Best Endowment Insurance Plans Singapore 2021

Our life insurance experts analysed dozens of endowment plans in Singapore to help you learn more about the options for you. Since endowment products are more than just a high interest savings plan, you can use our guide to compare different types of endowment products and find out which ones can be a fit for you.

Traditional Endowment Insurance Regular, limited and single premium endowment plans
  • Non-Par Premium Plans: Guaranteed returns for those looking for low-risk savings plans
  • Single Premium Plans: Pay a single lump sum in the beginning and stay covered for multiple years. Good option if you are looking for shorter-term savings plans
  • Regular Endowment Insurance Plans: Participating savings plans where you pay premiums for as long as the policy is in place. Good option if you are looking for long-term savings.
  • Limited Endowment Insurance Plans: Participating savings plans where you pay premiums for a shorter time than the policy term
Tailored Endowment Insurance: Savings plans for your individual savings needs, whether it's retirement, education savings or legacy planning
  • Education Endowment Plans: A savings policy for your child that matures at a specific age in time to pay for your child's education needs
  • Retirement Endowment Plans: Plans that provide a savings component that turns into supplementary income after your chosen retirement age
  • Legacy Endowment Plans: Savings plans that can be carried over to multiple generations to continue saving

Best Non-Participating Savings Plans

Non-participating (non-par) endowment plans provide guaranteed returns at the end of the policy term. Unlike participating (par) plans, they do not provide non-guaranteed bonus or cash value accumulation. For very risk-averse savers, non-participating plans may be the better option as you are generally guaranteed to get back at least what you paid in at the end of the policy term. Please note that a lot of these plans are on a first-come, first-served basis. This means that you usually only have a limited time window when you can sign up for this plan before it closes and you have to wait for a new round (tranche) to open.

Short-Term Non-Participating Endowment Plans

PlanGREAT SP Series 43-Year Endowment PlanGro Capital Ease
AvailabilityAvailableFully SubscribedFully Subscribed
Capital Guaranteed100% @ maturity100% @ maturity100% @ maturity
Policy Term2 years3 years2 years
Premium TermSingle PremiumSingle PremiumSingle Premium
Life CoverageDeath, TPD before age 65DeathDeath, TPD before age 70
Guaranteed Return1.30%1.68% p.a.1.21% p.a.
Non-Guaranteed BonusesNoNoNo
Credit RatingAA-AAA-

Great Eastern's GREAT SP Series 4 is a 2-year non-participating endowment plan that provides a guaranteed return of 1.30% p.a. and a 100% capital guarantee. It is a single premium plan and the minimum deposit amount is S$10,000, although the minimum amount may change depending on your age. You can purchase the plan online and it doesn't require any medical assessment, so it's an easy alternative to save your funds if you are finding that the current fixed deposit rates are too low for your liking. There is also the option to withdraw funds at the end of each year or reinvest them for even more savings. Lastly, the life insurance component provides coverage against death at 105% of your single premium (or surrender value) and coverage for total and permanent disability until you turn 65. Overall, GREAT SP Series 4 could be a good option for people who want short-term option to increase their savings at rates that are currently more favourable than bank rates. Please note this is a limited time offer.

Please note the following plans are currently unavailable. If you're interested in these plans' features, our advisors at PolicyPal will help you find a suitable alternative. Alternatively, you can bookmark this page to see when these plans have a new tranche. These are illustrative examples of past short-term plans and are in no way intended to be marketing material.

NTUC Income (“Income”)’s Gro Capital Ease^ is a non-participating, 2-year endowment plan that offers a guaranteed yield at maturity of 1.21% p.a.^^ , providing you a guaranteed maturity benefit of 102.43%^^^. It also provides coverage for death & total and permanent disability (TPD before the age of 70). In the unfortunate event of death or TPD within one year from the cover start date of the policy, Gro Capital Ease will pay out the net single premium. Otherwise, it will pay out 105% of the net single premium if you are in your second year of the policy term.

Gro Capital Ease is a single premium plan. You can pay as little as $5,000 if you purchase online (paid via eNets, PayNow QR, eGIRO or Supplementary Retirement Scheme (SRS) funds) or from $20,000 if you purchase this plan through a financial advisor representative (paid via cash or SRS funds). Due to the plan’s short tenure and guaranteed returns, Gro Capital Ease can be a good option for fairly risk averse savers who don’t want to lock away their savings for an extended period, as well as young workers who just started saving. Please note that Gro Capital Ease is on a first-come, first-served basis.

^Disclaimer: This article is only for your information. It reflects ValueChampion's opinion and not that of NTUC Income Insurance Co-operative Limited (“Income”). It is not financial advice and has no regards to any person’s investment and financial needs. Please seek advice from a qualified advisor for a suitable product. Past performance of a product is not indicative of its future performance. Income is not responsible to any person for this article including any unauthorised use of information. This is not an offer, recommendation, or solicitation to buy or sell any products. Precise terms, conditions and exclusions of products are in the policy contracts. Protected up to specified limits by SDIC (applicable for Income products that fall under the Policy Owners’ Protection Scheme).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is correct as at 13 July 2021
^^The guaranteed yield at maturity of 1.21% p.a. will be paid out at the end of the 2-year policy term, provided that the insured survives at the end of the policy term, with no policy alterations or claims made during the entire policy term. ^^^The guaranteed maturity benefit of 102.43% (rounded to the nearest 2 decimal places) of the single premium is based on the guaranteed yield at maturity of 1.21% p.a.

Tiq 3-Year Endowment Plan is a non-participating savings plan that matures after 3 years, making it a good option for those looking for a very short-term savings plan. It can also benefit risk-averse savers since it provides a guaranteed 2.10% p.a. return upon maturity. You have the option of choosing between a S$10,000 to S$1,000,000 as your single payment premium. There is no annual cash benefit so once your policy matures you will get a lump sum payment. The life insurance component covers you for death at 101% of your single premium.

You can apply for Tiq's 3-Year Endowment online and you do not need to undergo a medical examination. Overall, Tiq's 3-Year Endowment Plan is a low-risk, short term savings option that can be best suited for people who are looking for a no-frills, easy-to-purchase savings plan that can help them boost their savings for large upcoming purchases. Please note this plan is fully subscribed. If you'd like to learn about similar plans that are available on the market, please click on "Get a Quote" to be connected with our advisors at PolicyPal.

