13 Best Annuity Plans for Retirement in Singapore
Introduction to Best Retirement Annuity Plans
When it comes to planning for retirement, making informed choices about your financial future is crucial. Singapore offers a wide array of annuity plans designed to provide you with a steady income during your golden years. And in this ultimate guide, we’ll explore the 13 best annuity plans for retirement in Singapore. So whether you’re just starting your retirement planning journey or looking to fine-tune your existing strategy, this list will help you make the right decision, in no particular order, here they are:
1. Singlife Flexi Retirement II: Best Annuity with High Guaranteed Income and Protection Option
Singlife Flexi Life Income II provides flexible savings with increasing payouts over time, guaranteed capital, and optional financial protection against death and terminal illness. You can start receiving cash payouts at your convenience and use the additional funds for various purposes like holidays or retirement.
Best Key Features of the Plan:
- Choose receive lump sum payout or monthly: Get a lump-sum payout at the end of the Accumulation Period or convert it into monthly payouts, and a Monthly Cash Bonus
- Flexible Retirement Age: Choose your Guaranteed Monthly Income, when to receive and how long you want to receive them
- Option to add protection benefit: If you face disability and can’t perform at least 2 out of 6 Activities of Daily Living, you’ll receive an additional monthly payout. You can opt for a lump-sum payment instead of monthly income through the Fast Forward Option, useful for home remodeling or purchasing mobility aids. Additionally, you’ll receive 600% of the Monthly Care Income in a lump sum, up to S$15,000 per life per condition if diagnosed with specified senior conditions during the Care Income Benefit Period.
2. Income Gro Retire Flex: Best Annuity with Early Stage/Partial Disability Definition Payout
NTUC Gro Retire Flex plan is designed to enhance your retirement savings over time, ensuring financial stability during your retirement years. Additionally, this plan provides flexibility in choosing your payout options. That’s why this plan is regarded as one of Singapore’s best annuity plans for retirement.
Best Key Features of the Plan:
- Additional Accidental Death Protection: Receive up to 105% of all net premiums in addition to the death benefit in the case of accidental death (prior to the anniversary following the insured’s 70th birthday
- Customizable Payouts: Instead of limiting your retirement to 50/55/60, start your payout anytime between or after. Also, choose payout from 10 to 20 years or till age 100
- Early stage/partial disability Income payout: You’ll receive additional coverage (additional 50% of guaranteed monthly income) for specific conditions resulting from accidental injury or sickness, such as loss of limb, speech, sight of one eye, or hearing. The coverage provided depends on the timing of diagnosis.
3. Manulife RetireReady Plus: Best Annuity with Retrenchment Payout Embedded
Tailored to your needs, Manulife RetireReady Plus III safeguards you from the outset through your golden years, providing stability amid uncertainties. You have the flexibility to shape your retirement vision with options like Guaranteed Monthly Income for life or over select periods. Additionally, extra payouts are available in the event of Loss of Independence, ensuring you can pursue the fulfilling retirement you’ve envisioned despite setbacks like Irreversible Loss of Speech, Deafness, or Major Head Injury.
Best Key Features of the Plan:
- Protection: Receive up to an additional 100% of your Guaranteed Monthly Income if you cannot do 3 out of 6 activities of daily living or suffers from Irreversible Loss of Speech, Deafness, or Major Head Injury. Received 50% of your Guaranteed Monthly Income if you cannot do 2 out of 6 activities of daily living
- Guaranteed Income: You can count on a steady income stream during your retirement years.
- Retrenchment Payout: Get a lump sum payout of up to 50% of annual premium in the event of the life insured’s retrenchment and minimise disruption to retirement goals
- Premium Freeze option: Exercise premium freeze option up to two times during your policy term should you decided to put your premium on hold
4. Etiqa Enrich Retirement: Best Annuity Supporting Old Age Diseases
Etiqa’s Enrich Retirement plan is a straightforward solution that provides a stable income stream during retirement. Hence, it offers simplicity and peace of mind for those looking for a reliable retirement option. For the same reason, this plan earns its place as one of Singapore’s best annuity plans for retirement.
Best Key Features of the Plan:
- Special condition benefit: Receive a $10,000 payout upon first diagnosis of Alzheimer’s disease, severe dementia, Idiopathic Parkinson’s disease, or osteoporosis with fractures.
