Enrich Goal by Etiqa Insurance: A New Endowment Plan

Overview

Enrich Goal is a participating endowment plan from Etiqa Insurance Pte. Ltd. that combines savings accumulation with death protection. The plan requires premiums for only the first seven years of a 15-year premium term, thanks to an Automatic Premium Benefit that covers premiums from the 8th to 15th policy year. Policyholders can choose to receive the survival benefit as a lump sum at the end of year 15, or as yearly payments over 10 or 24 years. A compulsory Extra Cancer Care Waiver rider is attached, providing premium waiver protection against major cancer for lives aged 17 to 60 at entry. The plan is issued on a guaranteed basis—no health declarations or medical checks are required.

How It Compares

At a common basis of age 35, male, non-smoker, with a $10,000 annual premium, Enrich Goal's net investment returns trail its peers. The participating fund returned 0.43% over 5 years and 2.72% over 10 years, compared to GREAT Flexi Goal's 2.39%/3.68%, AIA Smart Flexi Growth's 2.90%/4.70%, and PRUWealth Plus's 2.23%/3.95%. Enrich Goal's total expense ratio of 1.93% (5-year) sits mid-pack—lower than PRUWealth Plus's 2.27% but higher than GREAT Flexi Goal's 1.54% and AIA Smart Flexi Growth's 1.30%.

At a $2,500 annual premium, the illustrated maturity value at year 15 ranges from $18,580 (guaranteed) to $25,300 (projected at 4.25% p.a. illustrated rate), implying a projected yield to maturity of 1.51%–2.59% p.a. The 10-year surrender value is illustrated at $5,984 guaranteed, up to $7,879 projected. Distribution costs at this premium level are $1,757.

Pros

• Short premium payment period: Only 7 years of premiums for a 15-year premium term, with the Automatic Premium Benefit covering years 8–15
• Guaranteed issuance: No underwriting or health declaration required
• Flexible payout options: Lump sum, or income spread over 10 or 15 years
• Vested reversionary bonuses: Once declared, these become guaranteed
• Death protection: Pays 101% of premiums paid plus bonuses

Cons

• Modest projected returns: 1.51%–2.59% p.a. projected yield to maturity is conservative
• Weak fund performance: 5-year net return of 0.43% significantly lags peers
• Higher expense ratio than key competitors: 1.93% TER versus 1.30%–1.54% for AIA and Great Eastern
• No SRS or CPFIS payment allowed
• No cash coupons: Returns are locked in until payout
• Bonuses not payable from year 16 onwards

Who It May Suit

Enrich Goal may suit investors who prioritise simplicity and guaranteed issuance over return maximisation. The short 7-year premium commitment and automatic premium benefit could appeal to those wanting a disciplined savings structure without ongoing premium obligations. The compulsory cancer waiver rider adds protection value. However, savers focused on higher projected returns or lower costs may find the peer products more compelling, particularly given Enrich Goal's comparatively weak 5-year fund performance and higher expense ratio.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.