Policy
  • Plan: Income Gro Capital Ease
  • Availability: Fully Subscribed
  • Capital Guarantee:100% @ maturity
  • Policy Term: 2 years
  • Premium Term: Single Premium
  • Life Coverage: Death, TPD before age 70
  • Guaranteed Return: 1.21% p.a.
  • Non-Guaranteed Bonuses: No
  • Credit Rating: AA-
  • Plan: Great Eastern GREAT SP Series 4
  • Availability: Fully Subscribed
  • Capital Guarantee:100% @ maturity
  • Policy Term: 2 years
  • Premium Term: Single Premium
  • Life Coverage: Death, TPD before age 65
  • Guaranteed Return: 1.30% p.a.
  • Non-Guaranteed Bonuses: No
  • Credit Rating: AA-
  • Plan: Tiq 3-Year Endowment Plan
  • Availability: Fully Subscribed
  • Capital Guarantee: 100% at maturity
  • Policy Term: 3 years
  • Premium Term: Single Premium
  • Life Coverage: Death
  • Guaranteed Return: 1.68% p.a.
  • Non-Guaranteed Bonuses:No
  • Credit Rating: A
  • Read our Full Review

Great Eastern's GREAT SP Series 4 is a 2-year non-participating endowment plan that provides a guaranteed return of 1.30% p.a. and a 100% capital guarantee. It is a single premium plan and the minimum deposit amount is S$10,000, although the minimum amount may change depending on your age. You can purchase the plan online and it doesn't require any medical assessment, so it's an easy alternative to save your funds if you are finding that the current fixed deposit rates are too low for your liking. There is also the option to withdraw funds at the end of each year or reinvest them for even more savings. Lastly, the life insurance component provides coverage against death at 105% of your single premium (or surrender value) and coverage for total and permanent disability until you turn 65. Overall, GREAT SP Series 4 could be a good option for people who want short-term option to increase their savings at rates that are currently more favourable than bank rates. Please note this is a limited time offer.

Please note the following plans are currently unavailable. If you're interested in these plans' features, our advisors at PolicyPal will help you find a suitable alternative. Alternatively, you can bookmark this page to see when these plans have a new tranche. These are illustrative examples of past short-term plans and are in no way intended to be marketing material.

NTUC Income (“Income”)’s Gro Capital Ease^ is a non-participating, 2-year endowment plan that offers a guaranteed yield at maturity of 1.21% p.a.^^ , providing you a guaranteed maturity benefit of 102.43%^^^. It also provides coverage for death & total and permanent disability (TPD before the age of 70). In the unfortunate event of death or TPD within one year from the cover start date of the policy, Gro Capital Ease will pay out the net single premium. Otherwise, it will pay out 105% of the net single premium if you are in your second year of the policy term.

Gro Capital Ease is a single premium plan. You can pay as little as $5,000 if you purchase online (paid via eNets, PayNow QR, eGIRO or Supplementary Retirement Scheme (SRS) funds) or from $20,000 if you purchase this plan through a financial advisor representative (paid via cash or SRS funds). Due to the plan’s short tenure and guaranteed returns, Gro Capital Ease can be a good option for fairly risk averse savers who don’t want to lock away their savings for an extended period, as well as young workers who just started saving. Please note that Gro Capital Ease is on a first-come, first-served basis.

^Disclaimer: This article is only for your information. It reflects ValueChampion's opinion and not that of NTUC Income Insurance Co-operative Limited (“Income”). It is not financial advice and has no regards to any person’s investment and financial needs. Please seek advice from a qualified advisor for a suitable product. Past performance of a product is not indicative of its future performance. Income is not responsible to any person for this article including any unauthorised use of information. This is not an offer, recommendation, or solicitation to buy or sell any products. Precise terms, conditions and exclusions of products are in the policy contracts. Protected up to specified limits by SDIC (applicable for Income products that fall under the Policy Owners’ Protection Scheme).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is correct as at 13 July 2021
^^The guaranteed yield at maturity of 1.21% p.a. will be paid out at the end of the 2-year policy term, provided that the insured survives at the end of the policy term, with no policy alterations or claims made during the entire policy term. ^^^The guaranteed maturity benefit of 102.43% (rounded to the nearest 2 decimal places) of the single premium is based on the guaranteed yield at maturity of 1.21% p.a.

Tiq 3-Year Endowment Plan is a non-participating savings plan that matures after 3 years, making it a good option for those looking for a very short-term savings plan. It can also benefit risk-averse savers since it provides a guaranteed 2.10% p.a. return upon maturity. You have the option of choosing between a S$10,000 to S$1,000,000 as your single payment premium. There is no annual cash benefit so once your policy matures you will get a lump sum payment. The life insurance component covers you for death at 101% of your single premium.

You can apply for Tiq's 3-Year Endowment online and you do not need to undergo a medical examination. Overall, Tiq's 3-Year Endowment Plan is a low-risk, short term savings option that can be best suited for people who are looking for a no-frills, easy-to-purchase savings plan that can help them boost their savings for large upcoming purchases.Please note this plan is fully subscribed

Long-Term Whole Life Endowment Plans

PlaneEASY save VELASTIQGIGANTIQ
AvailabilityFully SubscribedFully SubscribedFully Subscribed
Policy Term6+ years (until age 100)Until age 100Yearly (Until Age 100)
Premium AmountS$10,000-S$200,000S$5,000-S$50,000S$50-S$200,000
Premium Payment TermSingle; 2 yearsSingleSingle
Life CoverageDeathDeathDeath
Death Benefit101% of account value106.8% of account value105% of account value
Credit RatingAAA
ValueChampion Promotion: Get up to S$85 worth of rebates and vouchers when you sign up for Tiq ELASTIQ & get up to S$150 of PolicyPal credits and up to S$55 CapitaLand Voucher when you sign up for eEASY save V

Please note the following plans are currently unavailable. If you're interested in these plans' features, our advisors at PolicyPal will help you find a suitable alternative. Alternatively, you can bookmark this page to see when these plans have a new tranche. These are illustrative examples of past short-term plans and are in no way intended to be marketing material.

Tiq by Etiqa offers Tiq eEasy Save V, which is a whole life non-participating endowment plan that has a single or 2-year premium payment term. Tiq promises a guaranteed 2.68% per annum crediting rate for the first 6 years and a non-guaranteed loyalty bonus of 0.6% of the account value at the end of the 6th year and every subsequent 6th year interval. Since this is a non-participating plan, you won't receive any non-guaranteed bonuses. While you can't withdraw the whole amount without paying a surrender charge until the end of your 6th year, you do have the option to withdraw a partial amount within the 6 year period in the event you are diagnosed with a terminal illness or disability.

The plan is in effect until you turn 100 and you will be covered against death. You should note that the minimum annual premium is S$10,000 and the maximum amount you can put in online is S$200,000. Any amounts greater requires you to speak to their advisors. If you are looking for a relatively risk-free plan that will grow your savings over the course of your life, Tiq's eEasy Save V may be a suitable option.

Tiq by Etiqa's ELASTIQ plan is a single premium, non-participating universal savings plan that also provides death coverage. You will earn a guaranteed rate of 1.80% p.a. for the first 3 years and afterwards, your crediting rate will depend on the prevailing market rate. You'll also be eligible for a non-guaranteed bonus of 0.3% of the average monthly account value of the past 36 policy months, which will be credited at the end of every 3rd subsequent year (as long as no partial withdrawal has been made).

