5 Best Regular Insurance Endowment Plans In Singapore For 2021

5 Best Regular Insurance Savings Plans In Singapore For 2020
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Last Updated on by Tree of Wealth

When it comes to savings plan, there are a huge array of them in the market and to be honest, it is a daunting task to really sift out the best on according to what you need and want. Everyone wants to get maximum financial returns out of their savings but most people go about it the wrong way. Insurance savings plans, for example, offer a relatively higher return for your savings than the interest you get by saving in a bank account. A lot of insurance companies in Singapore offer insurance savings plans but their individual products and features vary.

This article highlights 5 of the best savings plan in the market to help you distinguish all the savings plan ads that is the clutter. After-all, you want to get the best value out of your savings and make your money, well, work harder for you. This article will help you figure this out some of the best insurance savings plan in Singapore that are tailored to meet your needs and preferences.

Best Insurance Endowment plans for wealth accumulation in Singapore

This review offers an in depth comparison on 5 top insurance savings plans. The factors that have been considered when coming up with this list includes:

  • Flexibility of the savings plan (able to withdraw and still grow well)
  • Lock in periods
  • Financial returns
  • The rate of returns against the commitment period
  • Competitiveness of premiums against returns after maturity of the savings plan

1. Best Insurance Endowment Plan for Flexibility, Growth & Legacy – NTUC Income Gro Gen Saver

NTUC Income’s Gro Gen Saver is a true versatile savings plan that matures when you turn 120 years old. Sounds odd but let us explain: it breaks even on the 13th year and functions like an account that grows your money in it while having the option to withdraw anytime you want.

This plan’s versatility makes it suitable for children’s education for young parents, retirement planning for pre-retirees and even for B.T.I.R (Buy Term Invest the Rest). Not to mention it is also good for legacy planning. 

We compared it with various savings, retirement and even whole life plan here in a more in-depth analysis of the Gro Gen Saver, read it here: NTUC Income Gro Gen Saver (RevoGift) – A True Versatile Endowment Plan for Retirement, BTIR, Child’s Edu & Legacy Planning [In-depth Analysis]

Returns Comparison For Gro Gen Saver

28 Year Old, Female, Non-Smoker

Premium $3, 600 $5, 000 $10, 000
Premium Term 20 Years 20 Years 20 Years
Breakeven 13th Year 13th Year 13th Year
Maturity 120 Years Old 120 Years Old 120 Years Old
4.75% Acc@15th Year

$62, 974


(Total Premiums at this point: $50, 000)

$87, 464


(Total Premiums at this point: $75, 000)

$174, 928


(Total Premiums at this point: $150, 000)

4.75% Acc@18th Year

$84, 734


(Total Premiums at this point: $64, 800)

$117, 686


(Total Premiums at this point: $90, 000)

$235, 371


(Total Premiums at this point: $180, 000)

4.75% Acc@20th Year

$102, 185


(Total Premiums at this point: $72, 000)

$141, 923


(Total Premiums at this point: $100, 000)

$283, 846


(Total Premiums at this point: $200, 000)

4.75% Acc@30th Year

$156, 658


(Total Premiums at this point: $72, 000)

$217, 580


(Total Premiums at this point: $100, 000)

$435, 161


(Total Premiums at this point: $200, 000)

4.75% Acc@45th Year

$284, 501


(Total Premiums at this point: $72, 000)

$395, 140


(Total Premiums at this point: $100, 000)

$790, 280


(Total Premiums at this point: $200, 000)

By the time you are 120 Years Old (Maturity Amount) $1, 953, 301 $2, 712, 918 $5, 425, 836
Total Premiums $72, 000 $100, 000 $200, 000

What We Like

  • Although it is mentioned that the primary insured should reach their 120th birthday before the maturity benefit is paid, this is actually the selling point for Gro Gen Saver and you want it to be as long as possible – The beauty of this plan is that because it breaks even at so early and matures at so late, it fills in the gaps of many life’s milestones changes and needs and even be your legacy for your 4th generation (provided if you start early, before age 30)
  • The yield depends on the Life Participating Fund maintaining a high rate per annum.
  • While you can withdraw the cash value of the policy at any life milestone, you get more value if you leave it in the plan and re-invest for the long term.

What We Don’t Like

  • Lack of cash benefit features
  • No option for joint-life applications
  • No other supplementary benefit riders except for cancer waiver

Interested to learn more?

Fill in the form below and we will get back to you!

2. Best Insurance Endowment Plan for Yearly Cash back Benefits: Aviva MyLifeIncome III

The Aviva MyLifeIncome is a flexible insurance savings plan that offers you the choice of receiving yearly cash back from the 5th policy year. This allows you to use your annual cash back to maintain your lifestyle goals such as your monthly dining expenses, overseas trips or to even act as a retirement income.

With 100% of the principle guaranteed, you can choose to collect a single lump sum payout instead. It also allows you to accumulate your annual cash back, which will ensure you get higher returns when you withdraw your savings. 


