OCBC, Great Eastern launch SG50 endowment plan

Singapore

OCBC Bank and Great Eastern have jointly launched an SG50 five-year single premium endowment plan that offers customers a guaranteed payout of two per cent every year. In a release on Sunday, they said the total premium paid is guaranteed at maturity. Together with the guaranteed annual payout, the endowment plan offers the highest guaranteed returns in the market, they added.

With a minimum premium of S$20,000, customers can choose between two payout options. The first option allows the policyholder to withdraw guaranteed annual payouts every year. For example, if premium committed is S$100,000, at the end of year one to four, the customer receives an annual guaranteed payout of S$2,000. At the end of year five, the customer receives an annual payout of S$2,000 (the guaranteed annual payout) + S$100,000 (the total premium paid). The total guaranteed amount received over five years is S$110,000, which is a yield of two per cent per annum.