Your capital is guaranteed so at the end of your term you will receive back at least all of the premium you've put in, making this a relatively risk-free method of saving your cash for your dependents. ELASTIQ can also benefit people looking for a savings plan with flexibility. For instance, you can also withdraw from your account without penalty or interest claw-back within 90 days after your issue policy date or you can choose to top off your plan in S$500 increments at any time.

Tiq by Etiqa's GIGANTIQ plan is a non-participating universal savings plan that is currently exclusive to eligible to TiqConnect users via the PolicyPal app. It's a single premium, yearly renewable plan that offers a 1.8% p.a. interest rate on your first S$10,000 premium or 1% p.a. on premiums above S$10,000. Afterwards, the rate drops to 1%. However, with PolicyPal's promotion, you can earn up to an 8% bonus on your rate that will be paid out via PolicyPal credits. To earn these credits, you can either buy a qualifying life insurance policy through PolicyPal or refer a friend to GIGANTIQ.

Your premium can be as low as S$50 and save up to S$200,000 and top up your premium immediately after the the policy is issued, which makes this plan a good option for people who want to accumulate savings gradually. There is also a death benefit, which makes this a viable option to supplement your life insurance policies. However, do note that while you can withdraw partially or in full, there is a S$0.70 (for POSB) or S$0.50 (for DBS) fee for each partial withdrawal, surrender or free look request.

Policy
  • Plan: Tiq eEASY save V
  • Availability: Fully Subscribed
  • Guaranteed Crediting Rate: 2.68% p.a.
  • Policy Term: 6+ years (until age 100)
  • Premium Amount: S$10,000-S$200,000
  • Premium Payment Term: Single; 2 years
  • Life Coverage: Death
  • Death Benefit: 101% of account value
  • Credit Rating: A
  • Plan: Tiq ELASTIQ
  • Availability: Fully Subscribed
  • Guaranteed Crediting Rate: 1.80% p.a. first 3 years, then market rate
  • Policy Term: Until age 100
  • Premium Amount: S$5,000-S$50,000
  • Premium Payment Term: Single; 2 years
  • Life Coverage: Death
  • Death Benefit: 106.8% of account value
  • Credit Rating: A
  • Availability: Fully Subscribed
  • Plan: Tiq GIGANTIQ
  • Availability: Fully Subscribed
  • Guaranteed Crediting Rate: 1-2% p.a.
  • Policy Term: Until age 100
  • Premium Amount: S$50-S$200,000
  • Premium Payment Term: Single
  • Life Coverage: Death
  • Death Benefit: 105% of account value
  • Fees & Charges: S$0.70 or S$0.50 for each partial withdrawal
  • Credit Rating: A
ValueChampion Promotion: Get up to S$85 worth of rebates and vouchers when you sign up for Tiq ELASTIQ & get up to S$150 of PolicyPal credits and up to S$55 CapitaLand Voucher when you sign up for eEASY save V

Please note the following plans are currently unavailable. If you're interested in these plans' features, our advisors at PolicyPal will help you find a suitable alternative. Alternatively, you can bookmark this page to see when these plans have a new tranche. These are illustrative examples of past short-term plans and are in no way intended to be marketing material.

Tiq by Etiqa also offers Tiq eEasy Save V, which is a whole life non-participating endowment plan that has a single or 2-year premium payment term. Tiq promises a guaranteed 2.68% per annum crediting rate for the first 6 years and a non-guaranteed loyalty bonus of 0.6% of the account value at the end of the 6th year and every subsequent 6th year interval. Since this is a non-participating plan, you won't receive any non-guaranteed bonuses. While you can't withdraw the whole amount without paying a surrender charge until the end of your 6th year, you do have the option to withdraw a partial amount within the 6 year period in the event you are diagnosed with a terminal illness or disability.

The plan is in effect until you turn 100 and you will be covered against death. You should note that the minimum annual premium is S$10,000 and the maximum amount you can put in online is S$200,000. Any amounts greater requires you to speak to their advisors. If you are looking for a relatively risk-free plan that will grow your savings over the course of your life, Tiq's eEasy Save V may be a suitable option.

Tiq by Etiqa's ELASTIQ plan is a single premium, non-participating universal savings plan that also provides death coverage. You will earn a guaranteed rate of 1.80% p.a. for the first 3 years and afterwards, your crediting rate will depend on the prevailing market rate. You'll also be eligible for a non-guaranteed bonus of 0.3% of the average monthly account value of the past 36 policy months, which will be credited at the end of every 3rd subsequent year (as long as no partial withdrawal has been made).

Your capital is guaranteed so at the end of your term you will receive back at least all of the premium you've put in, making this a relatively risk-free method of saving your cash for your dependents. ELASTIQ can also benefit people looking for a savings plan with flexibility. For instance, you can also withdraw from your account without penalty or interest claw-back within 90 days after your issue policy date or you can choose to top off your plan in S$500 increments at any time.

Tiq by Etiqa's GIGANTIQ plan is a non-participating universal savings plan that is currently exclusive to eligible to TiqConnect users via the PolicyPal app. It's a single premium, yearly renewable plan that offers a 1.8% p.a. interest rate on your first S$10,000 premium or 1% p.a. on premiums above S$10,000. Afterwards, the rate drops to 1%. However, with PolicyPal's promotion, you can earn up to an 8% bonus on your rate that will be paid out via PolicyPal credits. To earn these credits, you can either buy a qualifying life insurance policy through PolicyPal or refer a friend to GIGANTIQ.

Your premium can be as low as S$50 and save up to S$200,000 and top up your premium immediately after the the policy is issued, which makes this plan a good option for people who want to accumulate savings gradually. There is also a death benefit, which makes this a viable option to supplement your life insurance policies. However, do note that while you can withdraw partially or in full, there is a S$0.70 (for POSB) or S$0.50 (for DBS) fee for each partial withdrawal, surrender or free look request.

Single Premium Endowment Plans for Short-Term Savings

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal

If you are looking for short-term savings plans, you can consider single premium endowment plans. While some regular premium plans offer the option of paying with a single premium, endowment plans that only offer a single premium method of payment typically have shorter policy terms.

Income Smart Secure
ManuLife Goal 8
DBS SavvyEndowment 4
PlanSmart SecureGoal 9SavvyEndowment 5
Capital Guaranteed100%100%100%
Policy Term4 years1 year3 years
Premium TermSingle PremiumSingle PremiumSingle Premium
Life CoverageDeath, TPDDeathDeath
Yearly Cash Benefit25% of Sum AssuredNoneNone
Credit RatingAA-AA- (based on Manulife)AA- (based on Manulife)
Learn MoreFull ReviewFull ReviewN/A

Income's Smart Secure is a single premium endowment plan that matures in 4 years and can be used to pay for the premiums of other savings plans or for your personal needs. The plan comes with a guaranteed cash benefit of 25% of your sum assured that can be paid yearly from as soon as the end of the first policy year. Smart Secure promises a return of 100% of the premiums paid (in the form of guaranteed cash benefits and maturity benefits) as long as you made no policy alternatives or claims over the course of the policy. The life insurance component will cover you death and total and permanent disability.

