[In-Depth Comparison] Best Regular Premium Lifetime Income Plan

Best Regular Premium Lifetime Income Plan
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Last Updated on by Tree of Wealth

Complementing the CPF Life are a few kinds of retirement endowment plans in the market. As CPF Life pays for life, you may want to consider getting a similar endowment that can supplement you a steady stream of income for life. We look at 3 most competitive Lifetime Income Plan in the market on a Regular Premium basis.

We previously discussed about The Best Single Premium Lifetime Income plans where it is suitable for people who wants to put aside a large premium once and wait for the payout when the payout year comes. In this article however, we are looking at Regular Premium plans. Lets see what makes them competitive:

Aviva MyLifeIncome II Features At a Glance

  • Guaranteed Life Income (Annually)
  • Up to 6.35% of Sum Assured yearly
  • Yearly Income = Guaranteed Cash Benefit (0.95% of Sum Assured) plus Cash Bonus (5.40% of Sum Assured)
  • 100% Principal Guaranteed
  • Protection Cover upon Death and Terminal Illness
  • Guaranteed Issuance Option: No medical questionnaire/ check-ups needed
  • Flexible Premium Modes
    • Choose to supplement premiums by cash or Supplementary Retirement Scheme (SRS)
    • Choose Single Premium or go regular premium modes of 3, 5, 10, 15, 20 or 25 years
  • Accumulation Period Options: Choose from 0 to 20 years Accumulation Period
  • Booster Bonus of 0.5% of Sum assured will be paid out yearly from the policy anniversary following the date where Life Assured turns 60 (Age Next Birthday) or end of 20th policy year after Accumulation Period ends, whichever is later.
  • Choice of When to Receive Yearly Income: Flexibility to choose the Premium term and Accumulation Period that is most suitable for you. The payout will start after the end of the Premium Payment Term and Accumulation Period.

Read our Full Review for The Aviva MyLifeIncome II 

NTUC Income Gro Prime Saver Features At a Glance

  • 6th Year Yearly Cash Payout Till Age 100: Guaranteed 2.1% of sum assured and Non-guaranteed of up to 2% of sum assured
  • Choose To Spend or Re-Invest: Re-investment rate of up to 3.25%
  • Premium Waiver upon Total & Permanent Disability (TPD)
  • Flexibility of Premium Terms: 5, 10, 15, or 20 years
  • Guaranteed Issuance Option (GIO) regardless of health condition
  • Additional Cash Benefits equivalent to 4% of the sum assured after the 20th and 30th year of your policy, on top of your usual monthly cash payouts
  • GIO Additional Coverage For Life Milestones: Increase Death and TPD coverage upon life events:
    • Insured turning 21 years old
    • Marital status changes to getting married
    • Purchase of a residential property
    • Becoming a parent
  • Centennial Maturity Benefit: Receive a payout of 120% of the net single premium amount on top of your cash payout.
  • Exclusive Treats: Find out more at – www.income.com.sg/IncomeTreats

Read our Full Product Information for NTUC Income Gro Prime Saver

Manulife Ready LifeIncome Features At a Glance

  • Yearly Income: Receive guaranteed of 0.95% of sum assured and non-guaranteed payout is at 2.05% based on the projected rate yield rate of 4.75%. Non-guaranteed of 0.90% of sum assured is based on projected rate of 3.25%.
  • Flexible Yearly Payout Options: Choose payout year from end of 5th year or end of 10th year (applicable for 10 years premium term policies).
  • Flexible Premium Options of 5 or 10 years
  • Premium Freeze Option for pausing of premium payment for 1 year
  • Guaranteed Issuance Option (GIO) regardless of health condition
  • Premium Waiver upon Total & Permanent Disability (TPD)
  • Secondary Life Insured Option
  • Protection Cover Upon Death and Terminal Illness

 Read our Full Product Information for Manulife Ready LifeIncome

 Benefit At a Glance

Aviva MyLifeIncome II

Aviva singapore

NTUC Gro Prime Saver

Manulife Ready LifeIncome

Premium Term Options Single Premium, 3, 5, 10, 15, 20 or 25 years 5, 10, 15 or 20 years 5 & 10 years

SRS Eligible

Yes for Single Premium

 

No No
Principal Guaranteed with Cash Benefit Payout

 

End of Accumulation Period or Earlier At Age 100 25th year

Principal Guaranteed with Accumulation

End of Accumulation Period or Earlier 20th – 25th year 13th year
Premium Waiver upon TPD

 

No Yes Yes
Payout 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

 

Payout from 5th year onwards

 

5 years or 10 years onwards

Returns Comparison

Aviva MyLifeIncome II

Aviva singapore

NTUC Gro Prime Saver

Manulife Ready LifeIncome

Premium $12,192.40 $12,000 $12,000
Payout from Year 5 Year 5 Year 5
Guaranteed Yearly Payout $323 $1,272

$3,695 (20th & 30th) Yr

$570
@ 3.25% p.a. $1,309 $1,787 $1,110
@ 4.75% p.a. $2,159 $2,483 $1,800
Principal Guaranteed Year 5 Year 100 Year 25
4.75% Acc @ 25th $128,138 $126,058 $128,675
4.75% Acc @ 35th $178,735 $196,605 $179,552
4.75% Acc @ 45th $246,250 $291,540 $250,000 +
Surrender @ 35th 4.75% $68,740 $62,814 $91,347
Surrender @ 45th 4.75% $71,654 $77,594 $100,000

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Get Advice For Your Legacy Endowment

As interest rates look set to stay low for a long time, plans that provide high guaranteed interest may not stay for long and may well be replaced soon.

The Aviva MyLifeIncome is the shortest breakeven legacy endowment plan that quickly reaches on the 5th year. Manulife’s Ready LifeIncome has the Secondary Life Insured option which can potentially get the most value of the plan and leaving the legacy behind to the next generation. NTUC Income’s Gro Prime Saver has additional cash benefit equivalent to 4% of the sum assured after the 20th and 30th year of your policy, on top of your usual monthly cash payouts as well as GIO Additional Coverage For Life Milestones. 

We hope this in-depth review helps you in understanding the pros and cons of the plan, as well as aiding in meeting your endowment savings objectives. All endowment legacy plans have their own advantages and disadvantages and it is recommended that you choose one that is within your objectives and liquidity needs to ensure you get the best possible value.

Fill in the form below and our friendly licensed FA advisor will get in touch with you based on your needs.
No obligations, no hidden fees. All advice are of no charges.

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