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NTUC Income Savings / Endowment Plans

NTUC Income Savings Endowment Plans

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Table of Contents

Table of Contents

NTUC Income offers a range of 13 different savings / endowment plans. In this article, we will be collating and summarising each product in each category.

NTUC Income Gro Capital Ease

The NTUC Gro Capital Ease is a single premium savings plan with a policy term of 3 years. Depending on how you invest, the minimum is S$5 000 online or S$20 000 via a financial advisor.

This plan’s maximum investment amount is S$200 000, where you can choose to save via cash or SRS.

It provides guaranteed returns of 1.96% per annum at the end of this plan, where you will receive 106% of the amount you’ve invested, assuming it was S$10 000.

Gro Capital Ease protects against death, permanent, and total permanent disability before age 70. It also provides guaranteed acceptance regardless of your health condition.

Features:

  • Single premium savings plan
  • Minimum investment of S$5,000 or S$20,000
  • Guaranteed returns at 1.96% per annum
  • Receive up to 106% of capital invested (Capital Guaranteed)
  • Coverage against death, permanent and total disability
  • Guaranteed issuance

Source: https://www.income.com.sg/savings-and-investments/gro-capital-ease

 

NTUC Income Gro Saver

NTUC Income Gro Saver

The NTUC Income Gro saver is a savings plan that provides financial protection by growing your wealth through a regular savings plan. It provides you with 100% capital guaranteed upon maturity.

With the GroSaver, you receive coverage against death and total permanent disability. On top of this, you can enhance your coverage with an optional Hospital CashAid rider for when you are hospitalised, and also get protection against future unknown diseases

Apart from the Hospital CashAid rider, there are 4 other riders that you can choose from – Essential Protect, Payor Premium Waiver, Enhanced Payor Premium Waiver, and Dread Disease Premium Waiver.

Gro Savings provides the flexibility to choose when you want your policy to mature – 10, 15, 20, 25, or 30 years. You can also opt for your policy to mature when you are 54, 59, 61, or 64 years (last birthday) of age to suit your financial needs at different stages of life.

Features:

  • Choose from 5 policy terms – 10, 15, 20, 25, or 30;
  • Or for policy to mature when you’re 54, 59, 61, or 64 years old
  • 100% capital guaranteed
  • Coverage against death and total permanent disability
  • Choose from 5 optional rider add-ons

Source: https://www.income.com.sg/savings-and-investments/gro-saver

NTUC Income Gro Cash Harvest

NTUC Income Gro Cash Harvest

The NTUC Income Gro Cash Harvest is a regular premium savings plan with a policy term lasting until the anniversary, immediately after the insured’s 120th birthday. It offers 5 premium payment periods – 5, 10, 15, or 20 years.

Gro Cash Harvest provides attractive yearly cash payouts of up to 4.4% (guaranteed and non-guaranteed portion) of the sum assured after 5 policy years (till 120 years of age). Non-guaranteed cash bonuses are up to 2.3% of your sum assured.

You have the choice to reinvest your cash payouts to accumulate wealth at the non-guaranteed rate.

With Gro Cash Harvest, you can appoint a secondary insured to continue the policy if the insured passes away.

This plan also guarantees acceptance regardless of health conditions, which covers death, total, and permanent disability. If you were to experience a permanent or total disability before you’re 70, your premiums would be waived.

Lastly, you can opt to add on a rider – the Cancer Premium Waiver (GIO).

