Best Endowment Plans in Singapore [November 2026]

The best endowment plan in Singapore depends on how long you can lock your money away and whether you need a guaranteed return. As of 2 November 2026, the two-year tranches insurers list as open guarantee 0.60% to 1.44% p.a.: DBS SavvyEndowment 23 and its adviser-sold twin, Manulife Goal 2026 (I), at 1.44%, and Great Eastern's GREAT SP at 0.60%. Prudential's PRUAssure Growth guarantees 1.70% p.a. over three years. All of them are below the 1.95% cut-off yield of the latest six-month T-bill. The higher-yielding tranches of the past year, such as Tiq 3-Year at 3.56% and Singlife Secure Saver IX at 2.70%, are fully subscribed or closed.

For longer goals such as school fees or retirement income, participating plans like HSBC Life Wealth Builder, Etiqa Enrich flex plus and Singlife Flexi Retirement II offer capital guarantees after a set number of years, plus bonuses that are not guaranteed. This guide tracks which tranches are open, converts every quoted rate into the same per-year figure, compares endowments with T-bills and Singapore Savings Bonds, and explains the risks most comparisons skip.

Key Takeaways

• Short-term endowment plans are single-premium savings policies, usually two to three years long, sold in limited tranches. Rates are fixed per tranche and change with interest rates.
• In November 2026, open two-year tranches guarantee roughly 0.6% to 2.0% p.a., at or below T-bill and SSB yields. The real advantage is locking a rate for the full term, not a higher rate.
• Always compare the per-year rate. Manulife Goal 2026 (I) quotes a guaranteed 2.91%, but that is the total over two years, or about 1.44% p.a.
• "Capital guaranteed" applies only if you hold to maturity, and only to nominal value. With headline inflation at 2.2% in September 2026, a 1.44% guarantee loses purchasing power.
• Endowments are protected by the Policy Owners' Protection Scheme, but guaranteed surrender values are capped at S$100,000 per life assured per insurer.

What Is an Endowment Plan?

An endowment plan is a life insurance policy that pays a lump sum at a fixed maturity date, or earlier if the life assured dies. You pay either one single premium or regular premiums, and the insurer invests them. In Singapore, endowments are sold by life insurers and banks, and many are capital guaranteed at maturity.

The death benefit on most savings-focused endowments is small, typically 101% to 105% of the single premium, so the product is mainly a savings tool rather than protection. If you need meaningful life cover, term life insurance usually does that job more cheaply.

Participating vs non-participating plans

A non-participating plan pays a fixed, fully guaranteed maturity benefit agreed on day one. Most short-term tranches work this way: SavvyEndowment, GREAT SP, Tiq 3-Year and the Singlife Secure Saver series are all non-participating or mostly guaranteed.

A participating plan pays a guaranteed base plus bonuses from the insurer's participating fund. Bonuses depend on how that fund performs and are never guaranteed, although reversionary bonuses become guaranteed once declared and vested. Insurers illustrate participating plans at two fund returns, usually 4.25% and 3.00% p.a.; neither is a promise.

Short-term vs long-term plans

Short-term plans run two to five years, are funded with one premium and suit cash you know you won't need. Long-term plans run ten years to whole of life, are usually funded with regular premiums and suit goals such as education, retirement income or legacy. The two behave so differently that comparing a two-year tranche with a 20-year participating plan on headline return alone is misleading.

Best Short-Term Endowment Plans in Singapore (November 2026)

The best short-term endowment plan is the one with the highest guaranteed per-year return that is actually open on the day you apply. Tranches open and close every few weeks, so the table below shows each plan's status and the source we checked on 2 November 2026. Confirm the live tranche with the insurer before applying.

Best 2-year single premium endowment plan

Among two-year plans insurers list as open, DBS SavvyEndowment 23 is the most accessible: a S$5,000 minimum, cash or SRS funding, no health check, and a death benefit of 101% of the single premium. It guarantees 1.44% p.a., with a possible total of 1.60% p.a. if the non-guaranteed bonus is paid. It is open to Singapore Citizens and PRs aged 18 to 75 who live and pay tax in Singapore, and it can only be bought through DBS/POSB digibank. Holding it also counts towards bonus interest on a DBS Multiplier account.

