Firstly, see how the FWD Invest First Summit compares to other investment-linked policy plans in Singapore:
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My review of FWD Invest First Summit
I think the FWD Invest First Summit is one of the more aggressive long-term investment-focused ILPs in Singapore, especially for investors who can commit for 20 years or more.
The biggest selling point here is clearly the bonus structure.
The Booster Bonus can go up to 45% depending on your premium term and premium size, which is among the highest welcome-style allocations available in the ILP market right now.
On top of that, there’s also an ongoing Loyalty Bonus that continues even after your premium payment term ends.
This helps soften the impact of long-term policy charges and gives the plan stronger compounding potential if you stay invested for decades.
Another thing I like is the flexibility.
You can choose premium terms from 5 to 25 years, invest in SGD or USD, make recurring single premiums, top-ups, and partial withdrawals later on.
Compared to more restrictive ILPs, this gives you better control over your cash flow.
That said, this plan clearly rewards long holding periods.
The lower minimum premiums only apply if you commit for 20 years or more.
Shorter premium terms require significantly higher premiums, which makes the plan less accessible for some investors (similar to other ILPs).
The policy also has a fairly strict early-stage structure.
If you miss premiums within the first 18 months, the policy can terminate.
That’s something buyers should pay close attention to because many people underestimate how difficult it is to maintain long-term premium commitments consistently.
Another thing to note is that the insurance coverage itself is minimal.
The Death Benefit is only 105% of policy value, which means this is primarily an investment product rather than a protection plan.
If you need meaningful insurance coverage, you’ll likely still need separate term or whole life insurance.
Like all ILPs, returns ultimately depend on:
- the underlying funds,
- policy charges,
- and how long you stay invested.
The bonuses look attractive on paper, but they only become meaningful if the selected funds perform reasonably well over the long run and if you actually keep the policy to maturity.
Poor fund selection can easily offset the extra bonus allocations.
I also think buyers should carefully review the policy charges and fund-level fees before committing. I personally think it’s fairly high and there are other ILPs out there with much lower fees you’ll have to pay.
Overall, I think the FWD Invest First Summit is more suitable for:
- disciplined long-term investors,
- higher-income earners comfortable with long commitments,
- and people who value bonus allocations over short-term liquidity.
But if your income is unstable, or you prefer lower-cost investing with more flexibility, a simpler investment approach or lower-fee ILP may still make more sense.
For example, the Manulife InvestReady III or the Singlife Savvy Invest are better options due to lower fees.
I recommend reading our post on the best ILPs in Singapore to get a sense of the alternatives you have in the market.
As you’re about to make a long-term commitment, I recommend speaking to one of our trusted financial advisors if you’d like a second opinion on the FWD Invest First Summit before making a decision.
You don’t want to be making the wrong decisions now only to lose money later on in life (trust us, we’ve helped over 3,000+ Singaporeans and counting, and we’ve heard of this many times).
Click here to get a free non-obligatory consultation.
Criteria
- Minimum investment period of 5 years
- Premium payment term of 5 to 25 years
- Minimum monthly premium from S$300 or US$230 for 20-year premium terms and above
- Flexible premium payment frequencies: monthly, quarterly, half-yearly, or annually
General Features
Premium Terms
Regular Premiums for the FWD Invest First Summit are payable throughout the selected Premium Payment Term, which ranges from 10 years to 30 years.
For Premium Payment Terms between 10 to 19 years, the minimum Regular Premiums are:
For Premium Payment Terms between 20 to 30 years, the minimum Regular Premiums are:
During the first 24 months from the Effective Date, your Regular Premiums are used to purchase Units allocated into the initial units account.
After the first 24 months, future Regular Premiums will instead be allocated into the accumulation units account.
Death Benefit
The FWD Invest First Summit provides a basic Death Benefit of 105% of the Policy Value.
If the insured person passes away, FWD will pay out:
- 105% of the Policy Value at the time of claim.
