Enrich Goal with Yearly Payments — Product Review

Overview

Enrich Goal with Yearly Payments is a participating endowment plan from Etiqa Insurance that combines savings accumulation with death protection. The plan requires premium payments for just the first seven years of a 15-year premium term, thanks to an Automatic Premium Benefit that covers premiums from year 8 onwards. Policyholders can choose to receive their survival benefit as a lump sum at the end of year 15, or as yearly payouts over 10 or 24 years. The plan also includes a compulsory Extra Cancer Care Waiver rider for entrants aged 17–60, and requires no medical underwriting. Premiums range from $2,500 to $10,000 annually, with the buyer selecting their outlay.

How It Compares

At a common basis of age 35, male, non-smoker, with a $10,000 annual premium, Enrich Goal's guaranteed surrender value at year 20 is $47,083. This sits between the AIA Smart Flexi Rewards (II) (10-Pay) at $11,964 and the GREAT Retire Income 20 at $106,100, while Manulife's RetireSavvy offers $30,000.

On investment performance, Enrich Goal's participating fund has delivered net returns of 0.43% over 5 years and 2.72% over 10 years. This trails GREAT Retire Income 20 (2.39% / 3.68%) and AIA Smart Flexi Rewards (II) (2.90% / 4.70%) on the 10-year measure. The total expense ratio of 1.93% over 5 years is higher than GREAT (1.54%) and AIA (1.30%), but lower than Manulife (2.40%).

For a $2,500 annual premium, the projected yield to maturity is 0.94%–2.06% p.a., with an illustrated maturity value of $1,260 guaranteed (up to $2,018 projected). Distribution costs on this basis amount to $1,781.

Pros

• Short premium term: Only 7 years of payments required for a 15-year premium term
• No underwriting: Guaranteed issuance without health declarations or medical checks
• Flexible payout options: Lump sum, 10-year or 15-year yearly payments
• Cash coupons: Regular payouts available
• Insurer rated A by Fitch
• SDIC protection under the Policy Owners' Protection Scheme

Cons

• Modest projected returns: Yield to maturity of just 0.94%–2.06% p.a. at the $2,500 premium level
• High expense ratio: TER of 3.23% over 10 years is the highest among peers
• Weak 5-year fund performance: Net return of 0.43% over 5 years is unimpressive
• Bonuses not guaranteed: Reversionary and performance bonuses depend on fund performance
• No CPFIS or SRS payment allowed
• Death benefit limited: Only 101% of premiums paid (plus bonuses) before payout date

Who It May Suit

This plan may suit individuals who prioritise guaranteed issuance (no health questions), want a short premium payment period, and value the flexibility of choosing how to receive their survival benefit. It could appeal to those who prefer a conservative savings vehicle with some upside participation, though the modest projected yields and higher expense ratios compared to peers suggest that those seeking stronger long-term growth may find better alternatives elsewhere.

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.