Best Endowment Insurance 2020

We 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
  • 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
  • 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
  • Non-Par Premium Plans: Guaranteed returns for those looking for low-risk savings plans
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

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.

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

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Plan:
Aviva MySavings Plan
MySavings Plan
Prudential PruActive Saver
Pru ActiveSaver
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

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
Aviva MySavings Plan
MySavings Plan

  • 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
Prudential PruActive Saver
Pru ActiveSaver

  • 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

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

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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.

Plan:
Income Gro Goal Saver
Gro Goal Saver
Aviva MyWealth Plan
MyWealth Plan
Tiq eEasy savepro
eEasy 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
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
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
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.

Single Premium Endowment Plans for Short-Term Savings

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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.

Plan:
Income Smart Secure
Smart Secure
ManuLife Goal 4
Goal 4
Capital Guaranteed100%100%
Policy Term4 years4 years
Premium TermSingle PremiumSingle Premium
Life CoverageDeath, TPDDeath
Yearly Cash Benefit25% of Sum Assured1.80% of Premium
Credit RatingAA-AA-
Learn MoreFull ReviewFull Review

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 4 endowment plan matures in 4 years and provides guaranteed yearly income payouts with the option to reinvest them for a lump sum when your policy ends. 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, which pays you 25% of your sum assured, Manulife's Goal 4 endowment plan offers a smaller payout of 1.8% of your premium at the end of years 1 to 3. The maturity bonus can be as high as 1.8% of your premium and you will have a return of at least 100% of your premiums.

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
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 Educate
Manulife Educate

  • Capital Guarantee: 100%
  • Policy Term: 4 Years
  • Premium Term: Single Premium
  • Life Coverage: Death
  • Yearly Cash Benefit: 1.80% of Premium Paid
  • Credit Rating: AA-
  • Full Review

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 4 endowment plan matures in 4 years and provides guaranteed yearly income payouts with the option to reinvest them for a lump sum when your policy ends. 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, which pays you 25% of your sum assured, ManuLife's Goal 4 endowment plan offers a smaller payout of 1.8% of your premium at the end of years 1 to 3. The maturity bonus can be as high as 1.8% of your premium and you will have a return of at least 100% of your premiums.

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.

Non-Participating Savings Plans

Non-participating endowment plans provide guaranteed returns at the end of the policy term. Unlike participating 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.

Plan:
Capital Guaranteed100% @ maturity100% @ maturity
Policy Term3 years2 years
Premium TermSingle PremiumSingle Premium
Life CoverageDeathDeath, TPD (before age 70)
Guaranteed Return2.10% p.a.1.85% p.a.
Non-Guaranteed BonusesNoNo
Credit RatingAAA-

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.

NTUC Income (“Income”)’s Gro Capital Ease^ is a non-participating, 2-year endowment plan that offers a guaranteed yield at maturity of 1.85% p.a. that 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 and there were no policy alterations or claims made during the policy term. This will provide you a guaranteed maturity benefit of 103.73% (rounded off to the nearest 2 decimal places) of the single premium, based on the guaranteed yield at maturity of 1.85% p.a. It also provides coverage for death & total and permanent disability (TPD before the age of 70). Should you die or become totally and permanently disabled 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 or Supplementary Retirement Scheme (SRS) funds) or from $20,000 if you purchase this plan through a financial advisor (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 of time, as well as young workers who just started saving. Please note that Gro Capital Ease is on a first-come, first-served basis.
Information is correct as at 23 June 2020

Policy

  • Capital Guarantee: 100% at maturity
  • Policy Term: 3 years
  • Premium Term: Single Premium
  • Life Coverage: Death
  • Guaranteed Return: 2.10% p.a.
  • Non-Guaranteed Bonuses:No
  • Credit Rating: A
  • Read our Full Review

  • Capital Guarantee: 100% at maturity
  • Policy Term: 2 years
  • Premium Term: Single Premium
  • Life Coverage: Death, TPD (before age 70)
  • Guaranteed Return: 1.85% p.a.
  • Non-Guaranteed Bonuses: No
  • Credit Rating: AA-

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 this plan 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.

NTUC Income (“Income”)’s Gro Capital Ease^ is a non-participating, 2-year endowment plan that offers a guaranteed yield at maturity of 1.85% p.a. that 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 and there were no policy alterations or claims made during the policy term. This will provide you a guaranteed maturity benefit of 103.73% (rounded off to the nearest 2 decimal places) of the single premium, based on the guaranteed yield at maturity of 1.85% p.a. It also provides coverage for death & total and permanent disability (TPD before the age of 70). Should you die or become totally and permanently disabled 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 or Supplementary Retirement Scheme (SRS) funds) or from $20,000 if you purchase this plan through a financial advisor (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 of time, as well as young workers who just started saving. Please note that Gro Capital Ease is on a first-come, first-served basis.
Information is correct as at 23 June 2020

Endowment Plans for Education Savings

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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).

Plan:
Income Gro Junior Saver
Gro Junior Saver
ManuLife Educate
ManuLife Educate
Aviva MyEduPlan
My 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
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
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
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

Plan:
Aviva MyRetirementChoice
MyRetirementChoice
Income Gro Retire Ease
Gro Retire Ease
ManuLife Educate
Manulife RetireReady Plus
Capital Guaranteed100%100%N/A
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
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 ReviewFull Review

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 Manulife's RetireReady Plus. It is a fairly flexible retirement savings policy that lets you choose your guaranteed monthly income (starting from a minimum of S$300), your preferred payment term, retirement age and income payout period. You can also adjust your income payout period if your needs change. Furthermore, it does offer 50-100% additional monthly income if you become disabled. However, it doesn't guarantee 100% capital return, so you should be aware that you may not get all your premiums back.

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
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
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
ManuLife Educate
ManuLife RetireReady Plus

  • Capital Guarantee: N/A
  • Payout Period: 5, 10, 15, 20, Lifetime
  • Premium Term: Single; 5, 10, 15, 20
  • Retirement Age: 50, 55, 60, 65, 70
  • Life Coverage: Death
  • Potential Cash Bonuses: Yes
  • Credit Rating: AA-
  • Full Review

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 Manulife's RetireReady Plus. It is a fairly flexible retirement savings policy that lets you choose your guaranteed monthly income (starting from a minimum of S$300), your preferred payment term, retirement age and income payout period. You can also adjust your income payout period if your needs change. Furthermore, it does offer 50-100% additional monthly income if you become disabled. However, it doesn't guarantee 100% capital return, so you should be aware that you may not get all your premiums back.

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

Plan:
Aviva MyLifeSavings
MyLifeSavings
Income Gro Gen Saver
Gro Gen Saver
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, 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.

Policy
Aviva MyLifeSavings
MyLifeSavings

  • 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
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

  • 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.

Picking the Best Endowment Insurance

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 potential 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.

^ 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, focusing on insurance. She holds an International Business Management diploma and a B.A. in Economics from New York University. Her prior working experience includes work in the capital markets sector.

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