Last Updated on by Tree of Wealth
This NTUC Income Gro Retire Ease is withdrawn since 1 July 2021. The replacement plan Gro Retire Flex will be launched 21 July 2021.
The NTUC Income’s Gro Retire Ease, previously known as RevoRetire (just a rename, everything else is still the same), is one of the better endowment plan when it comes to Retirement plans. Why do we say that? Because of features like flexibility payout periods chosen anytime before you receive the payout, stable insurer and par-fund returns as well as early stage disability protection, it is no wonder this is one of the strongest retirement plan in Singapore, even in 2020.
What We REALLY Like About The NTUC Income Gro Retire Ease Plan
1. The yield bonus that really grows your savings
Here we let the table and facts provided and published by NTUC Income itself to explain (do note this has to be accurate for insurers to publish information)
The total premiums paid over 5 years here in this example of Ms Tan amounts to $130, 512.
The Guaranteed Total Payout is $240, 000.
Total projected illustrated payout is $415, 152. This means it includes the guaranteed $240, 000 together with the non-guaranteed projected yield.
Guaranteed yield at maturity is 2.23% per year.
2. Strongest Protection with Most Lenient Disability Coverage
With retirement in mind during retirement age, the chances of being disabled and it dampening your golden years is still there. Being disabled definitely affects you enjoying your monthly payouts.
Usually, disability coverage has to be serious before an insurer will cover. However, for this plan by NTUC Income, the peace of mind that it gives is that you do not need to be severely disabled before there is a protection.
The Disability Care Benefit actually allows you to receive Additional Disability Coverage. This disability coverage is the best in the market for retirement planning as your premiums will be waived off if disability occurs. On top of that, your guaranteed monthly payouts will also multiply by 2!
Not only that, there is a one-time lump sum amount of 6 times your monthly payout for you.
Here are the most lenient conditions in the market covered by Gro Retire Ease:
How Disability Care Benefit Works:
On top of that, death, as well as accidental death, is covered. Do note for accidental death, there is an additional 105% of total premiums paid to be paid out.
3. Superb Flexibility Option of Pay-Ins & Pay-Outs
For your premium paying options (Pay-Ins):
– Ability to choose 10 or 15 years to save or up to age 50, 55, 60 or 65, all on your preference and budget.
For your monthly Pay-Outs:
-Your choice of monthly cash payout (guaranteed and non-guaranteed) of 10, 20 or 30 years after the accumulation period. You can change this as long as it is before the plan pays out.
-Choose to accumulate the payout with NTUC Income (up to 3.25% non-guaranteed) or spend the monthly cash payouts
Perhaps the most important, attracting and at the same time confusing is, we are not sure how long do we need the monthly pay-outs for. Be it 10, 20 or 30 years upon retirement age as where we are now, and by the time we receive the monthly pay-outs upon retirement age, a lot of things may happen and needs may be changed.
To put the control in your hands, NTUC Income’s Gro Retire Ease makes it easy for your retirement by allowing you to change and make re-adjustments to your monthly cash pay-out period of the 10, 20 or 30 years before you actually receive your first monthly cash benefit.
This means that if your current chosen retirement age is at age 60 and you prefer a 30 years pay-out period at age 60. However at age 59 you feel that you only need the pay-out for 10 years, because you made other investments or your CPF Life has achieved the highest package of payout.
You can then change the payout period to 10 years instead of the original intended 30 years.
This is the only retirement endowment plan in Singapore that allows you to do this.
4. No medical underwriting, Guaranteed Acceptance plan regardless of your health status.
Guaranteed acceptance into this Gro Retire Ease plan regardless of your current health status, even with pre-existing conditions. No medical questions asked, no health check-ups needed and be accepted with a simple application.
This includes guaranteed coverage for the Disability Care Benefit and Death Protection mentioned above. You can even enhance your retirement with a Cancer Premium Waiver that waives off future premiums if cancer were to occur during premium paying period. And yes, Cancer Premium Waiver is guaranteed acceptance with no medical underwriting as well!
5. Capital Guaranteed
Total premiums paid (Capital on the basic plan) is guaranteed at the end of accumulation period.
Subjected to all premiums are paid, policy no changes and held on to till the end of accumulation period (before payout period) with no changes or claims made except for Disability Care Benefit.
Why it is NTUC Income Gro Retire Ease a good choice?
- Have a sum of money but do not want to leave it to devalue in bank accounts with bank interest rates.
- Only plan in Singapore to be able to change the pay-out period of 10, 20 or 30 years before committing the years to receive.
- Stable insurer with strong returns.
- Guaranteed Acceptance regardless of health conditions.
It would however be less suitable if:
- You are looking for a high protection cover.
- You are looking for regular cash payouts that last a lifetime.
NTUC Income Gro Retire Ease Conclusion
At the end of the day, retirement is what you need to plan for and starts today. This is because all of us only have finite and fixed limited years towards old age and retirement. Do check out our best retirement plans comparison.
Are you considering retirement planning? 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 for NTUC Income Gro Retire Ease.
