Last Updated on February 23, 2025 by Tree of Wealth

Planning for retirement has been a dilemma for some. Should you go for a retirement endowment plan, or go for a savings plan instead?

Basically, retirement marks the end of striving hard in your career that has been built over the years and the start of enjoying golden years. Conducting meetings, giving presentations and attending to clients is soon replaced with a spending time with family sprinkled with holidays. Although many people look forward to this idea, a lot more get worried about losing a steady income source. 

That being said, some of the features that made the original MyRetirementChoice by Aviva (Renamed to : Singlife Flexi Retirement in August 2022) your retirement choice may not necessarily be your best choice. Here in this latest update we look at how the most competitive Retirement plans in Singapore compare and fare with one another.

Why do you need a retirement plan?

A good retirement plan will help alleviate any stress that you may be having with regards to retirement. Your CPF LIFE payout will help boost your income during this period and assist you acquire your basic living needs.

You should, however, not expect the CPF Life cover to give you an extravagant lifestyle. But why do you need a retirement plan? Here are some questions to help:

• Would you prefer a retirement plan that is more flexible and able to control?

• Are you making preparations for sustaining your financial lifestyle once you retire?
• Do you feel the need to maintain a specific lifestyle even as costs increase daily?
• Do you want to do things that need discretionary spending such as traveling overseas when retired?
• Do you consider predictability and stability to be important when choosing a financial product to maintain your stream of income during your retirement period?

If you have answered yes to a majority of the questions then a retirement plan should be in consideration to ensure that you always have a steady flow of revenue.

Related

An Overview of Retirement Planning

What are some of the best retirement plans in the market?

Although CPF Life is a great retirement plan that ensures you have a fixed stipend at the end of each month, it may not be sufficient to fulfill a luxurious lifestyle. As mentioned before in our CPF life article, the amount that you will get will be sufficient to cater for your basic needs but will not accommodate further. The CPF Life also falls short on other factors when compared to other retirement plans in the market. For example, it does not cater for old age needs such as increased risks of sicknesses or even disability.

Moreover, CPF Life lacks the flexibility to allow you to tailor the sums of the payout along the way or to choose a lump sum instead of the monthly payout. To avoid these challenges, it is recommended that you combine CPF Life with other private annuity/retirement plans. It is worth noting that the retirement plans you choose are complimenting products from both the government and the private insurer. They are not competitors. When paired together, the retirement plans or annuities and the payouts from your CPF life will ensure you can supplement your income when you retire. With these, you can double your payout multiplier due to disability or when you can’t perform a minimum of 2ADLs (Activities of Daily Living).

With that being said, there are a lot of commercial retirement plans. Each of them has different offerings and benefits but work to ensure you can maintain your lifestyle even after retirement. Most of these plans are based in paying a fixed premium term that you wish, a maturity period and a payout period. But first things first…

How do we choose the best retirement plans?

There are a lot of factors that informed our top choices for some of the best retirement plans on the market.

What was most important was, however, the fact that all these plans are capital guaranteed and also include an extra non-guaranteed benefits component. What does this mean for you? Aside from the extra monthly payments, each of these plans comes with a protection component. This may include a death benefit and a payout in case of disability. Here are some of the things we considered when picking 3 Best Retirement Plans in Singapore In Terms of Coverage, Guaranteed Returns and Flexibility;

• Guaranteed and non-guaranteed rate of financial returns and even payouts
• Premium term of Single Premium/5/10/15/20/25
• Accumulation and Payout Period
• Flexibility with regards to payouts and no minimum age required
• The features of riders that complement health coverage (Additional guaranteed payout)
• Unique product features in each retirement plan
• Disability leniancy in claim payout
• Policy flexibility available for period of income payout

Key Benefits At a Glance

China Taiping i-Retire (II): The Best Retirement Plan for High Guaranteed & Projected Yields

Looking for the Highest Retirement Payouts?

When it comes to maximizing your retirement savings, China Taiping i-Retire (II) is a strong contender. With one of the highest guaranteed and non-guaranteed yields in the industry, it stands out as a top choice for those looking to secure a stable and rewarding retirement income.

Why Choose China Taiping i-Retire (II)?

🚀 Market-Leading Yields

This plan consistently ranks among the top 2 for both guaranteed and non-guaranteed yields when compared to similar plans in the industry. If you’re looking for the best returns on your retirement savings, this is a plan worth considering.

