3 Best Endowment Savings Plans in Singapore for Wealth Accumulation (2020 Edition)

We look for the best saving endowment plans in Singapore that provides a high guaranteed and projected cash value upon maturity.

Taking up a Savings plan and Endowment policy usually requires a financial commitment, and the policy is meant for cash accumulation returns. The policy may or may not have withdrawal options in the later life stages of your life.

However, not all insurance policies are created equal. InterestGuru.sg look into the 3 best Savings plans and Endowment policies that provide the most value for your money.

In this review, we take an in-depth look into the following 3 endowment savings plans that provide a high guaranteed and projected cash value upon maturity.

This list of the 3 best endowment savings plans is updated as at: 24/01/2020

Related article: 3 Best Savings Endowment Plans in Singapore with Lifetime Wealth Accumulation (2020 Edition) *NEW*

What makes a good savings plan and endowment policy?

We look into Savings plans and Endowment policies that provide a good blend of product features, potential payout and flexibility of saving period. While all savings plans and endowment policies accumulate cash values, the cost of insurance riders and insurance coverage multiplier may affect your surrender value when you need a payout.

Saving plans and Endowment policies the best insurance policy?

Our criteria for picking the Endowment Policies below:

  • Options for cash withdrawal
  • Type of payout (Guaranteed and Non-Guaranteed)
  • Available riders to complement insurance coverage
  • Other unique product features

Note: The Savings plans and Endowment policies listed below are not ranked in any priority. Early surrendering or cashing out from your Life Insurance policies will result in financial loss.

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Read aboutSavings Plans and Endowment policies, are they suitable for me?

Best endowment savings plans for Highest Guaranteed Returns – Aviva MySavingsPlan

Aviva MySavingsPlan
Aviva MySavingsPlan

Aviva MySavingsPlan is a 100% capital guaranteed regular pay savings plan and endowment policy. By regular pay, your savings must continue on a yearly basis until the maturity of the savings plan.

For those on a tight budget,  Aviva MySavings Plan allows the flexibility to choose your premium term from 5 to 25 years with premiums as low as $1.56 per day.

There are no health questions asked, at the same time, it also protects you against death, terminal illness and accidental death.

What we like about Aviva MySavingsPlan

  • 100% capital guaranteed when held to maturity
  • Flexibility to choose your premium term from 5 to 25 years to best suit your savings needs
  • No health underwriting needed

What we do not like about Aviva MySavingsPlan

  • No option to do cash withdrawal during the policy term

Aviva MySavingsPlan is rated #1 by CompareFirst.sg for endowment plan based on the highest guaranteed payout

Aviva MySavingsPlan potential returns: 4.5 out of 5 stars (4.5 / 5)
Aviva MySavingsPlan product features3.5 out of 5 stars (3.5 / 5)
Aviva MySavingsPlan overall rating4 out of 5 stars (4 / 5)

Read about: Aviva MySavingsPlan Review

Additional product details: Aviva MySavingsPlan marketing brochure

Best endowment savings plans for Cashback features – Manulife ReadyPayout Plus

Manulife ReadyPayout Plus
Manulife ReadyPayout Plus

Manulife ReadyPayout Plus is a savings plan and endowment policy that has a flexible policy term of 13, 15 and 20 with a premium term of 10, 15 and 20 years.

Again, anyone can purchase this savings plan and endowment policy. There are no health questions asked, at the same time, it also protects you against death, terminal illness.

What we like about Manulife ReadyPayout Plus

  • Option to withdraw cash benefits from the end of your 1st policy year till the last policy year before the policy ends at a range of 2% to 10% of the sum insured
  • Flexibility to choose a policy term of 13, 15 and 20 with a premium term of 10, 15 and 20 years
  • No health underwriting needed
  • Waiver of premium if you suffer a total and permanent disability before your 70th birthday or at the end of the premium payment term, whichever is earlier

What we do not like about Manulife ReadyPayout Plus

  • Not 100% capital guaranteed

Manulife ReadyPayout Plus is rated #2 by CompareFirst.sg for endowment plan based on the highest guaranteed payout

Manulife ReadyPayout Plus potential returns4 out of 5 stars (4 / 5)
Manulife ReadyPayout Plus product features3.5 out of 5 stars (3.5 / 5)
Manulife ReadyPayout Plus overall rating3.8 out of 5 stars (3.8 / 5)

Read about: Manulife ReadyPayout Plus Review

Additional product details: Manulife ReadyPayout Plus marketing brochure

Best endowment savings plans for Flexibility (Premium Terms) – Great Eastern Flexi Endowment

Great Eastern Singapore
Great Eastern Singapore

Great Eastern Flexi Endowment is a savings endowment policy that has a flexible policy term of 10 to 40 years. You can also decide if you want to fund your savings plan for 5 years, 10 years, or for the full-term.

