(NTUC Income Gro Saver Flex)
(Aviva MyLifeIncome II)
If you have a Supplementary Retirement Scheme ("SRS") fund, you may want to consider investing in Aviva's MyLifeIncome III, NTUC Income's Gro Saver Flex or Gro Retire Flex to enhance your returns.
Currently, SRS Funds only earn 0.05% p.a.. This is extremely low even in today's low interest rate environment! As you will likely leave the SRS Funds in the scheme for a long time, it is worth considering investing the funds to provide you with higher returns in the long-term.
Aviva's MyLifeIncome III, NTUC Income's Gro Saver Flex and Gro Retire Flex are designed specifically to maximise your tax benefits from your SRS account.
After investing a single premium in Gro Saver Flex, Gro Retire Flex or MyLifeIncome III, the surrender value grows each year with a combination of guaranteed and non-guaranteed benefits. MyLifeIncome III provides a yearly cash dividend after the selected accumulation period.
Gro Saver Flex
Gro Retire Flex
|Only Single Premium terms are acceptable for SRS Funds (check out non-SRS retirement plans here)|
|10, 15, 20, 25, 30 years or till age 120||15 year to age 100 depending on premium term||Whole of Life|
|Annual Cash Dividend|
|None||Dependent on policy selected||After accumulation period|
Guaranteed: 1.2% p.a. of sum assured
Non-Guaranteed: 4.4% p.a. of sum assured
Booster Bonus: 20 years after the first income payout or when you’re 60 years old, whichever is later: 0.35% p.a. of sum assured
Total Cash Payout: 5.6% p.a. of sum assured after the selected accumulation period
Total Cash Payout including Booster Bonus: 5.95% p.a. of sum assured
|Possible depending on age of insured and policy term.||Upon maturity.||Yes, from the time the Yearly Income payout starts or|
earlier, depending on the duration of your premium payment period.
|Return @4.25% illustrated Rate of Return for a 45 Year Old Male1|
|End of: |
Year 20: 3.41% p.a.
Year 30: 3.54% p.a.
Year 40: 3.74% p.a.
|End of: |
Year 20: 2.60% p.a.
Year 30: 2.13% p.a.
Year 40: 3.10% p.a.
Year 20: 1.55% p.a.
Year 30: 2.89% p.a.
Year 40: 3.40% p.a.
|Year that Surrender Value equals Premium Paid @4.25% illustrated Rate of Return|
|End of Year 20||End of Year 11||End of Year 8|
|Get a Quote|
You can now also use your existing DIY$ to get cash rebates with a 25% boost up on your points!
|Qualifying Plans||Insurer's Promotions||Criteria|
|China Taiping's i-Assure Moneyback |
China Taiping's i-Assure Moneyback (CI)
|20% off 1st Year Annual Premium||Yearly premium mode only|
|China Taiping’s Infinite Harvest III||S$388||Apply to every policy incepted|
|NTUC Income’s Star Secure||Up to 5% discount on 1st Year Premium||Depends on payment terms:|
5 Years = 1% | 10 Years = 5%
|Aviva’s MyWholeLife IV||N/A||N/A|
|China Taiping’s i-Secure II||S$128||Yearly premium mode only, |
with minimum S$1,800 p.a.
|Aviva’s MyLifeIncome III||Up to 5% Annualised Premium Cashback||Depends on minimum premiums, starting from S$15,000|
|Up to $1,200 CapitaVouchers||Depends on minimum monthly premium and policy term|
Promotion till 31 Oct 2021 only.
If you have a life insurance plan in mind that is not in the list above, it may also be eligible for the 55% commission rebate promo. Just drop us an email at firstname.lastname@example.org to check.
*Applicable to selected insurance policies only applied via InsureDIY. Excluding policies (not all-inclusive): Short-Term Endowment Policies, Integrated Shield Plans, Careshield Life/Eldershield Supplements and FWD Term Insurance. Insurer's promotions are subject to their validity period and T&Cs. In case of any dispute, InsureDIY reserves the right to make the final decision on our own promotion and the Insurer reserves the right to make the final decision on their promotion. InsureDIY reserves the right to change the Terms and Conditions without any notice.
Not ready to get a quote? Reserve our current promotion by registering above!
1. How is Gro Saver Flex, Gro Retire Flex and MyLifeIncome II different to stock, exchange-traded funds (ETFs) and real estate investment trusts (REITs)?
Gro Saver Flex and MyLifeIncome II are insurance products and offer some level of guarantees. MyLifeIncome II provides a capital guarantee from the time the Yearly Income payout starts or earlier, depending on the duration of your premium payment period. This is unlike stocks, ETFs and REITs where your capital can be wiped out by market movements. On top of the guaranteed returns, Gro Saver Flex and MyLifeIncome II provide additional non-guaranteed returns.
2. When can I start withdrawing from my SRS account without penalty?
You can make withdrawals after the statutory retirement age based on when your first SRS contribution was made.
3. What does the 50% tax concession mean?
After your retirement age, you can start withdrawing from your SRS account for a period of 10 years. Only 50% of the funds withdrawn are subject to income tax. As income up to $20,000 attract no income tax in Singapore, you can withdraw up to $40,000 SRS funds ($20,000 x 2) per year without having to pay any tax. This means that you can withdraw up to $400,000 tax-free over 10 years!
* Up to 55% of the basic commission for first year. This is also applicable to selected life insurance products purchasing via InsureDIY, please refer to the promotional banner on our product pages or email to email@example.com for enquiries. T&Cs apply. The promotion is valid till 31 October 2021.
** Gro Saver Flex and MyLifeIncome II are not classified as a life annuity. So the 50% tax concession after 10 years will not apply. However, if your withdrawals (and other income) continue to be below the lowest income tax bracket, you will enjoy withdrawals tax free.
1 The returns include non-guaranteed benefits and are based on the illustration rate of 4.25% p.a.. The returns will ultimately depend on your own age/gender/product premium and benefit term profile. The rates shown above are meant to be illustrative. Please request for a quote by filling in the online form for your personal quotation. The return of 3.74% p.a. is the 40 year return on Gro Saver Flex.
InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.