Best Bank Endowment Plans In 2022

Deborah Gan
Last updated Jul 06, 2022

Want a stable way to earn returns on your capital? Aside from endowment plans offered by insurers, banks also offer endowment products to make your money work harder for you.

For the risk-averse, putting your money into investments for a milestone such as retirement may be too daunting, especially if you don’t want to lose your capital. This is where endowment plans come in to help you accumulate wealth in a much safer way. Not to forget, endowment plans also offer some form of coverage to give you a peace of mind.

We’ve already touched on endowment plans offered by insurers, but what about endowment plans offered by banks? As you can see, the choices are limited but the returns are still very much decent. Here are the best bank endowment plans.

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What is an endowment plan?

An endowment plan essentially is a savings and insurance hybrid product that not only offers coverage for death and total and permanent disability but also attractive interest rates to accumulate wealth.


Usually, these are meant to help you save up for retirement, your child’s education, or other milestones like a house or a wedding. Endowment plans differ in their policy terms which can go up to 50 years, or as short as two years.

Short term vs mid/long term endowment plans

Policy termPremium typeCapital guaranteed?Full or partial withdrawals?
Short-term endowment plans2 to 6 yearsSingle premiumsDependsNo
Mid/long term endowment plans10 to 50 years, or up to a fixed ageRegular premiumsDependsDepends

Short term endowment plans require short commitment periods of two to five years, and usually require single premiums (one-time lump sum payment).

Conventional mid/long term endowment plans can stretch over 10 to 20 years, or up to a fixed age like 70 years old for retirement or up to 100 years old. Since they require a longer commitment, premiums are usually paid regularly, typically once every year. However, some plans offer discounts if you choose to pay a lump sum up front. A majority of the plans also allow you to choose the premium term and the premium amount you are willing to pay annually.

Depending on which plan you choose, for both short or long-term plans, some plans offer guaranteed capital and even guaranteed returns on your capital. There are also some that allow you to make partial or full withdrawals after a certain period.

Because they are also insurance plans, they offer a certain level of coverage.

Want to make your money work even harder? Kickstart your investment journey with one of these best brokerage accounts in Singapore.

Best bank endowment plans

Endowment planPremium typePolicy term Returns
DBS SavvyEndowment 7Single premium2 yearsUp to 3.54% upon maturity
DBS SavvySpring IIRegular premium12 yearsNot specified
OCBC MaxEndowment Insurance Special IIRegular premium10 yearsNot specified
OCBC GREATLife Endowment Insurance IIRegular premium15 to 50 yearsUp to 3.44% p.a.
OCBC Retire IncomeRegular premiumFlexibleNot specified

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DBS SavvyEndowment 7

The only short-term endowment plan in the list, DBS SavvyEndowment requires a short commitment of only two years. The returns are pretty promising as well, as you can enjoy up to 3.54% upon maturity, though not guaranteed.

Minimum premium: S$5,000 via cash or Supplementary Retirement Scheme (SRS). Unlike other endowment plans by insurers that require huge sums of at least S$10,000, this plan allows you to commit just half of the amount.

Policy term: Two years. The plan also offers coverage for death benefits at 101% of the single premium, in the event of death before the policy matures. A medical examination is not required.

Maturity benefit: Up to 3.54% upon maturity over two years upon maturity. Though the returns are not guaranteed, you’ll be able to at least get back your capital when the policy term ends.

Current tranche: The current tranche is currently open and you can head over to the DBS website to apply online. Alternatively, you can leave your contact details here and a DBS staff will contact you. There is also a live chat available if you have any questions.

DBS SavvySpring II

If you want a longer-term plan, consider the DBS SavvySpring II endowment plan that has a policy term of 12 years. However, you can choose how long you want to pay premiums  — either three or six years. The interest rate you’ll get to enjoy is not specified.

Policy term:  Due to the 12-year policy term, it will be most beneficial for those who don’t need the money for the short term.

Premium term: With the DBS SavvySpring II, you can choose to stop paying your premiums after the third or sixth policy year, and future premiums will be offset with your Yearly Guaranteed Cash Benefits. Minimum premiums start from S$2,381 per year.