DBS also sells the same Manulife plan through its advisers as Manulife Goal, which is available to foreign residents. Singlife Max Saver II guarantees more, 2.00% p.a. or 104.04% of the premium at maturity, with capital guaranteed from the start of the second policy year. It needs at least S$20,000 (maximum S$1,000,000) and is not listed on Singlife's public product pages, so ask a Singlife adviser whether the tranche is still open. Great Eastern's GREAT SP is the easiest to buy online but pays only 0.60% a year, with a death and disability benefit of 105% of the premium.

Best 3-year single premium endowment plan

Prudential PRUAssure Growth is the three-year plan still on sale: 1.70% p.a. guaranteed, 105.2% of the premium at maturity, from S$5,000 in cash or SRS, with no medical underwriting. Prudential also advertises a bundled rate of 3.40% p.a., but only if you buy another eligible Prudential insurance plan and keep it in force to maturity, capped at S$30,000 of premium; judge the endowment on its unbundled 1.70%. The higher-yield three-year tranches are gone: Tiq 3-Year (3.56% p.a.) is fully subscribed, Singlife's Digital Saver II (2.60% p.a.) has closed, and AIA's #Wealth Savvy (IV) (2.80% p.a.) was a January 2025 tranche that AIA no longer offers. Note that the December 2026 SSB averages 1.99% a year over three years, more than PRUAssure Growth, with no lock-in.

How to compare yields: per year vs total

Insurers quote returns in two ways, and mixing them up is the most common mistake in endowment comparisons. Some quote a yield per year at maturity; others quote the total gain over the whole term. Convert everything to per year before comparing, and check the maturity benefit as a percentage of your premium.

Here is what each plan pays on a S$20,000 single premium held to maturity. Gains are compounded from the guaranteed rate, except GREAT SP, which pays its 0.60% in cash each year, so figures may differ slightly from insurer illustrations.

The Manulife Goal row is the one to notice. Its 2.91% headline is about double the per-year rate, and once converted it is the same 1.44% p.a. as SavvyEndowment 23, which DBS distributes as the same underlying Manulife product.

Kilde view. Compare endowments on one number: the guaranteed maturity value as a percentage of your premium, converted to a yearly rate. Totals over the whole term, yearly rates and non-guaranteed bonuses are often quoted side by side, and mixing them can make the same plan look twice as attractive as it is.

How short-term endowment yields have changed since 2023

Short-term endowment rates track interest rates with a lag, which is why the best tranches of 2023 are gone. Insurers price each tranche off prevailing yields on the bonds they buy, so when rates fall, new tranches come in lower. The two longest-running series show the trend clearly.

Two practical points follow. First, open tranches can lag the market. SavvyEndowment 23 was priced in May 2026, when the six-month T-bill cut off at 1.45% (21 May auction); by the 22 October auction it had risen to 1.95%. When rates have just moved, compare a tranche with today's T-bill and SSB rates, not with the previous tranche. Second, by the time an article lists a "best" tranche, it has often closed, so treat any rate older than a month as history, not an offer.

Kilde view. A tranche rate is a snapshot of interest rates on the day it was priced. The useful question is not whether the next tranche will pay more, which nobody can promise, but whether today's guaranteed rate is enough for the goal you are funding, whichever way rates move next.

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Best Long-Term Endowment Plans

Long-term endowment plans suit goals ten or more years away, such as university fees, retirement income or wealth you plan to pass on. Most are participating plans: part of the return is guaranteed, and the rest depends on bonuses from the insurer's participating fund. Choose by purpose first, then compare guaranteed values.

Best long-term endowment plan for wealth building: HSBC Life Wealth Builder

HSBC Life Wealth Builder is a participating savings plan that matures when the original life insured reaches age 120. You can pay a single premium or regular premiums over 5, 10 or 15 years. After the first two annual premiums, you can pause premiums for one year without the policy lapsing, and spouses can own the policy jointly. You can draw on the cash value once it is available, though withdrawals reduce long-term value. It suits investors who want long-term accumulation that can pass to the next generation.

Best endowment plan for school fees and flexible withdrawals: Etiqa Enrich flex plus

Etiqa Enrich flex plus lets you pay premiums over 3, 5, 10, 15 or 20 years, with no health checks for the basic plan. Etiqa quotes a guaranteed maturity yield of up to 1.65% p.a. and a potential total of up to 3.95% p.a. at its higher illustrated return; at a 3.00% illustrated return, the total falls to 2.75% p.a. Capital is guaranteed from policy year 5 to 15, depending on the premium term, and you can defer premiums for up to a year after the fourth policy year if the policy has enough cash value. The flexibility on withdrawals makes it a fit for staggered costs such as school fees.

