Last Updated on June 19, 2023 by Tree of Wealth

Best Lifetime Income Plans in Singapore

Having a consistent cash flow is a fundamental element that ensures the stability of your financial plan. Lifetime income plans are an excellent means of achieving your financial objectives, whether it’s securing a mortgage, planning for retirement, or taking a trip.

Creating your own long-term source of cash flow and annuities through an income plan is gaining popularity. Insurance companies have created income plans to assist you in establishing a secondary cash flow stream apart from your regular income.

If you’re interested in obtaining an income plan to create a long-term source of income for yourself and your family, there are three fantastic options to consider, each with its unique benefits:

• Singlife Flexi Life Income II – Best Lifetime Income Plan for Principal Guaranteed & Flexibility
• FWD Life Income – Best Lifetime Income Plan for Fastest & Highest Guaranteed Income
• China Taiping Infinite Harvest Plus – Best Lifetime Income Plan for Earliest Income Payout with Principal Guaranteed

Each income plan offers compelling value propositions for you and your wealth planning. However, before diving into these plans, it’s essential to understand how income plans work.

Please note that this article is purely for general information purposes and should not be considered financial advice. It does not take into account the specific investment objectives, financial situation, or requirements of any particular individual. The article has not been reviewed by any of the providers mentioned. Kindly read our general disclaimer.

The concept of how lifetime income plans function can be understood in three easy steps.

Although some explanations of income plans may be complicated, understanding how they work can be simplified into three steps that are beneficial to you:

1. Determine your desired yearly/monthly income or lump sum amount that you wish to set aside.
2. Allow your investment to accumulate during the accumulation period and wait for your yearly income to commence.
3. Once the accumulation period has ended, your insurer will start providing you with an annual income for life until you either pass away or choose to surrender.

Comparing Singlife Flexi Life Income II, FWD Life Income & China Taiping Infinite Harvest Plus

	Singlife Flexi Life Income II	FWD Life Income	China Taiping Infinite Harvest Plus
Premium Payment Term Options	There are various payment period options available, including single premium, as well as 3, 5, 10, 15, 20, and 25 years.	Select from different payment period options, such as single premium, 5, or 10 years.	There are three payment period options available, including single premium, 2, or 3 years.
Riders	Cancer Premium Waiver II EasyTerm EasyPayer Premium Waiver	Critical Illness Premium Waiver Rider	NA
Single Premium Earliest Cash Payout	From 60th Month1.475% p.a. Guaranteed of Lump Sum + 2.03% p.a. Non Guaranteed of Lump Sum Base on 4.25% p.a. Projection Total Projected = 3.50% p.a. Payout increased to 3.84% p.a. from 25th year	rewrite:  From 25th Monthone-time 6% of Sum Assured Paid-out From 37th Month 1.40% p.a. Guaranteed of Lump Sum + 2.215% p.a. Non Guaranteed of Lump Sum Base on 4.25% p.a. Projection Total Projected  = 3.60% p.a.	rewrite: From 37th Month0.90% p.a. Guaranteed of Lump Sum + 2.49% p.a. Non Guaranteed of Lump Sum Base on 4.25% p.a. Projection Total Projected  = 3.39% p.a.
Special Features	rewrite: Capital guaranteed from 5th policy year onwardsMultiple Premium Term to choose from	rewrite: Highest Guaranteed Income	rewrite: Choose to withdraw income from 37th month or 49th month (RP)

Singlife Flexi Life Income II

• Principal Guaranteed Upon Death
• Premium Flexibility: Single premium or payment term options which include 3, 5, 10 , 15, 20 or 25 years
• Annual Income (Guaranteed + Non-Guaranteed Cash benefit) Up to 5.20% of Sum Assured. Choose to re-invest and withdraw at a later time should you not need it.
• Guarantees your entire wealth growth which, depending on your chosen premium payment term, breaks even at the end of the accumulation term or earlier.
• 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.

What We Like

1. 1. Singlife Flexi Life Income II is a flexible savings plan that enables you to accumulate and begin your first income payout. You can choose to receive cash payouts whenever you desire, and your payouts will increase by 0.5% of your sum assured, starting from 20 years after your first income payout or when you turn 60, whichever is later.
   2. The plan guarantees your capital, and it also offers financial protection in case of death and terminal illness.
   3. You may include additional riders to enhance the policy’s benefits.
   4. The additional funds may be used for various purposes, including retirement or holidays.

Find Out More Here: Singlife Flexi Life Income II: 5th Year Break-Even Guaranteed (Aviva MyLifeIncome)

How Singlife Flexi Life Income II Works

FWD Life Income

• Guaranteed Special Benefit payout at 25th policy month
• Valued at 6% of policy’s sum insured
• Continuous passive income payouts from 3rd policy year
• Yearly or monthly payout options
• Cash benefits can be received or accumulated
• Premium payment terms: single, 5 years, or 10 years
• Policy assignment option available
• Change of person insured allowed
• Secondary person insured option available for policy continuity

What We Like

1. Known for providing the fastest and highest guaranteed income in the market. After 25 months, it guarantees a special benefit payout valued at 6% of the policy’s sum insured.
2. You can receive continuous passive income payouts annually or monthly, starting from the third policy year, which can be accumulated or withdrawn.
3. The plan also offers flexibility in premium payment terms and policy assignment. You can change the person insured and appoint a secondary person insured.
4. Moreover, the plan includes premium waiver riders that cover late-stage critical illness diagnosis, payor’s death, critical illness diagnosis, or total and permanent disability

Find Out More Here: FWD Life Income In-Depth Review

How FWD Life Income Works

China Taiping Infinite Harvest Plus

• Enjoy a continuous stream of monthly cashback up to age 120 with China Taiping Infinite Harvest Plus.
• Ensure policy continuity with the Secondary Life Insured (SLI) option offered by China Taiping Infinite Harvest Plus.
• China Taiping Infinite Harvest Plus guarantees 100% capital as early as the end of the 4th policy year, providing policyholders with peace of mind.
• Choose from a variety of premium payment terms, including a single premium, two-year premium term, or three-year premium term.
• China Taiping Infinite Harvest Plus offers a lump sum benefit to beneficiaries in the event of premature death, providing added financial security.

What We Like

1. 1. The China Taiping Infinite Harvest Plus is a savings plan that guarantees 100% capital as early as the end of the 3rd policy year.
   2. It provides a continuous monthly cashback stream until the age of 120, making it an ideal option for those looking for a lifetime income.
   3. The plan also offers a Secondary Life Insured (SLI) option to ensure policy continuity.
   4. Premium payment terms are flexible, with the option of a single premium, two, or three-year premium term.
   5. In the unfortunate event of premature death, beneficiaries will receive a lump sum benefit.
   6. Overall, the China Taiping Infinite Harvest Plus is a comprehensive savings plan that offers security and peace of mind for the future.

How China Taiping Infinite Harvest Plus Works

With so many different financial options available, it can be easy to become confused and uncertain about which one is best suited to your needs. Get in touch with us to receive expert financial advice that will help you make an informed decision.

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