If there is more than 1 insured person under the policy, the Death Benefit will only be paid after the last insured person passes away.
Key Features
Booster Bonus
The FWD Invest First Summit offers a Booster Bonus during the first 3 Policy Years to increase the amount invested into your policy.
The bonus is credited whenever your Regular Premium is received.
The formula is straightforward:
Booster Bonus = Booster Bonus Rate × Regular Premium Received
The actual Booster Bonus rate depends on:
- Your selected Premium Payment Term, and
- Your Annualised Regular Premium amount.
The higher your premium commitment and the longer your premium term, the higher the bonus rate you can receive.
The reward bands are structured as follows:
The Booster Bonus rates are as follows:
The Booster Bonus will be invested into your selected ILP sub-funds according to your chosen investment allocation and credited into the initial units account.
One important thing to note is that the bonus is conditional.
If you miss any Regular Premium payment during the first 3 Policy Years, the Booster Bonus will not be paid.
Similarly, if you reduce your committed Regular Premium, your Annualised Regular Premium will be recalculated and your applicable Booster Bonus rate may decrease as well.
FWD also reserves the right to revise the Booster Bonus rates and reward bands in the future with prior notice.
Lastly, Booster Bonuses only apply to Regular Premiums.
Top-up premiums do not qualify for this bonus.
Loyalty Bonus
The FWD Invest First Summit also rewards long-term policyholders through a Loyalty Bonus.
This bonus starts from the end of the 4th Policy Year and continues throughout the Premium Payment Term, provided the policy remains active.
The Loyalty Bonus is calculated based on:
- your Regular Premium contributions,
- withdrawals made during the Policy Year,
- and the value of your accumulation units account.
During the Premium Payment Term, the formula is:
The Adjustment Factor is calculated as:
The Adjustment Factor:
- cannot be less than 0,
- and cannot exceed 1.
In simple terms, the policy rewards you more if you continue contributing consistently and avoid making withdrawals.
The Loyalty Bonus rates are:
The Loyalty Bonus is invested back into your selected ILP sub-funds according to your chosen investment allocation and credited into the accumulation units account.
One thing worth noting is that FWD reserves the right to revise the Loyalty Bonus rates in the future with prior written notice.
Perpetual Bonus
The FWD Invest First Summit also includes a Perpetual Bonus feature that continues rewarding you even after your Premium Payment Term ends.
This bonus starts from the Policy Year immediately after the end of your Premium Payment Term and continues for as long as the policy remains active.
The Perpetual Bonus is calculated using the following formula:
The Perpetual Bonus rate is fixed at:
Once you stop contributing premiums, the policy still continues giving a yearly bonus based on your accumulated account value.
If there are pending transactions at the time the Perpetual Bonus is due, FWD will only calculate and credit the bonus after those transactions are completed.
Like the other bonus features, FWD reserves the right to revise the Perpetual Bonus rates in the future with prior written notice.
Support Benefit
One unique feature of the FWD Invest First Summit is its Support Benefit, which helps reduce penalty charges if you face serious financial or medical difficulties.
From Policy Year 3 onwards, you may apply for a waiver of:
- premium shortfall charges, and/or
- premium reduction charges,
if you stop paying or reduce your Regular Premium due to:
- involuntary unemployment,
- terminal illness,
- or total and permanent disability (TPD).
This feature adds some flexibility to what is otherwise a fairly long-term commitment product.
If You Become Involuntarily Unemployed
FWD will waive the applicable premium shortfall charge and/or premium reduction charge for up to 6 months from the date you become involuntarily unemployed.
This benefit only applies if:
- you are between 18 to 65 years old, and
- you stop or reduce your Regular Premium during your unemployment period.
After the 6-month waiver period ends, the charges will resume again if premiums remain unpaid or reduced.
If any premium shortfall charges or premium reduction charges were deducted before FWD received your unemployment notification, those deducted amounts will be refunded back into your policy.