Manulife's Goal 9 endowment plan matures in 1 year and provides a 100% capital guarantee with a possible bonus of 1.10% (based on an illustrated return rate of 0.92% p.a). The minimum amount you can pay is S$10,000 but you have the option of paying in cash or with your Supplementary Retirement Scheme funds. There is also death coverage at 101% of your single premium. Unlike Income's Smart Secure, there is no cash payout due to the short duration of the plan. However, if you have a lot of extra cash on hand and you want a quick way to save for a short period of time, this could be a potential alternative to savings accounts or fixed deposits.

DBS's SavvyEndowment 5 is a 3-year, single premium endowment plan created in collaboration with Manulife. You will receive at least 100% of the premiums you paid at the end of the policy term, but you may also receive potential returns of up to 0.82% p.a. or up to 102.47% of your single premium amount. You will also receive a death benefit of 101% of the single premium if you die during the policy's term. While it doesn't provide yearly income payouts like the other 2 plans featured, it offers benefits that can be useful for people looking for short-term plans. For instance, the minimum single premium is only S$5,000, which is on the lower end of single premium minimums. You can also choose to pay via your Supplementary Retirement Scheme (SRS). Second, the term period of 3 years is shorter than other similar plans on the market, which lets you get your cash faster.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Policy
Income Smart Secure

  • Plan: Income Smart Secure
  • Capital Guarantee: N/A
  • Policy Term: 4 Years
  • Premium Term: Single Premium
  • Life Coverage: Death, TPD
  • Yearly Cash Benefit: 25% of Sum Assured
  • Credit Rating: AA-
  • Full Review
ManuLife Goal 8

  • Plan: Manulife Goal 9
  • Capital Guarantee: 100%
  • Policy Term: 1 Year
  • Premium Term: Single Premium
  • Life Coverage: Death
  • Yearly Cash Benefit: None
  • Credit Rating: AA-
  • Full Review
DBS SavvyEndowment 4

  • Plan: DBS SavvyEndowment 5
  • Capital Guarantee: 100%
  • Policy Term: 3 Years
  • Premium Term: Single Premium
  • Life Coverage: Death
  • Yearly Cash Benefit: None
  • Credit Rating: AA-

Income's Smart Secure is a single premium endowment plan that matures in 4 years that can be used to pay for the premiums of other savings plans or for your own personal needs. The plan comes with a guaranteed cash benefit of 25% of your sum assured that can be paid yearly from as soon as the end of the first policy year. Smart Secure promises a return of 100% of the premiums paid (in the form of guaranteed cash benefits and maturity benefits) as long as you made no policy alternatives or claims over the course of the policy. The life insurance component will cover you death and total and permanent disability.

Manulife's Goal 8 endowment plan matures in 1 year and provides a 100% capital guarantee with a possible bonus of 1.10% (based on an illustrated return rate of 0.97% p.a). There is also death coverage at 101% of your single premium. The minimum amount you can pay is S$10,000 but you have the option of paying in cash or with your Supplementary Retirement Scheme funds. Unlike Income's Smart Secure, there is no cash payout due to the short duration of the plan. However, if you have a lot of extra cash on hand and you want a quick way to save for a short period of time, this could be a potential alternative to savings accounts or fixed deposits.

DBS's SavvyEndowment 4 is a 3-year, single premium endowment plan created in collaboration with Manulife. You will receive at least 100% of the premiums you paid at the end of the policy term, but you may also receive potential returns of up to 1.391% p.a. or up to 104.232% of your single premium amount. You will also receive a death benefit of 101% of the single premium if you die during the policy's term. While it doesn't provide yearly income payouts like the other 2 plans featured, it offers benefits that can be useful for people looking for short-term plans. For instance, the minimum single premium is only S$5,000, which is on the lower end of single premium minimums. You can also choose to pay via your Supplementary Retirement Scheme (SRS). Second, the term period of 3 years is shorter than other similar plans on the market, which lets you get your cash faster.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Best Endowment Plans for Long-Term Savings

Endowment plans are insurance plans that provide a fixed maturity period that works as a savings component, while also providing a limited life insurance component. The most common endowment plan is either a regular participating policy, where you pay premiums for the duration of the policy term, or a limited term policy, where you pay premiums for less than the policy term. Both types of plans are more beneficial for long-term savings as policy terms range up to 25 years.

Regular Pay Premium Endowment Plans

PlanMySavingsPlanPruActive Saver II
Capital Guarantee100%N/A
Policy Term10-25 years10-30 years
Premium Term10-25 yearsSingle, 5-30 years
Life CoverageDeath, Accidental Death, Terminal IllnessDeath
Death Benefit105% of premiums paid; Guaranteed cash surrender value105% of net premiums paid + 100% of bonuses
Annual Cash BenefitNoNo
Credit RatingA-AA-
Learn MoreFull ReviewFull Review
ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal.

Aviva MySavings Plan is a great example of a regular premium term plan. It promises a 100% capital return on your investment (you will get back at least 100% of your premiums when the policy matures), requires no medical checkup and will provide death, terminal illness and accidental death coverage. It can be suitable for long-term savers who want to commit between 10-25 years to a savings plan.

Another regular premium pay term plan is Prudential's PruActive Saver. It is a regular-pay participating endowment plan that can be used for general savings. In addition to getting guaranteed and non-guaranteed payouts, you will also be covered against death. However, it is not 100% capital guaranteed which means depending on your premium and policy term, you may not get 100% of your premiums back. To avoid this, we recommend talking to one of our financial advisors at PolicyPal to pick a premium and policy term that will provide the best returns for you.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Endowment Plan

  • Plan: Aviva MySavingsPlan
  • Capital Guarantee: 100%
  • Policy Term: 10-25 year
  • Premium Term: 10-25 years
  • Coverage: Death, Accidental Death, Terminal Illness
  • Death Benefit: Higher of: 105% of premiums paid; Guaranteed cash surrender value
  • Annual Cash Benefit:No
  • Credit Rating: A-
  • Full Review

  • Plan: Prudential PruActive Saver II
  • Capital Guarantee: N/A
  • Policy Term: 10-30 years
  • Premium Term: Single, 5-30 years
  • Coverage: Death
  • Death Benefit: 105% of net premiums paid + 100% of bonuses
  • Annual Cash Benefit: No
  • Credit Rating: AA-
  • Full Review
ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal.

