Much of our lives have been spent online, a trend that has been accelerated by a global epidemic. Investing has also turned into a mouse click.

Registering for investment-related policies (ILPs) is usually a long and complicated process, from the time you first meet your financial advisor to exploring the various rules and restrictions in the planning period.

ILP is a type of plan that allows policy makers to invest in a variety of assets in ILP sub-funds. ILP policy holders pay a premium to purchase units in sub-funds as well as to purchase life insurance protection.

Etika Insurance has launched a new digital ILP online payment products such as Tiq Invest that reflect the user experience in a new way. Etika is the fourth largest banking group in Southeast Asia, with a 69% stake. This new type of ILP is helping customers save money and time due to low administrative costs, the ability to purchase the instructions online, and unprecedented flexibility.

“ILPs are complex and difficult to understand, they often have locking times. With Tik Invest Digital Digital’s ELP, we aim to make things easier for policy makers and lower management fees so that policy owners can benefit more from the implementation of base funds, ”said Raymond Ong, CEO of Etiqa Insurance Pte Ltd.

Low administrative fees and agent-free registration process

Registering for a regular ILP can be a difficult process because clients are expected to make an appointment with a representative first.

This may seem like an unnecessary and costly problem for intelligent digital people who can find a lot of information online.

Unlike conventional ILPs, digital ILPs are not sold by agents. Instead, you can purchase online without prior consultation as long as the customer has passed the CKA during the registration process.

In addition to saving time for those who do not want to make an appointment with a representative, this is an ideal setting as it reduces unnecessary contact during the epidemic.

Since there are no agents in the process, there are no proxy commissions that add to the cost of digital LPS.

For example, payments for Tiq Invest’s Digital ILP are some of the lowest in the market. Fees include administrative fees and fund management fees. No agent commissions are paid.

“Tiq Invest charges 0.75 per cent a year, which is up to 1 per year compared to other digital insurers,” Mr Ong said.

Telephone customer care and tele-sales staff who need help are left with only phone calls and are available for free advice.

Access to a variety of investment portfolios

Like traditional ILPs, digital ILPs provide a way to build a diverse investment portfolio on a single product without a guaranteed return.

Tiq Invest Digital ILP offers four sealed funds in five ILP subdivisions.

ILP subdivisions cover many regions and provide significant geographic diversity. For example, the emerging markets bond fund provides exposure to developing market countries, the Asian tiger bond fund to Asia, and the Infinity Global Stock Index Fund.

ILP’s subsidies are held by some of the industry’s top fund managers, including Blackrock, PMC, Dimension Fund Consultants Limited and Anbessa Global Investors Limited.

Policy makers choose one of the four sealed funds as a risk tolerance.

Signing up for Tiq Invest is easy – simply select the sealed fund of your choice based on your food needs. Photo filter TIQ Invest

For example, high-demand investors can increase their growth potential by allocating 100% shares of the Aggregate Package Fund, 100% of the Infinity Global Stock Index Fund.

More cautious investors, on the other hand, may opt for a conservative package fund, which allocates 30 percent to the International Short Term Income Fund and 45% to the Asian Tiger Bond Fund.

Great flexibility in uncertain times

Some investors are reluctant to sign up for regular ILPs because they have a reputation for consistency. Policy holders are sometimes locked into a pre-defined payment structure, or cannot receive payment during the lockout period, and must also comply with certain rules governing withdrawal.

With TQ Invest, policy holders can get their money back without penalties.

The epidemic has also fueled the traditional notion that professions follow the line. There may be vacations and sometimes even welcome, and variable earnings are common due to the growing freelance and gig economy. Moreover, the plague has added to uncertainty.

Tick ​​Investment Digital ILP takes this fluidity into account and offers the highest level of flexibility in terms of premium payments and withdrawals.

For example, policy makers can choose between making regular payments and earning one or more sums of money. Plus, there’s no locking time, so you can withdraw money whenever you want.

Policymakers also enjoy greater flexibility when managing their investments.

“We allow customers to make unlimited sealed fund converters for free. They can make quick changes to their investments as they wish,” Mr Ong said.

“The customer may feel strongly about the investment goals and take an aggressive package fund. Along the way, in a few months, he may change his goals and decide to be more conservative in his approach. It can start a question.

To meet their investments, policy makers enjoy 1) 105 percent net profit or 2) Life insurance coverage, which provides additional financial security coverage for friends and relatives.

Tiq Invest is written by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K).

Tiq Invest is an investment-linked plan (ILP) that flows into the ILP sub-fund (s). Investments in this plan are subject to investment risks, including the loss of capital. The performance of the ILP sub-fund (s) is not guaranteed and the value of the components in the ILP sub-fund (s) and the revenue collected for the unit may fall or rise. Past performance does not necessarily indicate future performance of the ILP sub-fund (s).

Product summary and product highlights associated with the ILP sub-fund (s) are available and can be found via. The potential investor should read the product summary and product highlights sheet before deciding whether or not to register for classes in the ILP sub-fund (s).

Purchasing a life insurance policy is a long-term commitment and the early termination of the policy involves a high cost and, if any, can be zero or less than the total premium paid. You should seek advice from a financial advisor before deciding to purchase the policy. If you choose not to seek advice, you should consider whether the policy is appropriate for you.

This content is for reference only and is not an insurance contract.

Full details of the policy terms and conditions are included in the policy.

This policy is protected by the policy holders’ protection program administered by the Singapore Deposit Insurance Corporation (SDIC). Your policy coverage is automatic and no further action is required from you. Please contact us or visit us for more information on the types of benefits covered under the plan, as well as coverage limits, if necessary. Life Insurance Association (LIA) Or SDIC Websites.

This announcement has not been reviewed by the Singapore Financial Authority.

Information is as of November 5, 2021.