The Great Retire Income policy is a retirement plan offering flexible premium terms, guaranteed capital, and insurance coverage. While it provides steady payouts and security, its fixed payout ages and limited flexibility may not suit everyone. Ideal for those seeking a secure, structured retirement income.
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The policy offers growth through a combination of guaranteed capital and potential non-guaranteed bonuses, enhancing retirement income over time.
It provides flexible premium payment terms, capital guarantees, and comprehensive insurance coverage, ensuring financial security and protection.
The policy offers limited flexibility with fixed payout ages and durations, but allows for some customization in premium payments and income periods.
- Ensures your initial investment is protected at the selected retirement age.
- Choose from 5, 10, 15, or 20-year payment options to suit your financial situation.
- Fixed payout ages and durations may not suit all retirement plans.
- Limited ability to change the plan after payouts begin.
VERDICT:
The Great Retire Income policy is a good option for those seeking a secure and structured retirement plan with capital protection and insurance coverage.
However, its limited flexibility in payout terms and reliance on participating fund performance for growth may not fit everyone’s needs.
For individuals with a straightforward retirement timeline and a preference for guaranteed security, this plan offers peace of mind.
However, those seeking more adaptable options or higher growth potential might find other plans more suitable.
What we like about the Great Eastern GREAT Retire Income
Capital Guarantee
One of the standout features of the GREAT Retire Income is its capital guarantee.
This assurance means that the initial capital you invest in the plan is protected.
Regardless of market fluctuations or economic downturns, you can rest easy knowing your principal amount remains intact at your chosen retirement age.
- Financial Security: The capital guarantee provides a safety net, ensuring you won’t lose your initial investment.
- Peace of Mind: Knowing that your capital is secure allows you to focus on long-term financial planning without worrying about potential losses.
- Predictability: With a guaranteed return of your capital, you can plan your retirement more confidently, knowing that a certain portion of your savings is protected.
This feature is particularly appealing in uncertain economic times, where market volatility can pose significant risks to retirement savings.
Premium Payment Terms
The flexibility in premium payment terms is another appealing aspect of this policy.
You can tailor the payment period to fit your financial situation and retirement goals, making it a versatile option for a wide range of investors.
- Flexibility: Choose from a variety of premium payment terms, such as 5, 10, 15, or 20 years. This allows you to match your payment schedule with your income flow and financial plans.
- Budget-Friendly: With premium payments starting as low as S$150 monthly, you can start investing in your retirement without significant upfront costs.
This flexibility makes the GREAT Retire Income policy adaptable, allowing you to align your investment with your lifestyle and financial capacity.
Payout Options
The payout options offered by this policy provide another layer of flexibility and personalisation.
You have the freedom to decide when and how you want to receive your retirement income, which can greatly enhance your financial planning.
- Flexible Retirement Age: Choose to start receiving payouts from age 56, 61, 66, or 71. This allows you to customise your retirement plan according to your personal goals and financial needs.
- Variable Payout Duration: Opt for payout periods of 10 or 20 years, giving you the choice to receive income over a timeframe that suits your retirement lifestyle.
- Adjustable Income Period: The ability to change your income period up to 6 months before the first payout offers adaptability, ensuring your retirement plan can evolve with your needs.
These options give you control over your retirement income, allowing you to tailor the plan to suit your changing circumstances and ensuring a steady stream of income when you need it most.
Insurance Coverage
The GREAT Retire Income policy stands out not just for its retirement income features, but also for its comprehensive insurance coverage.
This added layer of protection ensures that you and your loved ones are safeguarded against unforeseen events, offering peace of mind throughout the policy term.
Death Benefit: The policy provides coverage in the event of the policyholder’s death, ensuring that beneficiaries receive a financial payout. This benefit helps to secure your family’s financial future and can be a crucial support during difficult times.
Total and Permanent Disability (TPD) Coverage: If you are unable to work due to a total and permanent disability, the policy offers a payout to help cover living expenses and medical costs. This feature is especially important as it provides financial stability when you might need it most.
Terminal Illness Benefit: In the unfortunate event of a terminal illness diagnosis, the policy offers a lump sum payout. This benefit can help cover medical expenses or provide additional financial support during a challenging period.
Loss of Independence (LOI) Coverage: During the income period, if you lose independence and are unable to perform Activities of Daily Living (ADLs), the policy provides an additional payout. This coverage ensures that you have financial assistance to help with daily care needs or adjustments to your living arrangements.
These insurance coverage features are designed to provide a comprehensive safety net, ensuring that both you and your loved ones are protected against life’s uncertainties.
This level of protection complements the retirement income features of the policy, making it a well-rounded financial planning tool.
What we think the Great Eastern GREAT Retire Income could do better
Not as Flexible Payout Terms
While the GREAT Retire Income does offer some flexibility in its payout terms, there are certain limitations that might not fully align with the needs of all policyholders.
This lack of flexibility can be a drawback if your financial situation or retirement plans require more adaptable options.
Fixed Payout Ages: The policy allows you to begin receiving payouts only at specific ages — 56, 61, 66, or 71. This fixed schedule might not accommodate those who wish to retire earlier or later than these set ages, limiting your ability to tailor the plan to your exact retirement timeline.
Limited Payout Durations: You can choose between a 10 or 20-year payout period. While this offers some level of choice, it may not be sufficient for those who prefer a different duration, such as a lifetime payout or a shorter, more concentrated income period.
