Last Updated on September 21, 2026 by Tree of Wealth

A product that offers 100% capital guarantee at maturity, a 0% annual index floor, and uncapped upside potential naturally sounds attractive.

That is the proposition behind Etiqa Enrich Index Income and Enrich Index Income (USD), distributed through Maybank Singapore.

Instead of locking your money into a conventional endowment with a fixed or participating-fund return, the plan links its yearly cash benefits to the performance of a multi-asset Barclays index.

If the index performs positively, you may receive a cash benefit.

If the index produces a negative return for that annual segment, the credited Index Return is floored at 0%.

And if you hold the policy until the end of its 10-year term, 100% of the total basic premiums paid is guaranteed at maturity, before adding any accumulated cash benefits and deducting applicable debt.

That combination sounds compelling.

But there are three things you need to understand before focusing on the headline:

• the annual cash benefits are not guaranteed;
• you only participate in a portion of the index’s gains;
• and the capital guarantee applies at Year 10 maturity, not if you surrender early.

Those details determine whether Enrich Index Income actually suits what you are trying to achieve.

Quick Answer: What Is Enrich Index Income?

Enrich Index Income is a 10-year, non-participating endowment plan issued by Etiqa Insurance Pte. Ltd. and distributed through Maybank Singapore.

There are two currency versions:

• Enrich Index Income – SGD
• Enrich Index Income – USD

Premiums can be paid either through:

• a Single Premium; or
• a 3-Year Regular Premium structure.

The minimum premiums are:

Premium Type	SGD Version	USD Version
Single Premium	SGD 50,000	USD 50,000
3-Year Premium	SGD 20,000/year	USD 20,000/year

The plan is offered under a Guaranteed Issuance Offer, so no medical check-up or health declaration is required.

The Life Insured can enter from Age Next Birthday 1 to 75, while the Policyowner must be between Age Next Birthday 18 and 75.

The central proposition is straightforward:

Commit capital for 10 years, receive potential annual index-linked cash benefits, and receive 100% of basic premiums back at maturity.

How the Index-Linked Cash Benefit Works

The SGD and USD plans use different currency versions of the same underlying Barclays strategy.

SGD Version

Barclays Regime Aware Dynamic Asset Rotation 6% Risk Control SGD Index

USD Version

Barclays Regime Aware Dynamic Asset Rotation 6% Risk Control USD Index

The index is a rules-based, multi-asset strategy covering:

• global equities;
• fixed income;
• commodities.

It also uses macroeconomic signals and volatility control to adjust its exposure according to changing market conditions.

Rather than simply staying fully invested in equities, the strategy can reduce risk as volatility rises.

That is intended to create a more controlled return profile than relying on a single stock-market index.

How the Annual Index Segment Works

The policy uses 10 annual Index Segments over its 10-year term.

Each segment generally runs for 12 months.

The Segment Initiation Date falls on the 16th of a calendar month, beginning from the month following policy issuance.

The corresponding Segment Maturity Date falls on the 15th of the same month one year later.

At maturity of each annual segment, Etiqa calculates the Index Return.

The basic formula is:

Index Return = Max(Index Difference × Participation Rate, 0%)

The Index Difference measures the change in the index between the Segment Initiation Date and Segment Maturity Date.

That calculated Index Return is then used to determine the Yearly Cash Benefit.

How the Yearly Cash Benefit Is Calculated

The cash benefit formula uses:

Index Return × [Total Premiums Paid + Accumulated Cash Benefits − Withdrawn Amounts]

This matters because choosing to accumulate your cash benefits can increase the amount participating in future Index Segments.

In other words:

Accumulating the benefits can create a compounding effect.

But the annual return itself remains non-guaranteed.

What Does the 0% Floor Actually Mean?

Each annual Index Segment has a:

0% Floor Rate

If the relevant calculated index return is negative, the policy does not credit a negative Index Return for that segment.

For example:

Index-linked calculation: -8%

Credited Index Return: 0%

So you do not receive a negative index-linked cash benefit for that year.

But this should not be confused with saying:

“My entire investment can never lose money at any point.”

The 100% capital guarantee applies at maturity at the end of Year 10.

If you surrender before maturity, surrender charges apply.

That distinction is critical.

What Does “Uncapped” Actually Mean?

There is no stated maximum Cap Rate on positive Index Returns.

So if the underlying index performs strongly, there is no separate fixed ceiling such as 6%, 8% or 10% restricting the calculated gain.

However, you do not necessarily receive 100% of the index’s gain.

That is because of the Participation Rate.

The correct way to understand the feature is:

No cap on the eligible index gain, but only the applicable Participation Rate of that gain is credited.

Participation Rate: The Most Important Number After the Index Return

The Participation Rate determines how much of the index gain is used when calculating your benefit.

It is set for each annual segment.