Features:

  • Choose from 5 premium payment periods – 5, 10, 15, or 20 years
  • Policy term of up to 120 years
  • Option to appoint a secondary life insured
  • Guaranteed yearly cash payouts of 2.1% of the sum assured
  • Non-guaranteed yearly cash payouts of 2.3% of the sum assured
  • Option to reinvest payouts to accumulate at the non-guaranteed rate
  • Covers against death, total and permanent disability
  • Premiums waived if you experience total or permanent disability
  • Guaranteed issuance with no medical underwriting
  • Choose from 1 option of additional rider

Source: https://www.income.com.sg/savings-and-investments/gro-cash-harvest

NTUC Income Gro Goal Saver

NTUC Income Gro Goal Saver

The NTUC Income Gro Goal Saver is a savings plan that gives you the ability to pay premiums for only the first 3 years, allowing you to enjoy the maturity benefit in 10 years. This means that for the remainder of 7 years, you will not need to pay any more premiums until maturity.

With Gro Goal Saver benefits, you can enjoy an illustrated yield of up to 3.22% per annum with guaranteed capital upon maturity. At the end of your policy, you will also receive a non-guaranteed bonus.

Regardless of your health condition, acceptance is assured with coverage against death, total, and permanent disability before 70. There is also an additional 105% of all net premiums if this happens due to an accident.

You also get to choose to add on the Cancer Premium Waiver (GIO) as a rider to waive your premiums should you are diagnosed with cancer.

Features:

  • Make premium payments for only 3 years
  • Policy term of 10 years
  • Capital guaranteed upon maturity
  • Non-guaranteed bonus
  • Coverage against death, total and permanent disability
  • Additional 105% coverage if death, total and permanent disability is due to an accident
  • Choice of 1 rider to add on

Source: https://www.income.com.sg/savings-and-investments/gro-goal-saver

NTUC Income Gro Gen Saver

NTUC Income Gro Gen Saver

The NTUC Income Gro Gen Saver is a 120-year savings plan which helps you accumulate wealth for your family members in case of an unforeseen death.

There are 5 options for your premium payment period – Single, 5, 10, 15, or 20 years. If you opt for the single premium, you have the choice to use your SRS funds.

If you opt for the single premium, your capital is guaranteed after the 10th policy year. If you opt for regular premiums, your capital is guaranteed after the 13th policy year.

With Gro Gen Saver, you can appoint anyone as your secondary insured. It offers a guaranteed return of up to 1.88% per annum and non-guaranteed bonuses with an illustrated total yield maturity of up to 4.42% per annum.

You also have the flexibility to withdraw your accumulated cash value to fund various milestones as long as you meet the minimum sum assured requirement.

The Gro Gen Saver offers guaranteed issuance and a premium waiver if you encounter total and permanent disability. You have the option to add on the Cancer Premium Waiver (GIO) rider on top of your basic plan.

Features:

  • 120-year savings plan
  • Choose from 5 premium payment periods – Single, 5, 10, 15, or 20 years
  • Capital guaranteed
  • Guaranteed returns of up to 1.88% per annum
  • Option to appoint secondary insured
  • Ability to withdraw the accumulated cash value
  • Premium waiver in the event of total and permanent disability
  • Choose from 1 add-on rider

Source: https://www.income.com.sg/savings-and-investments/gro-gen-saver

NTUC Income Gro Secure Saver

NTUC Income Gro Secure Saver

NTUC Income’s Gro Secure Saver is a savings plan providing flexibility in saving options and basic financial security. It helps you reach your saving goals by letting you decide how long you want to save based on your lifestyle and financial needs.

The Gro Secure Saver offers you a flexible policy term and premium term. Depending on your financial ability, you can pay premiums for 5, 10, or 15 years. Each premium term’s respective minimum policy term is 10, 15, and 20 years, with a maximum policy term of 25 years for each.

On top of the capital guarantee once the plan reaches maturity, there are non-guaranteed bonuses of up to 4.3% per annum.

In terms of coverage, the NTUC Income Gro Secure Saver provides you with death, total, and permanent disability coverage of up to 105% of net premiums and 100% of any non-guaranteed bonuses.

If you face disability due to an accident, you’ll receive up to an additional 100% of the sum assured. Similar to the other savings plan, there is a guaranteed issuance of this policy.

What’s more, you can also add the Cancer Premium Waiver (GIO) rider so that you can waive your future premiums if you’re diagnosed with cancer during the term of the rider.

