An Introduction to Saving Plans and Endowment Policies

Product features and benefits of a Saving plans and endowment policies

What are Saving plans and endowment policies?

Commonly referred to as a regular saving plan, Saving and Endowment policies allow future financial goals or objectives to be met with basic insurance coverage.

Various riders can be added to enhance the policy in the event of death, Terminal illness, Critical Illness or Total and permanent Disability. Such insurance riders are usually added when the policyholder is determine to ensure that unexpected life events does not disrupt the intended savings goals.

Features such as flexibility for partial withdrawal of savings are available in certain policy, which may result in a lower maturity cash value if withdrawals are made.

Some policies allow selection for premiums to be paid until the maturity of the policy or for limited numbers of years.

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Who are Endowment and Saving Policy suitable for?

An endowment is suitable for risk adverse profile as they are often principal guaranteed. It is also beneficial for people who cannot save regularly. You may consider an endowment policy if you are looking to save for a particular goal over a long-term, minimally ten years.

A person who has been saving regularly into their bank account every month from their salary should also consider to partition their savings into two parts, leave a part in the savings account for emergency use, and another part in an endowment to generate a higher return as compared to a savings account.

Read About5 ways to beat inflation on your savings

Limited Payment or Regular Premium: Which is better?

For a higher rate of returns, consider a limited payment savings and endowment policy. As premiums are fully paid in the early years of the policy, there is a longer amount of time for the policy to accrue financial returns.

regular premium endowment and saving policy does not allow as much time for financial returns to accrue. This is due to the premium paid in later years of the policy not having sufficient time to compound until the maturity of the policy.

Do take note that not all limited payment endowment have cash-back option for flexibility.

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What are the best endowment saving policies available?

Without preferences and in no order of ranking, here are some of the popular endowment and saving policies available in Singapore:

Endowment and Saving Policy (Limited Payment)

Endowment and Saving Policy (Regular Premium)

Related article3 Best Fixed Maturity Endowment Savings Plans in Singapore for Wealth Accumulation (2023 Edition) *NEW*

Related article: 3 Best Endowment Savings Plans in Singapore for Lifetime Wealth Accumulation (2023 Edition) *NEW*

What other insurance policies related options are available?

An Investment Linked Policy which offers Health and protection coverage and investment elements can be considered. Alternatively, if insurance coverage is not required, look in generating a higher financial return by managing an Investment Portfolio.

Related categoriesInvestment Linked PolicyInvestment Portfolio

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Where can I compare the payout and benefits of Endowment and Saving Policies?

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