Etiqa Insurance launches the first online insurance savings plan following recent MAS guidelines on online distribution of life policies with no…

Etiqa Insurance launches the first online insurance savings plan following recent MAS guidelines on online distribution of life policies with no advice

By a News Reporter-Staff News Editor at Insurance Weekly News -- 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.

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