Last Updated on by Tree of Wealth
When considering savings plans, there are typically two main types to choose from: flexible premium terms and withdrawals, or the disciplines (rigid) option of saving for maturity only.
Embrace discipline as the guiding principle of this plan, ensuring financial security for various life goals. For a child, the plan can primarily focus on securing funds for their education, including tertiary education. It can also serve as a resource when they enter society, get married, or purchase their first home.
The discipline aspect of this plan is reflected in its structure. It does not offer cash benefits or partial withdrawals, but promotes a long-term approach to financial management.
Additionally, the option of a Secondary Life Insured allows for the transfer of the life assured, while the plan itself can provide a lasting legacy until the age of 99 (you have the option to choose shorter policy term).
Embrace this disciplined approach to secure a stable future for yourself and your loved ones.
Fundamentally, this is a plain vanilla savings plan that comes down to 3 simple steps:
-
- Determine your desired savings goal.
- Choose the timeline in which you wish to achieve your savings goal.
- Select the premium payment duration that best suits your preferences.
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Features At a Glance For Singlife Choice Saver Insurance Savings Plan
Capital Guaranteed
Upon maturity at the end of your policy term, you can be assured that the total premiums that you have put in all these years will be guaranteed. Riders charges are not applicable.
The maturity, as always, includes the guaranteed portion and non-guaranteed yield, at the end of the policy term.
Benefit From a Lump-Sum Payout In The Event of Death
Ensuring the well-being of both you and your dependents, the plan provides a lump-sum payout in the unfortunate event of death, terminal illness, or accidental death.
In the event that the Life Assured passes away due to an Accidental Injury before reaching the age of 80 and while the policy is active, a lump-sum payment of 100% of the Sum Assured on the basic plan will be provided. This payout is in addition to the Death Benefit, offering comprehensive coverage and support during difficult times.
The Waiver of Interest Benefit applies to policyholders aged 19 to 75 who have been retrenched or are involuntarily unemployed for three consecutive months. This benefit is provided when the policy has enough cash value to cover the outstanding premiums. Proof of unemployment is required. For further information, please refer to the Product Summary.
Premium & Policy Term Available
Select your preferred policy and customize the duration of premium payments according to your needs. Enjoy the flexibility to choose from the following options:
|
Policy Term |
10 to 25 years or cover to 99 years old |
| Premium payment term |
5, 10, 12, 15, 18, 20 or 25 years |
Maturity & Lump Sum Bonus
Upon the completion of the policy term, you will receive a lump-sum payout that includes your Sum Assured and potential non-guaranteed bonuses. This payout serves as a benefit, providing you with financial support and rewards at the end of the policy term.
Secondary Life Insured
Able to appoint a member of the family as a Secondary Life Insured to continue with the accumulation of the savings plan to grow and compound the yield interests.
Coverage on Death and Terminal Illness
A protection coverage in the event of death and terminal stage illness will be paid out.
Accidental Death
Additional payouts in the event of death by accidental events.