The guaranteed minimums are:

Version	Guaranteed Minimum Participation Rate	Sample Illustration Rate
SGD	23%	41%
USD	46%	74%

This means the USD version has a materially higher contractual minimum Participation Rate.

But that does not automatically mean the USD version is better.

The policy is denominated in US dollars.

A Singapore-based investor whose future spending is mainly in SGD must also consider USD/SGD currency movements.

A Simple Participation Rate Example

Suppose the relevant index rises:

10%

If the Participation Rate is 41%:

10% × 41% = 4.1% Index Return

If the Participation Rate is 23%:

10% × 23% = 2.3% Index Return

The index may have risen by 10%, but the policy does not necessarily credit the full 10%.

This is why:

Index performance and policy return are not the same thing.

And it is also why a plan with “uncapped upside” should not be interpreted as receiving the entire upside of the underlying index.

SGD vs USD: Which Version Should You Consider?

The biggest structural difference is the Participation Rate.

The USD version provides a guaranteed minimum Participation Rate of:

46%

compared with:

23%

for the SGD version.

The sample illustration rates are also higher for the USD version.

That potentially gives the USD plan greater index participation.

But the trade-off is currency risk.

If you fund the policy in USD or eventually convert proceeds back into SGD, foreign-exchange movements can affect the SGD value of your returns.

So the choice should not simply be:

“USD has a higher Participation Rate, therefore USD is better.”

A better question is:

“Do I actually want long-term USD exposure?”

Payout or Accumulation: What Can You Do With the Cash Benefit?

If an annual Index Segment generates a positive benefit, you have two broad options.

Payout Option

The cash benefit is paid directly to you within 14 business days after Segment Maturity.

This may suit someone who wants periodic cash flow.

Accumulation Option

The cash benefit is retained and rolled into the next Index Segment.

That increases the amount participating in future index-linked calculations.

This allows potential compounding.

You can switch between the payout and accumulation options by providing written notice at least 14 days before the next Segment Initiation Date.

What Is Actually Guaranteed?

This is one of the most important distinctions in the plan.

Feature	Guaranteed?	What It Means
100% of basic premiums at Year 10 maturity	Yes	Basic premiums are guaranteed back if the policy is held to maturity, subject to applicable debt
0% Index Segment floor	Yes	A negative calculated index result does not create negative index crediting
SGD minimum Participation Rate of 23%	Yes	Future Participation Rates cannot fall below this contractual minimum
USD minimum Participation Rate of 46%	Yes	Future Participation Rates cannot fall below this contractual minimum
Sample SGD Participation Rate of 41%	No	Actual future segment rates may differ
Sample USD Participation Rate of 74%	No	Actual future segment rates may differ
Annual cash benefit	No	Depends on positive index performance
Future index performance	No	The Barclays RADAR index can rise, remain flat or fall
Accumulated future cash benefits	No	Depend on future Index Returns
Capital before Year 10 surrender	Not fully guaranteed at 100%	Early surrender charges apply

The most important line is the last one.

100% capital guaranteed does not mean 100% liquidity at all times.

The guarantee is tied to maturity.

100% Capital Guarantee at Maturity

At the end of the 10th Index Segment, the maturity benefit is:

100% of total basic premiums paid

plus:

accumulated cash benefits, if any

less:

outstanding policy debt

This creates a clear downside baseline for someone willing to remain invested for the full term.

But the cost of breaking that commitment early can be significant.

What Happens If You Surrender Early?

The surrender-charge schedule is substantial during the early years.

Policy Year	Surrender Charge on Basic Premiums Paid
Year 1	25%
Year 2	22%
Year 3	19%
Year 4	16%
Year 5	13%
Year 6	10%
Year 7	8%
Year 8	6%
Year 9	4%
Year 10	0%

This makes the product fundamentally unsuitable for money you may need unexpectedly in the first few years.

A 25% Year 1 surrender charge is a very different proposition from putting money in a liquid investment portfolio or fixed deposit.

The capital guarantee works because you are making a 10-year commitment.

Can You Withdraw Accumulated Cash Benefits?

Yes.

Partial withdrawals of accumulated cash benefits are allowed.

The minimum withdrawal is:

SGD/USD 5,000

unless the entire accumulated balance is SGD/USD 5,000 or less.

However, an immediate or mid-segment withdrawal incurs:

5% withdrawal charge

and the amount withdrawn stops participating in the Index Return for that segment.

So liquidity is available, but using it can reduce the future accumulation potential.

Can You Borrow Against the Policy?

Policy loans are available for up to:

90% of Surrender Value

subject to Etiqa’s approval.

Loan interest accrues daily.

There is also an important risk:

If the outstanding loan plus accrued interest exceeds the policy’s Surrender Value, the policy can lapse.

Policy loans therefore provide access to capital but are not free liquidity.

Death and Terminal Illness Benefits

The plan includes basic life-insurance protection.

Death Benefit

The death benefit is:

101% of total basic premiums paid

plus:

accumulated cash benefits

less:

applicable indebtedness.

