Top Endowment Plan Providers in Singapore

What is an endowment plan?

An endowment plan is similar to a life insurance plan. Apart from providing you with insurance coverage, it also helps you to save regularly over a specific period of time so that you will receive a lump sum amount payout once the insurance policy matures should you survive the policy term. 

The typical maturity terms of an endowment plan are ten, fifteen or twenty years up to a stipulated age limit.

How do endowment plans work?

There are essentially two components to endowment plans. You, as the policyholder, will make monthly or annual premium payments. For some endowment policies, you may have the option to make a lump sum fixed contribution.

Part of this payment is used to purchase the life assurance. The amount of coverage ultimately depends on your age, sex and the duration of the endowment policy.

The remaining part of your payment is invested either on a with-profits basis or a unit-linked basis. The lump sum amount that you receive upon maturity of your endowment plan often depends on the performance of these investments.

With profits-basis

Investing your payment contribution on a with-profits basis means that your money is pooled together with other investors’ money and invested by the insurance provider in a variety of investment instruments. This could include shares, real-estate investment trusts (REITs) or fixed-interest investments.

This pool of money is used to cover the cost of investments and the profits are subsequently shared with you and the other investors. 

Unit-linked basis

If you were to invest your money on a unit-linked basis, this provides you with the option to decide how you want to invest your money. You then have the flexibility to choose from a range of investment funds. These funds may be decided by the insurance provider or they may be a basket of unit trusts that are run by separate companies.

You may have the flexibility to switch between various funds without surrendering your endowment policy. However, this may incur additional charges if you were to switch participating funds often, ultimately affecting the amount of profits that you earn.

Why purchase an endowment plan?

Endowment plans involve you paying a certain amount of money at regular intervals, with the possibility of you getting more money back once the plan matures.

However with the plethora of investment options, why should you purchase an endowment plan?

You need insurance coverage

Since endowment plans typically come with insurance coverage, purchasing one can help to supplement your existing insurance policies.

While the coverage may not be as extensive compared to a life or health insurance as a standalone plan, it is always good to have additional protection as you never know when you might need it. 

You prefer a low-risk investment product

When it comes to investing in more volatile investments such as stocks or bonds, you will never know when is a good time to cash out. After all, the price fluctuations are unpredictable.

Endowment plans, on the other hand, provide you with a guaranteed bonus payout once the policy matures. Most endowment plans also provide you with the flexibility to liquidate your plan early should you require the cash urgently. While you may not be able to maximise your returns, at least it is better than selling your stocks should the stock market crash.

Which insurance providers offer endowment plans?

If you are intending to purchase endowment plans, check out these insurance providers that offer endowment plan policies.

Insurance Provider	NTUC Income
Speciality	Single premium endowment plan Offers guaranteed & non-guaranteed oayouts
Pricing	Request for quotation
Website	https://www.income.com.sg/savings-and-investments/gro-saver
Address	View branch locations here
Telephone	View contact numbers here
Operating Hours	Monday – Friday: 8.30am – 6.30pm

 

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Insurance Provider	DBS Bank
Speciality	Household name offering a short-term endowment plan is DBS (plan underwritten by Manulife) Short-term commitment of 3 years plans available
Pricing	Request for quotation
Website	https://www.dbs.com.sg/personal/insurance/endowment/wealth-accumulation-plans/savvyendowment
Address	View branch locations here
Telephone	1800 111 1111
Operating Hours	View branch opening hours here

 

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Insurance Provider	Maybank Singapore
Speciality	Various endowment plans available Short-term & long-term plans available
Pricing	Request for quotation
Website	https://www.maybank2u.com.sg/en/personal/insurance/endowment/index.page
Address	2 Battery Road Maybank Tower Singapore 049907
Telephone	View contact details here
Operating Hours	Mon – Fri: 10am – 6.30pm

 

