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Gro Retire Flex Review – Retirement Plan For Singaporeans: A short blog post to explain the benefits and how it can help you.
Have you ever considered how much income you would need to produce in order for you to retire? Probably not. It’s a daunting task when you think about it, because you haven’t even retired yet, let alone seriously taken that into account. But there is a product that can help you — one which you may have even heard of before: NTUC Income Gro Retire Flex.
An endowment plan that helps you save and grow money during the accumulation phase, to provide a steady income stream during the payout phase.
Source: NTUC Income
A wide range of premium terms are available in single premium, 5, 10, 15, 20, 25, 30, 35 or 40 years. Premiums are payable up to 5 years before the end of the accumulation period.
You can make your payments monthly, quarterly, half-yearly, or yearly.
You can choose to start receiving your monthly cash payments after a number of years. The accumulation period ranging from 5 to 50 years for single premium plans, or ranging from 10 to 50 years for regular premium plans.
You can also select and change how long you would like to receive your monthly cash payouts (10, 20 years or till age 100)
You have the right to change your payout time frame before any monthly benefit is paid. The premium term and accumulation period will not change, but you can select and change the time frame that you would like to receive these benefits.
This includes a choice of 10-, 20-, or 30-year payout periods, or monthly payments that continue until age 100.
Gro Retire Flex allows you to participate in the performance of the Life Participating Fund in the form of non-guaranteed bonuses.
The cash payout consists of a monthly cash benefit and a non-guaranteed cash bonus
It will pay the first monthly cash benefit on the policy anniversary immediately after the end of the accumulation period.
For example: Plan starting 01 Jan 2022 with 10-year accumulation will pay the first monthly cash benefit on 01 Jan 2032.
You can earn interest rates paid on your accumulated cash payouts. The prevailing rate at the point of deposit will be determined by the insurer. Any cash benefits paid under Disability Care Benefit cannot be accumulated with the insurer at the prevailing interest rate.
If you become terminally ill or die during the accumulation period or payout period, it will pay any accumulated cash benefits and cash bonuses. The policy terminates thereafter.
The payout is at least 105% of all net premium(s) paid.
Note: If a secondary insured is listed before the death of the insured, it will not pay this benefit. The secondary insured becomes the primary insured, and this policy will continue.
‘Gro Retire Flex — Protection Benefit‘ is a non-participating term rider that does not form part of the Life Participating Fund and no bonus is payable.
For regular premium policy only (i.e. excludes Single premium policy), Gro Retire Flex includes ‘Gro Retire Flex – Protection Benefit’, a non-participating rider, which includes the Accidental Death Benefit, Disability Care Benefit and Retrenchment Benefit.
In the event of the insured’s death from accident before their 70th birthday, its pay an additional 105% of all net premium(s) paid, on top of the death benefit.
If the primary insured dies accidentally, the secondary insured automatically becomes the insured and the basic policy and this rider continues.
This will apply upon diagnosis of the insured with any one of the conditions – loss of use of one limb, loss of speech, loss of sight of one eye and loss of hearing, arising from accidental injury or sickness
If during the accumulation period of your basic policy you are diagnosed with one of the conditions listed arising from an accidental injury or sickness, you will receive a lump-sum benefit equivalent to six times your monthly cash benefit. During this period this rider and its basic policy premiums will be waived.
When the payout period begins, it will also pay an additional amount equal to 50% of the monthly cash benefit on top of each monthly cash benefit during the payout period. The maximum additional amount for each payment is S$3,000.
The insurer will pay no more than S$3,000 for the additional amount for each insured, no matter how many of such policies the same insured has.
You cannot change your retirement payout period after you have claimed this benefit.
You will be allowed to claim this benefit only once.
If you are retrenched, you will not have to pay the premiums for this rider and its basic policy for six months following your retrenchment. i.e. 6 months of the premium is waived.
If you remain retrenched during this period, you have the option to defer the premiums for six additional months. However, when this deferment period ends, you will need to pay back the deferred premium in a single payment.
At any point when you are receiving this retrenchment benefit, when you start new employment and earn an income, you will be required to continue with the premium and this benefit will terminate.
Only a spouse before the age of 65, or a child under 18 years old can be added as an option to the policy.
One can exercise this option up to three times, provided the following conditions are met:
Upon the death of the insured for the remaining policy term, the secondary insured becomes the insured of this policy.
If premiums for this policy have been paid with SRS account funds, it will follow the SRS regulations, which include the following:
Gro Retire Flex plan offers guaranteed acceptance and hence eliminates stress and red tape so you can get on with living the rest of your life. You deserve the best. They give it to you.
NTUC Income’s range of innovative products helps you to plan for a secure retirement.
Have an idea of how much you need when you retire? You could consider taking a proactive step towards planning your retirement with the help of Moneyline.SG – Retirement Plans For Singaporeans, which offers great tips on how to start planning for retirement and the various plans available at different levels.