Enrich Flex Plus — A New Participating Endowment from Etiqa

Overview

Enrich Flex Plus is a participating endowment plan from Etiqa Insurance Pte. Ltd. (rated A by Fitch) that combines wealth accumulation with life protection. The plan is quoted by premium — you choose your annual outlay (between $2,500 and $10,000 based on market quotes) and the payout follows accordingly. It offers guaranteed issuance with no health declaration or medical checks required, and provides death, terminal illness, and accidental death (until age 80) coverage. The policy matures on the policy anniversary immediately before the life insured attains age 125, making it a very long-duration savings vehicle. Premium payment terms can be selected at inception (3, 5, 10, 15, or 20 years) but cannot be changed afterwards.

How It Compares

Measured on a common basis (age 35, male, non-smoker, $10,000 annual premium), Enrich Flex Plus shows a guaranteed surrender value at year 20 of $210,024. This compares against:

• Gro Saver Flex Pro (RP) (Income Insurance): $53,229 guaranteed surrender value at year 20, with a lower TER of 0.94% (vs 1.93% for Enrich Flex Plus) and stronger net returns of 1.58% (5y) and 4.04% (10y) versus Etiqa's 0.43% and 2.72%.
• i-WealthSaver (China Taiping): $60,000 guaranteed surrender value at year 20, but with a much higher TER of 5.12% and a negative 5-year net return of -0.03%.
• AIA Smart Goal 10: a shorter-term plan (6–10 years) with a lower TER of 1.30%, but no comparable surrender value data at year 20.

The higher guaranteed surrender value for Enrich Flex Plus reflects its longer coverage term (above 40 years) and the larger cumulative premiums paid into the policy over two decades.

Pros

• Guaranteed issuance — no health declaration or medical checks required
• Flexible premium terms (3 to 20 years) and premium deferment option after year 4
• Withdrawal flexibility — bonus withdrawals, partial withdrawals, and regular withdrawals (from $100/month) after specified periods
• Secondary life insured option allows policy continuity
• Accidental death benefit pays an additional 100% of guaranteed death benefit until age 80
• SDIC protection under the Policy Owners' Protection Scheme

Cons

• High expense ratio — TER of 1.93% (5y) and 3.23% (10y) is higher than Gro Saver Flex Pro's 0.94%
• Weak recent fund performance — 5-year net return of just 0.43%, though 10-year recovery to 2.72%
• No cash coupons and no SRS/CPFIS premium payment allowed
• Projected yield to maturity is modest at 2.41%–3.59% p.a.
• Long lock-in — maturity at age 125 means the plan is effectively multi-generational; surrendering early may return less than premiums paid
• Distribution cost of $3,716 on a $2,500 annual premium reduces early accumulation

Who It May Suit

Enrich Flex Plus suits investors who prioritise guaranteed accumulation values and want a no-questions-asked endowment with flexible premium terms and withdrawal options. The secondary life insured feature may appeal to those planning intergenerational wealth transfer. However, those seeking lower costs and stronger recent fund performance may find Gro Saver Flex Pro more attractive, while investors wanting shorter commitment periods should consider AIA Smart Goal 10. Given the modest projected yields and high expense ratio, this plan is better suited to conservative savers who value the guaranteed element and protection features over maximising 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.