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Manulife Endowment Savings Insurance Plans: Are They Worth Considering?

Manulife's Goal 9, Spring (II), and RetirementReady Plus (III) plans can be suitable savings plans for a variety of consumers. Speak to one of our advisors at PolicyPal to find out more.

Manulife Endowment Savings Insurance Plans: Are They Worth Considering?

Manulife's Goal 9, Spring (II), and RetirementReady Plus (III) plans can be suitable savings plans for a variety of consumers. Speak to one of our advisors at PolicyPal to find out more.


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Manulife offers several endowment insurance plans that may be suitable options for long or short-term savings. Below, we review Manulife's Goal 9, Manulife Spring (II) and Manulife RetireReady Plus (III) plans to help consumers learn more about different endowment plans that are available on the market. Manulife's Goal 9 plan is a 1 year, single premium plan offered by DBS that may benefit savers who are looking for a short-term savings plan. Manulife Spring (II) is a 12-years savings plan that offers high returns and yearly cash benefits. Both plans have a 100% capital guarantee, which means your payout won't be less than the premiums you put in. Manulife RetireReady Plus (III) plan is a participating endowment plan that is highly customisable and can help fund your retirement.

Table of Contents

Summary of Manulife Endowment Plans
Goal 9 & Spring (II) provide 100% capital guarantee upon policy maturity
RetireReady Plus (III) is highly customisable and lets you choose your guaranteed monthly income
Manulife Goal 9 lets you pay with your Supplemental Retirement Scheme funds
Average 5-Year Investment Return: 3.29%
Average reversionary bonus: S$7.00/S$1,000 sum assured, annually compounded at 0.7%
No health checkup required
Credit Rating: AA-

Manulife Goal 9

Manulife Goal 9 is a participating single premium endowment plan that may be suitable for people looking for short-term savings. You pay your premium in one lump sum (minimum payment of S$10,000) and your policy will mature in 1 year. Manulife advertises potential returns of 1.10% over 1 year and a 100% capital guarantee (you will receive at least 100% of your premium). You can pay for this plan in cash or via your SRS fund. However, you should note if you do pay via SRS, the funds you withdraw will be paid directly to your SRS account.

Manulife lets you pay as little as S$10,000 or as much as S$50,000. There is also a life insurance component that covers you against death at 101% of your premium. You don't need any health check-ups to be approved for this policy. Because of the rather high premium, this plan may be more suitable for people who want to deposit one sum of money and watch it grow as opposed to people who want to put away a little bit of savings aside per month.

Manulife Spring (II)

Manulife’s Spring (II) plan is a flexible 12-year endowment plan that offers up to 2.87% p.a. returns over the course of the policy’s term. However, just like Manulife’s Goal 9 plan, you can be assured that you will receive a guaranteed 100% of your premium upon policy maturity no matter what. The Manulife Spring (II) includes yearly cash benefits that can either be used to off-set future premiums from the end of the 3rd or 6th policy year, or be received as a yearly liquidity payout. Otherwise, you can also accumulate these cash benefits at a non-guaranteed interest rate.

This plan also acts as a life insurance policy, offering coverage against death, total and permanent disability, and terminal illness. You do not require a medical health check-up to be accepted into this plan. The Manulife Spring (II) plan might be more suitable for those looking for a medium-term endowment plan that allows you to protect and grow your savings over a specific period of time.

Manulife RetireReady Plus (III)

If you are looking for a flexible, participating, retirement savings account, Manulife's RetireReady Plus (III) may be a choice you can consider. It is a very flexible policy that lets you customise your policy in every way, ranging from the monthly income you want to receive to the premium period, payout period and retirement age. Since this is a participating plan, your monthly income will consist of a guaranteed portion and non-guaranteed bonus portion. This cash bonus portion can either be added as additional monthly income or reinvested and received as a lump sum annual bonus.

Manulife RetireReady Plus (III) has a few rarely found features that may benefit some consumers. First, it has one of the largest retirement age spreads on the market, ranging between 50 and 70 years of age. In contrast, most retirement savings plans go up to a maximum retirement age of 65. Furthermore, it offers a lifetime payout period, meaning you will receive your monthly payments until you die. You can change this payout period whenever you wish before your retirement age. The life insurance component of this plan covers you for death at 105% of your total premiums paid (or cash value if higher). You will also receive a loss of independence income benefit that is 50% of your gross monthly income (GMI) if you become disabled and can't do 2 of the 6 activities of daily living or 100% of your GMI if you can't do 3 of the 6 activities of daily living.

This plan may benefit people who are looking for a customisable retirement plan. However, it doesn't have a 100% capital guarantee, so you may not end up getting a payout that is equal to or greater than the amount of premiums you put in. Lastly, it may not be suitable for people who are looking for other types of endowment plans, such as short-term savings plans, legacy or education plans.

Policy Exclusions

Manulife will not pay the death benefit if the insured committed suicide within one year of the policy start date. You should be sure to read the policy summary document for a comprehensive list of general exclusions.

Claims & Contact Information

Endowment plans will end on their own without you needing to make a claim. However, if you need to make a death or terminal illness claim, you should reach out to either Manulife or Policypal (depending on who you bought the policy from).

Contact Information
Customer Service+65 6833 8188
Contact E-mailMessage Submission
Make a ClaimClaim Forms
PolicyPal Customer Service+65 3163 9184
PolicyPal Claims (if policy was bought from PolicyPal)[email protected]

Manulife Endowment Insurance Plan Summaries

Manulife's endowment plans may be a great fit for some savers, whether the end goal is to fund a child's education or to simply save for your own personal needs. However, while they may be a good option for some people, they may not be suitable for others. Thus, we strongly advise you to talk to our financial advisors at PolicyPal to see if these plans will help you save enough for your goals. If you'd like to see how these plans compare to other endowment plans on the market, please read our guide to the best endowment policies in Singapore.

FeaturesGoal 9Spring (II)RetireReady Plus (III)
Capital Guaranteed100%100%N/A
Payout PeriodN/AN/A5, 10, 15, 20, Lifetime
Policy Term1 year12 yearsUntil Retirement Age
Premium Payment TermSingle3, 6, 12 yearsSingle, 5, 10, 15, 20 years
Life CoverageDeathDeath, Total and Permanent Disability, Terminal IllnessDeath

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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.

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