Key Takeaways

5 best endowment saving plans in Singapore offering guaranteed returns and insurance coverage. Key plans include Great SP Series 5A, DBS SavvyEndowment 18, and Manulife Goal 2024, each offering unique benefits like guaranteed returns, flexible premiums, and life insurance. Selecting the right plan depends on factors such as financial goals, tenure, and risk tolerance, supporting long-term financial security.

Endowment saving plans have become a popular choice for individuals in Singapore who are looking to secure their financial future while simultaneously gaining insurance protection. These plans provide a structured way to save, offering guaranteed returns and insurance coverage over a specified period.

But with the variety of plans available, how do you determine which suits your financial situation?

In this article, we will discuss the best endowment saving plans in Singapore. Whether saving for retirement, your child’s education, or just building a financial safety net, you’ll discover which options align with your needs and how you can start making smarter financial choices today.

What is an Endowment Saving Plan?

An endowment savings plan is a hybrid financial product that combines savings and life insurance components. These plans help you achieve long-term financial goals while providing a safety net for your family in case of unforeseen events. They are widely popular in Singapore because they offer a disciplined savings structure with added protection.

Key Features of Endowment Plans

• Guaranteed Returns: One of the biggest attractions of endowment saving plans is the guarantee that a portion of your savings will grow at a fixed rate.
• Insurance Coverage: Most endowment plans include life insurance coverage along with savings. If the policyholder passes away or becomes permanently disabled during the policy term, their family will receive a payout.
• Bonus Payouts: Some endowment plans offer non-guaranteed bonuses on top of the guaranteed amount. These bonuses are typically based on the insurer’s investment performance.
• Fixed Tenures: Endowment plans are usually set for a specific period, ranging from short-term (2-3 years) to long-term (15-25 years), depending on your chosen policy.

Why Choose an Endowment Plan?

An endowment plan is a great option if you’re looking for a product that combines steady growth with protection. These plans offer better returns than traditional savings accounts and bring the added peace of mind from the insurance coverage.

Whether you’re saving for retirement, your child’s education, or other financial goals, endowment saving plans can provide a reliable path toward your objectives.

5 Best Endowment Saving Plans in Singapore

Finding the right endowment plan is crucial in securing your financial future. Each option we’ll discuss offers unique features, including guaranteed returns, flexible premiums, and insurance coverage.

Great SP Series 5A (Great Eastern)

The Great SP Series 5A is one of the most attractive short-term savings plans. With a tenure of just two years, it’s ideal for those seeking a quick return on their investment without sacrificing security. Key benefits include:

• Guaranteed returns of 2.6% per annum upon maturity.
• Complimentary accidental coverage
• No medical assessment is required, making it easily accessible.

However, this plan requires a minimum investment of $10,000, which may only suit some investors. For those looking for low-risk, short-term growth, this is one of the best options available in Singapore.

DBS SavvyEndowment 18

The DBS SavvyEndowment 18 offers a balance between security and growth, with a mid-term tenure of three years. This plan is perfect for individuals who want to grow their savings with minimal risk:

• Guaranteed returns with a potential yield of up to 2.98% per annum.
• Death benefit covers 101% of the premium paid, providing added financial protection for your loved ones.
• A simple application process is performed through DBS Digibank, and no medical check-ups are required.
• The plan’s minimum investment is SGD 5,000, making it more accessible to investors.

Manulife Goal 2024

The Manulife Goal 2024 is a popular mid-term option that provides guaranteed capital upon maturity:

• 3-year tenure with guaranteed total capital return.
• Potential return of 2.65% p.a
• A death benefit that covers 101% of the premium paid.
• Potential non-guaranteed bonuses based on the performance of the participating fund.

Like the DBS plan, this one is accessible with a minimum investment of SGD 5,000.

AXA EarlySaver Plus

Designed for those with long-term goals like retirement or saving for a child’s education, the AXA EarlySaver Plus provides:

• Terms range from 10 to 25 years.
• Flexible premium payment options, allowing payments over five or ten years.
• Guaranteed cash payouts during the last three years of the policy, with potential interest rates of up to 1.57% per annum (non-guaranteed).

This plan also includes accidental death coverage and outpatient medical costs, giving you extra security.

Prudential PRUFlexicash

If you’re looking for maximum flexibility, the PRUFlexicash from Prudential is a great choice:

• Flexible tenure ranging from 15 to 25 years.
• Options to receive yearly cash benefits after the second year or accumulate them for higher returns.
• Coverage for death, terminal illness, and total permanent disability.

This plan allows policyholders to choose between cash benefits or a lump sum payout at maturity, making it a highly adaptable solution for long-term financial planning.

How to Choose the Right Endowment Plan

Selecting the right endowment saving plan is more than picking a product with attractive returns. It’s about aligning the plan with your financial goals, risk tolerance, and time horison. Below are key factors to consider when choosing the best endowment plan for your needs in Singapore.