✅ Flexible Premium Payment Options

You can choose a payment term that suits your financial situation:

• Single Premium (Lump Sum)
• 5, 10, or 15 years

✅ Customizable Retirement Age

With this plan, you can start receiving payouts after an accumulation period of 5 to 25 years from the end of your premium payment term. This flexibility allows you to align your retirement savings with your financial goals.

✅ Choice of Payout Term

Receive your retirement income in a way that best fits your needs:

• 10 years
• 20 years
• 30 years

Your payouts will be distributed as monthly income, ensuring a steady cash flow throughout your golden years.

✅ Death & Terminal Illness Coverage

The plan provides financial protection for your loved ones, offering a death and terminal illness benefit. Plus, if you qualify for the Loss of Independence (LOI) payout, it will not affect your sum assured.

✅ Strong Loss of Independence Benefit

If you lose the ability to perform 2 out of 6 Activities of Daily Living (ADL) before the age of 70, you will receive a lump sum payout equivalent to 24 months of guaranteed monthly income. This financial boost can help cover medical or caregiving expenses during difficult times.

✅ Guaranteed Acceptance

No medical underwriting is required—approval is guaranteed for both the Main Plan and its riders.

Are There Any Drawbacks?

While China Taiping i-Retire (II) offers strong benefits, there are a few factors to consider:

• Premiums must still be paid even if you qualify for the Loss of Independence benefit, unlike some other plans that offer full premium waivers.
• No SRS payment option—this plan cannot be funded using your Supplementary Retirement Scheme (SRS) savings.
• Accumulation period is capped at 25 years, whereas other insurers may offer longer accumulation options.

Maximize Your Retirement Savings with Strong Returns

If you’re looking for a highly effective retirement savings plan, China Taiping i-Retire (II) stands out for its strong effective interest rate of return. For example, in a plan with:
✔ 10 years of premium payments
✔ 10 years of accumulation
✔ 20 years of income payout

China Taiping i-Retire (II) delivers one of the best returns in the market, partly due to its low cost of distribution. This ensures that more of your hard-earned savings go towards building your retirement income, rather than administrative costs.

Is China Taiping i-Retire (II) Right for You?

If you want a retirement plan with high guaranteed yields, strong projected returns, and flexible payout options, China Taiping i-Retire (II) is an excellent choice. While it lacks SRS eligibility and a premium waiver for Loss of Independence, it still offers one of the most competitive effective interest rates in the market.

💡 Thinking about retirement planning? Make your savings work harder for you with China Taiping i-Retire (II)! 🚀

Singlife Flexi Retirement II: The Best Retirement Plan for Guaranteed Returns, Retrenchment Protection & Flexibility

Looking for a Retirement Plan with Maximum Flexibility & Security?

When planning for retirement, you want guaranteed payouts, financial security, and the flexibility to adjust your plan as life changes. Singlife Flexi Retirement stands out as a top-tier option, offering:
✅ One of the highest guaranteed returns
✅ Retrenchment protection
✅ Premium freeze flexibility
✅ Strong disability coverage

Why Choose Singlife Flexi Retirement?

✅ Flexible Payout Term

Decide how long you want to receive your monthly retirement income:

• 5, 10, 15, 20 years, up to age 120
• Change your payout term anytime before your first payout is due

✅ Strong Disability Benefits

If the Life Assured meets the Partial Disability criteria, they will receive a Care Income Benefit (rider) of up to 100% of the chosen Monthly Care Income, payable every month during the Care Income Benefit Period. The payout amount depends on the severity of the Partial Disability and is subject to a 90-day deferment period. This Monthly Care Income will be paid directly to the policyholder and cannot be reinvested with Singlife.

The Care Income Benefit will stop immediately upon the earliest occurrence of any of the following:

a) The Life Assured no longer meets the Partial Disability definition.
b) The Life Assured passes away.
c) The benefit reaches its cessation date.

🚀 Retrenchment Payout Benefit

Worried about job stability? If you’re retrenched or unemployed for 30 consecutive days, you’ll receive:

• 40% of your annual premium (for regular premium plans)
• 10% of your single premium (if you paid in full upfront)

This financial cushion provides support when you need it most.

✅ Premium Freeze Option

Need a temporary break from paying premiums? This plan allows you to pause premium payments for 1 year while keeping your policy active.

✅ SRS Eligibility – Enjoy Tax Benefits!

You can fund this plan through the Supplementary Retirement Scheme (SRS), using your SRS savings for a single premium payment. This lets you enjoy tax deferment benefits while saving for retirement.

