Etiqa Insurance, the insurance arm of financial services firm Maybank Group, has launched its first online insurance savings plan.
The launch comes as the Monetary Authority of Singapore (MAS
) has moved to allow a full suite of life insurance products to be sold online, without commissions and financial advice.
Etiqa’s eEASY save168 is a six year insurance savings plan with a guaranteed return of 2.02% per annum when a policy has matured.
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The online offering features a short premium payment term of two years with pre-fixed premium sizes of $10,000 for the first year, and $5,000 for the second year.
“By digitalizing our process, boosting operational efficiency and managing costs, we hope to make direct online insurance premiums more affordable,” Sue Chi Kong, CEO of Etiqa Insurance said.
Chi Kong noted that the insurer has seen close to a 250% boost in its online sales of general insurance products from 2015 to 2016.
With more consumers looking to purchase online, especially younger clients, Chi Kong said that the MAS
’s decision to encourage online distribution is “timely”.
The new offering gives clients a guaranteed lump sum amount of $16,800 at the end of the six year term and the plan provides protection against death over the course of the policy.
Etiqa first began digitising its distribution two years ago.
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