NTUC Income Endowment Insurance Plans: Are They Worth Your Money?
NTUC Income Endowment Insurance Plans: Are They Worth Your Money?
Income offers a variety of endowment plans that can be useful for a variety of savings goals, ranging from general savings to retirement, education and legacy savings. Below, we've reviewed 4 of Income's endowment plans to help you better understand the types of savings plans available on the market.
Table of Contents
Income Gro Saver Flex Plan
Income’s Gro Saver Flex Plan helps you save for your future in the way that fits you best with flexible policy and premium terms, with opportunities for wealth accumulation as well. While this is a great option for those looking for a general savings plan that offers protection and also allows you to grow your wealth, it might not be the best option for those looking for a more specific endowment plan that helps you towards things like your children’s education or your retirement fund.
|Summary of Income Gro Saver Flex|
|100% capital guarantee|
|Covers death, Terminal Illness, and TPD|
|Continued wealth accumulation with a secondary insured|
Income Gro Saver Flex: What You Need to Know
Income’s Gro Saver Flex could be a great option for people looking for a flexible savings plan that also offers wealth accumulation benefits. Policyholders can choose a policy term from options ranging from 10 to 120 years old, with premium terms 5, 10, 15, 20, or 25 years depending on your chosen policy term. You can also choose to pay a single premium, which you can opt to pay for with funds from your Supplementary Retirement Scheme (SRS). Income’s Gro Saver Flex also has a 100% capital guarantee, which means that you’ll receive all of the money that you’ve put in back at the end of the policy term.
This policy also doubles up as life insurance, offering coverage against death and terminal illness that is worth the higher of either 105% of all net premiums paid or 101% of the cash value. It is also worth noting that the policyholder can appoint a loved one as a secondary insured, which allows the policy to continue even in the event that the policyholder dies during the policy term. If the policyholder faces Total or Permanent Disability, all future premiums will be waived until the end of the policy term. There is also a premium waiver in the event of retrenchment or 3 consecutive months of unemployment, which offers peace of mind in case of such unforeseen circumstances.
While Income’s Gro Saver Flex is worth considering for those looking for a long-term savings plan that you can pass over to a child or other loved ones in the future, it may not be suitable if you’re looking for an endowment plan that helps you work towards more specific goals like building a retiremend fund.
Income Gro Power Saver
Income’s Gro Power Saver is a 10-year savings plan that only requires premium payment for the first three years due to its Premium Privilege feature. It is a great option for those looking for relatively mid-length savings plan that allows you to save for an upcoming financial goal that also provides protection for its policyholders. If you’re looking for a retirement, legacy or education plan, this might not be the most suitable option for you.
|Premium payment only required for the first 3 policy years|
|Guaranteed acceptance regardless of health condition|
|Coverage for death, terminal illness, and total and permanent disability|
|Extra bonuses available based on the performance of the Life Participating Fund|
Income Gro Power Saver: What You Need to Know
Income's Gro Power Saver is a 10-year savings plan that helps you prepare for an upcoming financial goal or big-ticket purchase. Its Premium Privilege feature requires policyholders to make premium payments for only the first 3 years of the policy, after which there will be no premium requirement for the remaining 7 years of the policy term.
The policy also offers coverage for death and terminal illness by paying the higher of either 105% of all net premium paid or 100% of the bonuses or cash value. Policyholders will also be protected in the unfortunate event of facing total and permanent disability, with all future premiums waived. You can also choose to receive a lump sump benefit that offers the same payout as the event of death or terminal illness diagnosis, but it is important to note that the policy term will be terminated upon this lump sum payment.
While the Gro Power Saver is a good option for those looking for a savings plan that covers a specific period of time, it might not be the best option if you’re looking for a more long-term policy.
Income Gro Sure Saver Plan
Income’s Gro Sure Saver is a mid to long-term savings plan that allows you to save for your financial goals while providing you with guaranteed yearly cash payouts. This policy is a suitable fit for those looking to receive a steady stream of passive income with their savings plan. If you’re looking to save up for specific goals like your children’s education or your retirement fund, however, this might not be the best option for you.
|Summary of Income Gro Sure Saver|
|Guaranteed annual cash payouts|
|Option to accumulate your benefits at interest rates up to 3.25% p.a.|
|Coverage against death, terminal illness, and TPD|
|Flexible premium terms to choose from|
Income Gro Sure Saver: What You Need to Know
Income’s Gro Sure Saver is a flexible endowment plan that helps you grow your savings while offering you a guaranteed stream of annual passive income in the form of cash benefits. The cash benefits are offered from the end of the 2nd policy year, and are equal to 5% of your sum assured. You can use these benefits to plan a holiday or splurge on one of your big purchases. Otherwise, you also have the option of accumulating it instead of receiving it as a payout at interest rates of up to 3.25% p.a.
