A regular premium endowment plan is an insurance policy that helps the policyholder to save his money regularly over a specific period. At the end of the term of the policy, the total invested money will be given back to the placeholder. This insurance policy will help you manage your family’s needs in the future.
Many people have started to buy an endowment plan to save their future. The key benefit of this plan is financial protection. An endowment plan will provide both insurance and investment benefits. You will receive a lump sum of money after the term, along with an interest. This article will help you know about regular premium endowment plans and the best place to buy this policy.
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Regular Premium Endowment Plan
An endowment plan is a life insurance policy that will provide you with a lump sum of money after a certain period of investment. The period of investment and the amount of money are based on the policyholder’s choice. Endowment premium refers to the premium amount of money that you will have to pay based on the agreement.
In a regular premium policy, the individual will have to pay the premium at regular intervals of time for the entire policy tenure. The time interval for paying the premium can vary with the difference in the policy. The regular premium policy can be made monthly or annually. The insurance policy will provide an extra payout to the nominee if the policyholder passes away during the policy.
Types of Regular Premium Endowment plan
A regular premium endowment plan can be classified based on the endowment duration.
Short term endowment plan
Short-term endowment plans offer 2-4 years of premium plan. The total sum invested will be provided after that period. The amount of money that you receive at the end will not be much. If you want to make an investment plan fast short-term endowment plan is the best choice.
Requirements and plan
- Minimum single premium: $5,000 – $10,000
- Policy term: 1 to 3 years
- Guaranteed average returns: 1.1% to 1.7%
Long term endowment plan
If you want a higher return on your investment long-term endowment plan is the best choice. A long-term endowment plan offers 30 years or more. You will be able to receive a huge sum after the term. The term of this plan can be made with the policyholder’s age, which means he will be able to receive that money after a certain age.
Requirements and plan
- Minimum single payment: $5,000 – $10,000
- Policy term: 5 to 10 years or 10 to 25 years or more
- Guaranteed average returns: 1.5% to 4.75%
Classification of endowment plan based on the needs
A regular premium endowment plan is classified into the following.
- Traditional endowment plan
A traditional endowment plan provides you a lump sum of money after maturity at the end of the policy terms. All the details regarding the term of the policy and payment methods can be mentioned in the agreement.
- Retirement savings plan
An endowment plan can be used to receive an income after your retirement. These plans provide regular payouts monthly or annually based on your needs. You can the payout amount, the time of your retirement, and premium payment plans.
- Educational savings plan
Higher education requires a lot of money. An educational savings plan will provide a payout based on the need for money at different stages of education. It is a good way to save money for your child’s education.
- Legacy savings plan
A legacy savings plan will provide you a whole life insurance protection. The saved money will be passed on to your loved ones. Full payout will be assured upon your passing.
Where can you buy a regular premium endowment policy in Singapore?
Many life insurance agencies are providing regular premium endowment plans in Singapore. GREAT Wealth Multiplier II is one of the best premium endowment plans provided by Great Eastern in Singapore. This plan multiplies your investment and will give you a lump sum of money after the term.
Services provided by GREAT Wealth Multiplier II
- GREAT Wealth Multiplier II protects against death and total and permanent disability. They will provide payouts in such critical situations to help manage the financial condition of your family.
- The regular premium endowment plan multiplies your savings up to 7X or more. This will increase your total benefit and will be useful in achieving your life goals.
Conclusion
A regular premium endowment plan is one of the best ways to save some money for the future. This will help you in many ways. Buying an endowment plan will provide you with a retirement income and financial support for your family. Without an endowment plan, it will be a difficult task to manage the family’s needs. GREAT Wealth Multiplier endowment plan is one of the best regular premium endowment plans in Singapore.