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Income Endowment Insurance Plans: Are They Worth Your Money?

Income's Gro Goal Saver, Smart Secure, Gro Junior, Gro Retire Ease and Gro Gen Saver are endowment plans that can meet a variety of savings goals. Speak to one of our advisors at PolicyPal to find out more.

Income Endowment Insurance Plans: Are They Worth Your Money?

Income's Gro Goal Saver, Smart Secure, Gro Junior, Gro Retire Ease and Gro Gen Saver are endowment plans that can meet a variety of savings goals. Speak to one of our advisors at PolicyPal to find out more.

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 5 of Income's endowment plans to help you better understand the types of savings plans available on the market.

Table of Contents

Income Gro Goal Saver Plan

Income's Gro Goal Saver plan is a 3-year limited pay plan that could be beneficial for customers who only want to pay premiums for a short period of time. It has a 10 year policy term, which makes it a plan that can be suitable for people who aren't looking to put away their money for very long periods of time (20+ years). However, since it is a general savings plan, it may not be the best choice for people looking for legacy or education savings plans. Furthermore, because it is a 3-year premium payment plan, it may also be less suitable for people who would rather pay lower premiums for a longer period of time.

Summary of Income Gro Goal Saver
100% capital guarantee
Covers death and total and permanent disability
Pay premiums monthly or annually
Can purchase plan online
Can convert to paid up policy option
Average 5-year fund return: 4.28% (after investment expenses)
Historical annual bonus rate: 0.1% of sum assured, compounded at 0.1%

Income Gro Goal Saver: What You Need to Know

Income's Gro Goal Saver may appeal to people who want to pay premiums for a short period of time but still want their savings to accumulate over a longer period of time. For a premium payment term of 3 years, the policy matures after 10 years, so you'll have 7 years where you can just sit back and watch your savings grow. It is a participating plan, so at the end of the policy you will receive a lump sum that is made up of a guaranteed portion and a non-guaranteed bonus portion. The plan has a 100% capital guarantee, so you will get at least your premiums back at policy maturity.

Gro Goal Saver also offers a life insurance portion that will cover you for death and total and permanent disability. The plan's death benefit is 105% of all net premiums paid and 100% of the cash bonuses, or the cash value (whichever is higher).

While this plan may be suitable for people who prefer to pay more upfront in exchange for a shorter payment period, it may be less suitable for people who can't afford high monthly payments. When compared to the longer payment plans like the similar Gro Secure Saver, Gro Goal Saver will cost around 3 times more per month. This plan also won't be the best option for people who are looking for supplemental annual income or are looking for specific savings plans (such as retirement or education). That's not to say you can't necessarily use this plan for these savings goals, but you should be aware that it doesn't provide an annual cash payout that retirement and education savings plans typically have.

Policy Exclusions

Income will not pay the death benefit if you commit suicide within the first year of the policy. Furthermore, the total and permanent disability benefit will not be payable if the disability is caused by self-inflicted injuries, deliberate illnesses or attempted suicide. You should note that total and permanent disability means you are not able to carry out any occupation and the disability must last at least 6 months in a row. The accidental death benefit has slightly more exclusions, which we listed below.

Accidental Death Benefit Exclusions
  • Self-inflicted injury/death
  • Injuries leading to death caused by mental or functional disorder, illness or disease (barring infection)
  • Heat stroke
  • Poor reactions to medication or drugs
  • Negative effects or complications of surgical and medical care (including cosmetic surgery)
  • Radiation or radioactivity
  • Injuries due to acts of terrorism (payment limited to 10% of sum assured or S$10,000)
  • Being poisoned
  • Injury sustained during armed military conflict
  • Injuries sustained as a result of air travel (not crewmember or fare-paying passenger)
  • Injuries sustained as a result of illegal activity
  • Injuries sustained under the influence of alcohol or drugs

Income Smart Secure Savings Plan

Income's Smart Secure Savings Plan is a participating single premium endowment plan that provides annual cash benefits to use for personal use or to pay for another savings plan. If you're interested in hedging against possible losses with other savings plans, this may be a suitable option for you. However, people who are looking to spread their premium payments out over a longer period of time or are looking for a long-term savings plan may find other plans may be more suitable.

Summary of Income Smart Secure
Single premium payment plan
Provides yearly cash benefits
Average 5-year fund return: 4.28% (after investment expenses)
Historical annual bonus rate: 0.1% of sum assured, compounded at 0.1%

Income Smart Secure Savings Plan: What You Need to Know

Smart Secure may be suitable for a few groups of people. The first are people who have another Income savings plan and want a way to fund those premiums. The other group of people are those who are looking for a single premium plan that provides yearly cash benefits. It is a participating plan, which means this plan provides a guaranteed payout and a non-guaranteed bonus. Lastly, because the policy matures after just 4 years, Smart Secure can be beneficial for people who are looking for a short-term savings plan.

