Etiqa Insurance launches new savings plan

It guarantees a payout of 3% per annum for the first 6 years.

Etiqa Insurance has launched a non-participating insurance savings plan called SAVE3 that offers a guaranteed payout of 3% per annum for the first six years. 

SAVE3 offers a non-guaranteed loyalty bonus, equivalent to 0.6% of the account value, which will be paid at the end of the 6th policy year, and at every subsequent 6 policy year interval if no partial withdrawal is made. From the end of policy year 4, SAVE3 promises guaranteed capital and accommodates free partial withdrawal.

"We recognise current challenges in the volatile market, and wish to provide a viable financial solution to consumers who are seeking healthy wealth growth with low risks," Sue Chi Kong, CEO of Etiqa Insurance Pte. Ltd. said in a statement. 

Though SAVE3 has a short premium payment term of two years, customers who opt for a one-time premium payment can enjoy 3% off their first year premium amount.