Aviva MySavings Plan is a great example of a regular premium term plan. It promises a 100% capital return on your investment (you will get back at least 100% of your premiums when the policy matures), requires no medical checkup and will provide death, terminal illness and accidental death coverage. It can be suitable for long-term savers who want to commit between 10-25 years to a savings plan.

Another regular premium pay term plan is Prudential's PruActive Saver. It is a regular-pay participating endowment plan that can be used for general savings. In addition to getting guaranteed and non-guaranteed payouts, you will also be covered against death. However, it is not 100% capital guaranteed which means depending on your premium and policy term, you may not get 100% of your premiums back. To avoid this, we recommend talking to one of our financial advisors at PolicyPal to pick a premium and policy term that will provide the best returns for you.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Limited Pay Endowment Plans

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal

If you have more cash on hand and you want to pay your premiums in as short of a time as possible, you can consider a limited pay endowment plan. It is similar to a regular pay endowment but instead of paying premiums over the period of the policy term, you'll only need to pay premiums for a few years.

Income Gro Goal Saver
Aviva MyWealth Plan
Tiq eEasy savepro
PlanGro Goal SaverMyWealth PlaneEasy savepro
Capital Guarantee100%100%100%
Policy Term10 years10-25 years7 years; 15 years
Premium Term3 years5, 10 yearsSingle, 2, 10 years
Life CoverageDeath, TPDDeath, Terminal IllnessDeath, Accidental Death
Death BenefitHigher of: 105% of net premiums paid + 100% of bonuses or cash valueHigher of: 105% of premiums paid or Guaranteed cash surrender value105% of total premiums paid + bonuses
Annual Cash BenefitNoNoNo
Credit RatingAA-A-A
Learn MoreFull ReviewFull ReviewFull Review

Income Gro Goal Saver is a limited term participating endowment policy with a premium term of 3 years and a policy term of 10 years. It guarantees a 100% capital return, potential bonuses at policy maturity and a life insurance component that covers death and total and permanent disability (TPD). You can sign up for this plan without getting a medical checkup and you also have the option to convert it to a paid-up policy.

Aviva MyWealth Plan is a limited term participating endowment policy that promises a 100% capital return (you'll get at least what you paid) in addition to up to a 2.35% additional return. Its life insurance component covers you for death and terminal illness. Since this is a participating policy, you may also receive bonuses in addition to the guaranteed lump sum when your policy matures. You can sign up for this plan without getting a medical check-up. This policy may end up giving you some of the highest returns on the market.

Etiqa Tiq's eEASY savepro plan is a participating endowment policy that lets you pay premiums for one or two years for a plan that matures in 7 years. If you choose to pay in one lump sum, you can enjoy a higher guaranteed maturity return of 0.33% per annum. You can also choose to pay premiums for 10 years for 15 years of savings if you want a longer-term savings plan. Tiq offers up to 4.5% upfront premium discounts for the first year. You can choose to pay as little as S$5,000 or as high as S$100,000 per year and feel secure knowing that the eEASY save pro plan provides a 100% capital guarantee. The life insurance component covers you for death and accidental death. Lastly, while you can buy this plan online without needing to go through a financial advisor we recommend doing your due diligence so you are fully aware of the risks and rewards associated with endowment plans.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Policy
Income Gro Goal Saver

  • Plan: Income Gro Goal Saver
  • Capital Guarantee: 100%
  • Policy Term: 10 years
  • Premium Term: 3 years
  • Life Coverage: Death, TPD
  • Death Benefit: Higher of 105% of net premiums paid + 100% of bonuses or cash value
  • Annual Cash Benefit: No
  • Credit Rating: AA-
  • Full Review
Aviva MyWealth Plan

  • Plan: Aviva MyWealth Plan
  • Capital Guarantee: 100%
  • Policy Term: 5-year premium: 10-25; 10 year:13-25 years
  • Premium Term: 5, 10 years
  • Life Coverage: Death, Terminal Illness
  • Death Benefit: Higher of: 105% of premiums paid or guaranteed cash surrender value
  • Annual Cash Benefit: No
  • Credit Rating: A-
  • Full Review
Tiq eEasy savepro

  • Plan: Tiq eEasy savepro
  • Capital Guarantee: 100%
  • Policy Term: 7 years; 15 years
  • Premium Term: Single; 2 years, 10 years
  • Life Coverage: Death, Accidental Death
  • Death Benefit: 105% of account value + bonuses
  • Annual Cash Benefit: No
  • Credit Rating: A
  • Full Review

Income Gro Goal Saver is a limited term participating endowment policy with a premium term of 3 years and a policy term of 10 years. It guarantees a 100% capital return, potential bonuses at policy maturity and a life insurance component that covers death and total and permanent disability (TPD). You can sign up for this plan without getting a medical checkup and you also have the option to convert it to a paid-up policy.

Aviva MyWealth Plan is a limited term participating endowment policy that promises a 100% capital return (you'll get at least what you paid) in addition to up to a 2.35% additional return. Its life insurance component covers you for death and terminal illness. Since this is a participating policy, you may also receive bonuses in addition to the guaranteed lump sum when your policy matures. You can sign up for this plan without getting a medical check-up. This policy may end up giving you some of the highest returns on the market.

Tiq by Etiqa's eEASY savepro plan is a participating endowment policy that lets you pay premiums for one or two years for a plan that matures in 7 years. If you choose to pay in one lump sum, you can enjoy a higher guaranteed maturity return of 0.33% per annum. You can also choose to pay premiums for 10 years for 15 years of savings if you want a longer-term savings plan. Tiq offers up to 4.5% upfront premium discounts for the first year. You can choose to pay as little as S$5,000 or as high as S$100,000 per year and feel secure knowing that the eEASY savepro plan provides a 100% capital guarantee. The life insurance component covers you for death and accidental death. Lastly, while you can buy this plan online without needing to go through a financial advisor we recommend doing your due diligence so you are fully aware of the risks and rewards associated with endowment plans.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Endowment Plans for Education Savings

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal

If you have children or are planning on starting a family, you are already anticipating their future education costs. If you want to save for your child's education, an endowment plan tailored for education savings may be a good way to commit to saving for university tuition and other academic needs. These plans are structured similarly to traditional endowment plans, but you take them out for your child and the policy matures when they turn a particular age (typically between 18-21).

Income Gro Junior Saver
ManuLife Educate
Aviva MyEduPlan
PlanGro Junior SaverManuLife EducateMy EduPlan
Capital GuaranteedN/A100%100%
Policy TermUntil age age 20, 22Up to age 18, 20Up to age 19, 21
Premium Term5, 10 years, full term minus last 2 years10 years10 years
Life Coverage (for child)Death, TPDDeath, Terminal IllnessN/A
No. of Payouts666
Credit RatingAA-AA-A-
Learn MoreFull ReviewFull ReviewFull Review

Income's Go Junior Saver is a regular premium term endowment plan that provides cash benefits, a maturity benefit and additional non-guaranteed bonuses for your child's education milestones. You can take out these cash benefits or choose to accumulate them at an interest rate of up to 3.25% per annum. In the unfortunate event of your child's death, you will receive 100% of the sum assured and bonuses. This plan also offers a daily cash benefit of S$100 for up to 30 days if your child is hospitalised due to food poisoning, dengue or hand-foot-mouth disease.

