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- Critical Illness
- Early Critical Illness
- Whole Life Plans
- Retirement/ Annuity Plans
- Saving and Endowment Plans
- Term Insurance Plans
- ElderShield Plans
- Integrated Shield Plans
Table of Contents – Compare Retirement Plans
- 1 How do we compare the retirement annuity plans for you?
- 2 What should you consider when taking up a retirement plan?
- 3 What should you know before taking up a retirement annuity plan?
- 4 What else should you consider before taking up a retirement plan?
- 5 What are some of the best retirement plans in Singapore?
- 6 What are the most frequently searched Annuity and Retirement plans?
- 7 How do you read the benefit illustration for your retirement policy?
- 8 Further resources on retirement planning
How do we compare the retirement annuity plans for you?
The following are some of the factors we use to we compare the retirement annuity plans listed above. Depending on your selected retirement plans, not all features may be available.
- The policy terms of the retirement annuity plans
- The additional benefits and features of the retirement annuity plans
- The financial returns of the retirement annuity plans
- The insurance coverage of the retirement annuity plans
A long-term financial commitment may be required for a retirement annuity plan. Speak to us or seek professional advice before deciding on a suitable plan to match your retirement lifestyle and needs.
The policy terms of the retirement annuity plans
Based on your desired monthly retirement income, your retirement annuity plan will consist of a premium payable, premium term and policy term.
The following factors are compared to ensure that the insurance premium payable is competitive, based on the retirement income payout.
- Premium Payable– The amount of payment required for the retirement plans and annuity policies. Your premium stays the same throughout the payment premium.
- Premium Term – The number of years you have to pay the premium for the Retirement annuity plan.
- Policy Term – The numbers of years the policy is valid or the number of years until the policy matures.
The additional benefits and features of the retirement annuity plans
The additional features available from the retirement annuity plans are taken into account to ensure a fair comparison.
- Supplementary Riders – Rider may be applicable or added to provided coverage or waive premium payment when an insurable event occurs.
- Disability multiplier – Payout multiplied in the event that you fail to perform 3 of 6 activities of daily living or severe disability.
The financial returns of the retirement annuity plans
The payout of the retirement annuity plans is compared based on the total insurance premium that you have paid for the plan.
- Cash Value – Consist of a cash value generated through investment returns by the insurer. Cash value varies from the investment performance of the individual insurers.
- Cash Value (Guaranteed) – The minimum lump sum value u should receive, in the event that you choose to surrender your policy.
- Cash Value (Non-guaranteed) – Additional lump sum you may receive, depending on the investment performance of the insurance company.
- Monthly Income (Guaranteed) – The sum of money you will receive monthly upon reaching the chosen retirement age. This amount is chosen upon signing up for the policy and cannot be changed after the policy is incepted. This amount also determines your policy premium.
- Monthly Cash Bonus (Non-guaranteed) – A sum of non-guaranteed bonus received during income payout period. This forms a part of the total monthly income.
- Additional Monthly Income – The reversionary bonus earned before retirement age. This can be withdrawn in a lump sum, or convert to additional monthly income upon retirement age.
- Surrender Value – The cash value consisting of a guaranteed and non-guaranteed cash value. Surrendering your Retirement plans and Annuity policies would mean that any provided health and insurance coverage will stop.
The insurance coverage of the retirement annuity plans
The lump sum death benefits of the respective retirement annuity plans are compared, in the event of death before or during the income payout period. The benefits claimable should severe disability occurred are compared based on the underlying features for the respective plans.
- Death Benefit – The amount paid upon Death, usually based is on the higher of the coverage amount or accumulated cash value.
- Waiver of premium – The waiver of future premium should you a stated insured event occurs.
What should you consider when taking up a retirement plan?
All retirement plans and annuity policies are structured differently to suit the goals and objectives of individual policyholders.
- The duration of payout for your retirement annuity plans
- The amount of payout for your retirement annuity plans
- The types of payout for your retirement annuity plans
- The coverage and additional benefits for your retirement annuity plans
These are some of the factors you need to consider and compare when taking up a retirement annuity plan.
The duration of payout for your retirement annuity plans
Accordingly to singstat.gov.sg, life expectancy averages for Male and Female at Age 80 and 85 respectively. What is the length of the payout period that you require?
- Does your retirement plan provide a consistent payout to last for your lifetime?
- Are there any buffers should you outlive the average life expectancy?
The amount of payout for your retirement annuity plans
The effects of inflation will erode the purchasing power of your money, making the present value of a dollar today worth lesser as time pass.
- Do you need an income payout that increases at a fixed rate on a yearly basis?
- Upon reaching your retirement age, are you expecting a lump sum cash payout? If so, how much do you need to set aside now?
