Can Online Insurance Savings Plans Promote Greater Financial Security Among Singaporean Women?

To provide Singaporeans easier access to insurance policies, insurers in Singapore are constantly innovating. Aiming to change the way life insurance policies are distributed, Etiqa Insurance is the first to bring insurance savings plans online with the EASY save series.

But in a country where expenses are high, and retirement planning is not a priority, how beneficial are online insurance savings plans?

Financial challenges faced by Singaporean women

Women in Singapore face various challenges in financial planning. Despite advancing in our careers, most women are still expected to take the lead when it comes to managing the household. Having multiple roles can be exhausting hence, most women forgo long-term financial planning to focus on their immediate tasks.

According to a survey of 600 moms, 75% of Singaporean mothers have not planned for their retirement. Most do not have concrete retirement plans for the future. 44% of the mothers surveyed planned to rely on their children for their retirement.

While there have been developments in pay equality across genders, Singaporean women are still paid 10% less than their male counterpart.  Women tend to outlive men. These emphasise the need for women to have a well-rounded financial plan.

With these challenges in mind, Etiqa aims to help Singaporean women by making saving more convenient and transparent with the EASY save series.

Benefits of Etiqa Insurance’s EASY save series

The EASY save series includes 2 plans: eEASY save and eEASY savepro. Here are 8 key reasons you should consider them in your portfolio, especially

  • Flexibility in the product offering
    Clients are free to choose the right plan based on their risk tolerance and comfort level. The plans provide flexibility in the product nature, terms and premium sizes.The eEASY save is a non-participating product with guaranteed returns while the eEASY savepro is a participating product with a higher potential return. Both offer a different level of comfort and risk.
  • Maturity returns offer the highest potential yields
    The return at maturity is guaranteed at 2.23% p.a. for eEASY save (with upfront premium discount). For eEASY savepro, it is more than 100% capital guaranteed and has a higher projected maturity yield of 3.14% (with upfront premium discount)

Can Online Insurance Savings Plans Promote Greater Financial Security Among Singaporean Women?

  • Personal protection
    There is a death benefit which is equal to 105% of total premiums paid and covers throughout the policy term. On top of this, Etiqa offers a free Accidental Death Protection Booster. This complementary protection is equal to 100% of total premiums paid and covers throughout the premium term.
  • Attractive capital guarantee, premium term and policy term.
    eEASY save offers 114% capital guarantee while eEASY savepro offers more than 100% capital guarantee. Policyholders can choose to pay a 2-year premium term in a single (or lump sum) premium for their convenience. Policy terms are 6 and 7 years for eEASY save and savepro respectively.
  • Customisable Premiums
    Premiums start at $10,000 to $100,000 for eEASY save and $5,000 to $100,000 for eEASY savepro. It is fully customisable to your needs, allowing those with a limited budget to start investing.
  • Time-effective
    An online insurance savings plan is a great solution for time-strapped women. It takes away the pain of face-to-face consultation with agents. Just choose the product that suits your needs best and sign up online.
  • Easy to understand
    Most insurance products can be complicated and full of jargons. They are challenging to comprehend. The EASY save series is simple and straightforward. The user-friendly website is a joy to navigate too.
  • Potentially higher returns
    eEASY savepro has higher potential yield of 3.14% p.a.. One of the reasons why Etiqa can offer such high projected yields is that online insurance savings plan cuts off intermediary costs. The online and direct business model converts what would have been commission fees for distribution cost into better returns for policyholders.
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Can Online Insurance Savings Plans Promote Greater Financial Security Among Singaporean Women?

But… I’m not familiar with Etiqa Insurance. Are they reliable?

Etiqa is a joint venture between Maybank and Ageas, an international insurance group.  Maybank is 1 of the top 5 banks in Southeast Asia. The 2 companies have 50 million customers across 36 countries between them.

It is the appointed fire insurer for the Housing Development Board (HDB) since 2009. This further cements Etiqa’s reputation as it has since provided protection for over 300,000 homes. Etiqa is rated “A-“ by Fitch, a testament to its financial strength and stable outlook.

Etiqa has been in the market for more than 55 years and is recognised for the award-winning claims experience offered through the instant digital claim processing for their travel insurance. It rolled-out the automatic flight delay notification and processing service. Once a flight is delayed, clients will receive an SMS from Etiqa informing them. Once clients meet the qualifying criteria, Etiqa will automatically process the claims.

Planning for your future with online insurance saving plans

The EASY save series is the ideal solution for the modern Singaporean women who are thinking about their financial plans but pressed for time. The flexibility and variety of options between eEASY save and eEASY savepro allow them to choose what suits them the most.

Get a quote in seconds today.

NB: Abovementioned rates and product details are valid for Etiqa’s EASY save series end-of-year promotional campaign only.

NB: Extended by popular demand to 15 January 2018. Abovementioned rates are valid for Etiqa’s EASY save series promotional campaign only.

Recommended1 recommendationPublished in Singapore, Insurance
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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).