Endowment

Tiq CashSaver: Flexible Savings with Protection for Your Future

Are you looking for a way to save money while also protecting your family's future ? Do you want the flexibility to start small but still reap significant benefits? If so, Tiq CashSaver might be the perfect solution for you. Let's dive into the details of this unique savings and protection plan.

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What is Tiq CashSaver?

Tiq CashSaver is a capital guaranteed endowment plan offered by Tiq by Etiqa Insurance. It's designed to help you save money over time while providing protection for you and your loved ones. This plan offers a lump sum payout at maturity, yearly cash benefits (both guaranteed and non-guaranteed), and the flexibility to start saving from as low as S$125 a month.

Key Features of Tiq CashSaver

Affordable Savings

Start saving from just S$125 a month . Flexible payment options: monthly, quarterly, half-yearly, or yearly.

Flexible Savings Duration

Pay over 2 years, save for 6 to 10 years. Pay over 5 years, save for 11 to 15 years.

Yearly Cash Benefits

Receive yearly cash payouts from the end of your 2nd policy year . Option to withdraw or accumulate these benefits.

100% Capital Guaranteed

Get 100% of your capital back upon maturity, guaranteed .

Protection Benefits

Receive 101% of total premiums paid in case of death or terminal illness. Additional 50% of total premiums paid for accidental death.

Total and Permanent Disability (TPD) Premium Waiver

Future premiums waived if you become totally and permanently disabled.

Why compare Tiq CashSaver with other Endowment options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

How Does Tiq CashSaver Work?

Let's break down the key components of this plan:

Premium Payment

You choose how long you want to pay premiums (2 or 5 years) and how long you want to save (6-10 years or 11-15 years).

Yearly Cash Benefits

From the end of the 2nd policy year, you start receiving yearly cash benefits. These include: -b>Guaranteed yearly cash benefit: 3.9% of the face value br>- Non-guaranteed yearly cash benefit: 2.5% of the face value (based on 4.25% p.a. illustrated investment rate of return)

Maturity Benefit

At the end of your chosen policy term, you receive: -b>Guaranteed maturity value (100% of your capital) br>- Performance bonus (if any)br>- Accumulated yearly cash benefits (if you chose not to withdraw them)

Protection Benefits

Throughout the policy term, you're covered for:br>- Death: 101% of total premiums paid + bonuses + accumulated cash benefitsbr>- Terminal Illness: Same as death benefitbr>- Accidental Death: Additional 50% of total premiums paidbr>- Total and Permanent Disability: Future premium payments waived

Real-Life Scenario: Supporting Family

Let's look at how Tiq CashSaver could work for someone like Eason, a 35-year-old private hire driver and sole breadwinner for his family of four:

  • Monthly Premium: S$800br>- Total Premiums Paid: S$48,001br>- Premium Term: 5 yearsbr>- Policy Term: 15 years

Year 1 (Age 35): Eason starts saving S$800/month.

End of Year 3 (Age 38): Eason uses his yearly cash benefit payout (S$1,468) to enroll his daughter in enrichment classes.

End of Year 4 (Age 39): Eason meets with a road accident and suffers from total and permanent disability. Future premiums of S$9,600 are waived.

Year 15 (Age 50): Eason's daughter's university education is fully funded with the maturity payout of S$45,953.

This example shows how Tiq CashSaver can provide both savings and protection, ensuring Eason's family is taken care of even when unexpected events occur.

Pros and Cons of Tiq CashSaver

Pros

  • Low entry point (start from S$125/month)

  • Flexible savings duration

  • Yearly cash benefits from 2nd policy year

  • 100% capital guaranteed at maturity

  • Protection benefits included

  • No medical examination required

  • Extended grace period option

Cons

  • Non-guaranteed components (yearly cash benefits and performance bonus)

  • Limited to Singapore residents

  • Early termination may result in loss

Who is Tiq CashSaver Suitable For?

Tiq CashSaver could be an excellent choice for:

  1. Young adults starting their savings journey
  1. Parents saving for their children's education
  1. Individuals looking for a low-risk savings plan with some protection benefits
  1. Those who want the flexibility of yearly cash payouts

Important Considerations

While Tiq CashSaver offers many benefits, it's essential to keep a few things in mind:

  1. Non-guaranteed Components: The non-guaranteed yearly cash benefits and performance bonus depend on the performance of the participating fund.
  1. Long-term Commitment: Like most life insurance policies, Tiq CashSaver is a long-term commitment. Early termination usually involves high costs, and the surrender value may be less than the total premiums paid.
  1. Coverage Limits: The maximum aggregate amount payable for terminal illness benefit is S$5,000,000 per life insured for all policies issued by Etiqa Insurance.
  1. Age Limits: The Total & Permanent Disability Premium Waiver Benefit and Accidental Death Benefit have age limits (policy anniversary when you attain age 86 and 80, respectively).

Frequently Asked Questions

Can I change my premium payment frequency?

You should check with Etiqa Insurance about options for changing your payment frequency after purchase.

What happens if I miss a premium payment?

There's a grace period for premium payments. If you're facing financial difficulties due to retrenchment or hospitalization, you can request a 60-day extension to this grace period.

Can I surrender the policy early?

Yes, but early termination usually involves high costs, and you may receive less than the total premiums paid.

Are the yearly cash benefits guaranteed?

Part of the yearly cash benefit is guaranteed (3.9% of face value), while another part is non-guaranteed and depends on the performance of the participating fund.

How is the performance bonus calculated?

The performance bonus is non-guaranteed and depends on the performance of the participating fund. It's determined by Etiqa Insurance and may vary each year.

Conclusion

Tiq CashSaver offers a unique combination of savings and protection, with the flexibility to start small and the potential for significant returns. Its 100% capital guarantee at maturity provides peace of mind , while the yearly cash benefits offer financial flexibility. The added protection benefits make it more than just a savings plan, providing a safety net for you and your loved ones.

However, like any financial product, it's important to carefully consider your personal needs and financial situation before making a decision. While Tiq CashSaver offers many attractive features, it's a long-term commitment that may not be suitable for everyone.

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