Last Updated on by Tree of Wealth
Best Single Premium Retirement Plan
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 |
Payment Mode |
Cash/SRS |
Cash/SRS |
Retirement Age | 50, 55, 60, 65 & 70 |
55, 60, 62, 65 OR 10, 15, 20, 25 or 30th year |
Pay Out Period |
15 and 20 years | 20 years |
Lump Sum @ Maturity | Yes |
No |
Minimum to Start | Guaranteed Income $200/mth |
Single Premium $10,000 |
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 |
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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) | |
Amount | $100,224 |
Guaranteed Annual Income |
$10,440 (Total $156,600) |
Non Guaranteed Annual Income |
Age 65 ($7917) Age 80 ($15,686)
($170,920) |
Lump Sum @ Maturity | $123,383 |
Total Income | $450,903 |
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20 Years Payout From Age 65
NTUC Income GroRetire wise | |
Amount | $100,000 |
Guaranteed Annual Income | $5,867
($117,340) |
Non Guaranteed Annual Income | $15,610
($312,200) |
Total Income | $21,477
($429,540) |
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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.