Do not get me wrong, I am not paid for this post and neither am I an insurance agent. With interest rates of Singapore Savings Bond falling and the recent stock market crashing due to COVID-19, I am on the lookout for lower risks investments.
If you are a follower of My Sweet Retirement, you know that I do not place all my eggs into a single basket. I place my monies in different investment instruments such as investments in the stock market, buying Singapore Savings Bond, buying short term endowment plans and fixed deposits. I also contribute to my Supplementary Scheme Retirement funds monthly. Subscribe to my post notification here if you are not yet a follower of My Sweet Retirement.
If you are wondering if I invest everything I have? The answer is no. I still have cash on hand in case I need the liquidity immediately. Now, let me introduce you to another Endowment Plan that I have found, which is China Taiping i-Save Plan.
China Taiping i-Save Plan is a single premium, non-participating life insurance savings plan offered by China Taiping Insurance (Singapore) Pte Ltd that gives you a lump sum payout with guaranteed return of 2.18% per annum over 3 years.
The minimum investment amount is S$20,000 which gives you a return of S$1,336.72 at the end of policy maturity.
In my opinion, this is a low risk investment as compared to stocks and bonds. If your heart cannot take it or you cannot sleep because the stock market has crashed due to COVID-19, China Taiping i-Save Plan is something that you can look at for a short term investment.
China Taiping i-Save versus Tiq 3-Year Endowment versus NTUC Capital Plus (March 2020)
At the point of writing, the NTUC Capital Plus (March 2020) Tranche is no longer available. China Taiping i-Save Plan is also for a limited period only. Nevertheless, I have summarized the differences between the endowment plans below.
|China Taiping i-Save||Tiq 3-Year Endowment||NTUC Capital Plus|
|Maturity period||3 years||3 years||3 years|
|Interest rate per annum||2.18%||2.10%||2.13%|
|Payment mode||Cash only||Cash only||Cash and SRS|
If you are unable to fork out S$20,000 in cash, I will recommend Tiq 3-Year Endowment Plan at an interest rate of 2.10% per annum. However, if you have an investment amount of S$20,000 or more, then I will opt for China Taiping i-Save with a higher interest rate of 2.18% per annum.
Both are low risks investments with 100% guaranteed return at policy maturity.