Gro Saver Flex Pro (SP) — Product Review

Overview

Gro Saver Flex Pro (SP) is a participating endowment plan from Income Insurance Limited that combines savings accumulation with life protection. This single-premium version allows policyholders to make one lump-sum payment and choose policy terms ranging from 10 years up to age 120. The plan offers death and terminal illness coverage, paying the higher of 105% of net premiums paid or 101% of the surrender value. As a participating policy, it shares in the performance of Income Insurance's Life Participating Fund through annual (reversionary) bonuses and potential terminal bonuses. The plan is quoted by premium — you choose your outlay and the payout follows — with no sum assured to normalise against. Benefit illustrations are based on investment return rates of 3.00% and 4.25% per annum.

How It Compares

At a common basis of age 35, male, non-smoker, with a $50,000 single premium, Gro Saver Flex Pro (SP) offers a guaranteed surrender value at year 20 of $54,100. This sits below PRUWealth Plus (SGD) - SP's $57,641 and GREAT Wealth Multiplier 3's $55,000, but above Singlife Smart Saver Plus, which shows no year-20 guaranteed figure.

The plan's 10-year net fund return of 4.04% is competitive, trailing only Singlife Smart Saver Plus (4.07%) and outperforming GREAT Wealth Multiplier 3 (3.68%) and PRUWealth Plus (3.95%). However, its 5-year return of 1.58% lags both GREAT Wealth Multiplier 3 (2.39%) and PRUWealth Plus (2.23%), though it beats Singlife's 1.24%.

Notably, Gro Saver Flex Pro (SP) has the lowest total expense ratio among peers at 0.94% (5-year), compared with 1.54% for GREAT, 2.27% for PRUWealth, and 2.59% for Singlife. For a $10,000 premium, distribution costs are $672.

The plan's projected yield to maturity ranges from 2.59% to 3.49% per annum.

Pros

• Low expense ratio — the lowest among comparable plans, meaning more of your premium works toward returns
• Flexible policy terms — from 10 years to age 120, allowing customisation to your savings horizon
• No underwriting required — simplifies application
• SRS premium payment allowed — useful for tax planning
• Secondary insured option — policy continuity upon the insured's death
• Guaranteed insurability option — can buy additional life cover at key life events without health evidence

Cons

• Lower year-20 guaranteed value than two of three comparable plans
• Weak 5-year fund return (1.58%) compared with peers
• No cash coupons — unlike some endowment plans, no regular payouts
• Surrender penalties in early years — surrender value may be zero or less than premiums paid
• CPFIS not allowed — cannot use CPF Investment Scheme funds
• Bonuses not guaranteed — annual bonuses only become guaranteed once added, and the plan only becomes eligible for bonuses after 2 years

Who It May Suit

Gro Saver Flex Pro (SP) may suit investors prioritising low fund expenses and long-term savings accumulation over immediate returns. Its flexibility in policy terms and the secondary insured option make it attractive for those planning intergenerational wealth transfer or seeking SRS-linked retirement savings. However, those seeking stronger short-to-medium-term fund performance or higher guaranteed values at year 20 may find other options more compelling. As with all participating plans, the non-guaranteed elements mean actual returns depend on future fund performance.

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.