  1. Aviva MyLifeIncome provides you with income payouts annually for your lifetime which includes attractive benefits such as cash bonus and guaranteed cash benefit which can add up to 6.2% of sum assured.
  2. Guarantees your entire capital which , depending on your chosen premium payment term, can be availed at the end of the accumulation term or earlier.
  3. Provides you with the flexibility of choosing when to receive your yearly income by letting you choose the premium payment term and accumulation period depending on the option you choose.
  4. Provides you with a protection cover that covers death and terminal diseases.
  5. Aviva MyLifeIncome gives you flexibility by stating that they don’t require any medical checkups.
  6. Premium Flexibility: Single premium or payment term options which include 3, 5, 10 , 15, 20 or 25 years.


Aviva MyLifeIncome

Premium Term Options

Single Premium 3, 5, 10, 15, 20 or 25 years

Payout Term

Till age 99

Principal Guaranteed with Cash Benefit Payout

End of Accumulation Period or earlier

Principal Guaranteed with Accumulation

End of Accumulation Period or earlier

Premium Waiver upon TPD


Secondary Life Assured


Cash Payout Options

For Single Premium: 4 to 40 years

For 3 years premium payment term:

2 to 40 years

For 5, 10, 15 , 20, 25 years

Premium payment term: 0 to 40 years



Aviva MyLifeIncome



Payout From

Year 5

Guaranteed Yearly Payout


@3.25% p.a.


@4.75% p.a.


Principal Guaranteed

Year 5

4.75% Acc@25th


4.75% Acc@35th


4.75% Acc@45th


Surrender value @35th 4.75%


Surr@45th 4.75%


What We Like

  • Earliest Principal Guarantee- Aviva MyLifeIncome plan guarantees your principal by year 5, which is way earlier compared to other lifetime income plans in the market.
  • If premium term is 5 years, breakeven and payout can start on the 6th year right after that. 
  • Flexible cash payout option – Aviva MyLifeIncome plan provides you with a lot of flexibility by offering you multiple premium term and cash payout options to choose from. This can help you customize the plan according to your and your family’s needs.
  • Earliest guarantee of principal with cash benefit and accumulation period- This plan also offers you the quickest time to avail your principal guaranteed with cash benefit payout and accumulation by offering you the chance to collect it at the end of your accumulation period or even earlier, depending on your plan.

What We Don’t Like

  • No Premium waiver upon TPD, the plan doesn’t waive your premium in the event that you’re suffering from total and permanent disability.

Here we talked about Aviva’s MyLifeIncome along with similar plans in the market: 3 Best Lifetime Income Plans in Singapore: Aviva MyLifeIncome VS NTUC Gro Cash Harvest VS NTUC Gro Prime Saver

3. Best Insurance Endowment Plan for Shortest Premium Term (2 yrs): China Taiping i-Saver8

China Taiping’s i-Wealth Builder is a 2 years premium term with a total of 8 years to maturity, with cash benefits on the 3rd year onwards. Another short term savings plan is NTUC Income’s Gro Power Saver. However, that is a 3 year premium term and a total of 10 years to maturity. There is no cash withdrawal benefit for this.

Comparison Table

Another thing to note about China-Taiping i-Wealth builder option is that it offers a yearly guaranteed cash back of 8% of the basic sum assured for the 6 remaining years of the policy term, which in this case is S$1040. You can choose to use the withdrawn amount for meeting your expenses or reinvest it back to the plan to avail higher returns upon maturity. To better illustrate the tradeoffs of each option, we have made the following table for you to compare returns:



i-Wealth Builder

NTUC Income

Gro Goal Saver

Premium term 2 3
Policy term 8 10
Premium amount (annually) $10, 606.35 $10, 111.00
Total premium paid $21, 212.7 $30, 333
Special feature None Cancer Premium Waiver
Death benefit 105% of net premium 105% of net premium
Total mature amount – guaranteed $21, 840 $31, 528

Total mature amount – non

Guaranteed (at 4.75%)

$26, 940 $39, 912
Reinvestment rate 3.5% 3.25%

What We Like

  • Shortest Premium & Policy term in the market
  • Comparatively higher reinvestment rate
  • Cash back option

What We Dont’ Like

  • Higher Annual Premiums Due to Shortest Premium Term 
  • Doesn’t offer any riders or special features

Read More: China Taiping i-Wealth Builder VS NTUC Income Gro Goal Saver

Interested to learn more?

Fill in the form below and we will get back to you!

4. Best Insurance Endowment Plan for 6 Years Premium Term: Manulife Spring

A first of its kind in the market, Manulife Spring’s premium term by default is only 6 years. The remaining 7th to 12th year’s premium will be covered by the cash benefit as it will amount to be the same as the premium that you are paying. Effectively earning on the interest yield from the par-fund mainly while paying for 6 years. This is a different structure from the usual Limited Pay 5 (years) pay 10 (total policy term) saving plans.


