NTUC Income Gro Cash Harvest Review
The complete Pros and Cons on NTUC Income Gro Cash Harvest
NTUC Income Gro Cash Harvest gives you annual cash payouts from the 5th year up till age 120, allowing you to assign a secondary life insured to enjoy the benefits of this policy. A maturity benefit of 120% of premiums paid will be given upon policy maturity.
NOTE: NTUC Income Gro Cash Harvest has been phased out and is no longer available. The latest updated and upgraded version is NTUC Income Gro Cash Flex.
NTUC Income Gro Cash Harvest product details
- Life policy – Endowment and Saving policy
- Guaranteed Acceptance
- Enjoy hassle-free application, no health questions asked
- Policy Term
- Policy maturity at age 120
- Premium Payment Term
- You can choose to pay premiums for 5, 10, 15 or 20 years
- Premiums are waived if you become Total and Permanently Disabled
- Cash Payouts
- Receive up to 4.4% of Sum Assured per year from the 5th policy year onwards until policy maturity
- Guaranteed Payout of 2.1%
- Non-Guaranteed Bonus of up to 2.3%
- You can choose to receive these payouts or accumulate them at up to 3.25% per annum
- You can choose to withdraw the accumulated cash payouts to spend as you wish
- Receive up to 4.4% of Sum Assured per year from the 5th policy year onwards until policy maturity
- Secondary Life Insured
- You can choose to appoint your loved ones to continue this endowment savings policy to enjoy the benefits of it when you pass on
- Upon policy maturity, 120% of all premiums will be paid as a maturity benefit
- Optional Add-ons
- Cancer Premium Waiver (GIO) waives future premiums should you be diagnosed with major cancer during the term of the rider
Read about: Endowment and Saving policy: How does it work?
Read about: Endowment and Saving policy: Is it the best option?
Features of NTUC Income Gro Cash Harvest at a glance
Cash and Cash Withdrawal Benefits
Cash value: Yes
Cash withdrawal benefits: Yes
Health and Insurance Coverage
Death: Yes
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No
Health and Insurance Coverage Multiplier
Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No
Optional Add-on Riders
Cancer Premium Waiver (GIO)
Additional Features and Benefits
Yes.
For further information and details, refer to NTUC Income website. Alternatively, fill-up the form below and let us advise accordingly.
Read about: Effects of compounding returns on your saving
Read about: Where do I start with financial planning
Policy Illustration for NTUC Income Gro Cash Harvest, Tom
Tom, age 25, purchases NTUC Income Gro Cash Harvest to save for his future. He chooses to pay yearly premiums of S$5,000 for the next 20 years.
By age 45, Tom finishes premium payment with a total of S$100,000 in premiums. From the 5th policy year, Tom can begin receiving S$3,142 yearly but he chooses to reinvest them to grow at the prevailing interest rates.
At age 70, Tom chooses to surrender his NTUC Income Gro Cash Harvest policy. He receives a total project payout of S$349,325 to start his retirement with a bang.
Of the total projected payout, S$166,500 is guaranteed, and S$182,825 is non-guaranteed.
Policy Illustration for NTUC Income Gro Cash Harvest, Jim
Jim, age 25, purchases NTUC Income Gro Cash Harvest to save for his future. He chooses to pay yearly premiums of S$20,000 for the next 5 years.
By age 45, Jim finishes premium payment with a total of S$100,000 in premiums. From the 5th policy year, Jim can begin receiving S$4,400 yearly but he chooses to reinvest them to grow at the prevailing interest rates.
At age 70, Jim chooses to surrender his NTUC Income Gro Cash Harvest policy. He receives a total project payout of S$472,029 to start his retirement with a bang.
Of the total projected payout, S$191,100 is guaranteed, and S$280,929 is non-guaranteed.
Key Differences between Tom and Jim’s NTUC Income Gro Cas Harvest
Both Tom and Jim paid the same amount in premiums, however, Jim received a significantly larger payout even when he surrendered at the same time as Tom. Why is that so?
Although Tom and Jim both paid S$100,000 in premiums, Jim chose to pay that amount in 5 short years. This allows for his funds to accumulate for a longer time thereby giving him a better yield.
And when I’m talking about significantly larger, I’m saying Jim received S$122,704 more than Tom. Yes, it actually pays to pay your premium in the shortest time possible.
NTUC Income Gro Cash Harvest may be suitable if you are looking for
NTUC Income Gro Cash Harvest may potentially be a good fit if the following matters to you:
- A hassle-free application without medical underwriting
- Long term endowment savings plan
- Annual payouts from the end of the fifth year that can be reinvested to grow in value
- To generate higher financial returns compared to bank accounts
- To save regularly over a period of time
- Liquidity or flexibility of withdrawal in your Insurance policy
NTUC Income Gro Cash Harvest may not be suitable if you are looking for
NTUC Income Gro Cash Harvest may potentially be a bad fit if the following matters to you:
- High insurance coverage for Death or Terminal Illness
- Insurance coverage for Early Critical Illness, Critical Illness, or Total Permanent Disability
- A one-time premium commitment with no further cash commitment
- Potentially higher financial returns compared to a pure investment product.
- Insurance policy with a high surrender value in the early years of the policy.
Read About: How can I accumulate a million dollar (Realistically)
Further considerations on NTUC Income Gro Cash Harvest
- How is NTUC Income or NTUC Income Gro Cash Harvest investment returns based on historical performance?
- How does NTUC Income Gro Cash Harvest compare with Endowment policy from other insurance companies?
- Can NTUC Income Gro Cash Harvest fulfill my financial, insurance, health, and protection needs?
The above information may not fully highlight all the product details and features on NTUC Income Gro Cash Harvest. Talk to us or seek advice from a financial adviser before making any decision about NTUC Income Gro Cash Harvest.
Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering to take up.
Read about: How can I accumulate a million dollar (Realistically)
Read About: 3 best Savings plans and endowment policies in Singapore (updated Jan 2023)
Where can I compare the payout and benefits of saving plans and endowment policies?
Before committing to an insurance policy, it certainly pays to make an effort to compare. Specific product features, benefits, and payouts will differ more than you think across insurance companies. Why regret only years later, when you find out that you are not getting the best insurance policy available for the premium paid?
Use our Compare NOW feature to receive the most competitive quotes on saving plans and endowment policies.
Alternatively, you just need to provide us with a couple of details below.
Is NTUC Income Gro Cash Harvest suitable for me?
Contact InterestGuru using the form below. Our panel of licensed financial advisers will advise accordingly, based on your financial profile and protection needs.
All financial reviews and proposals provided are 100% free of charge. There will be no obligation to take up any proposed financial products or services in any way.
*For a limited time, get attractive incentives when you take up any products that is proposed by our team of financial planners.
We compare quotations head to head on all leading insurers in Singapore