Best endowment plan for retirement income: Singlife Flexi Retirement II

Singlife Flexi Retirement II lets you choose a guaranteed monthly income, when it starts and how long it lasts. At the end of the accumulation period, capital is guaranteed provided all basic premiums have been paid, and you can take a lump sum or convert it into monthly payouts, plus a non-guaranteed monthly cash bonus. Single-premium policies can be paid with SRS funds. The optional Singlife Care Income Plus Cover rider adds payouts for severe disability and specified senior conditions during retirement.

Comparison of the top long-term plans

Endowment Plans vs T-Bills, SSBs and Fixed Deposits

In November 2026, a two-year endowment does not pay more than government securities. The latest six-month T-bill cut off at 1.95%, and the December 2026 Singapore Savings Bond, open for applications until 25 November, pays 1.83% in year one and 1.99% in year two. Promotional 12-month fixed deposits pay about 1.7% to 2.2%. An endowment's advantages are elsewhere: a rate fixed for the whole term, a small death benefit and simple SRS funding.

On S$20,000, two years at SavvyEndowment 23's guarantee earns about S$580. Two years in the December SSB earns about S$764 in coupons, with the freedom to redeem in any month. Rolling six-month T-bills at today's 1.95% would earn about S$790, and would beat the endowment unless T-bill yields fall below about 1.44% over the two years. That reinvestment risk is exactly what the endowment removes.

Which should you choose?

• Choose a short-term endowment if you want one rate fixed for two or three years, you are investing SRS money you would otherwise leave idle, and you are certain you won't need the cash before maturity.
• Choose T-bills if you want the highest current government-backed yield and can reinvest every six months or a year.
• Choose SSBs if you might need the money at short notice; you can redeem monthly without penalty. Read our guide to Singapore Savings Bonds for the application process.
• Choose fixed deposits or savings accounts if the amount is small or you want same-day access.
• Don't buy an endowment if the money is your emergency fund, if you need real (after-inflation) growth, or if a cheaper term policy plus separate investments would meet your goals better.

For a wider comparison of government-backed and capital-protected options, see our guide to safe and low-risk investments in Singapore and our T-bills guide.

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Can You Buy an Endowment Plan With SRS or CPF?

Yes, with conditions. Many short-term tranches accept Supplementary Retirement Scheme (SRS) funds, and CPF Ordinary Account savings can buy endowment policies under the CPF Investment Scheme, but only single-premium or recurring single-premium policies from insurers included in the scheme.

SRS. SavvyEndowment 23, Manulife Goal, the Singlife Secure Saver series and single-premium Singlife Flexi Retirement II policies can all be paid from SRS. Maturity proceeds go back into your SRS account, not to you, so SRS rules still apply when you withdraw: withdrawals before the statutory retirement age are fully taxable and incur a 5% penalty, while withdrawals at or after it are 50% taxable. The annual SRS contribution cap is S$15,300 for Singapore Citizens and PRs and S$35,700 for foreigners. For SRS cash that would otherwise sit idle, a short-term endowment is a reasonable parking place, provided you compare it with SRS-eligible T-bills and SSBs first.

CPF. Under CPFIS, only single-premium or recurring single-premium policies qualify (new regular-premium policies have been excluded since 2001), and an endowment's maturity date must not be later than your 62nd birthday. Only the part of your Ordinary Account above the investible threshold can be used. Our CPF Investment Scheme guide explains the limits. Remember that money left in the OA earns a guaranteed rate already, so an endowment has to beat that after charges to be worth it.

Cashing Out, Surrendering or Selling an Endowment Policy

You can exit an endowment early in three ways: surrender it to the insurer, take a policy loan against its cash value, or sell it to a third party through an absolute assignment. Each has a cost, and none restores the guaranteed maturity value you give up.

Surrender. The insurer pays the surrender value: the guaranteed cash value plus any vested bonuses. In the early years it is often below the premiums you paid, and some short-term plans pay little or nothing before maturity. The guaranteed surrender value table in your policy illustration shows exactly what you would get each year.