Riders Available
- Easy Term Rider
- Payer Waiver Rider
- CI Premium Waiver
Guaranteed Issuance Option
- No medical questionnaire/ check-ups needed
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How Singlife Choice Saver Works
Snapshot of your savings and returns
| Your monthly savings budget | Actual premium per month (S$) | Premium term (in years) | Policy term (in years) | Guaranteed maturity value (also known as the Sum Assured) (S$) | Based on 4.25% p.a. illustrated investment rate of return (IIRR) | Based on 3% p.a. IIRR | ||||
| Non-guaranteed bonuses (S$) | Total maturity benefit (S$) | Total Maturity Yield | Non-guaranteed bonuses (S$) | Total maturity benefit (S$) | Total Maturity Yield | |||||
| Around S$200 | 229.65 | 10 | 20 | 30,000 | 13,792 | 43,792 | 3.10% | 7,308 | 37,308 | 2.02% |
| 195.20 | 15 | 25 | 40,000 | 22,415 | 62,415 | 3.27% | 11,707 | 51,707 | 2.20% | |
| 200.20 | 10 | Up to 99 ANB* | 45,000 | 148,989 | 193,989 | 3.92% | 58,153 | 103,153 | 2.72% | |
| 199.15 | 20 | Up to 99 ANB* | 80,000 | 250,801 | 330,801 | 3.97% | 100,910 | 180,910 | 2.72% | |
| Around S$500 | 493.75 | 5 | 10 | 30,000 | 5,659 | 35,659 | 2.48% | 2,892 | 32,892 | 1.39% |
| 481.20 | 15 | 25 | 100,000 | 56,039 | 156,039 | 3.35% | 29,270 | 129,270 | 2.28% | |
| 503.75 | 10 | Up to 99 ANB* | 115,000 | 380,751 | 495,751 | 3.95% | 148,615 | 263,615 | 2.75% | |
| 496.25 | 20 | Up to 99 ANB* | 205,000 | 642,679 | 847,679 | 4.02% | 258,582 | 463,582 | 2.78% | |
^ Based on male, 40 years old, non-smoker
Source: Singlife
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Premium Comparison for 10 & 15 Years Policy Term
| Sum Assured | $30,000.00 | $30,000.00 | $62,000.00 |
| Premium Term | 5 Years | 10 Years | 10 Years |
| Policy Term | 10 Years | 15 Years | 15 Years |
| Break Even Year | – | 14th Year | 14th Year |
| END OF POLICY YEAR / AGE |
Based on 4.25% | Based on 4.25% | Based on 4.25% |
| Surrender Value @ Year 10 | $35,659.00 | – | $27,696.00 |
| Surrender Value @ Year 15 | – | $38,613.00 | $79,801.00 |
| Surrender Value @ Year 20 | – | – | – |
| Annual Premium | $5,787.95 | $2,861.60 | $5,913.95 |
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Premium Comparison for Until Age 99 (ANB)
| Sum Assured | $30,000.00 | $30,000.00 | $58,910.15 |
| Premium Term | 5 Years | 10 Years | 10 Years |
| Policy Term | 99 ANB | 99 ANB | 99 ANB |
| Break Even Year | 20th Year | 25th Year | 25th Year |
| END OF POLICY YEAR / AGE |
Based on 4.25% | Based on 4.25% | Based on 4.25% |
| Surrender Value @ Year 10 | $8,197.00 | $7,617.00 | $16,250.00 |
| Surrender Value @ Year 15 | $10,432.00 | $9,687.00 | $20,665.00 |
| Surrender Value @ Year 20 | $14,421.00 | $13,275.00 | $28,320.00 |
| Annual Premium | $2,728.50 | $1,405.60 | $2,998.55 |
Singlife Choice Saver is Suitable if You:
- Flexible Premium Terms
- Low risk endowment instrument for fixed maturity payout
- Ease of application, no medical underwriting
- No fluctuation on premiums
- It is a plain endowment savings plan with no annual cash benefits nor flexibility of withdrawal.
- Cash is only received on full surrender or upon maturity
- Upon Retrenchment/Unemployed, only up to 12 months of interests are waived, not the best unemployed benefits out there
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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
Conclusion for Singlife Choice Saver
As we can tell, the Singlife Choice Saver is focusing on one aspect when it comes to saving: Discipline. The lack of cash benefits annually with the only way of accessing the cash is to do a full surrender or upon the plan’s maturity. We hope this plan review of the Singlife Choice Saver helps you in understanding the pros and cons as well as helping you decide if it meets your savings objectives.
The many different functions and features of a savings plan largely depends on what your concerns and needs are. When it comes to the suitability of for you and your child, it is always advised to have a look around and compare across the different competitive insurers.
To find the most suitably plan based on your concerns and needs, simply fill in the form below and our friendly partnered licensed FA advisor will get in touch with you.
Based on your needs, a custom made solution will be adjusted only addressing your concern with no obligations nor hidden fees.
