Etiqa Insurance launches the first online insurance savings plan following recent MAS guidelines on online distribution of life policies with no advice
Source: Media Outreach
Headline: Etiqa Insurance launches the first online insurance savings plan following recent MAS guidelines on online distribution of life policies with no advice
SINGAPORE – Media OutReach – 24 April
2017 – Insurance arm of Maybank Group Etiqa
Insurance has launched the first online insurance savings plan, following the
Monetary Authority of Singapore (MAS)’s move to allow full suite of life
products to be sold online, without commissions and financial advice.
Etiqa’s eEASY save168 is a
6–year insurance savings plan that provides an attractive guaranteed return of
2.02% per annum upon policy maturity. The plan features a short premium payment
term of 2 years with pre-fixed premium sizes of $10,000 for the first year, and
$5,000 for the second year. At the end of 6 years, the customer will receive a
guaranteed lump sum amount of $16,800. The plan also provides financial
protection against death throughout the policy term. Customers can enjoy ease
of purchasing the plan online at their own convenience in 5 simple steps.
“Etiqa has been
responding to digitalization. Just two years after we started digital
distribution, we have launched a wide range of
personal insurance products online and are constantly reviewing our product
offerings and services through digital transformation. By digitalizing our process, boosting
operational efficiency and managing costs, we hope to make direct online
insurance premiums more affordable.
From 2015 to 2016,
we have seen close to 250% boost in online sales of general insurance products.
With a rise in digital knowledge among consumers, especially millennials who
are naturally more technology-savvy and more independent, we believe there
will be more people purchasing life insurance online and the move by MAS to
encourage the distribution of life insurance online is timely”, Mr. Sue Chi
Kong, CEO of Etiqa Insurance Pte. Ltd.
In April 2015, Etiqa
Insurance was the first life insurer to launch direct purchase insurance (DPI)
online, offering Direct Term Life and Direct Whole Life insurance plans with
total and permanent disability cover, as well as optional critical illness
riders attached. These plans provide insurance protection at affordable
premiums, and serve those seeking to provide basic protection for their loved
ones. For more information, visit http://www.moneysense.gov.sg/dpi. The full suite of Direct Purchase
Life Insurance products by Etiqa Insurance can be viewed and purchased directly
from Etiqa’s website: https://www.etiqa.com.sg/beta/direct-purchase-insurance.
Insurance Pte. Ltd. is a licensed life and general insurance company registered
in the Republic of Singapore and governed by the Insurance Act. In June 2016, Fitch rated the company “A-” for its financial strength
and stable outlook.
Etiqa has been providing
general insurance solutions in Singapore for more than 55 years. It started
business in Singapore in 1961 as United General Insurance Co. Sdn. Bhd.. The
company evolved to become the Singapore branch of Etiqa Insurance Bhd. in
As the appointed insurance
provider by Housing & Development Board for basic fire insurance, we’ve
been proudly protecting homes since 2009. We added life insurance to our stable
of products in August 2014.
In 1 April 2015, the
Singapore branch of Etiqa Insurance Bhd. transferred its general insurance
business to Etiqa Insurance Pte. Ltd.. As a composite insurer providing life
and general insurance, we offer comprehensive retirement, savings, protection
and general insurance solutions to our growing customer base.
At Etiqa, we believe in our
brand promise of humanising insurance. We aspire to offer products and services
that are simpler and more personal, yet relevant to what our customers need
today. We keep our customers’ best interests at heart by placing people over
policies in everything we do.
As the insurance arm of the
Maybank Group, we’re committed to helping our customers plan for a better
future. Maybank is among Asia’s leading banking groups and Southeast Asia’s
fourth largest bank by assets.
The Maybank Group has an
international network of 2,400 offices in 20 countries, employing over 45,000
employees who serve more than 22 million customers worldwide.
– Published and distributed with permission of Media-Outreach.com.