FlexRetire is a regular premium participating endowment plan. It allows you to start savings regularly now for your planned retirement age of 55, 60, 65 or 70 Last Birth Date (LBD). Upon retirement, you will receive regular retirement payout for the next 10, 20 or 30 years. You will also enjoy free protection of 105% premium paid-to-date plus 100% of the bonuses against death and Total Permanent. Disability. FlexRetire is guaranteed acceptance, i.e. anyone can purchase the plan without the needs for a medical check-up.
FlexRetire is divided into 2 phases — Accumulation Period and Payout Period.
Accumulation Period = Chosen Retirement Age (up to age 55/60/65/70 LBD) – Entry Age (LBD)
Payout Period = Choice of 10, 20 or 30 years
During the Accumulation Period, you can choose to pay the premium in 5 years, 10 years or Accumulation Period minus five years. That is, if the Accumulation Period is 25 years, you only need to pay for 20 years and start getting the regular payout from the 25th year onwards.
At the end of Accumulation Period, you can choose to
- withdraw the full maturity amount;
- withdraw partial maturity amount, redeposit the
remaining cash (at least $10,000) with Income and receive monthly payout for the next 10/20/30 years; or
- save the full maturity amount with Income with additional cash value given and receive monthly payout for the next 10/20/30 years.
During the Payout Period when you are receiving the monthly payout, you can choose to:
- use the payout as your monthly retirement income; or
- deposit the payout with NTUC Income at the current interest rate of 3.5% p.a.. This is a deposit
account and you can withdraw the money anytime.
At the end of the Payout Period, you will receive
- the final monthly payout;
- Future Gift, projected at 24 times of the final monthly payout; and
- the regular deposited payment accumulated with NTUC Income and accumulated interest, if any.
The minimum entry age is 20 and last entry age is 60 LBD.
How FlexRetire Lets You Retire the Way You Want?
Suppose you are now 35-year-old and desire a monthly retirement
income of at least $1,000 for 20 years when you retire at age 65. You can start building your retirement funds through FlexRetire plan as follows:
|Monthly Premium||Yearly Premium||Total Premium Paid for 10 years||Guaranteed Maturity Amount at 65 years old||Bonus upon maturity @ 4.75% IRR*||Total Maturity Amount at 65 years old|
If the full maturity amount is re-deposited with NTUC Income at the end of Accumulation Period,
|New Principal Amount||Projected Monthly Payment @4.75% IRR* for 20 years||Projected Future Gift||Total Amount drawn over 20 years, including Future Gift|
*IRR : Investment Rate of Returns