Best Short And Long Term Endowment Plans In Singapore

Considering the skyrocketing costs of necessities today, you may be starting to get terrified about the future. Thankfully, there are ways you can prepare for inflation and secure your finances. One of the best ways low-risk individuals can increase their wealth is through endowment plans.

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In Singapore, most endowment plans are part of a life insurance policy. Although it is more expensive than term insurance, health insurance, and other similar plans, it has the biggest potential to give you greater returns in the future.

If you’re curious about what the best ultimate endowment plan is in Singapore, you’re on the right page. In this guide, we’ll give you options for the best short term endowment plan and the best long-term endowment plan options you can get.

• What Is an Endowment Plan?
  • What’s in an endowment plan?
  • Who should get an endowment plan?
• Factors to Keep in Mind When Getting An Endowment Plan
• Best Short Term Endowment Plan Options
  • Tiq 3-Year Endowment Plan
  • Manulife Goal 2024 (I)
  • Gro Capital Ease
• Best Mid and Long Term Endowment Plans in Singapore
  • Singlife Choice Saver
  • GREAT Prime Rewards 3

An endowment plan is a traditional type of insurance that gives you both protection and savings. This plan works by helping you save money regularly over a specific amount of time. After the maturity period, you’ll receive the amount of money you saved in a lump sum or through monthly payouts.

The goal of endowment plans is to give policyholders insurance coverage and an added living benefit if they survive the policy. If anything unfortunate happens to the policyholder, the beneficiary will receive the death benefit.

A short term endowment plan is characterised by the following features:

• Savings and protection
• Fixed period or one-time premiums
• Maturity date
• Option to have additional policy riders
• Sum assured to policyholder or beneficiary
• Capital guaranteed upon maturity
• Participating or non-participating
• TranchesMeanwhile, a long-term endowment plan is characterised by the following features:
• Fixed period of premiums
• Savings and protection
• Maturity date
• Option to have additional policy riders
• Sum assured to policyholder or beneficiary
• Capital guaranteed upon maturity
• Long-term commitment
• Participating or non-participating
• Early termination penalties

If you have a regular stream of income, you should consider getting a long or short term endowment plan. The same goes for people who want to receive or save money over a specific period. Endowment plans are also a great option for those who don’t want to worry about having no financial cushion.

In many ways, an endowment plan is perfect for those who want to prepare for the future and have peace of mind. It is also amazing for those who are averse to taking risks, yet still want to get great returns.

A long or short term endowment plan also protects you from various market fluctuations so it’s a good contingency plan.

Before you get a long or short term endowment plan, consider your goal. Do you want an endowment plan for your retirement? Or do you want to use it to fund your home? Or maybe for your future wedding?

Also keep in mind when you want to get your money or how much you want to receive in the future. Do you want to receive it in monthly payouts or as a lump sum?

Not only that but are you willing to take on more risk? If so, how much? This will give you an idea of how long you have to wait before you get to touch your money.

Aside from that, assess your current financial situation before signing up for the best short term endowment plan. How much do you think you can set aside per month for your plan? Also keep your lifestyle in mind.

An endowment plan is a long-term commitment where you need to pay consistently to reap its benefits. Do you think you’re ready for this commitment? If you choose a single premium policy, can you handle the huge one-time payment or will it set you back financially?

Here’s a list of the top short term endowment plan options you can choose from.

This best 3 year endowment plan in Singapore offers maturity returns of 3.95% per annum, so it’s surely a great choice if you’re looking for a short term endowment plan in Singapore. Tiq 3-Year Endowment Plan is a single-premium and non-participating life insurance plan meant for people 17 to 70 years old, regardless of their health condition. There are also no maximum policies you can purchase.

For this short term endowment plan, the minimum premium is S$5,000 and the maximum premium is S$1 million. Meanwhile, the maturity period is 3 years.

During the term of this short term investment in Singapore, you are insured 101% of the premium if you pass away. With a guaranteed 12.3% per annum return, this is one of the top choices for those who want to prioritise maximum returns.

Curious about this endowment plan? Click here.

If 3 years is too long for you and you want something shorter, this is an awesome option. Manulife Goal 2024 (I) will help you reach your financial goals fast. This two-year short term endowment plan has a potential return of 3% to 4% per annum. Upon the maturity of this policy, you can receive a guaranteed 8% return on your investment, with a 0.17% bonus of your single premium.

For the payment options, you can start with S$10,000 via SRS or cash. There are also no health check-ups needed, and you will be covered against death at 101% of your premium.

If you want to find out more about this plan, head over to this page.

With this short term endowment plan, you can enjoy guaranteed maturity benefit of your single-premium plan at the end of the policy. It is available for purchase to all Singaporeans and PRs between 18 to 80 years old who have a valid NRIC number. You may also pay using your SRS funds.

Just like other short-term endowment plans, it offers guaranteed acceptance regardless of the applicant’s health conditions. Gro Capital Ease also protects you from death and total and permanent disability before 70 years old.

This short-term endowment plan has a minimum single premium of S$10,000, but the maximum limit will be subject to changes for the specific tranche available.

Want to know more about Gro Capital Ease? Check out this page.

Here’s a look at the top mid and long term endowment plans you should consider.

This is one of the ultimate choices for individuals looking for a mid to long term endowment plan in Singapore. It has seven premium terms to choose from (5, 10, 12, 15, 18, 20, and 25 years), and an interest rate of 4.25% per annum, non-guaranteed returns. You may get up to 12 months’ interest waiver for unpaid premiums if you are unemployed.

The policy term of this best insurance savings plan in Singapore is 10 to 25 years, or cover to 99 years old. Keep in mind that this plan has no early cash withdrawal option. That said, you can earn huge bonuses upon maturity, although it’s not guaranteed. There’s also a bunch of riders you can choose from in this endowment plan in SG.

If you want to read more about this plan, visit this page.

If you want to secure your financial future in your retirement, then you should check out GREAT Prime Rewards 3.

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This endowment plan in SG is a single-premium participating endowment plan that gives you a consistent stream of annual payouts upon maturity. Not only will you get 100% of your capital at the end of the policy year 5, but you’re also covered against death and total and permanent disability. With this policy, you can build your wealth with a minimum premium of S$10,000, payable through your SRS funds or cash.

This plan offers a flexible duration for your annual income stream for 10, 15, 17, or 20 years, where you can receive a total annual income of up to 1.47 times your single premium. You may also accumulate your annual income to get up to 1.75 times your single premium. Policyholders also have the option to withdraw their accumulated income anytime.
If you want to get this plan, head over to this page.

An endowment plan is an incredible option for people looking to have money for their retirement, child’s education, and other major expenses. Although you may need to shell out a lot of cash, these savings plans in Singapore will have your back in the long run.

Thanks to the huge selection of long and short term endowment plan options listed above, you can find a plan that works with your risk tolerance and investment goals.

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