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Insurance Provider	AXA
Speciality	Covers pre-existing illnesses Covers even if customer is not residing in Singapore No medical underwriting required
Pricing	Request for quotation
Website	https://www.axa.com.sg/
Address	8 Shenton Way, #24-01 AXA Tower, Singapore 068811
Telephone	1800 880 4888
Operating Hours	9:00am – 5:30pm, Monday – Friday

 

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Insurance Provider	AIA
Speciality	Special illness support Maternity support Protection for baby right from birth
Pricing	Request for quotation
Website	https://www.aia.com.sg/en/index.html
Address	1 Robinson Rd, AIA Tower, Singapore 048542
Telephone	65 1800 248 8000
Operating Hours	Monday – Friday, 8:45 AM – 5:30 PM

 

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Insurance Provider	Manulife
Speciality	Enjoy guaranteed yearly payouts at 5% of sum insured Option to select a premium paying term of 2 or 5 years, and policy terms of 13, 15, 20 or 25 years Covers death, terminal illness, and total and permanent disability
Pricing	Request for quotation
Website	https://www.manulife.com.sg/en/solutions/save/savings-plans/manuwealth-secure.html
Address	8 #01-01A, Cross St, Manulife Tower, Singapore 048424
Telephone	65 6833 8188
Operating Hours	Monday – Friday, 9:00 AM – 6:00 PM

 

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Insurance Provider	Great Eastern
Speciality	Extensive variety of endowment plans available Affordable premium rates Offers high potential returns and flexible premium payment options
Pricing	Request for quotation
Website	https://www.greateasternlife.com/sg/en/personal-insurance/our-products/wealth-accumulation/flexi-goal.html
Address	1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659
Telephone	65 6248 2211
Operating Hours	Mon – Fri, 9.00am to 5.30pm

 

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Insurance Provider	Life Insurance Corporation
Speciality	Short-term commitment A first-year accidental death benefit for policyholders below age 70
Pricing	Request for quotation
Website	https://www.licsingapore.com/
Address	3 Raffles Place, #07- 01, Bharat Building, Singapore 048617
Telephone	65 6223 4797
Operating Hours	Contact for opening hours

 

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Insurance Provider	Etiqa
Speciality	High guaranteed return of 1.88% p.a. at maturity Short 3-year maturity period Guaranteed acceptance regardless of your health condition
Pricing	Request for quotation
Website	https://www.tiq.com.sg/product/tiq-3-year-endowment-plan/
Address	16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581
Telephone	65 6887 8777
Operating Hours	Mon – Fri, 8.30am – 5.30pm

 

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Insurance Provider	Prudential Singapore
Speciality	Offers variety in endowment plans Payout a lump sum when your policy matures Option to choose a policy term between 10-30 years and you can pay for the plan via single premium payment,
Pricing	Request for quotation
Website	https://www.prudential.com.sg/products/savings/other-savings-goals/pruwealth-ii-sgd
Address	5 Straits View #01-18/19, Marina One The Heart, Singapore 018935
Telephone	1800 333 0333
Operating Hours	Mondays to Fridays, 9:00am to 4:00pm (By Appointment Only)

 

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Insurance Provider	FWD
Speciality	3-year endowment plan offers a unique combination to insure and save online with as little as S$1000 Offers a high guaranteed return of 2.02% per annum
Pricing	Request for quotation
Website	https://www.fwd.com.sg/savings-and-investments/endowment-insurance/
Address	6 Temasek Boulevard, #18-01 Suntec Tower Four, Singapore 038986
Telephone	65 6820 8888
Operating Hours	Monday to Friday: 9:00am – 6:00pm

 

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Insurance Provider	Aviva
Speciality	Offers both long-term & short-term plans Options to choose flexibility in premium payments
Pricing	Request for quotation
Website	https://www.aviva.com.sg/en/savings/
Address	4 Shenton Way, SGX Centre, #01-01, Singapore 068807
Telephone	65 6827 7988
Operating Hours	Mondays to Fridays: 8:45am to 5:30pm

