NTUC Income Gro Retire Flex Retirement Plan Review

ntuc income Gro Retire Flex
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Last Updated on by Tree of Wealth

NTUC Income Gro Retire Flex is a versatile retirement endowment plan that you can start saving from today. Like all retirement plans, upon retirement age, it provides a stable stream of monthly payouts. Have the option to choose the guaranteed amount that you would like.

On top of that, be covered for death, terminal illness, accidental death as well as disability occurrence have a peace of mind while building your retirement nest.

Features At a Glance for Income Gro Retire Flex

Premium Term

Premium term ranges from Single Premium to 5, 10, 15, 20, 25 and 30 years

Payout Term

From the retirement age, have the option to choose the payout term from 10, 20 Years or till age 100

Choice of Accumulation Period –

Single Premium: 5 to 50 Years

Regular Premium: 10 to 50 Years

Monthly Stream of Income

  • Guaranteed Monthly Income
  • Choose the retirement payout age
  • With Non- Guaranteed bonus with the payout

Choose to Accumulate Monthly Income

Choose to accumulate the payout with NTUC Income (up to 3.25% non-guaranteed) or spend the monthly cash payouts

Secondary Life Insured Option(SLI)

  • Wealth accumulation continuity: You can appoint a Secondary Life Insured (SLI) to continue accumulating your wealth accumulation.

Protection Coverage

In the event of death or diagnosis of terminal illness, the plan will payout:

Period of Occurrence

In the event of death or terminal illness

During accumulation

Receive 105% of all net premium(s) paid and 100% of the terminal bonus

During payout period

Receive 105% of all net premium(s) paid and 100% of terminal bonus, less all monthly cash benefits and cash bonuses paid out, except any cash benefit paid out under the Disability Care Benefit

Source: Ntuc Income

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Accidental Death Benefit

Before 70 years old, if it is due to accidental death, there will be additional payout of 105% of total net premiums, on top of the death benefit. 

Disability Care Benefit

This benefit pays out additional protection in the event of any one of these occurrence due to accident:

  • Loss of use of one limb
  • Loss of Speech
  • Loss of Sight of one eye or hearing

In terms of protection coverage on the disability, it is dependent on the period of occurrence:

Period of Occurrence

Disability Care Benefit offers:

During accumulation

– Waiver of future premiums

– Lump sum benefit

-Additional amount equal to 50% of the monthly cash benefit will be paid on top of each monthly cash benefit during the payout period

 

During payout period

– Additional amount equal to 50% of the monthly cash benefit will be paid on top of each monthly cash benefit during the payout period

source: Ntuc Income

Accidental Death Benefit

Before reaching 70 years old, in the event of death due to an accident, the plan has a payout of 105% of the total net premiums paid, in addition to the death benefit.

Both the Accidental Death Benefit and Disability Care Benefit only apply for regular premium paying terms and not Single Premium term.

Retrenchment Benefit

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.

No Medical Underwriting (Guaranteed Issuance)

Application is hassle free & simple, and acceptance is guaranteed regardless of your health condition. No medical questionnaires nor health check-up required.

Interested to learn more?

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Premium Comparison

Non-smoker, Female 40 Years Old

Premium Term

10 years

Payout Age

65 years old

Payout Period

20 years

Guaranteed Monthly Payout

$500

Non-Guaranteed Additional Cash Bonus

$673.50

Non-Guaranteed Additional Monthly Income

NA

Annual Premium

$9,002.50

30 Years Old 10 Year Payout Period

Premium Term

15 Year 15 Year 15 Year

Policy Term

45 Year 45 Year 45 Year

Payout Period

10 Year 10 Year 10year
END OF
POLICY
YEAR / AGE
Based on 4.25% Based on 4.25%

Based on 4.25%

Annual Guaranteed Cash Payout from age 66 $6,000.00 $10,200.00

$12,000.00

Annual Premium $2,603.55 $4,426.05

$5,207.10

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30 Years Old 20 Year Payout Period

Premium Term

15 Year 15 Year 15 Year

Policy Term

45 Year 45 Year 45 Year

Payout Period

20 Year 20 Year 20year
END OF
POLICY
YEAR / AGE
Based on 4.25% Based on 4.25%

Based on 4.25%

Annual Guaranteed Cash Payout from age 66 $6,000.00 $10,200.00

$12,000.00

Annual Premium $4,903.65 $8,336.20

$9,807.30

 Yield

Guaranteed Income

$500

At Projected 3% p.a

$356.95

At Projected 4.25% p.a

$673.50
Pay-out Term

20 years

Premium Term

10 years
Premium

$9,002.50

Guaranteed Yield

0.98%

At Projected 3%

1.75%

At Projected 4.25%

3.25%

Interested to learn more?

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How Income Gro Retire Flex works

Income GroRetireFlex How it Works 1
source: NTUC Income
Income GroRetireFlex How it Works 2
source: NTUC Income

Why We Like Income Gro Retire Flex

  • Accidental Death Benefit
  • Disability Care Benefit
  • Retrenchment Benefit
  • Stable Yield and returns

Income Gro Retire Flex  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

Conclusion for Income Gro Retire Flex Review

We hope this review helps you in understanding the pros and cons of the NTUC Income Gro Retire Flex, as well as giving you a better consideration if it meets your retirement objectives. If you are planning on your retirement, consider dropping us an inquiry below and our professional experienced licensed FA advisor will get in touch with you shortly upon your request.

Let us do the homework and help you compare across the different retirement plans in the market to save you time.

As there are many retirement plans in the market by different insurers, they 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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