NTUC Income offers a range of 3 different retirement plans. In this article, we will be collating and summarising each product in each category.
NTUC Income Gro Retire Ease
The NTUC Income Gro Retire Ease is a retirement plan helping you secure your finances for your golden/retirement years. It has a premium payment term of 5 or 10 years, or up to 5 years before the end of the accumulation period.
The accumulation period lasts for either 10 or 15 years.
With capital guaranteed on the basic plan, you can choose the number of years (10, 20, or 30 years) you’d like to receive your monthly cash payouts for.
You can start receiving your monthly cash benefits after the accumulation period or at the retirement age of 50, 55, 60, or 65 years old.
On top of your guaranteed monthly cash benefits, you might receive non-guaranteed cash bonuses as well. There is also a guaranteed yield upon the policy’s maturity of up to 2.7% per annum. Together, your guaranteed and non-guaranteed yield at maturity can go up to 4.84% per annum.
With Gro Retire Ease, you receive 105% of all net premiums paid and 100% terminal bonus during both the accumulation and payout period in case of death. In the case of accidental death before 70, an additional 105% of all net premiums will be paid out.
Besides the above coverage, you receive additional coverage if you’re diagnosed with loss of one limb, loss of speech, loss of sight of one eye, and loss of hearing.
If this occurs during the accumulation period, your future premiums are waived, you receive a lump sum benefit, and an additional stream of monthly cash benefits.
If this occurs during the payout period, you will receive additional monthly cash benefits during your payout period.
Lastly, you can opt for 3 optional rider add-ons – Cancer Premium Waiver (GIO), Enhanced Payor Premium Waiver, and Dread Disease Premium Waiver.
Features:
- Premium payment period of 5, 10, or up to 5 years before the accumulation period ends
- Accumulation period of 10 or 15 years
- Monthly payouts for 10, 20, or 30 years
- Start receiving at the end of the accumulation period or when you’re 50, 55, 60, or 65
- Capital guaranteed on the basic plan
- Potential of receiving non-guaranteed monthly cash bonuses
- Guaranteed yield of up to 2.7% p.a upon maturity
- Coverage against death and accidental death
- Coverage against selected disabilities
- Choose from 3 add-on riders
This product has been renamed as the Gro Retire Flex.
Read our full review here: NTUC Income Gro Retire Flex Review
NTUC Income Gro Annuity
NTUC Income’s Gro Annuity is a single premium retirement plan that provides you with a lifetime of annuity payouts.
You can choose if you want to pay your single premium using either cash or your Supplementary Retirement Scheme (SRS) funds.
With Gro Annuity, you get to choose your annuity payout frequency either on a monthly, quarterly, half-yearly, or yearly basis. You can choose to start receiving your payouts immediately or after a period of time.
With non-guaranteed bonuses, you can enjoy higher payouts if they are declared.
NTUC Income’s Gro Annuity also provides coverage in case of an untimely death. Depending on your time of death, you will receive your single premium less any payouts made, 97% of your single premium with an interest of 2.5% per annum and bonuses accrued, or a single premium with 2.5% per annum interest and bonuses accrued, less any payouts made.
The above is correct for the immediate annuity payouts, during the deferred period, and during the payout stage (with the deferred period), respectively.
Features:
- Single premium plan
- Choice to pay either via cash or SRS
- Lifetime annuity payouts
- Choose from monthly, quarterly, half-yearly, or yearly payouts
- Choice of immediate or deferred payout times
- Coverage against death
Read our full review here: NTUC Income Gro Annuity II Review
NTUC Income Gro Retire Wise: Obsolete
The NTUC Income Gro Retire Wise is an excellent retirement-focused savings plan that provides the insured with a regular retirement income stream for 20 years. You may choose to receive these monthly, quarterly, half-yearly, or yearly.
It gives you the ability to choose your desired retirement age. Age ranges from 55, 60, 62, or 65 (last birthday). Alternatively, you can choose to retire 10, 15, 20, 25, or 30 years from your policy’s inception.
The plan also covers death and total and permanent disability for up to 105% of your net single premium and 105% of any non-guaranteed bonuses accumulated.
With Gro Retire Wise, you only have to pay a one-time single premium with an illustrated yield that goes up to 4.10% per annum, helping you ease your inflation concerns.
There are no medical check-ups needed, meaning you can easily apply with no hassle.
Features:
Single premiumMonthly, quarterly, half-yearly, or yearly payouts over 20 yearsChoose your selected retirement age of 55, 60, 62, or 65Or choose to retire 10, 15, 20, 25, or 30 years from when your policy startsCoverage against death and total and permanent disabilityNon-guaranteed yield of up to 4.1% p.a.No medical check-ups needed
Conclusion
NTUC Income offers a wide range of retirement/annuity plans for you to choose from. The mentioned products are summaries of each plan, and there are terms and conditions applied for each of their features.
Although some of the plans look highly attractive, not every plan is suited for you, and not every plan is as attractive as it seems.
Thus, it is always advisable for you to conduct thorough research before deciding to purchase any financial plans for yourself.
Not sure where to start?
Our best retirement annuity plans in Singapore guide can help you decide.
If you’re still unsure of what you should be getting for yourself, always engage a trusted financial advisor. This makes sure that your different needs and wants are taken into consideration and plans are recommended based on your unique scenario.
