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.