment, so you can think about this savings plan if you’re interested in protecting your assets for the future.
Takeaway: Etiqa Enrich Flex provides you protection and flexibility of your savings.
Thanks for reading this review! We hope you found it helpful.
If you have any other questions about Etiqa Enrich Flex, please don’t hesitate to reach out to us. We’re here to help answer any questions you might have.
