Enrich Income by Etiqa: A No-Medical Whole Life Plan with Lifetime Payouts

Enrich Income is a regular premium whole life insurance plan from Etiqa Insurance Pte. Ltd. designed to provide a lifelong stream of monthly income, combining both guaranteed and non-guaranteed components. As a participating policy, it allows the policyholder to benefit from the performance of Etiqa’s Participating fund through non-guaranteed bonuses. A key differentiator for this product is its "guaranteed issuance" feature, meaning no medical underwriting or health declarations are required at the time of application, making it accessible to those who may have difficulty securing standard life insurance due to health conditions. The policy pays out monthly income starting from the end of the premium payment term until the policy matures at age 125, alongside coverage for death and terminal illness during the term.

How it compares

When evaluating Enrich Income against similar whole life plans on CompareFIRST.sg, the most striking distinction is its cost structure. Based on data for a 35-year-old male non-smoker with a $100,000 sum assured, Enrich Income requires an annual premium of $5,000. This is significantly lower than its peers: Manulife IncomeSecure and i-CashLife both require $10,000 per year (for shorter 6-to-10-year payment terms), while PRULifetime Income Plus (RP) requires $25,000 (for a 2-to-5-year term).

In terms of long-term value retention, Enrich Income offers a projected surrender value of $101,100 at year 20 per $100k SA. This is comparable to i-CashLife ($101,510) and Manulife IncomeSecure ($100,060), but slightly higher than PRULifetime Income Plus ($99,300). However, the total expense ratio (TER) for Enrich Income over 5 years is 2.25%, which is lower than i-CashLife’s 5.12% and comparable to Manulife (2.40%) and PRULifetime (2.27%).

The investment performance profile also differs. Enrich Income shows a negative net return in the early years (-0.40% at 5 years) turning positive by year 10 (1.92%). In contrast, PRULifetime Income Plus demonstrates stronger early returns (2.23% at 5 years and 3.95% at 10 years). It is important to note that Enrich Income’s premiums are spread over a longer period (16–20 years) compared to the 6–10 year terms of Manulife and i-CashLife, or the 2–5 year term of PRULifetime.

Pros

• No Medical Underwriting: The guaranteed issuance feature removes health barriers, making it suitable for individuals with pre-existing conditions.
• Low Annual Premium: At $5,000/year (for $100k SA), it is the most affordable option among the compared peers in terms of annual outlay.
• Lifetime Income Stream: Provides a guaranteed and non-guaranteed monthly income until age 125, offering long-term cash flow security.
• Flexible Premium Terms: Offers payment terms ranging from 3 to 20 years, allowing for longer deferral of costs compared to some peers.
• Insurer Stability: Backed by Etiqa Insurance with an A credit rating from Fitch.

Cons

• Lower Early Investment Returns: The net return is negative at 5 years (-0.40%) and modest at 10 years (1.92%), lagging behind PRULifetime Income Plus’s early performance.
• Longer Premium Payment Period: The comparison basis shows a 16–20 year premium term, meaning the policyholder pays for a longer duration compared to Manulife or i-CashLife (6–10 years).
• Non-Guaranteed Elements: A significant portion of the monthly income and surrender value depends on non-guaranteed bonuses, which have historically shown volatility (e.g., -1.44% net return at 3 years).
• No SRS/CPFIS Payments: Premiums cannot be paid using Supplementary Retirement Scheme (SRS) or CPF Investment Scheme (CPFIS) funds.
• Complex Payout Structure: The monthly income rates vary significantly based on the premium payment term chosen, requiring careful planning to understand the guaranteed vs. non-guaranteed split.

Who it may suit

Enrich Income is best suited for individuals seeking lifelong income protection who may have been declined or rated up by other insurers due to health issues, given its no-medical-underwriting requirement. It also appeals to those who prefer lower annual premium commitments over a longer payment horizon (16–20 years) rather than higher lump-sum or shorter-term payments. It is ideal for conservative planners looking for a guaranteed issuance policy with the safety net of the Policy Owners’ Protection Scheme, though they must be comfortable with the uncertainty of non-guaranteed returns.

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.