Withdrawal/payouts: You’ll receive 100% of your capital back upon policy maturity, with no early cash withdrawal option.

Other features: The plan also offers comprehensive coverage where you’ll be insured against Death, Total and Permanent Disability and Terminal Illness. You can also have the flexibility to change the life insured to your loved ones instead.

Current tranche: The current tranche is currently open and you can head over to the DBS website to apply online. Alternatively, you can leave your contact details here and a DBS staff will contact you. There is also a live chat available if you have any questions.

Looking for an investment product that allows you to be completely hands-off? Consider opening an account with the best robo-advisors in Singapore. 

OCBC MaxEndowment Insurance Special II

OCBC’s MaxEndowment Insurance Special II is a participating regular premium endowment insurance plan with a 10-year policy term. However, the premium payment term is only five years. With no medical underwriting needed, the plan has a guaranteed acceptance and offers insurance coverage.

Policy term: 10 years, so it is more suitable for younger folks who have a longer time horizon to accumulate wealth.

Premium term: Though the policy term is 10 years, you’ll only need to pay premiums for the first five years. Afterwards, the remaining yearly premiums will be covered by the Guaranteed Survival Benefit if the insured survives.

Withdrawal/payouts: There is a guaranteed maturity benefit, with no early withdrawal option. You can contact OCBC for more details.

Other features:  Similar to most other endowment plans, it offers Death, Terminal Illness and Total and Permanent Disability coverage, as long as the policy is in effect. You also get to enjoy a premium of 2.5% discount if you opt for a lump sum upfront payment.

Current tranche: The current tranche is open. Head over to OCBC’s website to fill in your particulars to make an appointment. For more details, contact the bank at 1800 363 3333.

OCBC GREATLife Endowment Insurance II

OCBC’s GREATLife Endowment Insurance II is an endowment insurance plan that allows you to enjoy up to 3.44% per year. Aside from guaranteed capital and a flexible premium term, you’ll also be able to make full or partial withdrawals. Health check-ups are also not required.

Policy term: 15 to 50 years, at intervals of 5 years. This high flexibility allows you to make the endowment plan extremely tailored to your needs.

Premium term: Besides being able to adjust how long your policy term is, you can also choose how long you want to pay premiums, either 5, 15 or 20 years. On top of that, you can also select the yearly premium you want to pay, with minimum premiums of S$5,000 to a maximum of S$10,000 per year.

Withdrawal/payouts: From the end of the 15th or 20th year, you can enjoy guaranteed capital as long as no withdrawals are made. But if you are in need of urgent cash, there is the option of making a full or partial withdrawal as long as there is a cash value. However, this will reduce your basic sum assured.

Other features: You are covered for Death, Total and Permanent Disability and Terminal Illness for as long as this policy is in effect. You can also choose to switch the insured to a loved one.

Current tranche: The current tranche is open. Head over to OCBC’s website to fill in your particulars to make an appointment. Alternatively, you can contact them at 1800 363 3333.

OCBC Retire Income

As a highly flexible endowment insurance plan, OCBC Retire Income allows you to select your retirement age, income period and period term. Since it’s meant for your retirement, this is a long-term plan that aims to meet your financial needs in your later years. 

Policy term: You can choose what age you want to start receiving the retirement income — 56, 61, 66 or 71 years old, as well as the income period of 10 or 20 years.

Premium term: You can either pay your premiums for 5, 10, 15 or 20 years, making this one of the more long-term options on the list.

Withdrawal/payouts: Rest assured that capital is guaranteed upon reaching your selected retirement age. You will start receiving a monthly retirement income consisting of guaranteed and non-guaranteed income upon reaching your selected retirement age.

Other features: You are covered against Death, Terminal Illness, and Total and Permanent Disability. You’ll also receive additional income if you suffer from a disability, which is determined by being unable to perform at least two Activities of Daily Living (ADLs).

Current tranche: The current tranche is open. Head over to OCBC’s website to fill in your particulars to make an appointment. Alternatively, you can contact them at 1800 363 3333.


By Deborah Gan
A mahjong addict with an undying love for dogs, Deborah is always on the hunt for cheap deals because she is always broke. That is why she is attempting to be more financially savvy to be.. less broke.


Deborah Gan July 6, 2022 92521