Manulife's Educate endowment plan is another regular premium endowment plan that helps you save for your child's education milestones. Unlike Income, however, it guarantees 100% capital return, meaning you will at least get back the premiums you paid when the policy matures. There are 2 guaranteed cash benefits before the chosen payout age and 4 guaranteed cash benefits. The guaranteed cash benefit has up to a 3% interest rate if you choose to reinvest them.

Aviva's MyEdu plan is similar to ManuLife Educate in that it offers a 100% capital guarantee, so you will get back at least all of the premiums you put into the plan. In addition to ensuring you will get back your total premiums paid, Aviva's MyEdu plan also offers guaranteed returns of up to 1.46% per annum and non-guaranteed bonuses at the end of the policy term. As typical with education endowment plans, there are 2 guaranteed cash benefits before your chosen payout age and 4 guaranteed cash benefits after the chosen payout age. The 2 guaranteed cash benefits can only be taken out 2 years before the payout age and will be 5% of the sum assured.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Policy
Income Gro Junior Saver

  • Plan: Income Gro Junior Saver
  • Capital Guarantee: N/A
  • Policy Term: Up to age 20, 22
  • Premium Term: 5, 10 years, full term minus last 2 years
  • Life Coverage: Death, TPD
  • No. Of Cash Benefits: 6
  • Credit Rating: AA-
  • Full Review
ManuLife Educate

  • Plan: ManuLife Educate
  • Capital Guarantee: 100%
  • Policy Term: Up to age 18, 20
  • Premium Term: 10 years
  • Life Coverage: Death, Terminal Illness
  • No. Of Cash Benefits: 6
  • Credit Rating: AA-
  • Full Review
Aviva MyEduPlan

  • Plan: Aviva My EduPlan
  • Capital Guarantee: 100%
  • Policy Term: Age 19, 21
  • Premium Term: 10 years
  • Life Coverage: N/A
  • No. Of Cash Benefits: 6
  • Credit Rating: A-
  • Full Review

Income's Go Junior Saver is a regular premium term endowment plan that provides cash benefits, a maturity benefit and additional non-guaranteed bonuses for your child's education milestones. You can take out these cash benefits or choose to accumulate them at an interest rate of up to 3.25% per annum. In the unfortunate event of your child's death, you will receive 100% of the sum assured and bonuses. This education savings plan also offers a daily cash benefit of S$100 for up to 30 days if your child is hospitalised due to food poisoning, dengue or hand-foot-mouth disease.

Manulife's Educate endowment plan is another regular premium endowment plan that helps you save for your child's education milestones. Unlike Income, however, it guarantees 100% capital return, meaning you will at least get back the premiums you paid when the policy matures. There are 2 guaranteed cash benefits before the chosen payout age and 4 guaranteed cash benefits. The guaranteed cash benefit has up to a 3% interest rate if you choose to reinvest them.

Aviva's MyEdu plan is similar to ManuLife Educate in that it offers a 100% capital guarantee, so you will get back at least all of the premiums you put into the plan. In addition to ensuring you will get back your total premiums paid, Aviva's MyEdu plan also offers guaranteed returns of up to 1.46% per annum and non-guaranteed bonuses at the end of the policy term. As typical with education savings plans, there are 2 guaranteed cash benefits before your chosen payout age and 4 guaranteed cash benefits after the chosen payout age. The 2 guaranteed cash benefits can only be taken out 2 years before the payout age and will be 5% of the sum assured.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Endowment Plans for Retirement Savings

If you'd like to supplement your CPF to have a bit more cash throughout your retirement, you can consider an endowment plan that has a retirement savings component. Retirement savings plans offer a guaranteed component and cash benefits that can be paid out monthly or annually after your chosen retirement date.

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal
Aviva MyRetirementChoice
Income Gro Retire Ease
PlanMyRetirementChoice IIGro Retire EaseRetirement Saver III
Capital Guaranteed100%100%100%
Payout Period5 to 35 years10, 20, 30 years5, 10, 15, 20, Lifetime
Premium Term5, 10, 15, 20, 25 years5 years, 10 years, regular (annually)Single; 5, 10, 15, 20, until retirement
Retirement AgeFlexible50, 55, 60, 6550, 55, 60, 65, 70
Life CoverageDeath, Terminal IllnessDeath, Accidental deathDeath
Potential Cash BonusesYesYesYes
Credit RatingA-AA-AA-
Learn MoreFull ReviewFull Review

Aviva's MyRetirementChoice II is a participating annuity endowment policy that guarantees a 100% capital return on your premiums at the end of the accumulation period, returns of up to 4.75% per year and a monthly income and potential monthly cash bonuses. It can be a good choice for people looking for flexibility, as it lets you decide your retirement age, how long you want to get monthly income for and how long you want to pay your premiums for. You will also be eligible for additional monthly income if you are unable to do 3 out of the 6 activities of daily living (feeding, dressing, etc.). You don't need a medical checkup to be eligible for this plan.

Income's Gro Retire Ease endowment plan provides supplementary retirement income through monthly cash payouts. It has a 100% capital guarantee, so you will get at least all of your premiums back in addition to non-guaranteed bonuses. You have the option of choosing to save up until your preferred retirement age (50,55, 60 or 65) or you can save for 10-15 years. When you receive your payouts, you can either spend them or reinvest them with Income at an interest rate of up to 3.25%. Gro Retire Ease's life insurance component covers you for death (including accidental death) and you will receive additional coverage if you get diagnosed with a covered disability.

