Last Updated on by Tree of Wealth
Gro Saver Flex is yet a new savings plan with Secondary Life Insured (SLI) feature to add on the legacy building element for those that would like a long term wealth growth instrument. One of the new savings plan from NTUC Income, it provides a single premium or limited pay premium term with accumulation period of 5 more years as well as a new policy term of up till 120 years old.
There is also Death, Total Permanent Disability (TPD) and Terminal Illness coverage, as well as Cancer Waiver rider available.
It is similar to the previous Gro Gen Saver, albeit without the capital breakeven on 13th year (Gro Gen Saver does), but you can still make flexible withdrawals. However, this is not recommended.
Features At a Glance for NTUC Income’s Gro Saver Flex
Gro Saver Flex is a one of a kind savings plan that allows you to choose your premium and policy terms to best meet your financial needs and receive protection at the same time. With Gro Saver Flex, you can also plan for continuity of wealth accumulation.
Flexible Premium and Policy terms
Choose to use cash or Supplementary Retirement Scheme (SRS) for your single premium term option!
Similar to the previous Gro Gen Saver, this plan can also go up to age 120 for the policy term. Premiums term ranges from single premium to 5, 10, 15, 20 and the new 25 and 30 years term. The advantage is that after your premium years have stopped, your wealth in the plan will continue to grow and compound continuously until you are age 120.
The idea is not to wait until 120 years old to receive the grand maturity amount (although it will be good to receive it then) but to accumulate and grow to have flexible cash withdrawal as and when you need it, as it is similar to an investment tool that is ongoing for life.
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Available Premium and Policy Term
|
Premium Term (Years) |
Policy Term (Years) |
|
Single Premium/5 |
10, 15, 20, 25, 30 years or till age 120 |
| 10 |
15, 20, 25, 30 years or till age 120 |
|
15 |
20, 25, 30 years or till age 120 |
| 20 |
25, 30 years or till age 120 |
| 25 |
30 years or till age 120 |
| 30 |
Till age 120 |
Secondary Life Insured (SLI)
Similar to the previous Gro Gen Saver , to add on to continue the legacy building, choose to appoint spouse or child (below age 18) to continue compounding the wealth growth in the event of death of the primary life insured. The plan will continue to grow for the SLI until the original Life Insured’s 120 years old, extending the wealth growth to the next generation.
Death and Terminal Illness Protection
In the event of death, family members will receive 105% of the total premiums and 101% of the surrender value (guaranteed & non guaranteed bonuses), whichever is highest, and plan will terminate thereafter paying out.
Total and Permanent Disability (TPD) Benefit
Upon TPD before age 70, this benefit pays out 2 years worth of annual premium of the base plan. With the Savings Protector Rider, it waives off future premiums of the base plan upon TPD.
Maturity Benefit
At the end of the policy term, there is a maturity amount consisting of the guaranteed and non-guaranteed yields, as well as the cash benefits of the wealth accumulated.
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Retrenchment Benefit (Compulsory Rider)
Upon being retrenched and unemployed for consecutively 3 months, this rider will allow the policy holder not to pay the premiums for 6 months. By the 5th month if the policy holder remains retrenched, there is an option to defer the payment of premiums for another 6 months.
Guaranteed Insurability At Life Milestones
Upon reaching life’s milestones with a waiting period of 12 months after the first inception of the plan, the primary life assured can apply another life insurance coverage to protect against death and total permanent disability with undergoing medical underwriting.
Life Milestone Events Includes:
- Getting Married
- Getting First Property
- Turning 21 years old
- Having a newborn
Guaranteed Issuance Option (GIO)
Application is hassle free & simple, and acceptance is guaranteed regardless of your health condition. No medical questionnaires nor health check-up required.
Cancer Premium Waiver Rider (GIO)
Option to include this rider to waive off future premiums should life assured be diagnosed with advance stage cancer during premium term.
This is applicable for 1st and 3rd parties as well.
Gro Saver Flex Premium Comparison
5 years Premium Term at $30k Sum Assured
10 Years Policy Term VS Until Age 120
|
Sum Assured |
$30,000.00 | $30,000.00 |
|
Premium Term |
5 Years | 5 Years |
| Policy Term | 10 Years |
90yo/ 120yo ALB |
|
Break Even Year |
9th Year |
8th Year |
| END OF POLICY YEAR / AGE |
Based on 4.25% |
Based on 4.25% |
|
Surrender Value @ Year 10 |
$37,035.00 | $36,031.00 |
|
Surrender Value @ Year 15 |
– | $43,576.00 |
| Surrender Value @ Year 20 | – |
$53,338.00 |
| Annual Premium | $6,103.80 |
$6,103.80 |
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10 years Premium Term – $3k Premium at $30k Sum Assured
15 Years Policy Term VS Until Age 120
|
Sum Assured |
$30,000.00 | $30,000.00 |
|
Premium Term |
10 Years | 10 Years |
| Policy Term | 15 Years |
90yo/ 120yo ALB |
|
Break Even Year |
13th Year | 13th Year |
|
END OF |
Based on 4.25% |
Based on 4.25% |
| Surrender Value @ Year 10 | – |
$59,418.00 |
|
Surrender Value @ Year 15 |
$40,219.00 | $39,633.00 |
| Surrender Value @ Year 20 | – |
$48,633.00 |
| Annual Premium | $3,055.50 |
$3,055.50 |
10 years Premium Term – $6k Premium
15 Years Policy Term VS Until Age 120
|
Sum Assured |
$58,910.15 | $58,910.15 |
|
Premium Term |
10 Years | 10 Years |
|
Policy Term |
15 Years | 90yo/ 120yo ALB |
| Break Even Year | 13th Year |
13th Year |
| END OF POLICY YEAR / AGE |
Based on 4.25% |
Based on 4.25% |
|
Surrender Value @ Year 10 |
$44,904.00 | $44,547.00 |
|
Surrender Value @ Year 15 |
$78,978.00 | $77,827.00 |
| Surrender Value @ Year 20 | – |
$95,500.00 |
| Annual Premium | $6,000.00 |
$6,000.00 |
How NTUC Income Gro Saver Flex Works
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The NTUC Income Gro Saver Flex is Suitable if You:
- Flexible Premium Terms
- Choose to use cash or Supplementary Retirement Scheme (SRS) for your single premium term option!
- Cash benefits at the end of 2nd year
- Low risk endowment instrument
- Secondary Life Insured continues a longer form of wealth accumulation and growth
- Secondary life Insured feature makes it a good plan for wealth legacy planning
- Wealth Growth with protection functions
- Ease of application, no medical underwriting
- No fluctuation on premiums
It would however be less suitable if you would like:
- High Payout that covers Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage for a low premium.
- Multiple Payout for CI across all stages including Early to intermediate to advance stage for a low premium.
- High returns of more than 10%
- An Investment plan
- Immediate Break Even on Capital
- An insurance plan giving high protection
Conclusion for Gro Saver Flex Review
We hope this review helps you in understanding the pros and cons of NTUC Income’s Gro Saver Flex and gives you a better consideration if it meets your savings objectives. All endowment savings 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.
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