- Choose between escalating and fixed payout: You can choose between a fixed level payout or an inflated payout, which increases by 2% per annum of the monthly retirement income payment starting from the second policy year.
- Lump sum after end of income payout term: Enhance your financial security with an additional lump sum maturity benefit, alongside your regular monthly retirement income.
5. Singlife Flexi Life Income II: Best Annuity on Principal Guaranteed and Increasing Payout
With Singlife’s Flexi Life Income plan, you have the flexibility to receive your retirement income at your convenience. Therefore this plan is ideal for those who want control over when and how they access their funds. That’s why this plan is considered one of Singapore’s best annuity plans for retirement.
Best Key Features of the Plan:
- Flexibility: You have the freedom to choose when and how you receive your plan’s retirement annuity income, making it adaptable to your needs.
- Competitive Returns: Singlife’s plan offers competitive returns on your investment, ensuring your retirement funds grow over time.
- Increasing Income: The product provides increasing income payout 20 years after your first income payout or when you turn 60, whichever is later.
- Principal Guaranteed: Once the payout begins, your principal is guaranteed. Even after withdrawing income for years or decades, if you surrender or in case of death, you’re assured to receive your initial capital alongside the bonuses credited overtime. Receive your principal guaranteed and payout as soon as 37th month of the policy term
- Immediate Payout: Pay 36 month and received immediate payout on the 37th month.
6. Income Luxe Plus Solitaire: Best Annuity for Legacy Planning
Income Luxe Plus Solitaire is a premium retirement plan that not only secures your financial future but also elevates your retirement lifestyle. In other words, it offers luxurious benefits and financial stability. For these reasons, it’s categorised as one of the best annuity plans for retirement in Singapore.
Best Key Features of the Plan:
- Receive payout from 37th month: Receive lifetime monthly cash payouts starting from the end of the third policy year extending until age 120
- Leaving a legacy: Secure your legacy and provide for your loved ones by adding a secondary insured, while also enjoying a maturity benefit equivalent to 105% of the net single premium along with a non-guaranteed terminal bonus upon policy maturity when the original insured reaches 120 years old.
7. China Taiping I-Retire: Best Annuity for Draw Down Retirement Payout
China Taiping’s i-Retire allows savers to potentially sustain this high interest rate pay out benefit without the uncertainty of reinvestment risk for a decade or two, and if you seek guaranteed income and potentially higher yield than fixed income products with protection in the medium to long term, take a look at this product.
Best Key Features of the Plan:
- High Yield: Offers top 2 guaranteed and non-guaranteed yields in the industry when compared with peers.
- Choice of retirement age: Accumulation period of 5 to 25 years after the end of the premium term.
- Option for payout term: Choose between 10, 20, or 30 years for monthly income payouts.
- Loss of Independence Benefit: 24 months of guaranteed monthly income paid out in a lump sum if insured is unable to perform 2 out of 6 Activities of Daily Living before 70 years old.
8. Manulife Signature Income III: Best Annuity Plan for USD Option that Provides Higher Yield
Manulife’s Signature Income plan allows you to choose between SGD or USD annuity payout options, accommodating your currency preference. As a result, it ensures a steady income stream in your chosen currency. This is why many consider it one of the best annuity plans for retirement in Singapore.
Best Key Features of the Plan:
- Currency Choice: Choose between SGD and USD with the latter providing a higher guaranteed and potentially higher yield due to favorable interest rate environment, Receive from 1.7% p.a. interest income guaranteed to as high as 4.4% p.a. non guaranteed income from 37th month on the USD Plan
- Choose to start Payout 37/49 month: 37th month for higher income payout but lower capital growth, 49th months provides lower income but higher capital gain overtime
- Pass it on: You have the flexibility to change the life insured to another valuable employee or to a member of your future generations.
9. AIA Platinum Gift For Life: Best Annuity for Originality
Indulge in and share the rewards of your achievements with the AIA Platinum Gift for Life series, including AIA Platinum Gift for Life (II) and AIA Platinum Gift for Life Plus, meticulously crafted to enhance the lives of three generations.
