Best Endowment Insurance Plans Singapore 2024

Great Eastern's GREAT SP Series 12 is a 2-year non-participating endowment plan that provides a guaranteed return of 3.50% p.a. and a 100% capital guarantee. It is a single premium plan with a minimum deposit of S$10,000, although the minimum amount may change depending on your entry age and payment method. You can purchase the plan online using your SingPass MyInfo 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.

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 12 could be a good option for people who want a short-term option to increase their savings at rates that are currently more favourable than bank rates, while simultaneously getting added insurance protection. Please note this is a limited-time offer.

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 3.56% p.a. return upon maturity. You have the option of choosing between a S$5,000 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. Terms and conditions apply.

Apply for Tiq's 3-Year Endowment online here without having 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.

All insurance product-related transactions via AMTD PolicyPal Group (including Value Champion) are arranged and administered by Baoxianbaobao Pte. Ltd., our insurance broker and exempt financial adviser licensed and regulated by the Monetary Authority of Singapore. This insurance purchase is powered by Baoxianbaobao Pte. Ltd.

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.

Here is why Tiq eEasy Save V is the best non-participating savings plan in Singapore for those who want to save for long terms.

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.

Here is why Singlife Choice Saver is the best savings plan in Singapore for those who want to save for long terms.

Singlife Choice Saver 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 5-25 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.

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.

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.

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.

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.