There is also a 3-month waiting period if:
- The Policy Owner changes,
- The policy is assigned,
- or the policy is reinstated.
The waiting period starts from the latest of those events.
If You Suffer Terminal Illness or Total and Permanent Disability
If you are medically certified to suffer from Terminal Illness or TPD, FWD will waive the applicable premium shortfall charge and/or premium reduction charge continuously during the applicable charge period.
This waiver starts from the date certified by a Medical Practitioner.
Similarly, if charges were deducted before FWD received your notification, those deducted amounts will be refunded back into your policy.
Maturity Benefit
The FWD Invest First Summit pays a Maturity Benefit once the policy reaches its Policy Maturity Date.
The Maturity Benefit payable is simply:
- The full Policy Value at maturity.
Unlike traditional endowment plans, there is no guaranteed maturity payout stated here. Your final maturity value depends entirely on:
- investment performance,
- policy charges,
- withdrawals made,
- and how long the policy has remained invested.
Top-up premium
From the 13th month onwards, you can make top-up premiums as long as your Regular Premiums are fully paid.
This gives you some flexibility to increase your investments over time without needing to purchase a separate policy.
However, there is a cap on how much you can top up.
Across the entire Policy Term, the total top-up premiums allowed cannot exceed:
- 2 times the Annualised Regular Premium committed at the Effective Date.
The minimum top-up amount is:
- S$3,000, or
- US$2,250, depending on your policy currency.
FWD may revise these minimum amounts from time to time.
After deducting the applicable premium charge, the remaining top-up amount will be invested into:
- Your selected ILP sub-funds, or
- Your chosen investment strategy.
The purchased Units will then be allocated into the accumulation units account.
One thing to note is that top-up premiums do not qualify for Booster Bonuses.
Reduction in Regular Premium
The FWD Invest First Summit allows you to reduce your Regular Premium from the 25th month onwards.
This provides some flexibility if your financial situation changes after the initial commitment period.
However, any reduction is still subject to:
- the minimum Regular Premium requirement, and
- FWD’s minimum reduction requirements.
These requirements are stated in the relevant application forms and may change over time.
One important thing to note is that reducing your premiums is not completely free.
A premium reduction charge may apply during the applicable premium reduction charge period. Refer to the Fees & Charges section for more on this.
Increase in Regular Premium
From the 25th month onwards, the FWD Invest First Summit allows you to increase your Regular Premium, but only if you had previously reduced it earlier.
The minimum increase amount is stated in the relevant application form and may change from time to time.
There is also a cap on how much you can increase. Your revised Regular Premium after the increase:
- cannot exceed the original Regular Premium amount committed when the policy first started.
If you previously changed your Policy Currency after reducing your premiums, FWD will determine and inform you of the maximum allowable increase under the new currency denomination.
Withdrawal options
The FWD Invest First Summit allows you to withdraw part of your Policy Value while the policy remains active.
The withdrawal flexibility differs depending on:
- whether you are still within the Premium Payment Term, and
- which account the units are held under.
During the first 24 months, no withdrawals are allowed from either:
- The initial units account, or
- The accumulation units account.
From the 25th month onwards during the Premium Payment Term:
- Withdrawals from the initial units account are still not allowed,
- But withdrawals from the accumulation units account are permitted, subject to minimum withdrawal and account balance requirements.
After the Premium Payment Term ends:
- Withdrawals are allowed from the overall Policy Value, subject to the minimum account value rules.
The minimum account value requirements are:
During the Premium Payment Term
After Premium Payment Term
FWD reserves the right to revise these minimum account value requirements over time.
The policy offers 2 withdrawal methods:
The minimum withdrawal amount is:
- S$500, or
- US$375, per transaction.
You must also specify which ILP sub-funds the withdrawal should come from.
One important thing to understand is that withdrawals directly reduce your Policy Value.
This lowers your long-term investment returns and may also reduce future Loyalty Bonuses since withdrawals are factored into the Loyalty Bonus adjustment calculation.