 

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Insurance Provider	China Life Insurance
Speciality	Offers both long-term & short-term endowment plans 100% guaranteed capital back
Pricing	Request for quotation
Website	https://www.chinalife.com.sg/en/products/endowment-plans–
Address	1 Raffles Place #46-00, One Raffles Place Tower 1, Singapore 048616
Telephone	65 6727 4820
Operating Hours	Mon – Fri: 9am – 5.30pm

 

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Insurance Provider	HSBC Life
Speciality	Offers guaranteed returns of 2.5% per annum for a short policy term of 3 years Affordable Single Premium and Short Commitment Term
Pricing	Request for quotation
Website	https://www.insurance.hsbc.com.sg/savings/online-endowment/
Address	9 Battery Road,  #12-01 MYP Centre,  Singapore 049910
Telephone	65 6225 6111
Operating Hours	Mondays to Fridays, 9am to 5pm

 

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Insurance Provider	Zurich Insurance
Speciality	Investments designed to help you in achieving your goals and also protecting your loved ones Flexibility in endowment plans and premium payments
Pricing	Request for quotation
Website	https://www.zurich.com.sg/en/life-solutions/savings-and-investments
Address	50 Raffles Place #29-01, Singapore Land Tower, Singapore 048623
Telephone	65 6236 2210
Operating Hours	Mon – Fri: 9am – 5.30pm

 

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Insurance Provider	China Taiping Insurance
Speciality	3-year single premium savings plan with guaranteed returns at maturity Hassle-free application & no medical underwriting required
Pricing	Request for quotation
Website	https://www.sg.cntaiping.com/en/
Address	3 Anson Road #16-00, Springleaf Tower Singapore 079909
Telephone	65 6389 6111
Operating Hours	Monday to Friday, 8:45am to 5:30pm

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What to look out for when considering endowment plans

Endowment plans can be relatively confusing especially when insurance providers offer various types of plans and bundle it with different types of insurance coverage and payment duration.

Suppose you have decided that you want to purchase an endowment plan and have already arranged to speak with an insurance agent, here are some key points to look out for in the endowment plan:

Amount of guaranteed returns

Given that you will be contributing a fixed amount of money to your endowment plan over a relatively long period of time, from an investment point of view, the amount of guaranteed returns that you receive should technically be more than the total amount paid in. 

After all, you are essentially locking in your money for savings and part of it will be invested into various investment instruments. 

Structure of non-guaranteed returns portion

While some endowment plans may offer guaranteed returns, not all endowment plans offer that luxury of certainty. In fact, most endowment plans typically project non-guaranteed returns of 3.25% and 4.75%. These figures are set by the Monetary Authority of Singapore as a benchmark measure to determine how much the policyholder should receive if the participating funds meet a certain return amount.

Hence, it is crucial to have your insurance agent explain to you in detail the structure of the non-guaranteed returns section. Most endowment policy proposals will come with a detailed table illustrating the maximum non-guaranteed returns that you can receive at the end of each policy year.

Insurance coverage

As mentioned earlier, endowment plans as a standalone insurance policy typically offers minimal protection. Most endowment plans usually only provide death benefit, in which the amount is paid out if you, the policyholder, passes on.

That being said, endowment plans are still a great tool if you are looking to further supplement your insurance coverage. You may choose to add in Total & Permanent Disability cover or even Critical Illness cover, depending on what the insurance provider offers.

Maturity period and early termination penalties

Even though you may be prepared to set aside additional cash to pay for your endowment plan over the next ten or twenty years, you never know when a situation may come up in which you need cash urgently. 

As such, you will need to understand what are the consequences in surrendering or liquidating the endowment plan before its maturity date. This will typically affect the guaranteed and non-guaranteed returns that you receive. For some endowment plans, there is also the possibility that you lose all the premiums paid if you were to surrender the policy too early within the policy term.

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Editor’s Note:

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