Enrich Retirement (Etiqa Insurance) — Product Review

Overview

Enrich Retirement is a regular premium participating endowment plan from Etiqa Insurance Pte. Ltd. designed specifically for retirement income planning. Unlike traditional endowment plans that pay a lump sum at maturity, this plan converts your savings into a monthly retirement income stream — comprising both guaranteed and non-guaranteed components — that begins once the life insured reaches a selected retirement age (60 or 65). You can choose from premium terms of 2, 5, or 10 years, and income payout periods of 10 or 20 years, with either level or 2%-per-year inflated payouts. The plan also provides a lump sum maturity benefit and protection against death, terminal illness, Alzheimer's Disease/Severe Dementia, Idiopathic Parkinson's Disease, and Osteoporosis with Fractures. Notably, it is a guaranteed issuance policy — no health declarations or medical checks are required.

How It Compares

All plans in this comparison are quoted by premium (the buyer chooses the annual outlay), so no sum assured normalisation is possible. At a $10,000 annual premium for a 35-year-old male non-smoker, Enrich Retirement offers a guaranteed surrender value of $6,845 at year 20. Its participating fund has delivered net investment returns of 0.43% (5-year) and 2.72% (10-year), with a total expense ratio of 1.93% over 5 years.

Against its peers: China Life FlexiCash Growth shows a stronger 5-year net return of 2.36% but carries a higher 5-year TER of 3.31%. TM Nest Egg (II) (CashBack 10) offers the lowest TER at 0.58% and a 10-year net return of 4.16%, though its 5-year return is lower at 1.64%. Manulife Spring (II) has a 5-year TER of 2.40%, with no return figures available in the data.

Enrich Retirement's illustrated surrender values at $10,000 annual premium range from $9,238 guaranteed (up to $11,524 projected) at year 10, to $19,415 guaranteed (up to $26,823 projected) at year 20. However, by year 30, the guaranteed value drops to $7,114 (projected up to $17,890) — reflecting the income payouts that would have commenced. The projected yield to maturity is 1.44%–3.37% p.a., with distribution costs of $1,431 per $10,000 annual premium.

Pros

• Guaranteed issuance — no medical underwriting required, making it accessible even with pre-existing conditions
• Retirement income focus — converts savings into monthly payouts, addressing longevity risk
• Flexible options — choice of premium term, retirement age, payout type (level or inflated), and payout period
• Special conditions coverage — pays $10,000 per covered condition (up to two claims) without reducing death benefits
• SDIC protection — policy is covered under the Policy Owners' Protection Scheme

Cons

• Modest projected returns — yield to maturity of 1.44%–3.37% p.a. is conservative
• High expense ratio — 5-year TER of 1.93% is higher than TM Nest Egg's 0.58%
• Weak 5-year fund performance — net return of just 0.43% over 5 years
• Surrender value volatility — guaranteed surrender value at year 30 ($7,114) is lower than at year 10 ($9,238), reflecting payouts made
• No CPFIS/SRS eligibility — cannot be funded via CPF or SRS monies
• Non-guaranteed elements — bonuses and projected values depend on participating fund performance

Who It May Suit

Enrich Retirement may suit individuals prioritising a steady retirement income stream over wealth accumulation, particularly those who value the certainty of guaranteed issuance without medical checks. It could appeal to savers in their 40s–50s planning for retirement cash flow, who are comfortable with moderate returns and want built-in protection against specific age-related conditions. However, those seeking higher growth potential or lower fees may find alternatives like TM Nest Egg (II) more attractive, while investors comfortable with higher expenses for potentially better short-term returns might consider China Life FlexiCash Growth.

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.