It also protects you against death, terminal illness, and total permanent disability.

What we like about Great Eastern Flexi Endowment

  • Flexibility to choose a policy term from 10 up to 40 years
  • Flexibility to choose a premium term of 5 years, 10 years, or in full
  • Make a one-time payment of the 5-year premium and enjoy a 5% discount

What we do not like about Great Eastern Flexi Endowment 

  • Not 100% capital guaranteed
  • No option to do cash withdrawal during the policy term

Great Eastern Flexi Endowment is rated #3 by CompareFirst.sg for endowment plan based on the highest guaranteed payout

Great Eastern Flexi Endowment potential returns3.5 out of 5 stars (3.5 / 5)
Great Eastern Flexi Endowment product features3.3 out of 5 stars (3.3 / 5)
Great Eastern Flexi Endowment overall rating3.4 out of 5 stars (3.4 / 5)

Read about: Great Eastern Flexi Endowment Review

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Additional product details: Great Eastern Flexi Endowment marketing brochure

What can I do next?

Is this your first Life Insurance policy besides your integrated shield plan? Read out how exactly you should start your financial planning instead. While saving plans and endowment policies offers a better rate than bank deposits, prioritise the more important financial objectives and goals instead such as your insurance coverages.

Read about: How much life insurance coverage do you need? *Popular*

As most savings plans do not require health underwriting, such policies can be taken up regardless of your health conditions. Insurance coverages, on the other hand, require you to have a clean bill of health or you may face exclusions or rejection of your application.

Hence, it is important to ensure your health and protection coverage is already taken care of by a Whole Life, Investment Linked Policy, or Term insurance.

Read about3 Best Whole Life Insurance Plans in Singapore for Insurance Coverages (2020 Edition)

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Read about3 Best Investment Linked Policies in Singapore for Wealth Accumulation (2020 Edition)

Aim to maximise the financial returns on your savings

Wherever possible, make sure that your financial budget is sufficient to cater to the payment of the savings plan, instead of overstretching and relying on any available cashback options.

We strongly recommend you to read the following articles for wealth accumulation purposes. Understand why a shorter insurance premium payment period affects your financial returns more than you would have expected.

Read aboutHow can I accumulate a million dollar (Realistically)

Read about: The 7 Best Regular Insurance Savings Plans in Singapore by Product Features (2020 Edition) *NEW*

Which Endowment Savings Plans are the most suitable for you?

Our partnered financial planners will draft their proposals based on your given input. Your information and details will only be used for communication with you.

All comparisons done are 100% free and solely based on your individual needs.

*For a limited time, get attractive incentives when you take up any products that is proposed by our team of financial planners.

Compare savings plans quotations from all leading insurers in Singapore

Endowment policies Selector

Just 4 simple questions we need for our financial planners to find you a personalised savings plan, based on your financial goals and objectives.

Are you expecting to make partial withdrawal from your savings plans:
(Policies with withdrawal options tends to result in an lower overall payout)

You are willing to set aside a regular sum of savings for:
(The number of years that you are wish to set aside funds for your saving goals)

What is the amount of savings are you are looking to set aside yearly (in S$):
(You may also choose to saving on a monthly basis as well)

What would be your preferences in a saving plan and endowment policy (if any):
(This allows us to narrow down the most suitable options for you)

Just a little more information so that we are able to reach you.




 

Too much work to fill in the form above?

Drop us your contact details and let InterestGuru.sg contact you instead. We may assign one of the partnered Independent Financial Advisers to work on your inquiry at no cost to you.

Alternatively, use our CompareNOW to compare savings plans and endowment policies across insurance companies. Compare and get the best for yourself, it doesn’t have to cost you!

 

Note: All financial figures are based on close approximate and all non-guaranteed figures are based on the higher tier of 4.75% investment returns. The sample illustrations are for illustrative purposes only and is not a contract of insurance. Early surrendering or cashing out from a Endowment Savings insurance policies will certainly result in financial loss. In the event of doubt, always refer to the precise terms and conditions as specified in your policy contract. Seek the advice of a qualified financial professional or a licensed financial advisor before making any decision or financial commitment.

*Terms and conditions may apply, speak to our financial planners or drop us a message for more details.

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