Features:

  • Choose from 3 premium payment periods – 5, 10, or 15 years
  • Choose from a minimum policy term of 10, 15, or 20 years respectively
  • Maximum policy term of 25 years
  • Capital guaranteed upon maturity
  • Non-guaranteed bonuses of up to 4.3% per annum
  • Coverage against death, total and permanent disability
  • Additional 105% coverage if death, total and permanent disability is due to an accident
  • Guaranteed issuance
  • Choose from 1 rider

Source: https://www.income.com.sg/savings-and-investments/gro-secure-saver

NTUC Income Gro Flex Saver

NTUC Income Gro Flex Saver

The NTUC Income Gro Flex Saver is an excellent savings plan with a wide variety of policy and premium terms.

Premium Term Policy Term
5 years 10, 15, 20, or 25 years
10 years 15, 20, or 25 years
15 years 20 or 25 years

The Gro Flex Saver guarantees cash benefits after two years: It comes with a yearly cash benefit equal to 5% of your sum assured from the end of the second policy year. It’s extra cash that you can choose to receive as a payout or accumulate with the policy.

If you choose to reinvest your cash benefits, you can receive non-guaranteed interest rates up to 3.25% per annum.

The plan guarantees capital upon maturity with additional coverage for death, permanent and total disability (Before age 70). You will receive 100% of the sum assured if you’re disabled due to an accident.

This plan offers guaranteed issuance with no medical underwriting needed. If you require extended coverage, you can choose to add the Cancer Premium Waiver (GIO) rider.

Features:

  • Choose from 3 premium payment terms – 5, 10, 15 years
  • Minimum policy term of 10 years, with a maximum of 25 years
  • Yearly guaranteed cash benefits of 5% of your sum assured
  • Option to reinvest cash payouts at the non-guaranteed rate
  • Coverage against death, total, and permanent disability
  • Additional 105% coverage if death, total and permanent disability is due to an accident
  • Choose from 1 add-on rider

Source: https://www.income.com.sg/savings-and-investments/gro-flex-saver

NTUC Income Gro Steady Saver

NTUC Income Gro Steady Saver

Gro Steady Saver is a savings plan giving you protection and liquidity through receiving annual guaranteed cash benefits. You have a choice of 15 to 25 years for both your premium term and premium payment period.

The plan also guarantees cash benefits equal to 5% of your sum assured from the end of the 2nd policy year.

If you choose to accumulate cash benefits with the Gro Steady Saver, you can receive a non-guaranteed interest rate of up to 3.25% per annum.

In the scenario of death, total and permanent disability, Gro Steady Saver provides coverage based on your sum assured.

Gro Steady Saver also provides you with an optional Hospital CashAid rider. Of many benefits, it provides added insurance coverage if you’re hospitalised and also offers protection against future unknown diseases.

Other riders you can choose from are the Essential Protect, Payor Premium Waiver, Enhanced Payor Premium Waiver, and Dread Disease Premium Waiver.

Features:

  • Choose between a premium payment period of 15 to 25 years
  • Choose between a premium term of 15 to 25 years
  • Yearly cash payouts of 5% of your sum assured from the end of your 2nd policy year
  • Choice of reinvesting your cash payouts
  • Coverage against death, total, and permanent disability
  • Choose from 5 add-on riders

Source: https://www.income.com.sg/savings-and-investments/gro-steady-saver

NTUC Income Gro Junior Saver

NTUC Income Gro Junior Saver

Gro Junior Saver is a systematic savings plan focused on helping you build your child’s future through financial security with guaranteed cash benefits at different stages of your child’s educational milestones.

There’s guaranteed cash benefits at different stages of your child’s education – from primary school right up to university. The plan covers 100% of the sum assured with any non-guaranteed accumulated bonuses.

You can also decide to accumulate cash benefits at non-guaranteed interest rates up to 3.25% per annum.