Another retirement endowment policy that may benefit some consumers is AIA's Retirement Saver (III). It is a fairly flexible retirement savings policy that provides a variety of term and premium payment options. For instance, you can pay for the plan with a single premium (excluding plans where the retirement age is 50 or if you choose to receive payments for 20 years) or you can choose to pay until you retire. After you pass your retirement age, you'll receive a monthly payout that may also provide potential monthly dividends to protect against inflation. As an extra bonus, a potential one-off dividend may be added as well. This plan offers capital guaranteed at the retirement age, so you can have peace of mind that all the premiums you paid will go towards your payout.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Policy
Aviva MyRetirementChoice

  • Plan: Aviva MyRetirementChoice
  • Capital Guarantee: 100%
  • Payout Period: 5 to 35 years
  • Premium Term: 5, 10, 15, 20, 25 years
  • Retirement Age: Flexible
  • Life Coverage: Death, Terminal Illness
  • Potential Cash Bonuses: Yes
  • Credit Rating: A-
  • Full Review
Income Gro Retire Ease

  • Plan: Income Gro Retire Ease
  • Capital Guarantee: 100%
  • Payout Period:10, 20, 30 years
  • Premium Term: 5 years, 10 years, regular (annually)
  • Retirement Age: 50, 55, 60, 65
  • Life Coverage: Death, Accidental death
  • Potential Cash Bonuses: Yes
  • Credit Rating: AA-
  • Full Review

  • Plan: AIA Retirement Saver III
  • Capital Guarantee: 100%
  • Payout Period:15, 20 years
  • Premium Term: Single; 5, 10, 15, 20, until retirement
  • Retirement Age: 50, 55, 60, 65, 70
  • Life Coverage: Death
  • Potential Cash Bonuses: Yes
  • Credit Rating: AA-

Aviva's MyRetirementChoice is a participating annuity endowment policy that guarantees a 100% capital return on your premiums at the end of the accumulation period, returns of up to 2.63% per year and a monthly income and potential monthly cash bonuses. It can be a good choice for people looking for flexibility, as it lets you decide your retirement age, how long you want to get monthly income for and how long you want to pay your premiums for. You will also be eligible for additional monthly income if you are unable to do 3 out of the 6 activities of daily living (feeding, dressing, etc.). You don't need a medical checkup to be eligible for this plan.

Income's Gro Retire Ease endowment plan provides supplementary retirement income through monthly cash payouts. It has a 100% capital guarantee, so you will get at least all of your premiums back in addition to non-guaranteed bonuses. You have the option of choosing to save up until your preferred retirement age (50,55, 60 or 65) or you can save for 10-15 years. When you receive your payouts, you can either spend them or reinvest them with Income at an interest rate of up to 3.25%. Gro Retire Ease's life insurance component covers you for death (including accidental death) and you will receive additional coverage if you get diagnosed with a covered disability.

Another retirement endowment policy that may benefit some consumers is** AIA's Retirement Saver (III)**. It is a fairly flexible retirement savings policy that provides a variety of term and premium payment options. For instance, you can pay for the plan with a single premium (excluding plans where the retirement age is 50 or if you choose to receive payments for 20 years) or you can choose to pay until you retire. After you pass your retirement age, you'll receive a monthly payout that may also provide potential monthly dividends to protect against inflation. As an extra bonus, a potential one-off dividend may be added as well. This plan offers capital guaranteed at the retirement age, so you can have peace of mind that all the premiums you paid will go towards your payout.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Endowment Plans for Legacy Savings

In some cases, you may want to put savings aside for your kids and grandkids. If you want to secure savings for future generations and you don't mind getting supplemental life coverage in the process, you can find endowment plans that are tailored for legacy savings. These plans are structured similar to traditional endowment plans, but they let you transfer the policy to your loved ones.

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal
Aviva MyLifeSavings
Income Gro Gen Saver
PlanMyLifeSavingsPlanGro Gen SaverGreat Eastern Family3
Capital Guaranteed100% (contingent on policy)100% (contingent on policy)N/A
Policy TermUp to Age 99Up to Age 120Up to age 99
Premium Term5, 10, 15, 20, 25 yearsSingle; 5, 10, 15, 20Single; 10, 15 years
Life CoverageDeath, Terminal Illness, Accidental DeathDeath, Terminal IllnessDeath, TPD, Terminal Illness
Annual Cash Payout3% Sum Assured (only certain milestones)2.1% sum assured (after 5 years)2% of Sum Assured (after end of premium payment term)
Medical Checkup RequiredNoNoNo
Credit RatingA-AA-AA-
Learn MoreFull ReviewFull ReviewFull Review

Aviva's MyLifeSavings Plan is a whole life endowment plan that provides coverage for you and the option for joint coverage with your spouse or child. You will accumulate savings up to the year you turn 99 and your capital is 100% guaranteed from 15th, 20th or 25th year (depending on your premium and policy term), so you don't have to worry about losing out on the premiums you pay. The policy starts to acquire cash value after the third year and after the 5th year, you can receive 3% of your sum assured during two milestones (property purchases, marriage, becoming a parent). If you choose not to take out the Life Stage benefit, then you will receive 3% of the prevailing sum assured for each unclaimed benefit on top of the maturity benefit. This plan also provides non-guaranteed bonuses. You are allowed to change the life assured after the first policy year to yourself, your spouse or your child if they are under 18.

Income's Gro Gen Saver is another whole life endowment plan that aims to provide savings for yourself and your family. However, unlike Aviva's MyLifeSavings Plan, it only allows one person to be insured at a time. The policy matures on the anniversary of your 120th birthday, and if you survive to this age, you will receive 120% of all the premiums you paid in addition to the cash benefits and bonuses that the policy has accumulated. If you paid in a single premium, your capital will be guaranteed after the 10th policy year, otherwise your capital will be guaranteed after the 13th year. Thus, like Aviva, this is a plan that you'll have to remain committed to for the long run to avoid losing money. The total benefit is paid out once the insured dies and there is no secondary beneficiary, otherwise it will keep accruing until the end of the policy term. You can pay for this policy with cash or with funds from your Supplementary Retirement Scheme (SRS)

If you're looking to save for up to 2 other generations, Great Eastern's Family3 endowment plan can be an option to consider. It provides a lump sum payment upon maturity and a 2% guaranteed annual cashback of your sum assured in addition to any cash bonuses after the end of the premium payment term. If you want to save more, you have the option of reinvesting the annual cashback at the prevailing interest rate. You have the option of paying a single premium or paying over 10 or 15 years and receive coverage up until your death. If you choose to pay via a single premium, you will get a 5% discount. You can transfer ownership of the policy to your children, who can then transfer the policy to their own children.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

Policy
Aviva MyLifeSavings

  • Plan: Aviva MyLifeSavingsPlan
  • Capital Guarantee: 100% (contingent on premium and policy term)
  • Policy Term: Up to age 99
  • Premium Term: 5, 10, 15, 20, 25 years
  • Life Coverage: Death, Terminal Illness, Accidental Death
  • Annual Cash Payout: 3% Sum Assured (only certain milestones)
  • Medical Checkup Required: No
  • Credit Rating: A-
  • Full Review
Income Gro Gen Saver

  • Plan: Income Gro Gen Saver
  • Capital Guarantee: 100% (contingent on premium and policy term)
  • Policy Term: Up to age 120
  • Premium Term: Single; 5, 10, 15, 20
  • Life Coverage: Death, Terminal Illness
  • Annual Cash Payout: 2.1% sum assured (after 5 years)
  • Medical Checkup Required: No
  • Credit Rating: AA-
  • Full Review

  • Plan: Great Eastern Family3
  • Capital Guarantee: N/A
  • Policy Term: Up to age 99
  • Premium Term:Single; 10, 15 years
  • Life Coverage: Death, TPD, Terminal Illness
  • Annual Cash Payout: 2% of Sum Assured (after end of premium payment term)
  • Medical Checkup Required: No
  • Credit Rating: AA-
  • Full Review

Aviva's MyLifeSavings Plan is a whole life endowment plan that provides coverage for you and the option for joint coverage with your spouse or child. You will accumulate savings up to the year you turn 99 and your capital is 100% guaranteed from 15th, 20th or 25th year (depending on your premium and policy term), so you don't have to worry about losing out on the premiums you pay. The policy starts to acquire cash value after the third year and after the 5th year, you can receive 3% of your sum assured during two milestones (property purchases, marriage, becoming a parent). If you choose not to take out the Life Stage benefit, then you will receive 3% of the prevailing sum assured for each unclaimed benefit on top of the maturity benefit. This plan also provides non-guaranteed bonuses. You are allowed to change the life assured after the first policy year to yourself, your spouse or your child if they are under 18.