Large or frequent withdrawals can also increase the risk of the policy lapsing if there is insufficient value remaining to pay ongoing charges.
If your ILP sub-fund currency differs from your Policy Currency, the final payout amount may also fluctuate due to foreign exchange movements.
Change of Person Insured
The FWD Invest First Summit allows you to change the Person Insured from the 25th month onwards while the policy remains active.
The new Person Insured must:
- Be at least 1 month old, and
- Be below 65 years old.
You must also have an insurable interest in the new Person Insured before the change can be approved.
Change of Policy Currency
The FWD Invest First Summit allows you to change your Policy Currency from the 37th month onwards.
You may switch to other policy currencies offered by FWD at the time of request, such as SGD or USD.
If you had previously reduced your Regular Premiums before changing currency, FWD will separately inform you of the maximum allowable premium increase under the new Policy Currency.
Reduction in Regular Premium
The FWD Invest First Summit allows you to reduce your Regular Premium from the 25th month onwards.
This flexibility can be useful if your financial commitments change later on, especially for such a long-term policy.
However, any reduction is still subject to:
- The minimum Regular Premium requirement, and
- FWD’s minimum reduction requirements.
These requirements are stated in the relevant application forms and may be revised by the insurer over time.
It is also important to note that reducing your premiums may trigger a premium reduction charge during the applicable charge period.
In practical terms, while the feature provides flexibility, the policy still strongly incentivises maintaining your original premium commitment because reducing premiums too early can affect:
- your long-term returns,
- future bonus calculations,
- and overall policy efficiency.
Auto Rebalancing
The FWD Invest First Summit offers an Auto Rebalancing feature to help maintain your preferred investment allocation automatically.
With this service, your holdings across different ILP sub-funds will be periodically rebalanced back to your selected allocation percentages.
This feature is especially useful for long-term investors who prefer a more hands-off portfolio management approach.
FWD Invest First Summit Top 10 Performing Funds
| Fund Name | Currency | 5-Yr Ann. (%) |
| Allianz Best Styles Global Equity Fund SGDH Acc | SGD | 12.41% |
| GS Europe CORE Equity Fund EUR Acc | EUR | 12.04% |
| Lazard Emerging Markets Equity Fund USD Acc | USD | 11.82% |
| Infinity US 500 Stock Index Fund USD Acc | USD | 11.18% |
| Amova Singapore Dividend Equity Fund SGD Dis | SGD | 10.28% |
| Infinity US 500 Stock Index Fund SGD Acc | SGD | 10.03% |
| Guinness Global Innovators Fund USD Acc | USD | 8.27% |
| Natixis Loomis Sayles US Growth Equity Fund SGD Acc | SGD | 8.01% |
| Guinness Global Equity Income Fund USD Acc | USD | 8.00% |
| Neuberger Berman US Multi Cap Opportunities Fund USD Acc | USD | 7.95% |
Correct as of May 2026. Past performance does not indicate future performance.
FWD Invest First Summit Fees & Charges
Initial Account Charge
The Initial Account Charge is one of the main ongoing charges under the FWD Invest First Summit.
This charge applies throughout the entire Premium Payment Term and is deducted every month on each Policy Monthiversary.
The charge is calculated as follows:
Initial Account Charge = (3.95% ÷ 12 months) × Initial Units Account Value
The charge is deducted by cancelling Units from your initial units account.
In practice, this means the earlier premiums allocated into the initial units account are subjected to relatively high ongoing charges during the premium payment period.
The deduction process is fairly technical:
- The charge is first calculated in the Policy Currency,
- then proportionately allocated across the ILP sub-funds based on their net asset values,
- before converting into the respective fund currencies for unit deduction purposes.
The number of Units deducted depends on:
- The prevailing Unit Price,
- and the next Pricing Day, which means market fluctuations may affect the final deduction amount.
Accumulation account charge
The Accumulation Account Charge is another ongoing policy-level fee under the FWD Invest First Summit.
