[In-Depth Comparison Review] Best Single Premium Retirement Plan Using Cash & SRS

Best Single Premium Retirement Plan Using Cash & SRS
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Last Updated on by Tree of Wealth

When it comes to Retirement and Endowment plans, there are a huge variety of them and they mainly comprises of Regular Limited paying premium terms. That means it takes over a certain number of years to save and to input the premiums in.

To a certain extent, Single Premium term plans seldom come to our mind.

There are a mainly 2 source of wealth to supplement for Single Premium retirement plans: Cash & SRS.

With Single Premium, the break-even is usually faster and interests compounded faster as Insurer receives the sum needed to grow for you at the very beginning (compared to a 20 years premium term, it takes well, 20 years for Insurers to receive the amount hence break-even takes longer and interests accumulates slower).

Another added bonus for you if you are using monies in SRS account is that they are tax saving.

Read More: SRS: All you need to know about the Supplementary Retirement Scheme

For Single Premium Retirement Plan, the process is simple as such:

Pay Once Cash/SRS > Choose Retirement Age > Choose Pay Out Period > Start

Simple as that, and we have the 3 most competitive insurers with their plans on this arena (as not all insurers have Single Premium Cash & SRS Retirement plans):

Features & Benefits Detailed Comparison

AIA Retirement Saver (III)

 

NTUC Income GroRetire Wise

Manulife RetireReady Plus (II)

Payment Mode

Cash/SRS Cash/SRS Cash/SRS
 

Retirement Age

 

50, 55, 60, 65 & 70

55, 60, 62, 65

OR

10, 15, 20, 25 or 30th year

 

50, 55, 60, 65 or 70

Pay Out Period

15 and 20 years

20 years

5, 10, 15, 20 or Lifetime

Lump Sum @ Maturity Yes No

Optional

Minimum to Start

Guaranteed Income $200/mth

Single Premium $10,000

Guaranteed Income $300/mth

 

 

 

Salient Feature

Pays a potential lump sum on maturity on top of the guaranteed and non guaranteed monthly income

Convert to a decent lump sum withdrawal on retirement age

• Choose to receive an Additional Monthly Income as a lump sum.

Upon maturity or you can receive it during your Payoutperiod

• Receive additional guaranteed income if you suffer loss of independence or other disability illnesses e.g. loss of speech

• Receive 10% of Single Premium upon retrenchment

Interested to learn more?

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

Below we compare 2 modes of payout (15 and 20 years) and see which insurer has a higher payout.

15 Years Payout From Age 65

AIA Retirement Saver (III)

Manulife RetireReady Plus (II)

Amount

$100,224 $100,987.01
Guaranteed Annual Income $10,440

(Total $156,600)

$12,000

(Total $180,000)

 

Non Guaranteed Annual Income

Age 65 ($7917)

Age 80

$($15,686)

($170,920)

$13,647

($204,705)

Lump Sum @ Maturity

$123,383

NA

Total Income $450,903

$25,647

($384,705)

Interested to learn more?

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

20 Years Payout From Age 65

Manulife RetireReady Plus (II)

NTUC Income GroRetire Wise

Amount

$103,144.80 $100,000

Guaranteed Annual Income

$9,600

($192,000)

$5867

($117,340)

Non Guaranteed Annual Income $11,916.96

($238,339.20)

$15,610

($312,200)

Total Income $21,516.16

($430,320)

$21,477

($429,540)

Manulife RetireReadyPlus II

  • Highest Guaranteed
  • Alter your pay-out period between 5/10/15/20/Lifetime, 2 years before payout)
  • Disability Income Payout additional 50% of GMI (Guaranteed Monthly Income) if unable to do 2 out of 6 ADLs (Activities of Daily Living)
  • 100% if unable to do 3 out of 6 ADLs, Loss of Hearing, Loss of Speech and Major Head Trauma
  • 10% of Single Premium payout upon retrenchment

Interested to learn more?

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

Conclusion For The Best Single Premium Retirement Plan Using Cash & SRS 

Single Premium Retirement planning using Cash & SRS is a helpful way of accumulating and growing your wealth. It is also making full use of the SRS feature and to further prepare your retirement even more. The SRS is a great concept and SRS-abled Retirement Plans complement it even further.

Are you considering Single Premium retirement planning with your Cash/SRS? Let us do the homework and help you compare across the different retirement plans in the market to save you time. Drop us an inquiry below and our professional experienced licensed FA advisor will get in touch with you shortly upon your request.

No obligations. No hidden fees and costs. Just professional advice.

 

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