Here's how taking an endowment plan could help you
An endowment plan is an insurance product that combines life insurance, savings, and a bit of investment too. The insured individual receives a lump sum payout when the plan matures. In addition, there is death coverage included – theplan’s nominee will receive a death benefit payout if the insured individual passes away while the plan is still active. If you opt for a participating endowment plan, you stand to receive a payout with a guaranteed component and a non-guaranteed part as well. The non-guaranteed part depends on the performance of the funds your premiums have been invested in. An endowment plan has the potential to give you much higher returns than a bank savings account.
You can either opt for a long or short term endowment plan depending on your goals. Endowment plans in Singapore can have premium payment terms that last anywhere from 5 to 30 years. The policy period itself can last anywhere from 10 to 30 years. In this article, we will take a closer look at some financial goals an endowment plan can help you with. • Child’s university fees It is never too early to start saving up for your child’s university fees. The years can fly by pretty quickly; before you know it, your little girl or boy is now almost an adult and ready for university. As a parent, you want to ensure that your child gets the best education possible, in Singapore or abroad. For that to happen, it may not suffice to put aside a couple of hundred dollars each month into a savings account. You need a concrete plan – an endowment plan can prove helpful here. You can choose the duration of the plan based on the number of years left for your child to begin university. If something unfortunate were to happen to you, the death benefit payout canensure that your child still gets to complete their studies.
• For retirement expenses If you are about to stop actively working in a couple of years, you might already have your retirement planning taken care of. Proper retirement planning will help ensure that you have sufficient funds for all your expenses in your golden years – from paying the bills to buying the groceries and even emergency funds for doctor visits or urgent matters. But retirement does not have to be only about paying bills to survive. After working so many years, it will be time to kick back and enjoy the fruits of your labour. If you are already making plans to pursue your passions duringretirement, you might want to consider taking an endowment plan to build a corpus of funds for the things that matter– such as going on the occasional vacation or sometimes indulging in shopping sprees. An endowment plan can also help you save up for many other life goals such as moving homes, buying a new car, and starting your own business. The best part about endowment plans is how versatile they are – you can use these plans to save up for almost any life goals you have. We hope that the information in this article helps you when you explore options of endowment plans in Singapore. Do remember that you can choose either a regular or single premium endowment plan as per your budget. Take care and good luck!
• You can even visit our Social sites: Facebook:- https://www.facebook.com/PrudentialSingapore/ Linkedin:- https://www.linkedin.com/company/prudential-assurance-company-singapore/ Youtube:- https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ Instagram:- https://www.instagram.com/prudentialsingapore/?hl=en
THANK YOU