NTUC Income Gro Capital Ease is a single premium savings plan that gives you a lump sum payout with guaranteed return of 1.58% per annum over 3 years. You will receive the lump sum payout at the end of the policy term.
The previous tranche (September 2020) was offered on a limited and and on a first-come-first-serve basis with a guaranteed return of 1.96% per annum over 3 years.
Despite the current tranche offering a lower returns, this is still the best return you can find around as compared to fixed deposits or Singapore Saving Bonds.
What Are Endowment Plans?
NTUC Income Gro Capital Ease is an Endowment plan. 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 give a lump sum payout with the guaranteed return. It is best to study the plan carefully as certain endowment plans offers non-guaranteed returns.
NTUC Income Gro Capital Ease guarantees a maturity benefit of 104.82% of the single premium after 3 years. No gimmicks here!
What I Loved About NTUC Income Gro Capital Ease?
- You are guaranteed acceptance regardless of your health condition. You are protected against death and total and permanent disability (TPD before age 70).
- The minimum single premium for online purchase starts at $5,000 which is affordable. The premium is payable via eNets, PayNow QR or Supplementary Retirement Scheme (SRS) funds, or at $20,000 if made through a financial advisor representative, payable using cash or SRS.
- This is the only Endowment plan that I know of that has the option to pay premiums using Supplementary Retirement Scheme (SRS) funds.