This is relatively modest life coverage compared with protection-oriented insurance policies.

The plan should therefore primarily be viewed as an endowment and accumulation product, not as a core life-protection solution.

Terminal Illness Benefit

A qualifying Terminal Illness claim pays an amount equal to the Death Benefit.

Terminal Illness generally requires a condition expected to result in death within 12 months.

The aggregate Terminal Illness limit is:

SGD 5 million per Life Insured across applicable Etiqa policies

subject to the policy’s terms and exclusions.

Accidental Death Benefit

If qualifying accidental death occurs on or before Age Next Birthday 85, the benefit is:

105% of total basic premiums paid

plus:

accumulated cash benefits.

The aggregate accidental death limit is:

SGD 2 million per Life Insured

across applicable Etiqa policies.

Enrich Index Income: Pros and Cons

Potential Strengths	Potential Limitations
100% basic premium guarantee at maturity	Guarantee requires holding to Year 10
0% annual Index Segment floor	Annual cash benefits can still be zero
No Cap Rate	You only receive the applicable Participation Rate
USD version has 46% minimum PR	USD version introduces currency risk
Guaranteed Issuance Offer	Minimal life-protection component
Single Premium or 3-Year Pay	Premium term cannot be changed after issue
Multi-asset Barclays index	Index performance remains non-guaranteed
Cash benefits can be accumulated	Early withdrawals reduce compounding
Cash benefits can be paid out	Payouts are not guaranteed every year
Policy loans available	Loan interest can erode Surrender Value
Simple 10-year horizon	Early surrender penalties are significant

Who May Find Enrich Index Income Worth Considering?

The plan may be worth examining if you:

• have capital you can commit for 10 years;
• prioritise capital preservation at maturity;
• want potential market-linked upside;
• prefer a defined policy term rather than lifetime insurance;
• want Single Premium or short 3-Year Pay options;
• do not want medical underwriting;
• are comfortable with non-guaranteed annual cash benefits;
• want the option to accumulate returns for compounding.

It may also appeal to someone who feels conventional fixed deposits or guaranteed endowments provide insufficient upside potential but does not want full exposure to investment-market losses.

Who Should Think Twice?

The plan may be less suitable if you:

• may need the capital within the next few years;
• require guaranteed annual income;
• expect to receive 100% of the underlying index return;
• are uncomfortable with years where the cash benefit could be zero;
• want direct market ownership;
• need substantial life or critical-illness protection;
• dislike a 10-year lock-in;
• are considering the USD version purely because of its higher Participation Rate without wanting USD exposure.

What You Should Pay Attention To

1. Capital Is Guaranteed at Maturity, Not Throughout the 10 Years

This is the most important distinction.

Early surrender can result in substantial penalties.

2. “Uncapped” Does Not Mean 100% Participation

The Index Return still depends on the applicable Participation Rate.

3. Annual Cash Benefits Are Not Guaranteed

A flat or negative Index Segment can result in:

0% Index Return and no cash benefit for that segment.

4. USD Has a Higher Participation Floor — But Also FX Risk

The 46% minimum Participation Rate may look more attractive than 23%, but currency exposure matters.

5. Accumulating Benefits Can Improve Compounding Potential

But accumulated cash benefits remain exposed to future non-guaranteed index outcomes.

6. This Is Not Primarily a Protection Plan

The death benefit is relatively modest.

If protection is the main objective, other insurance structures should be compared.

 

Final Verdict: A Capital-Guaranteed Endowment With Market-Linked Upside — But Only If You Can Stay the Course

Enrich Index Income occupies an interesting middle ground.

It is not a fixed deposit.

It is not direct market investing.

And it is not a traditional high-protection insurance policy.

Instead, it combines:

a 10-year maturity guarantee

with:

annual index-linked return potential

and:

a 0% floor on each annual Index Segment.

For someone willing to lock away capital for 10 years, the structure can be worth examining — particularly if preserving principal at maturity is important but you still want exposure to potentially higher market-linked returns.

The trade-off is liquidity.

The first few years carry substantial surrender penalties, and positive annual cash benefits are never guaranteed.

The other major consideration is participation.

An uncapped index sounds attractive, but your return is still determined by the applicable Participation Rate.

So the real question is not:

“Does Enrich Index Income have unlimited upside?”

It is:

“Is the participation in that upside attractive enough to justify committing my capital for 10 years?”

That is the comparison that matters.

Considering Enrich Index Income?

If you are deciding between the SGD and USD versions, or comparing Enrich Index Income against other endowment, indexed wealth or capital-guaranteed solutions, the headline maturity guarantee alone does not tell the full story.

We can help you compare the Participation Rates, index mechanics, maturity guarantees, surrender values, annual cash-benefit scenarios and liquidity side by side using the same amount of capital.

That makes it easier to see whether the potential upside is worth the 10-year commitment — and whether another structure may better match what you are trying to achieve.