Adjustments Limited to Pre-Payout: The option to adjust your income period is restricted to up to 6 months before the first payout. This can be limiting if your circumstances change unexpectedly after this window, preventing you from adapting the plan to new needs.
This rigidity in payout terms might not suit everyone, especially if your financial plans or retirement goals deviate from these predefined options.
Lack of Flexibility as Compared to Others
The GREAT Retire Income, while offering various features, might fall short in terms of overall flexibility compared to some other retirement plans available in the market.
This lack of adaptability can be a concern for those looking for more control over their investment and coverage options.
Premium Payment Options: Although there are multiple premium payment terms, the choices might still feel restrictive for some. If your financial situation changes, the ability to pause or modify payments without penalty is limited.
Adjustment Constraints: The policy allows changes to the income period only within a certain timeframe before payouts begin, which can be inconvenient if life circumstances require more immediate or ongoing adjustments.
Lack of Customisation in Benefits: While the policy provides comprehensive coverage, it may not allow as much customisation of benefits as some other plans. This can be a downside for those looking for tailored coverage options or specific riders that are not offered.
These limitations in flexibility might make the Great Retire Income policy less attractive to those who value adaptability and the ability to customise their retirement plan to fit their unique needs and changing circumstances.
Better alternatives to the Great Eastern GREAT Retire Income
AIA Retirement Saver IV
The AIA Retirement Saver IV plan is designed with flexibility and long-term security in mind, making it an attractive option for those seeking a tailored retirement solution.
Flexible Premium Payment Terms: This plan allows policyholders to choose from a variety of premium payment terms, accommodating different financial situations and planning preferences. This flexibility helps ensure that you can maintain your investment even if your financial circumstances change.
Customisable Payout Options: The AIA Retirement Saver IV offers a wide range of payout options, allowing you to select the retirement age and payout period that best fit your personal retirement goals. This level of customisation ensures that your plan is closely aligned with your needs and lifestyle.
The combination of flexible terms and potential for higher returns makes this plan a strong contender for those looking for a comprehensive retirement solution.
Manulife RetireReady Plus (III)
Manulife RetireReady Plus (III) is noted for its robust features and adaptability, offering comprehensive coverage and flexibility to match a wide range of retirement needs.
Comprehensive Coverage: This plan provides extensive coverage, including benefits for critical illness and disability, which ensures that you are well-protected against a variety of risks during your retirement years.
Flexible Retirement Age and Payout Duration: The policy offers the flexibility to choose your desired retirement age and payout duration, allowing for greater control over your retirement income stream.
Premium Waiver Benefits: In the event of disability or illness, the plan includes premium waiver benefits, ensuring that your policy remains intact without the burden of continuing premium payments.
The adaptability and comprehensive protection offered by Manulife RetireReady Plus (III) make it a preferred choice for those looking for a plan that can evolve with their changing needs.
Singlife Flexi Retirement
Singlife Flexi Retirement is known for its versatility and user-friendly features, making it an appealing option for individuals looking for a plan that can be easily tailored to fit their retirement vision.
Wide Range of Payout Ages: This plan allows you to select from a broad range of payout start ages, providing greater flexibility to align with your specific retirement timing.
Adjustable Payout Periods: The policy offers multiple payout duration options, ensuring that you can choose a payout schedule that matches your financial requirements and lifestyle preferences.
This plan’s emphasis on flexibility and potential for enhanced returns makes it a strong candidate for those seeking a retirement plan that can adapt to their personal needs.
NTUC Income Gro Retire Flex Pro
NTUC Income Gro Retire Flex Pro is designed with a strong focus on flexibility and long-term growth, making it an excellent choice for those looking for a retirement plan that can offer both security and adaptability.
Extensive Payout Flexibility: The plan allows you to choose from a variety of payout start ages and durations, providing significant flexibility to customise your retirement income strategy.
Comprehensive Coverage Options: It includes a range of coverage options, such as benefits for death, total and permanent disability, and critical illness, ensuring comprehensive protection throughout your retirement.
Capital Guarantee with Potential Bonuses: The plan combines the security of capital guarantee with the potential for non-guaranteed bonuses, offering a balanced approach to retirement savings with opportunities for enhanced growth.
The NTUC Income Gro Retire Flex Pro’s focus on flexibility and protection makes it a standout option for those looking for a versatile and secure retirement planning solution.
Let Us Compare Policies For You
When considering annuity plans, it’s crucial for you to think about the overall flexibility offered by the features, as these are long-term commitments.
You should evaluate the accumulation period and payout options available, check whether your capital is guaranteed, and consider the growth potential of the participating funds, including both guaranteed and non-guaranteed returns.
Different types of annuities are designed for different purposes.
Some provide lifetime payouts with lower monthly amounts, while others offer higher payouts for a shorter period.
Choosing the right policy depends on your specific retirement goals and financial situation.
It’s important to understand what you’re purchasing on a deep level.
A good policy for one goal might not be suitable for someone with different objectives.
That’s why our partners, who have years of experience in the industry, are trained to help you navigate these options.
We can assist you in comparing policies, ensuring they are suitable for your current situation and future goals.
We offer a free, non-obligatory comparison session to help you make informed decisions.
During this session, we’ll also help you obtain quotes to compare different plans. Reach out to us to start planning for a secure and fulfilling retirement.