Manulife Spring

Sum Assured


Premium term

6 (Default Option)

Policy term


Annual Premium

$5, 555.55

Maturity Amount

$33, 565 (Guaranteed)

$43, 344(Projected at 4.75% return)

Cash Benefit Rate of Return: Accumulated

1.48% (for investment returns of 3.25%)

2.84% (for investment returns of 4.75%)

Cash Benefit Rate of Return: Paid Out

1.48% (for investment returns of 3.25%)

2.79% (for investment returns of 4.75%)

Total cash benefits withdrawn

$33, 330

Death benefits  (Cash Benefit Paid Out Option)

$35, 000 (Guaranteed)

$44, 779 (Projected at 4.75% return)

Total Premium

$33, 330 (based on 6 years premium term)

What we like

  • Lowest premium term – One of the biggest benefits of this mid-term savings plan is that it gives you the option to pay premium for only 6 years (Default option). This can be a huge source of savings and relief from stress as it shortens the duration for which you need to pay the bill.
  • Highest cash benefits –By giving you the option to avail cash benefits from 7th year onwards to an amount that’s equal to your premium, Manulife Spring gives you the most attractive offer when it comes to providing value for the money invested. This also sets it apart from its other competitors in Singapore who don’t offer such high cash benefits annually. Of course if you choose not to withdraw the cash benefit, you may continue putting the premium and revert to a usual 12 years premium savings plan.
  • High cash benefit accumulation –Manulife Spring plan also provides you with an option to reinvest your cash benefits to its plan. This can be a great way of saving more money at the end of your maturity period. Reinvesting your cash benefit could provide you with a maturity value of $73, 464 (assuming 3.25% returns) and $80, 358 (assuming 4.75% returns).
  • Best investment returns in a 12 year time period – While AIA SmartGrowth (II) offers higher maturity returns, the total length of that plan is 18 years. If you want to avail your savings in cash by the end of 12 years – the Manulife Spring plan is a better option. This is because it has a lower maturity number of years term, lowest premium term, highest cash benefit and adequate maturity amount.

What we don’t like 

  • Lowest guaranteed maturity amount –Offering a guaranteed maturity amount of $33,565,. While Manulife’s plan’s maturity amount is smaller than that of its peers Aviva and AIA. If you’re someone who doesn’t like to depend on market movements for his savings, this could be something not for you.
  • Lowest guaranteed death benefits – Offering guaranteed death benefits of $43,924, Manulife’s plan’s death benefit pales in comparison to that of its peers Aviva and AIA.
  • Later Cash Benefit – Though highest, Manulife Spring’s cash benefit also came latest. Due to the structure of the plan, you are only eligible for the cash benefits from the 7th year while for other insurance plans offers to let you avail the cash benefits from your third year. This could prevent you from saving enough for an unseen emergency.

You may be interested in our head on comparison with other similar 12-years savings plan in the market: 3 Best 12-year Savings Plan in Singapore Analysis: Manulife Spring VS Aviva MyEasySaver VS AIA SmartGrowth(II)

5. Best Insurance Endowment Plan for Partial Withdrawal Benefits: Manulife ReadyPayout Plus

The Manulife ReadyPayout Plus is a great choice if you wish to receive cash payouts through increasing partial withdrawals from the cash value of your policy. This policy will allow you to enjoy maximum flexibility with the withdrawals being accessible from the end of the first year. Your future premiums are also waived in the case of permanent disability, which means that your financial objectives would still be met even in unforeseen life circumstances.

Case study and financial illustration for Manulife ReadyPayout Plus

Let’s see Valerie here. She wants to retire at 65 but does not wish to have her life savngs locked up in an insurance savings plan then the Manulife ReadyPayout will be her best choice. This is because of the partial withdrawal option especially in the later years of the policy assuming that she saves about $1,000 for a period of 15 years, the total premiums paid will be $180,000.

She can then expect to receive $266,720 at 65 years . However, at the cost of a lower surrender value, she can withdraw some funds with the withdrawal amount increasing over time. She will be able to withdraw these funds;

  • $2,392 yearly during the 1st to 5th year
  • $4,784 yearly during the 6th to 10th year
  • $7,176 yearly during the 11th to 15th year
  • $11,960 yearly during the 16th to 19th year

The total sum withdrawn at the end of her policy maturity date will amount to about $119,600.

Conclusion For 5 Best Regular Endowment Savings Plans In Singapore For 2021

All the endowment and savings plans here have a vast difference in terms of savings term, maturity amount, withdrawal amount and even lock in period. They genuinely are strong in the aspect that they are designed for. Some are shortest term yet yields strong returns, some are longest term but because they break even early they garner strong returns. There is however on one size fits all endowment plan. 

In a dilemma? Speak with us! 

Fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.

No obligations, no hidden fees. All advice are of no charges.


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