Endowment plans help you earn a lump sum amount upon maturity of a life insurance contract or upon death of the insured. This is the safest way to manage your savings, especially today when investments can turn out to be a tricky affair. Maybank Insurance understands the importance of endowment policies, and provides customers with 2 of its most scalable endowment insurance policies - the eSAVE assure 5 presto plan and the eSAVE flexi plan.
The eSAVE assure 5 presto plan allows you to protectively grow your money, while reaping potential returns upon completion of the maturity term. The plan has a nominal commitment period for the premium, and is a guaranteed issuance endowment policy.
On the other hand, the eSAVE flexi plan comes with guaranteed cash privileges throughout the year, while assisting you with creating savings. The policy has been tailored to tackle the volatility in markets, or as an alternative approach to the conventional ways of saving, Most importantly, this policy helps safeguard you against unforeseen incidents.
Both the endowment insurance plans are available in Presto, allowing you to shorten the entire process of application. Irrespective of your health condition, the policy allows you to benefit from potentially high returns. This also implies that no questions would be raised on your health, and there won’t be any medical checks.
Features and benefits
Privileges of the eSAVE assure 5 presto plan
The primary features covered under the eSAVE assure 5 presto plan include:
- The endowment insurance plan allows you to pay for only five years, so that you can be effectively rewarded at the end of 10 years. You can earn potential total returns of up to 2.75% p.a. (This projected gross return is based on a 50 year old male non-smoker).
- The plan also combines Automatic Premium Benefit (APB), which helps in funding your premiums starting from the 6th year and extending until the 10th.
- You’re guaranteed the capital at the end of the 10-year tenure.
- The policy also guarantees death protection benefit throughout the entire term.
- The application process is fairly simple and doesn’t involve any health checks.
- Besides, the eSAVE assure 5 presto policy grants you the scope to increase the coverage using the mandatory supplementary privilege, which provides enhanced protection. To be eligible for a cancer waiver, the insured person must be at least 17 years of age, and not more than 60.
- The policy also combines cancer waiver. In cases where the insured person is diagnosed with a major cancer, the policy can be continued and utilised without making any future premium payments.
Privileges of the the eSAVE flexi plan
There are several benefits upon enrolling for the eSAVE flexi plan, which is essentially a 15-year policy that benefits you for saving. Some of the key features are listed as below:
- Under the insurance policy, you can enjoy 13 guaranteed cash benefits on an annual basis. The cash benefits is equivalent to 5% of the total sum insured, and you can enjoy it starting from the end of 2nd year. You can also select to collect your cash benefits with Etiqa, which could provide a non-guaranteed rate of interest standing at 3% p.a.
- The insurance plan also provides additional protection against major twists that might occur in your life. As a part of this benefit you are guaranteed a lump sum amount, besides any extra bonuses. This can be obtained in scenarios of demise, or in case where you face complete and permanent disability, or any terminal illness, given that you haven’t turned 71 years of age. Furthermore, you can also make use of a cash advance privilege from Etiqa to address the need for an immediate capital aid for making funeral arrangements.
- The eSAVE flexi plan also provides guaranteed benefit upon maturity. This is inclusive of all guaranteed annual cash benefits. This feature could reward you up to 120% of the total sum insured.
- Besides, this insurance plan combines the Guaranteed Insurability Benefit (GIB) feature to provide you with enhanced protection on your policy. This implies that you’re guaranteed approval when you apply for a new term or an endowment plan, no matter what health status you might be in. This, however, depends on any of these three key events in your life:
- When you are getting married
- When you have a child or legally adopt one
- When you graduate from tertiary education
Endowment plans help secure your financial health upon maturity and are a great tool to enhance your savings for the future.