The cash benefit will get paid out after the first policy year and will be equivalent to 25% of the sum assured. However, you also have the choice to reinvest the cash benefits and instead choose to get a lump sum when your policy matures. It's important to note that your cash benefit amount has to be the same amount as the annual premium of the savings plan if you want to fund another Income savings plan. The plan's life insurance component will cover you for death and total and permanent disability.

While this plan may be good for people looking for short-term savings, it may be less suitable for people who are looking for a traditional endowment plan. Due to its short premium period, it will not work for people who are cash strapped, since your premium will range in the several thousands of dollars. It also won't work for people who are looking for a long-term savings plan, since the policy will mature in 4 years. Lastly, it does not offer a 100% capital return guarantee, so you should be aware that you may not get back all the premiums you put into the plan at policy maturity.

Policy Exclusions

Like most savings plans, the death benefit will not be paid out if the cause of death was suicide and it occurred within the first policy year. Similarly, the total and permanent disability (TPD) benefit will not be paid out if the disability occurred due to self-inflicted harm, or attempted suicide. The TPD benefit will also not be paid out if the disability occurred due to alcohol, drugs, or deliberate exposure to danger.

Income Gro Junior Saver Plan

Income's Gro Junior Saver plan may be suitable for parents looking to save for their child's education. Because it is a 100% capital guaranteed savings plan, you won't need to worry about not getting back all of the premiums you invested into the plan. However, because this is an education savings plan, it may be less beneficial for people looking to save for themselves (either for general needs or retirement) or people looking for legacy plans.

Summary of Income Gro Junior Saver
100% capital guarantee
Provides up to 6 cash payouts that can be used for child's education needs
Can make your payments monthly, quarterly, bi-annually, or yearly
Average 5-year fund return: 4.28% (after investment expenses)
Historical annual bonus rate: 0.1% of sum assured, compounded at 0.1%

Income Gro Junior Saver: What You Need to Know

Income's Gro Junior Saver is a participating endowment plan that is meant to help you save for your child's education. It is a limited pay plan, which means you will pay premiums for less years than the policy term. You can choose whether you want the policy to mature when your child turns 19 or 21 (20 or 22 age next birthday). The premium terms are 5 or 10 years or annually until 2 years before the policy matures. You have the option of paying your premiums monthly, quarterly, semi-annually or annually.

Gro Junior Saver is a 100% capital guarantee plan, so you will get back at least 100% of the premiums you paid. You may also receive a non-guaranteed bonus at policy maturity. Since this plan insures your child, Income's life insurance component will cover them for death, total and permanent disability and pay a lump sum benefit if they are diagnosed with hand, foot and mouth disease, food poisoning or dengue. The hospital benefit for HFM, food poisoning and dengue is S$100 per day for 30 days. Gro Junior Saver also provides up to 6 cash benefits throughout the policy term that can be used towards your child's education needs. The amount of cash benefits you receive will be dependent on the maturity date you choose. Each payout will be between 5% and 35% of the sum assured.

This plan may be suitable for parents who want to make sure they have funds secured for their child's education. Since endowment plans are a form of "forced" savings, it can be beneficial for parents who want to remain committed to putting aside money consistently. However, it may be less suitable for people who are looking for a savings plan for themselves, a savings plan for retirement or a savings plan they can pass down to their children as a form of inheritance.

Policy Exclusions

Gro Junior Saver insures your child, so the policy exclusions will apply to them rather than to you. Income will not pay the death benefit if the insured commits suicide in the first policy year. The total and permanent disability benefit will be paid out only if the disability didn't occur due to deliberate self-inflicted injuries or attempted suicide or exposure to danger or drugs/alcohol.

Income Gro Retire Ease

Income's Gro Retire Ease 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 Ease
100% capital guarantee
Provides monthly cash payouts over a period of 10, 20 or 30 years
Can make your payments monthly, quarterly, bi-annually, or yearly
Average 5-year fund return: 4.28% (after investment expenses)
Historical annual bonus rate: 0.1% of sum assured, compounded at 0.1%

Income Gro Retire Ease: 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 a retirement age of 50, 55, 60 or 65. You can also choose to receive your 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 Ease also provides a life insurance component that provides coverage for death (including accidental death) and offers a disability care benefit. The death benefit will be 105% of all premiums paid and 100% of the terminal bonus. The disability care benefit will provide a waiver for future premiums and a lump sum benefit during the accumulation period and an additional stream of monthly cash benefits during the payout period.

Gro Retire Ease 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, legacy or general savings plan that will mature before a person's retirement.

Policy Exclusions

Gro Retire Ease has the standard endowment plan exclusions, including no death benefit payout if the insured committed suicide within the first year of the policy. There are a number of exclusions for the accidental death benefit and are listed below.