With the Gro Sure Saver, you also have the flexibility of choosing your own premium term from a range of 15 to 25 years based on your own needs and goals. Additionally, the policy also offers you coverage for death, terminal illness, and total and permanent disability, in which case you will be paid the sum assured and any cash benefits or bonuses accumulated over the policy term. If you are interested, you can opt for premium waiver of extra medical coverage through add-on riders that will provide you extra coverage against death, terminal illness, or total and permanent disability.
While the Gro Sure Saver is an effective plan if you are looking for a mid-length policy that will offer you yearly cash benefits and flexible premium terms to choose from, you might benefit more from a different policy if you’re looking to save up towards a specific goal or if you’re not interested in ensuring a flow of passive income.
Income Gro Retire Flex
Income's Gro Retire Flex plan is a flexible, participating endowment plan created to help you save for your retirement. It provides a few choices of policy maturity, premium payment terms and cash payout periods. Because it is a participating policy, you will receive a guaranteed sum and a non-guaranteed bonus portion. However, while this plan may be suitable for people looking for a simple and fairly customisable retirement savings plan, it may not be suitable for people looking for other types of savings plans.
|Summary of Income Gro Retire Flex|
|100% capital guarantee|
|Provides monthly cash payouts during your payout period|
|Continuity of wealth accumulation with a secondary insured|
|Protection coverage for death and terminal illness|
Income Gro Retire Flex: What You Need to Know
Gro Retire Ease is a participating endowment plan that provides monthly income during your retirement years. The entire policy is spread into two periods: an accumulation period and a payout period. During the accumulation period, you will pay premiums for either 5, 10 years or up to your desired retirement age.
Gro Retire Ease is a fairly customisable plan that can benefit people who have traditional retirement goals. For instance, it lets you save for 10 or 15 years if you still do not yet know when you want to retire or it lets you choose when you want to start receiving your monthly cash payouts. You can also choose to receive these monthly cash payouts over 10, 20 or 30 years. Because this plan has a 100% capital guarantee benefit, you can feel confident that whichever combination you choose will result in a payout that is at least 100% of all your premiums. Gro Retire Flex also provides a life insurance component that provides coverage for death (including accidental death) and terminal illness. The death benefit will be 105% of all premiums paid and 100% of the terminal bonus. It also allows the policyholder to assign a loved one as the secondary insured, allowing wealth accumulation to continue even in the event of the initial policyholder’s death.
Gro Retire Flex may not be the best choice for people looking for very customisable and flexible retirement plans, since choices are limited. It will also not be suitable for people looking for an education or general savings plan that will mature before a person's retirement.
Optional Add-ons & Riders
Income offers a variety of riders that you can add to supplement your policy. For the Saver plans, you are offered a cancer premium waiver, which will waive all future premiums if you are diagnosed with a major cancer. The retirement and education savings plans provide more options such as the Enhanced Payor Premium Waiver and the Dread Disease Premium Waiver.
|Cancer Premium Waiver||Waive all future premiums if you get diagnosed with one of the major cancers^|
|Enhanced Payor Premium Waiver||Waives all future premiums if you bought the policy for a family member and you die, become diagnosed with a dread disease or become totally and permanently disabled|
|Dread Disease Premium Waiver||Waives all future premiums if you are diagnosed with a dread disease (barring angioplasty)|
|Payor Premium Waiver||Waives premiums if you pass way or are totally and permanently disabled and you bought the policy for someone else|
|Early Cancer Waiver||Waives all future payments if you are diagnosed with early stage cancer during term of the rider|
|^ Major cancer is defined as a malignant tumor and includes leukemia, lymphoma and sarcoma.|
Claims & Contact Information
You have 30 days to make a claim after a death or total and permanent disability. Depending on who you bought the policy from, you can either contact and submit your claim through Income or PolicyPal's website.
|Customer Service||+68 6788 1122|
|Contact E-mail||Enquiry Form|
|Making a Claim||Claim Forms|
|PolicyPal Customer Service||+65 3163 9184|
|PolicyPal Claims (if policy was bought from PolicyPal)||[email protected]|
Income Endowment Plan Summaries
Income offers a variety of plans that can be suitable for a variety of savers. However, while one of Income's plans may suit some people, it may not necessarily be suitable for you. We strongly advise you to talk to your advisors at PolicyPal to see if this plan fits your financial goals. If you'd like to see how any of these plans compare to other endowment plans in the market, you can look at our guide to thfe best endowment policies in Singapore.
|Features||Gro Saver Flex||Gro Power Saver||Gro Sure Saver||Gro Retire Flex|
|Policy Term (Years)||10, 15, 20, 25, 30 or till age 120||10||5 or above||Up to age 120|
|Premium Term (Years)||Single or 5, 10, 15, 20, 25, 30||3||15-20||Up to 5|
|Annual Cash Benefits||No||No||Yes||Yes (upon retirement)|