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Endowment

Introduction

In today's uncertain world, financial security is paramount. The Singlife Steadypay Saver offers a unique solution that combines savings and insurance protection. This endowment plan provides a structured approach to building your wealth while ensuring your loved ones are protected. With its flexible payment terms and guaranteed cash benefits, the Singlife Steadypay Saver stands out as a comprehensive financial tool. Whether you're saving for a major life goal or simply want to secure your financial future, this plan offers a balanced approach to achieving your objectives.

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Type of Endowment Plan

The Singlife Steadypay Saver is a participating regular premium endowment plan. This means you pay premiums at regular intervals throughout the policy term, and the plan participates in the performance of Singlife's participating fund. As a participating plan, it offers both guaranteed and non-guaranteed benefits. The guaranteed portion provides certainty, while the non-guaranteed bonuses offer potential for higher returns based on the fund's performance. This structure allows policyholders to benefit from potential investment gains while still having a guaranteed minimum payout at maturity. However, it's important to note that the non-guaranteed portions can fluctuate based on various factors affecting the participating fund's performance.

Coverage Customization

The Singlife Steadypay Saver offers a range of features that allow you to tailor your coverage and potential returns. From guaranteed maturity benefits to non-guaranteed bonuses, this plan provides multiple avenues for wealth accumulation. Understanding these features and the factors that influence them is crucial for making an informed decision about this endowment plan.

Guaranteed Maturity Benefit

Secure Payout. The plan offers a guaranteed maturity benefit, which varies based on the chosen policy term. For a 15-year term, it's 95% of the sum assured, while for a 25-year term, it's 45% of the sum assured.

Non-guaranteed Bonuses

Potential Extra Returns. The plan includes non-guaranteed Reversionary and Terminal Bonuses. The Reversionary Bonus, once declared, becomes guaranteed and can be withdrawn, while the Terminal Bonus is determined at maturity, surrender, or death.

Historical Performance

Past Returns. The participating fund's investment returns over the past three years averaged -1.78%, with a 10-year average of 2.59%. However, past performance doesn't guarantee future results.

Factors Affecting Returns

Performance Influencers. Non-guaranteed returns are affected by factors such as investment performance, operating costs, taxes, claims experience, and other profit and losses in the participating fund.

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Riders and Additional Benefits

The Singlife Steadypay Saver goes beyond basic savings and protection by offering additional riders and benefits. These features enhance your coverage and provide extra financial security in various scenarios. From accidental death coverage to terminal illness benefits, these add-ons can significantly boost the value of your policy.

Accidental Death Benefit

Extra Protection. If death occurs due to an accident before age 80, an additional 100% of the sum assured is paid out, up to a maximum of S$2,000,000.

Terminal Illness Benefit

Advanced Payout. If diagnosed with a terminal illness, you receive an advance payment of the death benefit as a lump sum.

Easy Term Rider

Additional Coverage. This rider provides up to 5 times your basic plan's annual premium in case of death, terminal illness, or total & permanent disability.

Cancer Premium Waiver

Financial Relief. Future premiums are waived if you're diagnosed with major cancer, ensuring your policy remains in force.

Surrender Value and Partial Withdrawals

While the Singlife Steadypay Saver is designed for long-term savings, life's uncertainties may require access to your funds before maturity. Understanding the surrender value, partial withdrawal options, and associated fees is crucial for managing your policy effectively. These features provide flexibility but should be used judiciously to avoid compromising your long-term financial goals.

Surrender Value Calculation

Policy Worth. The surrender value is calculated based on the guaranteed cash surrender value, accumulated bonuses, and any reinvested cash benefits. It's available from the 3rd policy year onwards.

Partial Withdrawal Options

Flexible Access. You can partially withdraw accumulated reversionary bonuses or reinvested cash benefits. The minimum withdrawal amount is S$1,000 or the available balance, whichever is lower.

Surrender Charges

Early Exit Costs. Early surrender may result in significant costs, potentially reducing the surrender value to zero. The exact charges are not specified but decrease over time.

Claims and Customer Service

Filing claims and accessing customer support for the Singlife Steadypay Saver is designed to be straightforward and efficient. To initiate a claim, policyholders can contact their Financial Adviser Representative or visit Singlife's official website at https://singlife.com/en/make-a-claim/ for detailed claim procedures. It's important to note that full premium payment is required for any claim to be processed. For general inquiries or assistance, customers can reach out to Singlife's customer service team via phone at (65) 6827 9933 or through their website. The company emphasizes prompt and professional handling of all customer interactions to ensure a smooth experience for policyholders.

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Conclusion

The Singlife Steadypay Saver is particularly well-suited for individuals seeking a balanced approach to savings and protection. It's an excellent choice for young families looking to secure their financial future while maintaining flexibility. Additionally, those planning for medium to long-term financial goals, such as funding a child's education or building a retirement nest egg, may find this plan attractive. The combination of guaranteed benefits and potential for higher returns makes it appealing to conservative investors who still want some exposure to market growth.
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