How Endowment Insurance Plans Work — T&Cs You Need To Know

In a recent complaint, a man who owned a 10-year endowment insurance plan in Singapore claimed to experience a 5% drop in bonus and end up receiving S$25,000 less in maturity value. Is it truly possible for the bonus of an endowment plan to differ from the original agreement? Or is it that the terms were wrongfully interpreted in the first place? To demystify this complaint, this article will take a look at how endowment plans in Singapore work and how bonuses are allocated. Endowment plans are bundled products that include both investments and protection coverage. Some of the best endowment insurance plans in Singapore are designed for planned savings and investment. In Singapore, endowment plans’ interest rates range between 0.5 to 4% per annum. A short-term endowment plan can mature as early as...