Are you looking for a way to grow your savings while enjoying the perks of extra cash in hand ? Great Eastern's Annual Cashback Endowment (ACE) might be just what you need. Let's dive into the details of this unique savings plan and see how it can help you achieve your financial goals.
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The Annual Cashback Endowment (ACE) is a savings plan designed by Great Eastern Life to help you maximize your savings while providing you with extra cash every year . It's like having a savings account that not only grows your money but also gives you a yearly bonus to spend or reinvest as you choose.
From the end of the second policy year until the second-last year, you'll receive a yearly cashback.
You can potentially receive a higher total payout at maturity, especially if you reinvest your annual cashbacks.
Choose between 18 or 25 years of coverage to match your financial goals.
Protection against death, terminal illness, and certain disabilities for the full policy term.
Add supplementary benefits to protect against critical illnesses, accidents, and more.
| Age | What suggestion covers | Premium |
|---|---|---|
| 24, Female making $5,000 a month | Not provided | |
| 23, Male making $2,500 a month | coupon payout $4,680 death benefit 101% of the total premiums paid if death occurs non guaranteed value $4,075 guaranteed value at maturity $7,920 | $2,400 |
| 35, Female making $16,666.667 a month | coupon payout $4,680 total premium paid $12,000 non guaranteed value $4,075 guaranteed value at maturity $7,920 | $2,400 |
| 24, Female making $4,833.333 a month | coupon payout $4,680 total premium paid $12,000 guaranteed value at maturity $7,920 non guaranteed value projected $4,075 | $2,400 |
| 36, Male making $2,000 a month | $2,000 |
Imagine receiving extra money every year that you can use however you want . That's what ACE offers. Starting from the end of the second policy year, you'll get an annual cashback. This is guaranteed money you can use to:
When your policy matures, you'll receive a lump sum benefit. If you've been reinvesting your annual cashbacks, this amount could be significantly higher. For example, based on the illustration provided:
ACE understands that everyone's financial journey is different. That's why they offer two policy terms:
This flexibility allows you to choose a plan that aligns with your financial milestones , whether it's saving for your child's education, planning for retirement, or any other long-term goal.
ACE isn't just a savings plan; it's also a protection plan. Throughout your policy term, you're covered for:
This comprehensive coverage ensures that you and your loved ones are protected against life's uncertainties while you save .
Want even more protection? ACE allows you to add optional supplementary benefits to your plan. These can cover:
By customizing your plan with these add-ons, you can create a comprehensive financial safety net tailored to your specific needs .
Let's look at some numbers to give you a clearer picture. These projections are based on a 30-year-old male non-smoker with a basic sum assured of S$30,000:
For ACE 18 (18-year policy term):
For ACE 25 (25-year policy term):
As you can see, reinvesting your cashbacks can potentially lead to a significantly higher payout at maturity .
If you have a newborn, you could start an ACE 18 plan. By the time your child is ready for university, you'll have received 16 years of annual cashbacks to help with expenses, plus a lump sum at maturity to cover tuition fees.
A 40-year-old could start an ACE 25 plan. By age 65, they'd have received 23 years of annual cashbacks to supplement their income, plus a substantial lump sum to kick off their retirement.
Use the annual cashbacks to fund yearly vacations, while still growing your savings for a big dream trip when the policy matures.
The death, disability, and illness coverage provided by ACE, along with any added supplementary benefits, can serve as a financial safety net for your family.
Guaranteed annual cashbacks provide extra liquidity
Flexibility to reinvest cashbacks for potentially higher returns
Choice of policy terms to match different financial goals
Comprehensive protection coverage
Option to enhance coverage with supplementary benefits
Long-term commitment required
Early termination may result in high costs and lower surrender value
Non-guaranteed components (like bonuses) depend on fund performance
Yes, the annual cashback is guaranteed from the end of the second policy year until the second-last year.
Like most insurance policies, there's likely a free-look period, but early termination usually involves high costs.
No, the non-guaranteed portions depend on the performance of the Participating Fund.
You may be able to add supplementary benefits, but it's best to check with Great Eastern for specific options.
There may be a grace period, but failure to pay premiums could result in policy lapse. Check the policy contract for details.
Great Eastern's Annual Cashback Endowment offers a unique combination of savings and protection . With its guaranteed annual cashbacks, flexible terms, and potential for attractive returns, it can be a powerful tool in your financial planning toolkit. However, as with any financial product, it's essential to carefully consider your personal circumstances and long-term goals before committing.
Remember, the best financial plan is one that aligns with your specific needs and objectives. While ACE offers many attractive features, it's always wise to compare it with other options and seek professional advice before making a decision.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on endowment plans . These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best savings and protection plan for your future. Don't leave your financial planning to chance – get the expert advice you deserve today.
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