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 5 years and continues to reinvest and grow should you decide not to withdraw it.
Features At a Glance for Singlife Flexi Life Income
Guaranteed Life Income (Annually) as long as the policy is in force
Premium Mode of Cash or Supplementary Retirement Scheme (SRS)
Annual Income (Guaranteed + Non-Guaranteed Cash benefit) Up to 5.60% of Sum Assured
Take the sum assured to be $100k for example, here is the annual income:
Yearly Income = Guaranteed Cash Benefit (1.20% of Sum Assured) plus Cash Bonus (up to 4.40% of Sum Assured).
The Yearly Income consists of:
- Guaranteed Cash Benefit at 1.20% of the Sum Assured; and
- Cash Bonus (non-guaranteed), if any, at 4.40% of the Sum Assured.
- Cash Bonus rates indicated above are based on illustrated investment rates of return of 4.25% per annum respectively as illustrated in the Policy Illustration. Please refer to the Policy Illustration for further information. – Source: Aviva
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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.
100% Principal Guaranteed
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- Depending on your premium term and accumulation period, your principal amount that is put in is guaranteed. For example if your Single Premium is $100k and accumulation period is 5 years, $100k will be guaranteed upon reaching the full 5 years.
- Similarly if you choose a 5 year premium term and accumulation period of 0 years, then after the 5th year the guaranteed portion will breakeven as your total premium for 5 years.
- Additionally, for Single Premium, the day one surrender value is at least 80% of your lump sum premium.
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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
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
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.
Choice of When to Receive Yearly Income: Flexibility to choose the Premium term and Accumulation Period that is most suitable for you. The payout will start after the end of the Premium Payment Term and Accumulation Period.
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
Returns Comparison
| Sum Assured | $25,000 (min) | $25,000 (min) | $30,000.00 | $30,000.00 |
| Premium Term | 5 Year | 10 Year | 5 Year | 10 Year |
| Policy Term | Till age 99 (ANB) | Till age 99 (ANB) | Till age 99 (ANB) | Till age 99 (ANB) |
| Break Even Year | 5th Year | 10th Year | 6th Year | 10th Year |
| Surrender Value @ Year 10 (based on 4.25%) | $45,539.00 | $41,765.00 | $54,413.00 | $50,118.00 |
| Annual Premium | $8,991.00 | $3,927.50 | $10,743.00 | $4,713.00 |
The Singlife Flexi Life Income 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
Get Advice For Your Legacy Endowment
The Singlife Flexi Life Income 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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