ELASTIQ - Another guaranteed 2.02% p.a. for the first 3 years?

1.5 years ago, I signed up for the FWD 2.02% "savings" plan and parked $15k.
I've always been in search for low risk decent yield alternatives on top of my savings account which I've shared in my tips on how I save >$150k before 28. While browsing the net, I came across Etiqa's latest whole life insurance savings plan which offers guaranteed 2.02% p.a for the first 3 years.
The minimum savings premium is at $5k. So, I thought why not? Since this $5k is something that I do not need atm, it's better for me to park the money here vs keeping it in my CIMB fastsaver earning just 1%.
Furthermore, you are able to withdraw money after 90 days - just take note that a service fee is charged if your average daily balance falls below $5k. 

I've just applied for the plan and parked $5k. I may be withdrawing this 3 years later and am expected to cash out $325 more interest.

The whole process took me less than 10 minutes. Take note that payment will be via DBS auto …

Here's a reason why you should buy the best hospitalisation plan

You must be thinking why a lady in her 20s is telling you this. Simply because, this young lady has just received her medical report and there are some issues that need medical advice.

Your Health is Your Most Important Asset. It's not too late when you're healthy.

I purchased the NTUC Enhanced Incomeshield plan since I started working. I knew I needed some wealth protection because I've always been a weak kid. I also happened to know that my parents did not purchase any insurance plans for us because "Daddy has no money for those". Honestly, I was dumbfounded. I was angry and I cried. I felt that my parents didn't love us enough. Which parent does not purchase insurances for their kids? I always thought we were covered.

"Why didn't he purchase hospitalisation plans for us!?" I exclaimed. "What if something happened to us and we had no money to treat?!" My mum probably thought I was really senseless and selfish to say such things, which after thinking through it now, I might have been a little rude. The short answer to the lack of insurances for us was because, we had no money (to spare).

Since I started earning my own keeps, I knew the 1st plan I needed was an hospitalisation plan. Do I know what I needed? Honestly, no. But I refused to purchase anything from an insurance agent. I just couldn't trust them knowing that they earn money from the plans I bought (sorry to agents reading this). All I trusted was myself. So, smartie me decided the best place to look around was via Google. Long story short, I decided on NTUC Incomeshield because

  1. their terms were easy to understand
  2. charges seem transparent
  3. I could purchase it just by going down their store
  4. I trust their brand
So off I went to the Bras Basah outlet in 2013 and signed on the Advantage plan. According to the agent, he finds that I do not need the Preferred Plan since public hospitals are equally good. I thought, "hey, at least he doesn't push me to take on the best plan!"

3 years down the road, I've changed my mind. I wanted to upgrade to the best plan possible because, why wait when I'm still young and healthy?! As we grow older, our health gets weaker. Should I decide to upgrade later when I'm diagnosed with some illnesses, it'll be too late. 

I've already upgraded my plan and took on the Plus Rider. It's time for you to take action if you've not purchased any hospitalisation plan.

Your Health is Your Most Important Asset. Be sure to protect it.

For the clueless, you may wish to check out the Medishield Life website to decide if you require an enhanced plan.
MediShield Life

You may also refer to AK's take on that. He might convince you better than I did.

Good Luck.


  1. Hi! Nice to different new voices blogging on finance etc. Once upon a time, I was like you - but I wished I had spent more time budgeting and investing then. Hope to see you continue blogging! (By the way, the best private shield plan can get rather expensive at older age and there is mthly withdrawal limit on cpf that can be used so gotta be careful there)

    Kevin L.

  2. Hi Kevin

    Thank you for your advice! I guess I will have to weigh the cost as the premiums get more. Hope not to downgrade my plan unless it's too costly to stomach. Will keep your words in mind :)

    Stay healthy! That's most important.

  3. Incidentally, did NTUC provide a projection of the charges for the rider as you grow older? It's not a fixed price. And subject at their discretion to adjustments (which I think is never going to be downwards). But I do agree it makes sense. Just need to do so with eyes open.


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