Enrich Saver — A 10-Year Participating Endowment from Etiqa

Overview

Enrich Saver is a regular-premium participating endowment plan from Etiqa Insurance Pte. Ltd. (credit-rated A by Fitch). It has a 10-year policy term, but premiums are payable for only the first five years — an Automatic Premium Benefit covers premiums from year 6 to year 10 once the first five years' premiums are received in full. The plan is guaranteed issuance, meaning no health declaration or medical underwriting is required at application.

The product is quoted by premium — the buyer chooses the annual outlay (illustrated here at $5,000 and $10,000) and the payout follows. At a $5,000 annual premium, the illustrated maturity value is $25,080 guaranteed, with a projected upside to $30,923 at the higher illustrated rate. The projected yield to maturity ranges from 0.76% to 2.64% p.a., reflecting the balance between guaranteed and non-guaranteed components.

On death, the plan pays 101% of total premiums paid plus any attaching bonuses. There are no cash coupons, and SRS/CPFIS premium payments are not allowed.

How It Compares

At a common basis of age 35, male, non-smoker, with a $10,000 annual premium, Enrich Saver's 5-year and 10-year net fund returns (0.43% and 2.72%) trail HSBC Life's Savings Protector II (5 Pay) (1.16% and 3.28%) and sit well below AIA Smart Wealth Builder (II) (10-Pay) (3.10% and 4.90%). Its 5-year total expense ratio of 1.93% is comparable to HSBC's 1.88% but higher than AIA's 1.30% and lower than Manulife GrowSecure's 2.40%.

AIA Smart Wealth Builder offers a guaranteed surrender value of $102,650 at year 20 — a figure not available for Enrich Saver, which has a shorter coverage term (6–10 years versus AIA's above-40-year band). Manulife GrowSecure has a 16–20 year coverage term, making it a longer-duration alternative.

Pros

• Guaranteed maturity value — at $5,000 annual premium, $25,080 is guaranteed regardless of fund performance
• Short premium term — only 5 years of payments for a 10-year policy
• No underwriting — guaranteed issuance simplifies application
• SDIC protection — policy is covered under the Policy Owners' Protection Scheme
• Reversionary bonuses vest — once declared, they become part of the guaranteed benefit

Cons

• Modest projected returns — 0.76%–2.64% p.a. yield to maturity is low relative to some peers
• Weak recent fund performance — 5-year net return of 0.43%; 10-year return of 2.72%
• High expense ratio — 3-year average TER of 1.75%, rising to 3.23% over 10 years
• No cash coupons — no interim income during the policy term
• Limited flexibility — SRS and CPFIS premium payments not allowed
• Surrender penalties early on — performance bonus on surrender is 0% in years 1–3

Who It May Suit

Enrich Saver may suit conservative savers who want a disciplined 5-year savings commitment with a guaranteed return of principal at maturity, and who value the simplicity of a no-underwriting endowment. The modest projected yields mean it is likely more appropriate for capital preservation than wealth accumulation. Those seeking higher growth potential or longer-duration savings may find AIA Smart Wealth Builder or HSBC Savings Protector II more suitable, though these come with their own trade-offs in term length and structure.

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.