NTUC Income Gro Capital Ease Eco: 3-Year Sustainable Insurance Savings Plan With 1.82% P.a. Guaranteed Returns at Maturity
Are you someone who’s looking for a place to hold your savings for the short term?
You might want to consider this:
NTUC Income is launching Gro Capital Ease Eco: a 3-year single premium insurance savings plan that provides a guaranteed return of 1.82% p.a.1 at maturity.
This plan has carefully selected assets with high or improving Environmental, Social & Governance (ESG) scores for its portfolios.
Here’s all you need to know!
TL;DR: Is Income’s Gro Capital Ease Eco Worth It?
This is a non-participating single-premium insurance savings plan that provides guaranteed returns at maturity and protection at the same time.
Here’s a breakdown of the Gro Capital Ease Eco, which is launching today, 26 May 2022.
|Details||Income’s Gro Capital Ease Eco|
|Policy Term||3 Years|
|Single Premium||One lump sum
Can be purchased online with a minimum single premium of $10,000
Can also be purchased with a minimum single premium of $20,000 through a financial advisor representative
Single premium limit of $200,000 per policyholder (max)
|Payment Options||Payment by
cash, PayNow QR, eGIRO or Supplementary Retirement Scheme (SRS) funds
|Total and Permanent Disability (TPD before age 70)|
or Death Benefit
|Within one year from the cover start date:
Net single premium(3)
After one year from the cover start date:
105% of net single premium(3)
|Guaranteed Yield at Maturity|
(3-year policy term)
|Issuance||Guaranteed acceptance regardless of health condition|
|Entry Age||Insured: 10 – 80
Policyholder: 16 & above
Online application: 18 & above
|Policy Protection||Up to specified limits by the
Singapore Deposit Insurance Corporation (SDIC)
What is an Insurance Savings Plan?
For such plans, you usually either pay regularly or make a lump sum payment (aka “single premium”).
The Gro Capital Ease Eco plan is a good example of a single-premium insurance savings plan.
All You Need to Know About Income’s Gro Capital Ease Eco Insurance Savings Plan
1. No Medical Underwriting Required
You’ll be glad to know that there is no medical underwriting required for Income’s Gro Capital Ease Eco.
But, note that the purchase of this plan is on a first come, first serve basis as there is only a limited tranche.
2. Guaranteed Capital At Maturity
Gro Capital Ease Eco is a single premium non-participating, 3-year insurance savings plan that offers a guaranteed yield at maturity of 1.82% p.a.1 that will be paid out at the end of the 3-year policy term. This will give you a maturity benefit of 105.56%2 of your principal sum.
Note that the capital is 100% guaranteed IF you hold this plan to its maturity (three years) and provided there are no policy alterations or claims made during the entire policy term.
Here’s how this works.
Let’s assume that you’ve paid a single premium of $10,000, you’ll receive a guaranteed maturity benefit2 of $10,556 or a return of $556 after three years.
3. Death Benefit & Total and Permanent Disability Benefit
This plan also covers total and permanent disability (TPD) before age 70 and death during the policy term.
|Time the Insured Event Happens||Benefit|
|Within one year from the cover start date||The net single premium|
|After one year from the cover start date||105% of the net single premium|
4. Pay via eGIRO, PayNow or Supplementary Retirement Scheme (SRS) Funds
If you’re interested in applying, the steps are really simple!
The minimum single premium for online purchases starts at $10,000.
If you prefer applying through a financial advisor representative, you can choose to use either cash or your SRS funds to buy this plan.
Application through a financial advisor representative requires a minimum sum of $20,000.
However, if you’re thinking of doing a lump sum top-up of $20,000 for payment via SRS, you might want to note that the maximum yearly contribution limit for SRS is $15,300 for Singapore citizens and Permanent Residents (PRs).
As such, please ensure that there is sufficient balance in your SRS account before proceeding with this.
For this tranche, there will be a single premium limit of $200,000 for each policyholder.
How Gro Capital Ease Eco Can Grow Your Savings
We probably do not all have $200,000 at the ready.
However, the minimum single premium of $10,000 (via online purchase) makes it somewhat accessible for one to get started.
Should I buy Gro Capital Ease Eco?
If you have been on the lookout for somewhere to place your savings and do not need to use this money within the next three years, this insurance savings plan can be added to your list for consideration.
If you might need that sum of money within the next three years, this would not be the most ideal option as you could incur a loss in the event you terminate your policy before the end of the three year period.
Also, do note that this plan is available on a limited tranche and is on a first-come, first-served basis.
Despite that, please do sufficient homework before diving into it, and also read through the terms and conditions carefully.
Please don’t get it just because you’re feeling the FOMO (fear of missing out).
(1) The guaranteed yield at maturity of 1.82% p.a. will be paid out at the end of the 3-year policy term, provided that the insured survives at the end of the policy term, with no policy alterations or claims made during the entire policy term.
(2) The guaranteed maturity benefit of 105.56% (rounded to the nearest 2 decimal places) of the single premium is based on the guaranteed yield at maturity of 1.82% p.a.
(3) Net single premium means the single premium amount which is shown in the schedule, or the reduced single premium amount (if a part of this policy has been cashed in earlier).
Disclosure: All opinions expressed in this article are solely those of Seedly and do not reflect the opinions of NTUC Income Insurance Co-operative Limited (“Income”). Income is not responsible nor liable to any party in any manner whatsoever for such opinions, and Seedly is solely responsible for any opinion and the accuracy and completeness of any information and intellectual property used in this article. The information contained in this article pertaining to any insurance product or plan is provided and meant for general information only and do not constitute an offer, recommendation, solicitation or advice by Income or Seedly to buy or sell any product(s), plan(s) or investment product(s). It is not and should not be relied on as financial advice and has no regards for any person’s investment and financial needs. If you are unsure whether this product or plan is suitable for you, you may seek personalised financial advice from a qualified insurance advisor. Otherwise, you may end up buying a product or plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. Precise terms, conditions and exclusions of the product are found in the policy contract.
For customised advice to suit your specific needs, consult an Income insurance advisor.
Protected up to specified limits by SDIC (applicable for Income products that fall under the Policy Owners’ Protection Scheme).
This content has not been reviewed by the Monetary Authority of Singapore.
Information is correct as at 26 May 2022.