Best Regular Premiums Savings Plan Singapore 2023
Regular Savings plan helps both parents and child to achieve certain milestones in life financially as well as forming the good practice of saving by habitually contributing to the plan.
What are Savings Plan?
Savings plans are policies designed to help you save and grow your wealth. Aside from accumulating your wealth, the difference between saving in a bank and biscuit tin (they accumulate your wealth too) an Endowment plan actually grows your wealth with actual returns higher than a bank account or fixed deposits.
Most savings plans are Capital Guaranteed upon maturity and your savings are protected in the event of death. So you can be sure your wealth will be covered for while growing them.
Still unsure about Savings plan?
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Why Do You Need Regular Savings Plan?
One of the many reasons is Inflation. The #1 factor in rising costs today for retirement, as well as children’s education in the future. Parents can save for a variety of goals and concerns in mind. Savings plans grow at a higher rate than banks accounts, is practically safe and helps to beat inflation.
There are many Endowment Savings plans out there. We have specially curated the best plans and compare them for you so you don’t have to do so
Flexibility
Supplementary benefits can be customised to meet your exact needs and concerns, providing an all rounded coverage.
Further Enhancement
The Sum Assured is able to multiply to enhance the assured amount for Death, TPD and Early to Advance Stage CI.
Third Party Protection
Premium Waiver of death and even Early Stage CI for payor – useful if you are getting this for your child
Should I Save Regularly?
A Savings Endowment plan is a financial commitment with the goal in mind to accumulate and growth of wealth. Setting aside a sum regularly on a monthly or annually basis helps to even out your budget. The endowment plan’s purpose is to help you reach your financial goals at the end of the given period with a maturity amount.
China Taiping
i-Cash Plus III
China Taiping
i-Cash Plus III
NTUC Income
Gro Sure Saver
NTUC Income
Gro Sure Saver
Aviva
MyEasySaver II
Aviva
MyEasySaver II
And the winner goes to...
And the winner goes to...
WINNER
5/5
Aviva MyEasySaver II
.
MOST COMPETITIVE PLAN
4.6/5
China Taiping i-Cash Plus III
.
Get the Best Regular Premium Savings Plan in Singapore 2023
There are many Whole Life Insurance plans in the market. We have specially curated the best plans and compare them for you so you don’t have to do so.
Simply fill in the simple Whole Life Insurance Plans questions to find the coverage best suited to your needs. Our experienced licensed FA advisor will get in touch with you shortly upon your request.
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Frequently Asked Questions
You should consider a savings plan if you want a safe instrument to grow your wealth and also to protect it from inflation’s corrosion. Saving regularly is a financial commitment with the goal in mind to accumulate and growth of wealth.
Setting aside a sum regularly on a monthly or annually basis helps to even out your budget. The endowment plan’s purpose is to help you reach your financial goals at the end of the given period with a lump sum payout at a stable rate of return and most insurers provide capital guaranteed at the end of the policy term.
We have a comparison showdown below:
5 Best Regular Insurance Endowment Plans In Singapore For 2021
Best Single Premium Retirement Plan Using Cash & SRS For 2021
Savings plans are a type of Endowment policies that participates in the underlying assets of Insurers to help policy holders grow their wealth at a steady rate over a specific period of years or age. Savings plans nowadays are becoming more versatile and even provides certain cashback benefits. A new trend of savings plans are getting increasingly popular where “how long to plan maturity” is not the concern anymore.
Instead, the break-even period for premiums and guaranteed amount among insurers are the focus. And they mature when you turn 120 years old.
Depending on the plan features, certain Savings Plans mature after a number of years. There are versatile longer term savings plan that matures when the person is 99 or 120 years old, but breaks-even early at the 5th or 13th year and growing the wealth with flexible cash withdrawals, essentially making it very versatile as a legacy, children’s education planning, young adult’s retirement plan. These Savings Plan allows cash benefit withdrawals and most importantly has Guaranteed Issuance Offer (GIO).
A Savings Plan allows policy owner to save for a certain number or years (or a one time single premium) and receives a maturity lump sum amount at the end of the saving period. A Retirement Plan pays out a fixed income payout regularly (10, 20 or 30 years) at a specified retirement age chosen by the policy holder (60, 65, 70).
You will actually lose out on your capital put in and depending on when you actually do that, it will affect the amount. Essentially you will make more loss if you terminate early into the plan. Having any form of Insurance or Endowment is a commitment to protect yourself from inflation and rising costs.
The Cash Value of an endowment policy is a pool of money that grows within it. Insurers will allocate some of the premiums that you pay into their underlying investment which can be assets and/or funds portfolios. This is managed by a fund manager either by the insurer or appointed. Insurers also typically generate returns of 3% to 5% annually.
