Best Endowment Plans In August 2020

Are you looking for the best Endowment Plans in August 2020 to earn a higher interest rate than fixed deposits? Endowment plans are life insurance saving plans that are offered by insurance companies. The aim is to help policyholders save towards specific financial goals. Policy holders can contribute a regular amount for a designated period of time or pay a lump sum upfront at the start of the policy.

Upon maturity of the policy, you will be given a lump sum payout with the guaranteed return. It is best to study the plan carefully as certain endowment plans offers non-guaranteed returns.

Last month, I have shared 3 short term Endowment plans which are the NTUC Gro Capital Ease, Tiq 3-Year Endowment Plan and China Taiping i-Save Plan. Both the NTUC Gro Capital Ease and China Taiping i-Save Plan have been fully subscribed. Thus you have to wait for the launch of the next tranche.

This month, we are only left with one option. This is the Tiq 3-Year Endowment Plan that offers you 1.88% per annum for 3 years.

Tiq 3-Year Endowment Plan

Interest Rate (p.a.): 1.88%, Minimum Investment: S$10,000, Maturity Period: 3 years, Payment Mode: cash only

Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank and 31% by Ageas, an international insurance group.

Etiqa offers the Tiq 3-Year endowment plan. The interest rate has been reduced from 2.10% p.a. in July 2020 to the current 1.88% (August 2020).

Based on S$10,000 placed in Tiq 3-Year Endowment Plan at an interest rate of 1.88% p.a., you will receive a guaranteed payout of S$574 upon maturity of the policy.

Summary

Here is a summary at a glance of the best endowment plans that I have found in August 2020.