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Endowment

Introduction

In today's uncertain world, having a flexible savings plan that adapts to your changing needs is crucial. Enter Singlife Choice Saver, an innovative insurance savings plan designed to grow your money on your terms. This versatile product offers a unique combination of guaranteed capital, potential bonuses, and customizable features. Whether you're saving for retirement, your child's education, or simply building a financial safety net, Singlife Choice Saver provides the flexibility and security you need to achieve your long-term financial goals.

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Type of Endowment Plan

Singlife Choice Saver is a participating regular premium endowment plan. As a participating plan, it offers the potential for higher returns through non-guaranteed bonuses, which are determined by the performance of Singlife's participating fund. The regular premium structure allows you to build your savings systematically over time, with flexible premium payment terms ranging from 5 to 25 years. This type of plan combines the benefits of guaranteed returns with the opportunity for additional growth, making it an attractive option for those seeking a balance between security and potential upside in their savings strategy.

Coverage Customization

Singlife Choice Saver offers a range of features that allow you to tailor your coverage to your specific needs. From guaranteed maturity benefits to potential bonuses, this plan provides various ways to grow your savings. Let's explore the key aspects of coverage customization available with this product.

Guaranteed Capital

Your capital is protected. The plan guarantees that at policy maturity, you'll receive at least the total premiums paid for the basic plan, ensuring your initial investment is safeguarded.

Potential Bonus Growth

Enjoy non-guaranteed bonuses. The plan offers Reversionary Bonuses and Terminal Bonuses, which can significantly enhance your returns based on the participating fund's performance.

Fund Performance

While historical performance is not provided, the plan illustrates potential returns. At a 4.25% investment rate, a S$100,000 Sum Assured could yield a total maturity value of S$431,088 after 59 years.

Return Factors

Non-guaranteed returns depend on various factors. These include the overall performance of Singlife's participating fund, which is influenced by investment returns, claims experience, and expenses incurred.

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Riders and Additional Benefits

Singlife Choice Saver goes beyond basic savings by offering a range of riders and additional benefits. These features enhance your protection and provide added financial security in various scenarios. Let's explore the key riders and benefits that can complement your savings plan.

Death Benefit

Comprehensive protection for loved ones. The plan pays out the higher of 105% of total premiums paid or the guaranteed cash surrender value, plus any accumulated bonuses, in the event of death.

Terminal Illness Coverage

Advanced payout for critical times. If diagnosed with terminal illness, the plan provides a lump sum advancement of the death benefit to support medical and personal needs.

Accidental Death Benefit

Extra protection against accidents. An additional 100% of the Sum Assured is paid out in case of accidental death before the policy year in which the Life Assured turns 80.

Unemployment Protection

Support during job loss. The plan offers up to 12 months' waiver of interest for unpaid premiums if you're involuntarily unemployed for three consecutive months.

Legacy Planning

Flexibility for future generations. You can change the Life Assured up to three times after the first policy year, allowing you to transfer the policy benefits to your spouse or child.

Optional Riders

Customizable protection. Add-on riders like the Cancer Premium Waiver II are available to enhance your coverage against specific risks such as critical illnesses.

Surrender Value and Partial Withdrawals

While Singlife Choice Saver is designed for long-term savings, life's uncertainties may require access to your funds before maturity. Understanding the surrender value and partial withdrawal options is crucial for managing your policy effectively. Let's explore the key aspects of accessing your funds before the policy term ends.

Surrender Value Calculation

Fair value upon policy termination. The surrender value includes the guaranteed cash surrender value plus any accumulated non-guaranteed bonuses, providing a lump sum if you choose to end the policy early.

Withdrawal Flexibility

Access to funds when needed. While specific details aren't provided, endowment plans typically allow partial withdrawals subject to certain conditions and minimum balance requirements.

Early Termination Costs

Consider long-term commitment. Early termination usually involves high costs, and the surrender value may be less than the total premiums paid, emphasizing the importance of maintaining the policy for its full term.

Claims and Customer Service

Singlife is committed to providing excellent customer support and a smooth claims process. To file a claim or seek assistance, policyholders can contact Singlife's customer service team at (65) 6827 9933. The company's website, singlife.com, also offers resources and potentially online claim submission options. For in-person support, you can visit their office at 4 Shenton Way, #01-01, SGX Centre 2, Singapore 068807. Singlife emphasizes prompt and efficient service to ensure your needs are met quickly and effectively.

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Conclusion

Singlife Choice Saver is an excellent fit for individuals seeking a flexible, long-term savings solution with built-in protection. It's particularly suitable for young families looking to secure their children's future, working professionals aiming to boost their retirement savings, and those who want to leave a legacy for their loved ones. The plan's customizable features and potential for bonus returns make it an attractive option for those who desire both security and growth potential in their savings strategy.
who can provide you with diverse insights and tailored recommendations. Plus, by participating, you'll be entered into our 'Premiums On Us' quarterly draw, where you could win your insurance premiums paid by Whatins. Take the first step towards a more secure financial future today!