When we hear of the word, best endowment plan, what comes to mind? I’m pretty sure you have some image of some wonderful plan aimed at moving things forward right? However, this does not capture the crux of what an endowment plan is, talk more of best endowment plan. This then leads us to the question; what is an endowment plan?
Specifically, an endowment plan has been described as an insurance policy which function primarily as a means to save in the long term. What the endowment plan is about is that it empowers an investor with the power to save for a long period of time. Today, endowment plans are gaining more popularity because they yield more long-term returns than banks.
In addition to this, it is a known fact that endowment plans, unlike banks pay regular premiums. These premiums are generally fixed in payment though there is the possibility of the chance to increase one’s premium if one changes the endowment plan he or she is on. The payment of the premium may be monthly, every three months, six months or yearly.
After citing the premise and giving an in-depth explanation of what an endowment plan is and how it works, it would then be improper not to mention that there are four major types of endowment plans in Singapore. They include
- The single premium plan which features an upfront payment of justone
- Retirement plan, which is set up with the sole purpose to take you up to the day you retire. It has an option of regular payouts or lump sum payments once you retire. In fact, after retirement, you can opt for regular payouts
- Cashback plan which involves the option of the person who owns the endowment receiving some cash back. The person who owns the investment may then choose whether or not to invest it or not
- Regular premium plan which offers an option in which the owner of the endowment pays a consistent premium. This depends on the time the payment of the premium has been agreed to be made
Moving forward, let us then examine, the best endowment plan for 2019
- Tokio Marine Nest Egg (LP) Insurance
This is the most popular plan amongst the whole life protection plans that Tokio Marine offers.
Essentially, it is a fortune accumulation plan that improves one’s savings astronomically. You are probably already wondering how it does this, right? What it does is that it gives you attractive returns that gives you the assurance that the money you’ve worked hard for is saved. The benefits of this plan do not only accrue to one when one is alive; it also accrues to one in death.
- Manulife Ready Payout Plus
This endowment plan is a cashback endowment savings plan. What it offers is malleable policy term which varies from thirteen to twenty years. In addition, anyone can have access to the plan since no one asks questions that relate to health. Furthermore, it provides security against terminal diseases like cancer among others
This plan is also fantastic because it allows those who subscribe to it to withdraw interest after the first year. However, it does not offer total capital guarantee
- Aviva My Savings Plan
This plan is top-notch and offers complete guarantee. It is almost hundred percent sure that it will be one of the best endowment plans in 2019. This is before, for those who have a tight budget, it is still bendable. Aviva allows the investor to choose the There is also the option of daily payment of premium
This endowment plan goes forward to show its flexibility as it does not ask any questions concerning health while at the same time protecting the person who subscribes to it against terminal illnesses.
- NTUC RevoSecure
This endowment plan is wonderful because NTUC agents, financial advisers and some bankers offer it. It is also special in the sense that it has a flexible savings plan. For a normal endowment plan, you will save for a particular number of years in which the money you save will then matures to a total sum after the years in which you have earmarked to save has elapsed. In contrast to that, NTUC RevoSecure is flexible to the point that you can save for limited period which ranges from five to a maximum of fifteen years.
That’s not all; the flexible and premium policy term of NTUC RevoSecure gives more for personal accident protection. If the owner of the endowment plan dies in the course of an accident, he or she can receive up to hundred percent of the endowment fund. You can also choose to add cancer Waiver Premium rider which gives one exemption on all premiums which are to be paid in the future should in case the owner of the endowment plan develops a major cancer.