Best Key Features of the Plan:
- Coverage for 3 Generations: Receive monthly income until age 120 starting from the 3rd (AIA Platinum Gift for Life Plus) or 5th (AIA Platinum Gift for Life (II)) policy year. Transferable to your child for lifelong monthly income, then to your grandchild upon their passing for financial stability.
- Financial Certainty: Monthly income includes a guaranteed coupon and potential growth through non-guaranteed dividends.
- Flexible Options: Choose between AIA Platinum Gift for Life (II) or AIA Platinum Gift for Life Plus, with various premium and income options.
10. China Life Lifetime Income Plan: Best Annuity Parfund in the Market
Little did we know, the plan has a par fund which is the most commendable, and it belongs to Chinalife, with a par fund return of close to 6% p.a. over 5 years as of 2022 and 3.5% as of 2023 (due to headwinds). The China Life Lifetime Income Plan is a participating whole life insurance offering lifelong yearly income, capital guarantee, and coverage for premature death and terminal illness. Customize your plan with additional riders for added security. With China Life, live life to the fullest, backed by support for whatever lies ahead.
Best Key Features of the Plan:
- Great Parfund Return: Despite headwinds in the 2022 market, the average par fund return allows China Life to attain 3.5% p.a. returns
- Worry-Free Retirement: Eliminate the stress of financial uncertainty during retirement with Principal Guaranteed during annuity payout
- Immediate Payout: Enjoy guaranteed monthly cashbacks from the end of the premium payment term to age 120.
11. Income Wealth Plus Solitaire: Best Annuity for Nothing Much
Income Insurance’s Wealth Plus Solitaire plan allows you to grow your wealth while ensuring a comfortable retirement. At the same time, it’s a versatile annuity plan that combines wealth accumulation with income security. In light of that, such features place it as one of the best annuity plans for retirement in Singapore.
Best Key Features of the Plan:
- Designate a secondary insured to leave a legacy for your loved ones.
- Upon policy maturity, when the original insured reaches 120 years old:
- Receive a maturity benefit of 120% of the net single premium.
- Obtain a non-guaranteed terminal bonus.
12. China Taiping Infinite Elite Harvest USD: Hedged Against a Strong USD Currency
Indulge in a steady flow of guaranteed and non-guaranteed monthly cashbacks until age 120 with the world’s reserve currency, tailored to suit your lifestyle needs. Utilize these cashbacks to support your desired lifestyle, or choose to accumulate them with us for building reserves for future use.
Best Key Features of the Plan:
- Immediate Payout: Enjoy guaranteed monthly cashbacks from the end of the premium payment term to age 120.
- Secondary Life Assured: Opt to appoint a secondary life insured for policy continuity.
- Leverage the USD: advantage to diversify your investments and increase rewards.
- Premium Term: Choose between a single premium payment or spread payments over three or five years.
13. FWD Lifeincome Plan: Best Annuity For Fast and High Guaranteed Income
FWD’s Lifeincome Plan offers flexibility and choice in how you receive your retirement income. For that reason, it’s ideal for those who want control over their retirement finances. As a result, this plan is highly recommended as one of the best annuity plans for retirement in Singapore.
Best Key Features of the Plan:
- Highest Guaranteed Income: FWD Lifeincome plan offers one of the highest guaranteed incomes in the market if we includes a guaranteed special benefit payout of 6% of the policy’s sum insured after 25 months.
- Yearly/Monthly Income Payout Option: Continuous passive income payouts are available yearly or monthly after the third policy year, which can be received or accumulated.
- Convenient Legacy Planning Within the Plan: Flexible premium payment terms and policy assignment options are provided. You can change the person insured and appoint a secondary person insured.
- Premium waiver riders: are available for late-stage critical illness diagnosis, payor’s death, critical illness diagnosis, or total and permanent disability.
Conclusion: Certainty Guaranteed
The standout feature of these annuity plans is certainty. Few products in the market offer such assurance of income, principal return (partial or full) alive or upon death, a fixed retirement timeframe unaffected by government changes, ongoing concern reliability, and insurer’s solvency and SDIC protection subjected to terms and conditions .
With us, you also get the certainty of choice as we help you to navigate your retirement and lifetime income needs. Depending on your time horizon, budget and risk profile, Our job is to help you and your loved ones identify the best annuity plan in the market.
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