The popular Tiq 3 Year Endowment Plan is back. If you are not familiar with Tiq 3 Year Endowment plan, this is a short term Endowment policy that provides you up to guaranteed returns of 3.50% p.a. at the end of 3 years. A lump sum guaranteed maturity benefit will be paid at the end of the policy term.
Similar to past tranches, this is offered based on a limited tranche and will end once fully subscribed.
There is a catch to earn up to 3.50% p.a. though and I shall share more details below.
What are Endowment Policy or Plans?
Endowment Policy or plans are life insurance saving plans offered by insurance companies.
The aim is to help policyholders save towards specific financial goals. Policy holders can contribute a regular amount for a designated period of time or pay a lump sum upfront at the start of the policy.
Upon maturity of the policy, you will be given a lump sum payout with the guaranteed return. It is best to study the plan carefully as certain endowment plans offers non-guaranteed returns.
How To Earn Guaranteed Returns Of 3.50% p.a.?
Etiqa Insurance call this a Protect & Save campaign.
As illustrated in the table below, you need to purchase an eligible insurance plan to earn an additional 0.50% p.a. between the qualifying period from 18th May 2023 to 17th August 2023.
The guaranteed maturity return of 3.50% p.a. on the 3-Year Endowment Plan is capped at the first S$25,000 single premium.
For Example: A single premium of S$50,000 of Tiq 3-Year Endowment Plan.
First S$25,000 single premium will be entitled to a guaranteed maturity return of 3.50% p.a.
Remaining S$25,000 single premium will be at a guaranteed maturity return of 3.00% p.a
|Guaranteed Maturity Return for Tiq 3 Year Endowment Plan||3.00% p.a.|
|Additional Return with Eligible Insurance Plan||0.50% p.a.|
|Total Guaranteed Maturity Return||3.50% p.a.|
There is a minimum annualised premium of S$2000 and the eligible insurance plans are:
- 3 Plus Critical Illness
- Cancer Insurance
- DIRECT – Etiqa term life
- DIRECT – Etiqa whole life
- ePROTECT term life
- ePROTECT mortgage
- Essential Cancer Care
- Essential whole life cover
- Invest builder
- Invest starter
Fear not if you have no insurance plans to purchase because minimally you still get to earn the guaranteed 3.00% p.a. from purchasing the Tiq 3 Year Endowment Plan.
Saving 10K at 3.00% p.a. with Tiq 3 Year Endowment Plan
The minimum sum required to purchase this Endowment plan is S$5,000.
If you save S$10,000 into the Tiq 3 Year Endowment Plan, the total return (Principle + Interest) you will receive upon maturity of the plan is $10,928.
Summary of Tiq 3 Year Endowment Plan
- Minimum of S$5,000.
- Earn Guaranteed 3.00% p.a. by purchasing the Tiq 3 Year Endowment Plan.
- Earn additional 0.50% p.a. by purchasing eligible insurance from 18th May 2023 to 17th August 2023.
- The guaranteed maturity return of 3.50% p.a. on the 3-Year Endowment Plan is capped at the first S$25,000 single premium.