Unlike the Initial Account Charge, this charge applies throughout the entire Policy Term, including after the Premium Payment Term ends.
The charge is deducted monthly on each Policy Monthiversary from your accumulation units account.
The calculation is based on the lower of the following 2 formulas:
This structure is slightly more favourable than some traditional ILPs because the charge is capped using the lower-of calculation rather than being purely percentage-based on your account value forever.
Premium charge (top-up premium)
For every top-up premium made into the FWD Invest First Summit, a 5% premium charge will be deducted upfront before the remaining amount is invested.
This means only 95% of your top-up premium actually goes into purchasing Units in your selected ILP sub-funds.
For example:
- If you top up S$10,000,
- S$500 is deducted as charges,
- and only S$9,500 is invested.
Compared to some lower-cost ILPs and investment platforms, a 5% top-up charge is relatively high.
This makes frequent top-ups less efficient, especially for investors who prefer actively adding capital over time.
It is also worth remembering that top-up premiums do not qualify for Booster Bonuses, so they receive neither bonus allocations nor full investment allocation upfront.
Premium shortfall charge
The FWD Invest First Summit imposes a Premium Shortfall Charge if you stop paying your Regular Premiums for an extended period during the Premium Payment Term.
Specifically, the charge applies if you continuously miss Regular Premium payments for 24 months.
After that, a premium shortfall charge will be imposed on any unpaid premiums due thereafter.
The charge is calculated as:
This charge is deducted monthly on each Policy Monthiversary throughout the applicable premium shortfall charge period.
There is also a reinstatement-style relief mechanism:
- If you resume paying the full Annualised Regular Premium consistently over 12 consecutive months,
- The premium shortfall charge will not apply for the next 24 months of unpaid premiums.
However, if you only resume partial premium payments below the originally committed amount, the premium shortfall charge may still apply after the 60-day grace period ends.
Premium reduction charge
The FWD Invest First Summit imposes a Premium Reduction Charge if you reduce your Regular Premium during certain policy years.
The applicable charge period depends on your selected Premium Payment Term:
The longer your premium commitment, the longer the policy penalises early premium reductions.
The charge is calculated as:
This charge is deducted monthly on each Policy Monthiversary from the date the premium reduction takes effect.
The charge will stop earlier if:
- You restore your Regular Premium back to the original committed amount,
- a successful Support Benefit claim is made,
- or the applicable premium reduction charge period ends.
The deduction is made by cancelling Units from your accumulation units account.
If there is insufficient value in the accumulation units account, the unpaid amount will accumulate as outstanding fees and charges under the policy.
Policy closure charge
The FWD Invest First Summit imposes a Policy Closure Charge if the policy value becomes too low to sustain the policy.
If at any point while the policy is active the total Policy Value falls below:
- S$1, or
- the equivalent amount in the Policy Currency,
FWD will apply a Policy Closure Charge to terminate the policy.
The charge is fixed at:
- S$1,
- or its equivalent in the applicable Policy Currency.
Surrender charge
The FWD Invest First Summit imposes a Surrender Charge if you terminate the policy before the end of the Premium Payment Term.
The charge is calculated by multiplying:
- The initial units account value by
- the applicable surrender charge rate based on your Policy Year and Premium Payment Term.
The surrender charge is deducted from your Policy Value before any payout is made to you.
Redemption fee (also known as partial withdrawal or regular withdrawal charge)
The FWD Invest First Summit does not impose any redemption fee for:
- partial withdrawals, or
- regular withdrawals.
This means you can withdraw funds from the policy without incurring additional withdrawal charges from FWD itself.
Switching fee
The FWD Invest First Summit currently does not charge any switching fee for fund switches between ILP sub-funds.
Fund management fee
The FWD Invest First Summit also carries fund management fees at the ILP sub-fund level.
These charges are already factored into the Unit Price calculation of each ILP sub-fund, which means they are deducted indirectly rather than charged separately to the policyholder.