Income's Gro Gen Saver is another whole life endowment plan that aims to provide savings for yourself and your family. However, unlike Aviva's MyLifeSavings Plan, it only allows one person to be insured at a time. The policy matures on the anniversary of your 120th birthday, and if you survive to this age, you will receive 120% of all the premiums you paid in addition to the cash benefits and bonuses that the policy has accumulated. If you paid in a single premium, your capital will be guaranteed after the 10th policy year, otherwise your capital will be guaranteed after the 13th year. Thus, like Aviva, this is a plan that you'll have to remain committed to for the long run to avoid losing money. The total benefit is paid out once the insured dies and there is no secondary beneficiary, otherwise it will keep accruing until the end of the policy term. You can pay for this policy with cash or with funds from your Supplementary Retirement Scheme (SRS)

If you're looking to save for up to 2 other generations, GreatEastern's Family3 endowment plan can be an option to consider. It provides a lump sum payment upon maturity and a 2% guaranteed annual cashback of your sum assured in addition to any cash bonuses after the end of the premium payment term. If you want to save more, you have the option of reinvesting the annual cashback at the prevailing interest rate. You have the option of paying a single premium or paying over 10 or 15 years and receive coverage up until your death. If you choose to pay via a single premium, you will get a 5% discount. You can transfer ownership of the policy to your children, who can then transfer the policy to their own children.

If you're interested in these plans and would like to learn more, please speak to one of our financial advisors at PolicyPal by clicking the "Get a Quote" button.

What Is An Endowment Insurance Plan?

Endowment insurance is a mid to long-term savings product with a life insurance component. It provides you with a guaranteed sum assured at the end of your policy and also provides coverage against death, terminal illness and in some cases, total and permanent disability (TPD). There are two main types of endowment plans: participating and non-participating. Participating endowment insurance plans will provide a guaranteed payout sum and a non-guaranteed sum (like bonuses) at policy maturity. A non-participating endowment plan only provides guaranteed payouts. While participating endowment plans may promise potentially higher returns, you should be careful because you may not get back what you put into the policy. As with all long-term commitments, you should be sure to discuss your preferred savings insurance product with your financial advisor before purchasing.

Should I Buy An Endowment Plan?

There are a few reasons why you may want to invest in an endowment plan, but the deciding factor will come down to whether or not you want life insurance coverage. With an endowment plan, the main priority is savings, but the plan also acts as a life insurance policy.

Here are a few scenarios in which Singaporeans may want to buy an endowment plan, in addition to wanting coverage against death, terminal illness, and sometimes, total and permanent disability.

ScenarioDescription
Low-Risk InvestmentAn endowment plan is not a high-risk-high-return investment, therefore Singaporeans who want to add a low-risk instrument to their portfolio can consider endowment insurance.
SavingsEndowment plans require regular payments, which can help you save money in an organized and structured manner. If you are interested in building your savings in addition to buying life insurance coverage, then an endowment insurance plan can be a good place to start.
RetirementAt the end of your policy, your endowment plan will return your sum assured (and potential gains, if any) to you, which can be used towards your retirement.
Children's EducationYou can plan your endowment insurance plan so that it fully matures by the time your kids are in need of financial assistance for education.
LegacySome endowment plans can be passed to your children or spouse after you die, which allows them to benefit from the savings you put into the plan. Endowment plans for legacy savings are a good tool for those who seek to leave inheritance to their children.

How Do I Choose The Best Endowment Plan?

To get the best endowment plan for your financial needs, you should consider a few factors. The first thing you should consider are your savings goals. Are you looking to save for a house, dream vacation, your child's education or your retirement? You should look at plans that correspond to your saving goals. Next, you should consider how long you want the policy for. Endowment plans come with all types of policy terms, ranging from 4 years to whole life policies that will let you accumulate savings for your entire life.

You should also consider how much you are willing to pay and for how long. If you have a lot of cash on hand, you can get a single premium policy, where you only pay once. Otherwise, you can get a regular-pay or limited-pay plan. Regular-pay plans require you to pay throughout your policy's duration while limited pay policies require you to pay for the first few years of your policy term.

Next, you should consider the policy's benefits. Some plans offer annual cash bonuses that you can take out throughout the plan's term, while other plans are simpler and just pay the return on your investment at the end of the policy term. If you are looking for extra liquidity, an endowment plan with an annual cash value can be beneficial. If you simply want to save your money and maximise your returns, you can stick to a standard endowment plan. Last but not least, you also want to look at whether or not the plan guarantees the capital—in other words, you will get back at least the amount of premiums you put in when the policy matures. Otherwise, you may risk losing money. This and the financial health of the insurer can help you determine whether you will potentially get the best investment returns.

Methodology

To accurately represent the landscape of endowment products in Singapore, we gathered data on all of the savings plans available from insurers, including traditional endowment, single premium plans, retirement, education and legacy planning savings plans. By separating out the plans based on the financial goals of the consumer, we were able to cut through the marketing language and find out which plans provide the most benefit. We aimed to include plans that promise to return at least 100% of the premiums so the consumers won't be at risk of losing money. In the event a plan was featured that didn't have that guarantee, we made sure it offered useful benefits, high enough returns and a healthy credit rating.

Endowment plans are long-term insurance products that require a long-term financial commitment. To find the plan that works best for you, we strongly recommend speaking to a financial advisor.

Insurance Companies Sampled
AvivaIncomeEtiqa
PrudentialGreat EasternAIA
TokioMarineAXAManuLife

Disclaimer

Regardless of the policy you are thinking of getting, analysing all of your endowment insurance options and speaking to a licensed financial advisor is key to making sure you are getting the right plan. We do not claim to endorse, promote or recommend any product on this page. All products listed here are examples of different types of endowment insurance and their benefits and are meant to be for educational purposes only, Please find the precise terms, conditions and exclusions of the products listed here in their respective policy contracts.

^ Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}