The types of payout for your retirement annuity plans
Retirement plans are structured differently and the financial payout varies across insurers.
- What is the guaranteed rate of return on the specific retirement plan?
- What is the surrender value of the plan during specific years during your retirement?
- Can you accumulate a portion of your income or lump sum payout for a higher monthly income in future?
- What is the overall rate of return on your premium paid compared to the potential payout?
The coverage and additional benefits for your retirement annuity plans
Chances are that your body is not as active as it was ten years ago. Similarly, during your retirement years, your health will gradually turn for the worst.
- Are the monthly income from the retirement plan sufficient in the event that long-term medical assistance is required?
- Are there additional payout in the event you have difficulties performing basic daily living activities?
- In the event of death at any point in time, how much value does the policy retains for your beneficiaries?
Discuss with a qualified financial advisor or let our panel of financial planners compare your retirement needs across all insurers in Singapore.
What should you know before taking up a retirement annuity plan?
Leaving everything else equal, we seem illustration with potential payouts of up to 1,300%. We had to clarify with our partnered advisors and it turns out to be pretty misleading. Ask yourself the following:
- Is the rate of returns based on the accumulation of your income until the end of the policy term? (This means you are not getting a monthly income throughout the retirement years)
- Higher guaranteed return or a higher not guaranteed returns? Which is more important to you?
- Do you need a lump sum at the end of the payout period or a higher monthly income during your retirement period?
- Does insurance elements such as the payout multiplier negatively reduce your monthly income payout?
What else should you consider before taking up a retirement plan?
The above pointers may not be all the factors and reason to decided on the ideal retirement plans for yourself.
We strongly suggest that you should work out the lifestyle needs and finances expected during your retirement.
What are some of the best retirement plans in Singapore?
The best retirement plan is highly dependent on your retirement goals and objectives.
Consider the major categories below for an in-depth review of the retirement plans that may best suit your financial needs.
- The 3 Best High Income Payout Retirement Plans in Singapore
- The 3 Best Inflation-proofed Payout Retirement Plans in Singapore
- The 3 Best Lifetime Income Payout Retirement Plans in Singapore
- The 3 Best Retirement Plans with Principle Withdrawal Features in Singapore
- The 3 Best SRS Approved Retirement Plans in Singapore
What are the most frequently searched Annuity and Retirement plans?
This is a list of our most frequently viewed Annuity and Retirement plans across our insurance product directory.
Get more details by clicking on any of the specific products.
- Manulife – Manulife RetireReady Plus III
- Aviva – Aviva MyRetirementChoice II
- NTUC Income – NTUC Income Gro Retire Ease (a.k.a. RevoRetire)
- AIA – AIA Retirement Saver III
- Tokio Marine – Tokio Marine TM Retirement GIO
- AXA – AXA Retire Happy Plus II
- Prudential – Prudential PRUGolden Retirement
Note: The list above is not sorted according to any order of product features, benefits, insurance premiums or monthly retirement income.
How do you read the benefit illustration for your retirement policy?
Refer to our 2 part guide on understanding how to read the benefit illustration of an insurance policy.
- Understanding your insurance policies (Part 1 of 2)
- Understanding your insurance policies (Part 2 of 2)
Further resources on retirement planning
These are some of the works of the advisors that we consult when we need help on financial stuff:
- Retirement Planning: When do you start planning for retirement?
- Retirement Planning: How can you realistically accumulate a million dollar
- Retirement Planning: 5 reasons to invest in a retirement annuity plan
- Financial Concepts: Effect of compounding returns on your saving
- Financial Concepts: 5 ways to beat inflation
Wish to know more about retirement planning?
Click on any of the Get Quotes buttons and let us compare and match you with the right plans accordingly to your retirement goals.
Alternatively, we promised to reply within 24 hours when you drop us a message here.
- *TPD refers to Total and Permanent Disability. Refer to the individual insurance policy for the definition of TPD.
- *Accidental TPD refer to TPD caused by external factors not arising from medical condition or illness.
- **LOI refers to Loss of Independence. An individual must fail to perform a minimum 3 out of 6 activities of daily living for a period of time.
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- Premium rates are based on the dates such rates were generated by us.
- Actual rates may differ from those currently offered by the respective insurers.
- Premium rates are for standard terms and do not take into consideration lifestyle, health condition, occupation or any other factors that may cause rates to differ or any policy coverage exclusions offered by the insurer, where applicable.
- It is recommended to seek financial advice from a qualified financial adviser for product suitability and its latest premium rates quotation before making a decision to purchase any financial product.
- In the event you choose not to seek advice, you should carefully consider if the product is suitable for you.
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