Last Updated on by Tree of Wealth
INTRO ON PLAN
Gro Power Saver is NTUC Income’s new 3 pay 10 savings endowment plan. It is a straightforward savings instrument with protection including Total Permanent Disability (TPD) as well as cancer.
Features At a Glance for Gro Power Saver
3 Years Premium Only
Being one of the shortest savings endowment plan in the market right now, this plan is very suitable for those who wants short premium and accumulation savings term. With only 7 years of accumulation after 3 years of premium term, this plan will mature in 10 years time.
Be Protected For Death/ Terminal Illness
In the event of death, family members will receive 105% of the total premiums and 100% of the bonuses (non-guaranteed) or surrender value (guaranteed & non guaranteed bonuses), whichever is highest and plan will terminate thereafter paying out.
TPD Protection (Before Age 70)
Any premiums will be waived in the event of TPD. There is also a choice to receive a lump sum benefit equivalent to 105% of the total premiums and 100% of the bonuses (non-guaranteed) or surrender value (guaranteed & non guaranteed bonuses), whichever is highest and plan will terminate thereafter paying out.
Cancer Premium Waiver (GIO) Rider
Future premiums will be waived if the life assured is diagnosed with advance cancer. This rider can be added with no medical underwriting required.
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.
2.96% Returns Per Annum
Based on 4.25% projection, the illustrated yield of return is at 2.96%.
Premium Comparison
Based on age 30 in 2021
| DOB
01-Feb-91 |
NTUC Income
Gro Power Saver |
NTUC Income
Gro Power Saver |
| Sum Assured | $25,000 (min) | $30,000.00 |
| Premium Term | 3 Year | 3 Year |
| Policy Term | 10 Years | 10 Years |
| END OF POLICY YEAR / AGE |
Based on 4.25% | Based on 4.25% |
| Surrender Value @ Year 10 | $32,511.00 | $39,013.00 |
| Annual Premium | $8,333.30 | $10,000.00 |
HOW IT WORKS
The NTUC Income’s Gro Power Saver is Suitable if You:
- Prefer short term savings premium period (3 years)
- Prefer a short savings plan (10 years in total)
- Low risk endowment instrument
- Grow wealth with a steady and stable local insurer
- 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%
- Immediate Break Even on Capital
Conclusion for Gro Power Saver Review
We hope this review helps you in understanding the pros and cons of NTUC Income’s Gro Power Saver 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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