Define Your Financial Goals

Are you saving for your child’s education, a future retirement, or perhaps building an emergency fund? Each endowment plan is designed to serve different purposes. For instance:

• Short-term endowment plans like the Great SP Series 5A are perfect for those looking for guaranteed returns in a short span (e.g., two years).
• Long-term endowment plans such as AXA EarlySaver Plus are better suited for long-term goals such as retirement or funding your child’s education.

Consider Your Risk Tolerance

Endowment plans are typically considered low to moderate-risk savings options. If you prefer a low-risk savings plan, consider those with guaranteed returns and life insurance coverage.

Evaluate the Tenure and Flexibility

Different endowment plans come with varying tenures, ranging from as short as two years to as long as 25 years. Consider how long you’re willing to lock your money in:

• If you need liquidity, opt for shorter tenures or plans with flexible withdrawal options.
• Plans with extended tenures like AXA EarlySaver Plus or Prudential PRUFlexicash may be more appropriate for long-term goals.

Also, review whether the plan allows partial withdrawals or offers cash payouts during the policy term. Plans like AXA EarlySaver Plus provide guaranteed cash payouts, while others offer the flexibility to defer benefits for potentially higher returns.

Assess Insurance Coverage

Most endowment plans include life insurance or coverage against disability and critical illnesses.

If having adequate insurance coverage is essential to you, consider plans that offer extensive protection, such as the Prudential PRUFlexicash, which includes coverage for death, terminal illness, and total permanent disability.

Check Minimum Investment Requirements

Different plans come with different minimum investment amounts. For example:

• Great SP Series 5A requires a minimum of $10,000, making it less accessible for some.
• DBS SavvyEndowment 17 and Manulife Goal 2024 require SGD 5,000, offering more accessible options for a wider audience.

Be sure to select a plan that fits within your financial means while still meeting your goals.

If you’re looking for immediate financial support while your endowment plan matures, JNB Credit offers flexible loan options to help bridge the gap. As a licensed money lender in Singapore, we provide quick and reliable loan solutions tailored to your needs. Apply for a loan with JNB Credit today and get the financial assistance you need without disrupting your long-term savings goals.

The Benefits of Endowment Plans

Endowment plans are more than just simple savings vehicles. They offer a structured and disciplined way to grow wealth while providing various benefits to help you achieve long-term financial goals.

Whether saving for your child’s education retirement or simply looking for a low-risk way to grow your savings, endowment plans have much to offer. Here’s a closer look at the key benefits.

Disciplined Savings Approach

One of the main advantages of an endowment saving plan is its structured savings mechanism. Regular premium payments ensure that you consistently contribute towards your future, helping you build a substantial financial safety net over time.

This forced savings approach can be highly beneficial for individuals who may find it challenging to save on their own.

Guaranteed Returns and Bonuses

Many endowment savings plans in Singapore offer guaranteed returns, ensuring that your savings grow at a predictable rate. This is especially attractive for risk-averse people who prefer a steady, reliable way to increase their wealth.

In addition to the guaranteed returns, many plans also offer non-guaranteed bonuses based on the insurer’s performance. While these bonuses aren’t guaranteed, they can significantly enhance your overall returns, providing a nice financial boost at the end of the policy term.

Life Insurance Coverage

Another significant benefit of endowment plans is that they include life insurance coverage. In the unfortunate event of death, disability, or critical illness, your beneficiaries will receive a payout. This dual benefit—savings plus protection—makes endowment plans a unique product offering financial growth and peace of mind.

Flexibility in Cash Benefits

Certain endowment plans offer flexible payout options, allowing you to either take out yearly cash benefits or accumulate them for higher returns at the end of the policy term. This flexibility is ideal for those needing regular cash flow for ongoing expenses, such as school fees or household costs.

Tax Benefits

In some cases, the returns from an endowment plan can be tax-exempt, further enhancing its appeal. This makes them an excellent vehicle for long-term savings, especially if you want to maximise your returns without the burden of additional taxes.

Peace of Mind for Long-Term Goals

Endowment plans are particularly effective for long-term financial planning. Whether you aim to build a nest egg for retirement or create a fund for your child’s education, these plans provide a structured and secure way to achieve your goals.

Unlike riskier investments, such as stocks, endowment plans offer low-risk growth with the added security of guaranteed returns.

Secure Your Financial Future With the Right Endowment Plan

Choosing the right endowment saving plan can be critical in building a secure financial future. With various plans offering guaranteed returns, life insurance coverage, and flexible payout options, it’s clear that these plans provide a reliable way to achieve long-term financial goals, whether you’re saving for retirement, education, or a rainy day.

While endowment plans help grow your savings, there may be times when you need immediate financial assistance. That’s where JNB Credit comes in. As a licensed money lender in Singapore, we offer flexible loan solutions to help you manage short-term financial needs without disrupting your long-term savings. You can apply for a loan with us today and take the next step toward securing your present and future economic well-being.