Singlife Flexi Retirement II — Product Review

Overview

Singlife Flexi Retirement II is a participating endowment plan from Singapore Life Ltd. designed primarily as a retirement income solution. Unlike traditional endowment plans with fixed terms, this plan offers substantial flexibility: policyholders choose their premium payment term (single premium or 5–25 years), accumulation period, and income payout period (from 5 years up to age 120). The plan pays a Guaranteed Monthly Income during the payout phase, supplemented by non-guaranteed Reversionary Bonuses, Additional Monthly Income, and Monthly Cash Bonuses. It also includes Death, Terminal Illness, and Premium Waiver upon Total and Permanent Disability benefits. No medical underwriting is required, and SRS contributions are permitted. The insurer holds an A2 credit rating from Moody's.

How it compares

At a common basis (age 35, male, non-smoker, $50,000 single premium), Singlife Flexi Retirement II's projected net returns are mixed against peers. Its 5-year net return of 1.24% trails all three competitors (Income's Gro Retire Flex Pro II at 1.58%, Great Eastern's GREAT Prime Rewards III at 3.68%, and AIA's Retirement Saver (IV) at 3.20%). However, its 10-year return of 4.07% is competitive, though AIA leads at 4.90%.

The plan's total expense ratio of 2.59% over 5 years is notably higher than peers (Income: 0.94%, Great Eastern: 1.62%, AIA: 1.30%), which partially explains the lower early returns. The participating fund's 3/5/10-year net investment returns are 6.65%, 1.24%, and 4.07% respectively.

Illustrated surrender values at $1,000 annual premium show year 10 at $3,183 (up to $3,455 projected), year 20 at $10,595 (up to $12,861), but year 30 drops sharply to $3,238 — reflecting the plan's design as an income product rather than a long-term accumulation vehicle. Projected yield to maturity is 1.99%–3.08% p.a. Distribution costs are substantial at $1,386 per $1,000 annual premium.

Pros

• High flexibility: changeable income payout period and life assured
• No medical underwriting required
• SRS premium payments allowed
• Optional reinvestment of monthly income at non-guaranteed rates
• Includes death, terminal illness, and TPD premium waiver coverage

Cons

• Higher expense ratio (2.59% over 5 years) than peers
• Lower 5-year net returns compared to alternatives
• Distribution costs are significant ($1,386 per $1,000 premium)
• Surrender value declines sharply after year 20, suggesting it is not ideal for long-term accumulation
• Non-guaranteed elements (bonuses, AMI, MCB) are subject to insurer discretion

Who it may suit

This plan may suit individuals prioritising retirement income flexibility over pure accumulation growth, particularly those who value the ability to adjust payout periods and change the life assured. It may be less suitable for investors seeking competitive early returns or lower fees, where AIA Retirement Saver (IV) or GREAT Prime Rewards III may offer better value. Those considering SRS funding may find the SRS eligibility attractive.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.