The saddest thing about retirement is that your income stops but expenditure doesn’t. Most of us overlook this fact while we are young and earning. The best method of approaching retirement is to plan well in order to enhance your lifestyle during retirement days. Supplement your CPF with a guaranteed income plan. Many banks and insurance companies in Singapore provide retirement plans. DBS RetireReady is one such savings scheme which guarantees income during retirement.
Features and Benefits
- You will get minimum 100% of the premium that you have paid, after retirement.
- This plan provides a monthly income of 2.57% p.a. from the age that you retire. Your monthly income depends on the combination of age when entering retirement, premium term, and income payout period. For example, if you start paying the premium from the age of 25, and you pay it for 10 years, then, you will receive retirement income from the age of 70 until 90 years.
- With this scheme, you can earn an annual bonus before you retire. You also get a non-guaranteed bonus (in cash) after retirement.
- Over the period of this plan, you can enhance your returns up to 4.43% per year.
- You can choose your Guaranteed Monthly Income (GMI) depending on your requirements.
- You can choose to take the accumulated bonus during your retirement in the following ways:
- Lump sum payout
- Extra income every month
The bonus you get will be added annually and will be given to you after retirement.
- This plan is available through cash or Supplementary Retirement Scheme.
- In the event of total/permanent disability, your premium will be waived.
- If you are unable to perform any 3 of the following daily living activities, you can get twice your GMI:
- Using toilet independently
DBS RetireReady Coverage
|DBS RetireReady||You can choose your Income Payout Period up to 80 years, 90 years or whole life.|
|You can choose your Premium Payment Term from 5, 10, 15, or 20 years. You can also choose to pay a single lump sum premium.|
|You can choose your retirement age from the age of 55, 60, 65 or 70 years.|
|This plan will help you with your living, medical, and lifestyle expenses.|
How to Apply for DBS RetireReady
There are various ways to apply for this policy, which are:
- You can call DBS on 1800 221 1111 and get the assistance for application.
- You can leave your personal and contact details on DBS official webpage’s ‘Contact Me’ section. Further, the bank will contact you and assist with the application procedure.
- Book an appointment on the DBS official webpage’s ‘Make an Appointment’ section and select your preferred date and time.
- You can also visit the nearest DBS branch and express your interest in buying the policy.