You have a choice of premium payment terms of 5, 10, or annually until the 2nd last policy year.

Gro Junior Saver also provides hospital coverage if your child is diagnosed with hand-foot-mouth disease (HFMD), food poisoning, and dengue. You receive $100 for each day of hospitalisation for up to 30 days for each hospital stay.

Your child is covered against death, total, and permanent disability with 100% of the sum assured.

There are also 3 riders to choose from – Payor Premium Waiver, Enhanced Payor Premium Waiver, and Dread Disease Premium Waiver.

Features:

  • Premium payment of 5, 10, or annually until the 2nd last policy year
  • Guaranteed cash benefits at different educational milestones
  • Option to reinvest at the non-guaranteed rate
  • 100% capital guaranteed
  • $100 daily hospital benefit for HFMD, food poisoning, and dengue
  • Coverage against death, total and permanent disability
  • Choice of 3 add-on riders

Source: https://www.income.com.sg/savings-and-investments/gro-junior-saver

NTUC Income Gro Prime Saver

NTUC Income Gro Prime Saver

The NTUC Income Gro Prime Saver is a savings plan that provides you with cash payouts until you are 100 years old. There are 4 options for the premium payment period – 5, 10, 15, or 20 years.

After five policy years, it guarantees cash benefits equivalent to 2.1% of your sum assured. These payouts may be reinvested to accumulate wealth at the non-guaranteed rate of up to 3.25% per annum.

After the 20th and 30th policy year, there are guaranteed special cash benefits of 4% of your sum assured.

The Gro Prime Saver offers a centennial maturity benefit, meaning you will receive a 120% of all net premiums paid, on top of cash payouts, at the point of policy maturity when the insured reaches 100 years of age.

You are protected against death and in the event of total and permanent disability.

If you pass within the first 5 years of the policy, 105% of all net premiums paid, and a terminal bonus will be paid. After 5 policy years, you are paid 110% of all premiums paid, including any bonuses.

Premiums are also waived in case the insured suffers total and permanent disability. You can also opt for additional coverage for different life events after 12 months from the policy’s start with no medical check-ups needed.

Lastly, this plan offers an add-on rider, the Cancer Premium Waiver (GIO).

Features:

  • Payouts until you are 100 years old
  • Premium term of 5, 10, 15, or 20 years
  • Guaranteed cash benefits of 2.1% sum assured after the 5th policy year
  • Option to reinvest at the non-guaranteed rate of up to 3.25% per annum
  • Guaranteed cash benefits after 20th and 30th policy year of 4% sum assured
  • Receive 120% of all net premiums and any non-guaranteed bonus when you reach 100 years old
  • Coverage against death, total, and permanent disability
  • Premium waiver in case of total or permanent disability
  • Option for additional coverage at different life events
  • Choice of 1 add-on rider

Source: https://www.income.com.sg/savings-and-investments/gro-prime-saver

NTUC Income Smart Secure

NTUC Income Smart Secure

The NTUC Income Smart Secure is a rather interesting savings plan. Firstly, it acts as a savings plan and can double up as a plan that pays the premiums of another selected savings plan from NTUC Income.

It requires only a one-time premium deposit, and you’ll receive 25% yearly cash benefits starting from the end of the 1st policy year. You will receive this until the policy matures 4 years later.

These cash benefits can be used to help you cover the yearly premiums of other saving plans – Gro Flex Saver, Gro Retire Ease, and Gro Secure Saver.

The NTUC Income Smart Secure plan also guarantees capital upon maturity with a 1.02% guaranteed returns per annum if the plan is held until maturity date with no policy alterations or claims made.

You are covered against death, total, and permanent disability for 105% of the sum assured in terms of coverage. There is a guaranteed issuance with no medical underwriting needed.

