Savings plan

[missyevo]

What savings plan do u have nowadays?

Thinking of endowment. Returns are 3% avg

 

[Futureskid]

What savings plan do u have nowadays?

Thinking of endowment. Returns are 3% avg

Put under my pillow! Who knows one day government may impose a 40% deposit tax on my savings!

 

[xorion]

Have the capability to go for 5-10 years savings.. but dunno endowment in the better safer option and the 3% avg sounds attractive, compared to banks

 

[callalily]

I have never been a believer of saving plan. I have been buying life plans over the past 15 years.
Have switched to life plan with limited payment since about 6 years ago.

With recent family requirement, I have bought 2 saving plans over the past 12 months.
First being Prudential saving plan 1 year ago & last from GE.

Family man with 4 kids.

 

[babyrobo]

What savings plan do u have nowadays?

Thinking of endowment. Returns are 3% avg

which endownment plan 3%? can share?

 

[missyevo]

Pru flexi something....

 

[babyrobo]

Pru flexi something....

how many yrs of commitment?

 

[missyevo]

15 years.....

 

[xorion]

15 years.....

sounds like a good savings plan
is it principally protected by MAS?

 

[Asure7]

are you sure its 3%?
I think that includes the "non-guaranteed" portion..
past performance does not indicate future returns

 

[betahardwarezone]

3% interest is the current payback option for Pruflexicash, but in the term and condition state it is non guarantee and subject to change due to market condition.

For shorter term, there is one product call Prusave limited pay, pay 5year wait another 5 year to matunity.

 

[Asure7]

Depends on how much risk you like to take for a supposedly "savings plan".
To most people, savings means capital preservation. If you put in $100, you must at least guarantee to get back $100 flat (ignoring inflation) even if no interest in the end.
However, nowadays, the meaning of a savings plan has just become one in which you put aside a sum of $ every month, to be invested. But as the $ is being invested, it is possible that you can make a loss. In other words, savings has become "investment".

Looking at Prudential website's Case Study illustration, I personally do not like how the Guaranteed portion of the returns is so much lower than the Total Premiums Paid. And the Non-Guaranteed portion is inflated to make the "Total Projected Amount" look attractive.

http://www.prudential.com.sg/corp/prudential_en_sg/solutions/save/PRUflexicash.html

E.g. Case study of 25 years tenure. Guaranteed portion is only about 50-60% of the total premiums paid.

In the case study of 15 years tenure, Guaranteed portion is about 70% of the total premiums paid.

Will the investment perform well so that the Non-Guaranteed amount can cover the gap to at least return you the total premiums paid?
The risk is for the buyer to decide.

 

[Doownn]

which bank gives the highest interest rate for fixed deposit? i am keen now to transfer my funds and put it there for 1 yr fixed deposit.

 

[vincent007]

which bank gives the highest interest rate for fixed deposit? i am keen now to transfer my funds and put it there for 1 yr fixed deposit.

Check the sticky.