Accidental Death Benefit Exclusions
  • Self-inflicted injury/death
  • Injuries leading to death caused by mental or functional disorder, illness or disease (barring infection)
  • Heat stroke
  • Poor reactions to medication or drugs
  • Negative effects or complications of surgical and medical care (including cosmetic surgery)
  • Radiation or radioactivity
  • Injuries due to acts of terrorism (payment limited to 10% of sum assured or S$10,000)
  • Being poisoned
  • Injury sustained during armed military conflict
  • Injuries sustained as a result of air travel (not crewmember or fare-paying passenger)
  • Injuries sustained as a result of illegal activity
  • Injuries sustained under the influence of alcohol or drugs

The total and permanent disability care benefit also won't be paid out if the disability occurred because of attempted suicide or deliberate self-harm. We've summarised them below.

Disability Care Benefit Exclusions
on_current="true" format="arrow" columns="2" Self-inflicted injuries/attempted suicide Unlawful acts & exposure to danger Effects of alcohol or drugs AIDS/HIV Cosmetic surgery Military operations during peacetime Professional sports Action or adventure sports (horseback riding, parachuting, rock climbing,etc.) Chronic illness that appeared 90 days before cover start date Impairment that occurred 90 days before cover start date

Income Gro Gen Saver

Income's Gro Gen Saver is a whole life participating endowment plan that may be suitable for people who are looking to accumulate wealth for their loved ones. Because you can appoint a secondary insured, you'll be able to pass this savings plan on either to your child or spouse to ensure they have financial security after you pass. While some people may benefit from this plan, this plan may be less beneficial for people looking for a shorter term education savings plan or a savings plan that will payout during their lifetime.

Summary of Income Gro Gen Saver
100% Capital Guarantee (after 10th policy year if paid by single premium; 13th policy year if regular premium)
Annual Cash Payout: 2.1% sum assured (after 5 years)
Can appoint a secondary insured
Pay by SRS (Supplementary Retirement Scheme)
Average 5-year fund return: 4.28% (after investment expenses)
Historical annual bonus rate: 0.1% of sum assured, compounded at 0.1%
Credit Rating: AA-

Income Gro Gen Saver: What You Need to Know

Income's Gro Gen Saver is a participating endowment plan that helps you build wealth for your family. It falls under the category of a legacy savings plan, which means you can pass on this plan to a family member. At policy maturity, the payout will consist of a guaranteed portion and an non-guaranteed bonus portion. You can pay for this plan with a single premium or over 5, 10, 15 or 20 years. The policy lasts until the original insured's death or 120th birthday, after which a maturity benefit will be paid out to the beneficiary or secondary insured.

This plan will guarantee a 100% capital return after the 10th year provided you pay with a single premium. This means this plan may be more suitable to people who have a lot of cash on hand and can afford to make a large single deposit at once. Gro Gen Saver's secondary insured option lets you appoint a secondary insured (a spouse younger than 65 or a child younger than 18) that will become the main insured after you die. The life insurance portion of this policy covers death and total and permanent disability. The death benefit is the higher of 105% of all net premiums paid or the cash value. There is also a retrenchment benefit that will waive your premiums for 6 months if you become unemployed.

While this plan may be suitable for people who are looking to pass on their savings plan to their spouse or child as a form of inheritance, it may be less suitable for people looking for a general savings plan. Also, because this plan is intended to provide coverage for your entire life, you may end up losing money if you choose to withdraw it before the policy ends. Thus, people looking for shorter term savings plans won't get the full benefits of this plan.

Policy Exclusions

Gro Retire Ease has the standard endowment plan exclusions, including no death benefit payout if the insured commited suicide within the first year of the policy. The total and permanent disability benefit also won't be paid out if the disability occured because of attempted suicide or deliberate self-harm.

There are a few more exclusions related to the retrenchment benefit. We've summarised them below.

Retrenchment benefit exclusions
  • Retirement or being dismissed
  • Taking part in labour dispute
  • End of employment contract
  • Involvement in staff reduction you knew would happen
  • Employment lasting less than 6 months
  • Employment by company not registered or incorporated in Singapore

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.

RiderFeatures
Cancer Premium WaiverWaive all future premiums if you get diagnosed with one of the major cancers^
Enhanced Payor Premium WaiverWaives 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 WaiverWaives all future premiums if you are diagnosed with a dread disease (barring angioplasty)
Payor Premium WaiverWaives premiums if you pass way or are totally and permanently disabled and you bought the policy for someone else
Early Cancer WaiverWaives 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.

Contact Information
Customer Service+68 6788 1122
Contact E-mailEnquiry Form
Making a ClaimClaim 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.

FeaturesGro Goal SaverSmart SecureGro JuniorGro Retire EaseGro Gen Saver
Policy Term (Years)104Age 20, 2210, 15, age 50-65Up to age 120
Premium Term (Years)3Single5, 10, full term - 2 years5,10 years; annualSingle, 5, 10, 15, 20
Annual Cash BenefitsNoYesYes (4-6)Yes (upon retirement)Yes
Capital Guaranteed100%N/A100%100%100%
Life Coverage
Death, TPD
Payout
Guaranteed & Non-Guaranteed Bonuses
Medical Checkup
None
Credit Rating
AA-
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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