Policy loan. On participating plans with cash value, you can borrow against the policy instead of ending it. Interest accrues, and an unpaid loan reduces the eventual payout.

Selling a traded endowment policy. Some intermediaries buy endowment and whole life policies for more than their surrender value and resell them to investors as traded endowment policies. MoneySense notes that registered life insurers in Singapore do not buy policies for resale or distribute traded policies. If you sell, you lose the policy's death benefit; if you buy one, you take on the remaining premiums and the issuing insurer's credit risk. Get a written surrender quote from your insurer first, so you know what any offer is actually worth.

How Safe Are Endowment Plans?

Endowment plans are among the lower-risk savings products in Singapore, but "capital guaranteed" has three limits. The guarantee applies only at maturity; it protects the nominal amount, not purchasing power; and it depends on the insurer, backed by a statutory protection scheme that has caps. Understanding all three matters more than the headline rate.

The guarantee applies at maturity. Exiting early can return less than you paid. On some plans, the guarantee starts only after several policy years, for example from year 5 to 15 on Etiqa Enrich flex plus.

Inflation is not covered. Singapore's headline inflation was 2.2% in September 2026. A 1.44% guarantee therefore loses about 0.8 percentage points of purchasing power a year. Even the 2.00% tranches are below inflation at current prices.

Insurer failure is covered only up to caps. The Policy Owners' Protection Scheme, administered by the Singapore Deposit Insurance Corporation, protects 100% of the guaranteed benefits of life policies, subject to caps. For individual life policies, those caps are S$500,000 of guaranteed sum assured and S$100,000 of guaranteed surrender value, per life assured per insurer. Non-guaranteed bonuses are not protected. If you are placing a large lump sum, splitting it across insurers keeps more of it within the caps. Check the latest limits with the SDIC or your insurer.

Being MAS-regulated is not the same as being risk-free. Insurers are supervised by the Monetary Authority of Singapore, but supervision limits risk rather than removing it. Our guide to what MAS regulation means for investors explains the difference.

Kilde view. "Capital guaranteed" answers one question: will this insurer return your nominal premium at maturity? It does not tell you whether that money keeps its purchasing power, whether you can leave early without a loss, or how much of a large sum the protection scheme covers. Check all three before you commit.

Kilde's View: Where Endowments Fit for Accredited Investors

Endowments do one job well: they turn spare cash into a known amount on a known date, with a small death benefit and statutory protection behind the guaranteed part. At today's rates, that job comes at a cost in real return, so they make most sense for money with a fixed purpose and timeline, not as a core source of income.

For accredited investors, endowments, T-bills and SSBs form the capital-preservation layer of a portfolio. Private credit sits elsewhere. It aims for higher income by lending to businesses, and in exchange it carries risks an endowment does not: there is no capital guarantee, borrowers can default, the money is less liquid, and it is not covered by the Policy Owners' Protection Scheme or deposit insurance. Our guide to private credit investing in Singapore covers how the asset class works and what can go wrong.

Kilde view. An endowment and private credit answer different questions. An endowment protects a sum you must have on a set date. Private credit suits capital that can stay committed for its full term, can absorb a borrower default, and is spread across many loans. The higher yield is payment for taking those risks, not a free upgrade on a guaranteed product, so decide which question you are answering before you compare rates.

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Advantages and Disadvantages of Endowment Plans

Endowment plans trade flexibility for certainty. The table below summarises what you gain and what you give up, based on plans available in November 2026.

How to Choose the Right Endowment Plan

Start with the date you need the money and the amount you must have on that date; only then compare plans. An endowment is right when the payout date is fixed and certainty matters more than return. If either is unclear, a more liquid option is usually the better choice.

1. Set the goal and timeline. A two-year plan for a known expense is a different decision from a 20-year plan for retirement.
2. Compare per-year guaranteed returns. Convert totals to per year, and compare against the latest T-bill and SSB rates on the same day.
3. Check the tranche status. Confirm the plan is open and the rate shown is the current tranche, not a past one.
4. Read the surrender table. Know what you would get back in each year if plans change.
5. Check the funding source. Decide between cash, SRS or CPF, and the rules that come with each.
6. Mind the protection caps. For large sums, consider spreading across insurers.
7. Get advice if you need it. A licensed adviser can assess a plan against your full finances; see our guide to financial advisers in Singapore.

Sources

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