ELASTIQ
ELASTIQ, an innovative Saving & Insurance Plan which provide a single Premium yearly renewable non participating universal life plan with no lock in period or penalties for early withdrawal.
What makes ELASTIQ Stand out from the rest of the saving plans offered by banks in Singapore are . it has a guaranteed returns of 1.80% on your initial single premium for the first 3 years from policy issue date. The Policy provide you the flexibility to top up and withdraw while still earning crediting rate.
Beside offering High saving Interest comparing conventional fixed deposit , and integration of insurance Component . ELASTIQ main selling features is short lock-in period of only 90 days. After 90 days you have the flexibility to withdraw your funds with no penalty.
ELASTIQ Details
| Feature | Details |
| Who Can Sign Up | You can purchase this plan for yourself if you fulfill the following criteria: 1. You are: – a Singapore Resident with a valid NRIC or FIN; or – a foreigner but you must be holding a valid Work Permit, Employment pass or Social pass. 2. You are between age 17 to 75 (age next birthday).You are only allowed to purchase one ELASTIQ plan at a time. |
| Interest Rate | 1.80% p.a. guaranteed for first 3 years Limited to your Single Premium, top-up is subject to market prevailing rate Fully subscribed! ( Info From Tiq) |
| How ELASTIQ Account Value is Calculated | The account value is calculated as the single premium paid plus; |
| Minimum Account daily average value to earn Interest
Maximum Account Value |
From S$5,000 to S$50,000 in multiples of S$1,000. If Average Daily Account Value falls below S$5,000 by end of the Policy Month, a monthly service fee of S$5 will be charged. |
| Flexibility | 90 days, after which partial withdrawals can be made with no penalty or interest clawback |
| Minimum Withdrawal Amount & Fees Applicable | No fees |
| Minimum Top Up | Minimum S$500, in multiples of S$500 up to maximum Account Value
The total value of the policy (single premium + all top-ups) must not exceed $200,000 |
| Life Insurance Coverage | 106.8% of Account Value |
| Capital Guarantee | Cap guarantee by SDIC |
Oct 2020: Elastiq Fully Subscribed Check out GIGANTIQ.