Features:

  • Single premium savings plan
  • 25% of sum assured as yearly cash payouts until maturity
  • Capital guaranteed
  • Ability to use cash payouts as premium payments for selected plans
  • 1.02% per annum guaranteed returns
  • Covered against death, total, and permanent disability
  • No medical check-ups needed

Source: https://www.income.com.sg/savings-and-investments/smart-secure

NTUC Income Solitaire Grandeur

NTUC Income Grandeur Solitaire (US$)

The NTUC Income’s Grandeur Solitaire (US$) is a savings plan targetted at high net worth individuals. With a single premium payment, it covers and protects you till the age of 120. It’s a plan denominated in US dollars, helping you look beyond the horizon of any Singaporean denominated assets.

Since Grandeur Solitaire is denominated in US currency, it allows you to maximise investment opportunities in US dollar-denominated assets, meaning more opportunities to expand your wealth.

You also receive lifetime monthly cash payouts till age 120, starting from the 49th policy month. It gives you the ability to choose between receiving cash payouts (1.77% guaranteed, 2.81% non-guaranteed) or reinvesting it at the non-guaranteed rate of up to 3.35% per annum.

You also receive 105% of the single net premium and a non-guaranteed terminal bonus for protection against death during the policy’s term. There is no medical underwriting needed for the Grandeur Solitaire (US$).

Features:

  • Targetted at high net worth individuals
  • Single premium
  • Monthly cash payouts of up to 4.59% of your net premium until you’re 120 years old
  • Option to reinvest payouts to accumulate at the non-guaranteed rate of up to 3.35% per annum
  • Coverage against death for 105% of your net single premium and any bonuses accrued
  • Guaranteed issuance

Source: https://www.income.com.sg/solitaire/grandeur-solitaire-usd

NTUC Income Solitaire Wealth

NTUC Income Wealth Solitaire

The NTUC Income Wealth Solitaire is another savings plan aimed at high net worth individuals.

With Wealth Solitaire, you’ll receive lifetime monthly cash payouts of 0.13% of your net single premium from the 6th policy year till you’re 100 years of age. Over a year, these cash payouts can add up to 4.2% (1.56% guaranteed, 2.64% non-guaranteed) of your single net premium.

At the start of your 21st and 31st policy year, a special cash benefit equivalent to 1.56% of your single premium will be paid out. Your cash benefits can be reinvested at the non-guaranteed rate of up to 3.25% per annum to accumulate your wealth.

When you reach your 100th birthday and if the policy is still in force, you will receive the centennial maturity benefit, where 105% of your net single premium and any accumulated bonuses will be paid out.

You are covered for 105% of your net single premium and any accrued non-guaranteed bonuses upon death, total, and permanent disability. If the insured dies due to an accident, you will receive benefits going up to an additional 105% of your single net premium.

There is no medical underwriting needed for the Wealth Solitaire by NTUC Income.

Features:

  • Targetted at high net worth individuals
  • Single premium payment
  • Start receiving guaranteed monthly cash payouts of 0.13% of your premium from the 6th policy year
  • Receive additional special payouts at the 21st and 31st policy year of 1.56% of your single premium
  • Option to reinvest cash benefits at the non-guaranteed rate
  • Centennial benefit of 105% of your single premium when you reach 100 years old
  • Covered against death, total and permanent disability
  • Protected against accidental death, total and permanent disability
  • No medical underwriting needed

Source: https://www.income.com.sg/savings-and-investments/wealth-solitaire

Conclusion

NTUC Income offers a wide range of savings/endowment plans for you to choose from. The mentioned products are summaries of each plan, and there are terms and conditions applied for each of their features.

Although some of the plans look highly attractive, not every plan is suited for you, and not every plan is as attractive as it seems. Thus, it is always advisable for you to conduct your thorough research before deciding to purchase any financial plans for yourself.

If you’re still unsure of what you should be getting for yourself, always engage a trusted financial advisor. This makes sure that your different needs and wants are taken into consideration and plans are recommended based on your unique scenario.

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