• ETIQA Life Insurance

    Life Insurance is a very vital investment one must make early on in life. Due to the uncertainties associated with life, it better to be prepared for unfortunate situations rather than panicking if you or your loved ones are met with the infortunate.

    Etiqa Insurance provides insurance under various categories like accident, travel, motor, home, business and life. The life insurance policy provided by Etiqa is called Etiqa Life Protect. The details of this scheme are given below:

    Types of Life Insurance policies offered by Etiqa

    There are two types of insurance called the Term Life Protection and the Whole Life Protection. Under these 2 types there are 2 schemes each, which are the following:

    • Term Life Protection
      • DIRECT – Etiqa term life
      • Free Term Life Insurance
    • Whole Life Protection
      • DIRECT – Etiqa whole life
      • ePROTECT lifetime

    Here is a table showing a the basic details of these schemes:

    Insurance About Coverage Period
    DIRECT – Etiqa term life
    • Protection against death, Total and Permanent Disability (TPD) and Terminal Illness (TI).
    • Guaranteed renewal if you choose the 5-year renewable policy.
    5 years (renewable), 20 years OR up to the age of 65
    Free Term Life Insurance
    • This is especially designed for newlyweds and new parents.
    • This does not, however insure the new-born.
    12 months
    DIRECT – Etiqa whole life
    • Protection against death, TPD and TI.
    • You could accumulate non-guaranteed the bonuses which you can use to increase the coverage with time.
    • After the third year of this policy, the cash value of this plan will be accumulated.
    Whole life
    ePROTECT lifetime
    • It promises a benefit of up to 3 times the sum in case of death, TPD or TI, before the age of 65.
    • You can receive a retirement benefit as a lump sum amount at reaching the age of 65 years.
    • You must pay the premium only for 15 years for death protection.
    • You can choose to increase your coverage without undergoing health checks.
    Whole life

    Features and benefits

    • Premiums will not be raised during the chosen tenor. It will be the same amount.
    • You do not have to pay the intermediary fee because you purchase directly from Etiqa.
    • In the case of death, total permanent disability or terminal illness, you will receive a lump sum payment. The upper limit in case of total permanent disability is 65 years.

    Etiqa insurance Coverage

    Policy Coverage
    DIRECT – Etiqa term life S$50,000 to S$400,000
    Free Term Life Insurance S$25,000
    DIRECT – Etiqa whole life S$50,000 to S$200,000
    ePROTECT lifetime 3x sum assured

    Riders

    You can choose between the following riders to increase protection:

    • eXTRA multiplier to increase your coverage to 5 times the sum insured before you turn 65 years.
    • eXTRA secure (limited pay) enables you to get coverage in case of diagnosis of any critical illness covered by Etiqa.
    • eXTRA secure waiver will waive your future premiums in case you are diagnosed with any critical illness.
    • eXTRA payer waiver will waive the premium in case of death, TPD or critical illness of the payer. This waiver is applicable to the insured till he/she reaches the age of 25 years.
    • DIRECT – ETIQA CI RIDER will increase the death benefit in case of critical illness covered by Etiqa.

    How to Apply for Etiqa Insurance

    You can apply for this insurance policy on the insurer’s website by clicking on the Buy Online or Buy Now options which will take you to the page where you need to fill in personal details, quotation details, application and then proceed to pay.

    Check your Eligibility for Etiqa Insurance

    Policy Eligibility
    DIRECT – Etiqa term life N/A
    Free Term Life Insurance
    • Singaporeans as well as Permanent Residents who are between 21 years and 45 years are eligible to apply.
    • You can apply if your baby is below one year and for newlyweds, it requires you to apply for the plan within 6 months of your wedding.
    DIRECT – Etiqa whole life N/A
    ePROTECT lifetime N/A

    How to Claim Etiqa Insurance?

    To make a claim, you need to get in touch with the the Etiqa Claims Team after downloading, filling and submitting the form along with the necessary documents supporting your claim.

    For example, for hospitalisation claim, submit the discharge summary, medical reports etc.

    FAQs

    Q. What will happen to my Free Term Life Insurance in case my husband passes away?

    1. You will continue to gain the benefits till the pre-set duration, that is 12 months.

    Q.How do I choose between Term life DPI (Direct Purchase Insurance) and Whole life DPI?

    1. What you choose between the two lies in what kind of coverage you seek for yourself. As the name suggests, term DPI will cover you for a predetermined period. A Term life DPI is better when you are looking at security for your dependents as there is a payout if you pass away or fall terminally ill during the coverage period.

    Q. Will my premium increase if I am a smoker?

    1. Yes. Premiums for men and women will increase if they are smokers at the time of purchasing the insurance policy when compared to non-smokers.

    Q.How do I cancel my policy?

    1. You can cancel the policy by returning the policy documents to Etiqa Insurance within 2 weeks of receiving the policy document. There might be a deduction from the amount you paid for the medical fee incurred in assessing risk.

    Q.How do I pay the premiums?

    1. Your first premium can be paid using your credit card. All the subsequent payments can be made via GIRO payment or by cheques.

    News About Etiqa Insurance

    • Etiqa Insurance launches ePROTECT sMiles

      Etiqa Insurance, the insurance arm of Maybank, has launched a new insurance policy which is an affordable usage based policy. The policy is called ePROTECT sMiles and can potentially save Singaporeans hundreds of dollars’ worth of insurance premiums on an annual basis.

      The policy can provide a savings of up to 50% on premiums upfront alone and over the course of the year, allow Singaporeans to save as much as S$500 on their insurance premiums. The launch of ePROTECT sMiles comes after a peak in the interest towards usage based insurance or UBI. The policy gives drivers the same comprehensive car insurance coverage but rewards them for driving less.

      ePROTECT sMiles uses telematics app technology to calculate the distance driven and adopts a pay-as-you-drive model. Its transparent plan along with its simple payment model sets the policy apart from other UBI car insurance policies.

      28th June 2017

       
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