A Retirement Plan That Adapts to Your Needs

Singlife Flexi Retirement is also known for its unmatched flexibility, making it a great choice if you want to keep your options open:
✔ Retire at any age – Unlike other plans that fix retirement at set intervals, this plan lets you retire whenever you’re ready.
✔ Adjust your payout term – From 5 years to 35 years, you have full control over how long you want to receive retirement income.
✔ Fast Forward Option – Need a lump sum before your payout period starts? You can withdraw part of your benefits early.

✅ High Death, Total Permanent Disability (TPD) & Terminal Illness Coverage

Compared to other insurers that typically offer 105% of death coverage, Singlife Flexi Retirement (with EasyTerm rider) provides a lump sum payout of up to 5 times the plan’s basic annual premium in the event of death or TPD.

For disability protection:
✔ Waiver of all future premiums for permanent or partial blindness
✔ Waiver applies for TPD or inability to perform 3 out of 6 ADLs
✔ 2x guaranteed monthly income payout for qualifying disabilities

Related

Selecting the Right Retirement Plan – Step by Step Guide Part 1

Are There Any Downsides?

While Singlife Flexi Retirement offers industry-leading flexibility, it does come at a cost:

• It is one of the most expensive retirement plans on the market
• Premiums and accumulation years are flexible, but this means higher costs compared to other insurers

Is Singlife Flexi Retirement Right for You?

If you’re looking for a highly flexible retirement plan with strong guaranteed returns, retrenchment protection, and premium freeze options, Singlife Flexi Retirement is a top-tier choice. However, if cost is a major concern, you may want to compare it with other plans.

Manulife RetireReady Plus III: The Top Retirement Plan with Retrenchment Protection & Flexible Payouts

Retirement planning isn’t just about saving for the future—it’s also about protecting yourself from life’s uncertainties. Manulife RetireReady Plus III stands out as the only retirement plan in Singapore offering a retrenchment payout benefit, ensuring financial security even in tough times.

Why Choose Manulife RetireReady Plus III?

✅ Flexible Premium Payment Options

You can customize your premium payment schedule based on your financial needs:

• Single Premium (Lump Sum)
• 5, 10, 15, or 20 years

✅ Choice of Retirement Age

Plan for retirement on your terms, choosing from five fixed retirement ages:

• 50, 55, 60, 65, or 70 years old

✅ Customizable Payout Term

Decide how long you want to receive your retirement income:

• 5, 10, 15, or 20 years
• Lifetime payout option available

🚀 Best-in-Class Retrenchment Payout Benefit

Manulife RetireReady Plus III is the only retirement plan that provides financial relief in case of retrenchment. If you become unemployed for 30 consecutive days, you’ll receive a lump sum payout equivalent to 50% of your annual premium, giving you much-needed support during challenging times.

✅ Comprehensive Disability Protection

If health issues arise, this plan ensures you stay financially secure:

✔ Waiver of Premiums – If you’re unable to perform 2 out of 6 Activities of Daily Living (ADL), all future premiums will be waived.
✔ Loss of Independence Benefit – If you lose the ability to perform 3 out of 6 ADLs during your retirement payout period, you’ll receive an additional guaranteed payout equal to 1x your monthly income benefit.
✔ Intermediate Stage Loss of Independence – If you lose 2 out of 6 ADLs, you’ll still receive an extra 0.5x of your monthly income benefit.
✔ Additional Disability Coverage – The plan provides payouts for major disabilities such as Loss of Hearing, Irreversible Loss of Speech, and Major Head Trauma.

Related

Selecting the Right Retirement Plan – Step by Step Guide Part 2

✅ Premium Freeze Option

Need a break from paying premiums? You can pause your payments for one year while keeping your policy active. This option is available after two policy years.

✅ No Medical Underwriting Required

Good news—no medical check-ups are needed to apply for this policy!

✅ SRS-Eligible Retirement Plan

You can fund this plan using your Supplementary Retirement Scheme (SRS) savings under the Single Premium option, allowing you to enjoy tax deferment benefits while saving for retirement.

Are There Any Limitations?

While Manulife RetireReady Plus III offers strong benefits, there are a few restrictions:

• Earliest retirement age is 50 – If you’re looking to retire earlier, this plan may not be suitable.
• Fixed retirement ages – You can only select from 50, 55, 60, 65, or 70 years old—there’s no flexibility beyond these options.
• Payout term is set in 5-year intervals – You can only choose payout durations of 5, 10, 15, or 20 years, which may not suit everyone’s needs.

SRS & Retrenchment Benefits: Key Highlights

Manulife RetireReady Plus III is essentially an upgraded version of RetireReady II, retaining its key features while increasing the retrenchment benefit payout from 40% to 50% of the annual premium.

