Are you looking for a way to grow your savings while also ensuring financial protection for your loved ones ? Manulife's SavvyEndowment 15 might be the solution you're seeking. This single premium endowment plan offers a unique combination of savings and protection, designed to help you achieve your financial goals with peace of mind.
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SavvyEndowment 15 is a single premium participating life insurance policy that covers death and provides a maturity benefit. It's designed for those who want to make a one-time investment and enjoy both protection and potential returns over a 15-year period. This plan is particularly attractive if you have a lump sum of money that you want to grow safely while also ensuring financial protection for your family.
You only need to pay once, making it easier to budget and plan your finances.
If the life insured passes away before the maturity date, the policy pays out 101% of the single premium paid .
If the life insured is alive at the end of the 15-year term, you receive a guaranteed maturity value of 103.12% of your single premium .
On top of the guaranteed maturity value, you may receive an additional non-guaranteed bonus, depending on the performance of Manulife's participating fund.
Your policy participates in Manulife's surplus distributions, potentially increasing your returns.
You can surrender the policy before maturity and receive a guaranteed surrender value. You may be able to take out a cash loan against the policy (conditions apply).
The policy lasts for 15 years from the start date.
You pay a single premium at the start of the policy. The amount is shown on your policy schedule.
If the life insured passes away during the 15-year term, the beneficiaries receive 101% of the single premium paid , minus any policy debt.
If the life insured is alive at the end of 15 years, you receive: Guaranteed maturity value: 103.12% of your single premium and Non-guaranteed maturity bonus: An additional amount that depends on the performance of Manulife's participating fund.
If you need to end the policy early, you'll receive a guaranteed surrender value, which is a percentage of your single premium.
This policy could be a good fit if you:
Your money is tied up for 15 years. While you can surrender the policy early, you may not get back your full premium.
The guaranteed returns are modest. You might earn more through other investments, albeit with higher risk.
The maturity bonus is not guaranteed and depends on fund performance.
If you take a loan against the policy, it will reduce your benefits and could potentially cause the policy to lapse if not managed properly.
No, this is a single premium plan and doesn't allow for increases in coverage.
You can surrender the policy and receive the guaranteed surrender value, which will be less than your original premium in the early years.
Generally, life insurance proceeds are not taxable in Singapore, but please consult a tax advisor for your specific situation.
Yes, you can use your SRS funds to pay the single premium.
SavvyEndowment 15 offers a unique combination of guaranteed returns, potential bonuses, and life insurance protection in a single package. It's designed for those who want a low-risk way to grow their money over a 15-year period while also ensuring some financial protection for their loved ones.
However, like any financial product, it's important to consider how it fits into your overall financial plan. The long commitment period and single premium structure may not suit everyone's needs or financial situation.
Before making a decision, it's wise to compare this plan with other savings and investment options. Consider factors such as your risk tolerance, liquidity needs, and long-term financial goals.
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