NTUC Income Gro Sure Saver – Regular Savings Endowment Plan Review

NTUC Income Gro Sure Saver - Regular Savings Endowment Plan Review
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Last Updated on by Tree of Wealth

The Gro Sure Saver is NTUC Income’s regular savings plan that comes with a regular premium term, cashback benefits that offers liquidity that starts on the 3rd year, as well as offering some form of protection in the event of death, terminal illness, total permanent disability as well as hospitalization.

It is versatile where you can withdraw the cash benefit. And should you not need it, you can leave it with the insurer to continue compounding the growth.

Features At a Glance for Gro Sure Saver

Yearly Cash Benefit

At the end of the 2nd year, effectively at the start of 3rd year, there will be cash benefits guaranteed equivalent to 5% of the sum assured of your plan. You also have the option to accumulate with NTUC Income to compound the growth with their underlying participating fund.

Cash Benefit Returns

Should you not need the amount and choose to accumulate with the insurer, receive up to 3.25% p.a. (based on 4.25% projection of the participating fund).

Premium Terms

Choose from premium paying term of 15 to 25 years.

Be Protected

As you save for retirement or towards your wealth growth goal, have the assurance that in the event of death, total permanent disability (coverage is for until 70 years old) as well as terminal illness, there is a coverage paid out of the sum assured and the bonuses along with the accumulated cash benefits.

Be Protected More

To further enhance your protection, choose to go with the Hospital CashAid supplementary benefit. This provides protection in the event of hospitalization as well as future unknown illnesses. The hospitalization benefit helps to ease your expenses incurred while you focus on recuperating in the hospital. This covers until 85 years old.

How The Hospital CashAid Rider Works

GroSureSaver Hospital CashAid Riders
source: NTUC Income

Additionally, choose the following riders to further complement your coverage:

  • Essential Protect Rider
  • Hospital Cash Aid Rider
  • Payor Premium Waiver Rider
  • Enhanced Payor Premium Waiver Rider
  • Dread Disease Premium Waiver Rider

How The Supplementary Riders Work

GroSureSaver Additional Riders
source: NTUC Income

Premium Table – 30 Years Old

Sum Assured $15,000.00 (min) $30,000.00
Premium Term 15 Years 15 Years
Policy Term 15 Years 15 Years
Break Even Year 10th Year 10th Year
Based on 4.25% Based on 4.25%
Surrender Value @ Year 10 $15,955.00 $31,910.00
Surrender Value @ Year 15 $27,557.00 $55,114.00
Annual Premium $1,590.50 $3,181.05

Source: NTUC Income

How NTUC Income’s Gro Sure Saver Works

GroSureSaver How it Works 1
source: NTUC Income

 

GroSureSaver How it Works 2
source: NTUC Income

The NTUC Income’s Gro Sure Saver  is Suitable if You:

  • A regular premium commitment
  • Medium-term savings plan of 15 to 25 years
  • Guaranteed yearly cash benefits during policy term

It would however be less suitable if you would like:

  • A whole life endowment policy term
  • An insurance plan giving full protection
  • High returns of more than 10%
  • An Investment plan
  • Immediate Break Even on Capital

Conclusion for Gro Sure Saver Review

With the Covid situation easing off and eventually coming out from the pandemic, inflation is on the rise along with the rise of interest rate, affecting loans and mortgage housing prices.

Endowment plans accumulate your wealth in a stable and safe context. There are always going to have 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.

Should you be concerned and want to find out more on how to grow and accumulate your wealth, fill in the form below and our friendly licensed FA advisor will get in touch with you based on your needs.

No obligations, no hidden fees. All advice are of no charges.

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