Last Updated on by Tree of Wealth
Singlife Flexi Life Income is an endowment plan that generates a lifetime of yearly payouts that could help offset such periods of instability and give you emergency fund in case of a rainy day.
It breaks even at a short 3 to 5 years and continues to reinvest and grow should you decide not to withdraw it.
You may be interested: Best Lifetime Income Plans in Singapore
Features At a Glance for Singlife Flexi Life Income
Flexible Premium Modes
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- Choose to supplement premiums by cash or Supplementary Retirement Scheme (SRS)
- Choose Single Premium or go regular premium modes of 3, 5, 10, 15, 20 or 25 years
Guaranteed Life Income
- (Annually) as long as the policy is in force
Premium Mode
- Cash or Supplementary Retirement Scheme (SRS)
Annual Income (Guaranteed + Non-Guaranteed Cash benefit) Up to 5.20% of Sum Assured
Receive a yearly payout of up to 5.2% of their sum assured without the need to work. The payout is guaranteed as long as they remain with the company, and it is comprised of a guaranteed cash benefit of 2.2% of the sum assured and a cash bonus of up to 3% of the sum assured.
As long as the Life Assured is alive and the policy is in force, a Yearly Income will be payable at the end of every policy year from the end of the Accumulation Period, after deducting any amount owed to Singapore Life Ltd. The Yearly Income consists of a Guaranteed Cash Benefit of 2.2% of the Sum Assured and a Cash Bonus (non-guaranteed), if applicable, at a rate of either 3% or 0.9% of the Sum Assured. The Cash Bonus rates are based on illustrated investment rates of return of 4.25% and 3% per annum as shown in the Policy Illustration. For more information, please refer to the Policy Illustration. Note that the Accumulation Period refers to the period from the end of the premium payment term until the first payment of Yearly Income.
The Guaranteed Cash Benefit, Cash Bonus (non-guaranteed), and Booster Bonus (non-guaranteed) payable are determined based on the Sum Assured, which is not equivalent to the Death Benefit.
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Choice of Commencement Date for Receiving Your Cash Payouts, Or Accumulate Them
You have the freedom to decide the duration of your premium payments and accumulation period, which will affect when you can begin receiving your Yearly Income payouts. Additionally, you can make your premium payments through either cash or Supplementary Retirement Scheme (SRS) funds, depending on your preference.
The payout will start after the end of the Premium Payment Term and Accumulation Period.
You may be interested: Best Lifetime Income Plans in Singapore
Increasing payout feature (Booster Bonus)
- Booster Bonus of 0.35% of Sum assured will be paid out yearly from the policy anniversary following the date where Life Assured turns 60 (Age Next Birthday) or end of 20th policy year after Accumulation Period ends, whichever is later.
- Up to 5.95% of your sum assured (inclusive of yearly income above.
Increased Earnings Over Time
Starting from either 20 years after the first income payout or when the policyholder turns 60 years old, whichever is later, their payouts will increase by 0.5% of their sum assured.
The Booster Bonus, which is non-guaranteed, is either 0.5%* or 0.3%* of the Sum Assured and will be paid every policy year, starting from the Policy Anniversary immediately following: a) the date on which the Life Assured attains age 60; or b) the end of the 20th policy year after the Accumulation Period ends, provided that the Life Assured is alive and while the policy is in force. The rates of the Booster Bonus mentioned above are based on illustrated investment rates of return of 4.25% and 3% per annum, respectively, as illustrated in the Policy Illustration. For more information, please refer to the Policy Illustration.
100% Principal Guaranteed
Rest assured that the money you invest in the plan, your capital, is guaranteed to be available by the time your yearly income payouts begin. Your capital, which is the money you put into the plan, is guaranteed to be available by the time your yearly income payouts start.
The Guaranteed Cash Surrender Value is based on the following:
The Total Premiums Paid for the basic plan at the end of the Accumulation Period or at the end of the following periods:
- 8th policy year for policies with Single Premium payment term;
- 13th policy year for policies with 3 years premium payment term;
- 15th policy year for policies with 5, 10 or 15 years premium payment term; or
- 25th policy year for policies with 20 or 25 years premium payment term; whichever is earlier, and subject to policy terms and conditions.
Additionally, the Guaranteed Cash Surrender Value will increase by 0.25% per annum (compounded) starting from the 5th policy year after the end of the Accumulation Period.
Protection Cover
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- Covers upon Death and Terminal Illness
Guaranteed Issuance Option
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- No medical questionnaire/ check-ups needed
You may be interested: Best Lifetime Income Plans in Singapore
Accumulation Period Options
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- Single Premium: Choose from 4 to 20 years Accumulation Period
- 3 years premium term: Choose from 2 to 20 years Accumulation Period
- 5, 10, 15, 20, 25 years premium term: Choose from 0 to 20 years Accumulation Period
- Accumulation Period: Period from the end of the premium payment term until the first payment of Yearly Income, basically the time needed for Insurer to accumulate and grow the payout before paying out.
Riders
This policy comes with a couple of riders which you can access to increase your policy benefits. (all of these benefits assume you’re the policy holder/life assured)
- Easy Payer Premium Waiver (GIO) –Waives your premium in the event of death, terminal illness or total and permanent disability of either of the two lives assured.
- EasyTerm (GIO) –Offers you lump-sum cash payment of up to 5 times your basic plan’s annual premium in the event of your death, terminal illness or total and permanent disability.
- Cancer Premium Waiver II (GIO) –Waives your future premium in the event you’re diagnosed with major cancers.
How It Works
You may be interested: Best Lifetime Income Plans in Singapore
The Singlife Flexi Life Income II is Suitable if You:
- Flexible Premium Terms
- Low risk endowment instrument for guaranteed life payout
- Prefer Guaranteed Life Income as well as guarantee on capital of total premiums paid at the end of the selected Accumulation period
- Want a steady stream of guaranteed income (coupled with non guaranteed bonuses)
- Ease of application, no medical underwriting
- No fluctuation on premiums
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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
You may be interested: Best Lifetime Income Plans in Singapore
Get Advice For Your Legacy Endowment
The Singlife Flexi Life Income ii is indeed an endowment that breaks-even on the 5th year. The shortest in the market in fact. We hope this in-depth review helps you in understanding the pros and cons of the plan, as well as aiding in meeting your endowment savings objectives. All endowment legacy 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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