Additionally, you can use SRS funds to purchase the policy under the Single Premium option. If you’re unfamiliar with SRS, it’s a voluntary savings scheme designed to complement CPF, offering tax deferment benefits when you contribute to your account.

NTUC Income Gro Retire Flex Pro: The Best Retirement Plan for High Returns, Flexibility & Disability Coverage

When planning for retirement, flexibility, good returns, and protection are key. NTUC Income Gro Retire Flex Pro ticks all the right boxes, offering one of the highest yields, flexible retirement ages, and strong disability coverage.

Why is NTUC Income Gro Retire Flex Pro a Great Choice?

✅ Flexible Premium Payment Options

You can choose to pay premiums either as a Single Premium (lump sum) or spread them across 5, 10, 15, 20, 25, or 30 years, making it adaptable to different financial situations.

✅ Customizable Retirement Age

Set your retirement age based on what works for you:

• Single Premium plans allow an accumulation period of 5 to 50 years.
• Regular Premium plans offer an accumulation period of 10 to 50 years.

✅ Choice of Payout Term

You have control over how long you receive payouts, with three options:

• 10 years
• 20 years
• Till age 100

✅ Market-Leading Returns

NTUC Gro Retire Flex Pro offers one of the highest yields across most retirement plan configurations, ensuring you maximize your retirement savings.

Related

CPF Special Account Closure: What It Means for Your Retirement Planning

✅ Death Benefit Protection

Should the unexpected happen, your loved ones will receive:

• 105% of all net premiums paid plus 100% of the terminal bonus if death occurs during the accumulation period.
• An additional 105% of all net premiums paid in the case of accidental death before age 70.

✅ SRS Eligibility

If you opt for the Single Premium plan, you can use your Supplementary Retirement Scheme (SRS) funds for this policy.

🚀 Best-in-Class Disability Coverage

Unlike many other retirement plans, NTUC Gro Retire Flex Pro provides comprehensive disability protection. If you suffer from any of the following conditions, your premiums will be fully waived, and you’ll receive extra benefits:

• Loss of use of one limb
• Loss of speech
• Loss of sight in one eye
• Loss of hearing

Here’s what you get:
✔ During the accumulation period – A lump sum payout equivalent to 6x the monthly guaranteed income.
✔ During the payout period – 50% of your guaranteed monthly cash benefit will continue to be paid out.

This ensures that your retirement planning remains on track, even in unforeseen circumstances.

✅ Guaranteed Acceptance

No medical underwriting is required for the Main Plan, so approval is guaranteed regardless of health condition.

💼 Retrenchment Protection

Worried about job stability? If you get retrenched and remain unemployed for three consecutive months, you won’t need to pay premiums for six months. If you’re still unemployed at the fifth month, you can defer payments for another six months. This provides much-needed financial breathing room during uncertain times.

Comparison

Male, Non-Smoker 35 Years Old

	Singlife with Aviva	China Taiping	Manulife	NTUC Income
Premium Term	15 years	15 years	15 years	15 years
Payout Period	10 years	10 years	10 years	10 years
Accumulation Period	to age 65	to age 65	to age 65	to age 65
Guaranteed Payout Per Month	$1,500.00	$1,500.00	$1,500.00	$1,500.00
Annual Premium	$7,974.10	$8,371.00	$9,340.49	$8,409.45

Related

Insurer Retirement Plans vs. CPF LIFE: Which Suits Your Retirement Needs?

Female, Non-Smoker 35 Years Old

	Singlife with Aviva	China Taiping	Manulife	NTUC Income
Premium Term	15 years	15 years	15 years	15 years
Payout Period	10 years	10 years	10 years	10 years
Accumulation Period	to age 65	to age 65	to age 65	to age 65
Guaranteed Payout Per Month	$1,500.00	$1,500.00	$1,500.00	$1,500.00
Annual Premium	$7,974.10	$8,371.00	$9,340.49	$8,409.45

Conclusion

Like all retirement plans, each of these schemes has their own advantages and benefits. While it is important to consider the maximum payouts when choosing a plan, you should also ensure you consider life circumstances and your specific financial plans.

Want to find out which is the best for you? Not sure which is most suitable for your needs? Drop us a message below and get in touch! Get all three quotes here for a hassle free experience!

Our financial consultants will use your input and preferences to draft proposals for you. Your information provided will only be used for communication.

All the comparisons will be done according to your needs to get you the best retirement plan.

Fill in your inquiries below!