Before opting for a specific endowment plan in Singapore, it is important that you have a thorough understanding and knowledge on what these endowment plans are for. This plan is an insurance plan which is for the saving purpose. This helps an individual in saving on a regular basis, offering life coverage over the specified period of time. The short term endowment plan Singapore has gained popularity with the passing of time as these ensure higher returns as compared to the saving interest on a long term basis offered by banks.
Best Endowment Plan in Singapore:
It is advisable to seek professional’s advice before you opt for one of the best endowment plan in Singapore. These plans offer multiple benefits but only if chosen wisely.
* Saving for Financial Needs in the Future and for Education:
The best endowment plan in Singapore 2018 is apt for those looking for insurance cover and savings in a single plan. As known, the cost of education seems to be on a constant rise. To ensure your child gets the required education as and when the time comes, it is advisable to look for best endowment plan Singapore.
The lump sum amount received when the policy matures ensures there are no set-backs in the education of your child.
*Long term and Short Term Saving:
An endowment plan can work well on a short term basis as well as on a long term basis. This can help you buy your first home or even cater to the expenses of an upcoming wedding. The short term endowment plan Singapore provides returns which are higher than a normal saving.
There is a wide range of choices available in different endowment plans. The tenure and maturation period is different in different plans. Opting for professional help you can choose the best endowment plan in Singapore 2018 and save for the comfortable retirement.
Characteristics of Best Endowment Plan Singapore:
The main three characteristics which can define the short term endowment plan Singapore are listed below for your reference.
- Period of Maturity:
Most of the best endowment plans Singapore have a fixed period of maturity. This can be anywhere between 5 years to 20 years, depending on the plan opted for. It is advisable to look for a plan whose maturity can coincide with the objective you have in mind.
- Regular premiums:
Multiple plans require fixed premiums to be paid. This can be on a monthly basis or even a quarterly or annually basis. The choice is left to the individual. The most comfortable option available is the single premium payment option.
Endowment plans work out an ideal investment. These can ensure savings and fixed returns after a specific period of time, that too, without any risk. The best endowment plan Singapore provides benefit in a double manner. Besides the guaranteed returns, these plans also offer the required insurance coverage. This assures safety and security to a large extent.