Whole Life endowment plan

Savings plans and endowment policies are one of the most popular financial products in Singapore for wealth accumulation. With rising costs of living and the need to grow your savings beyond bank interest rates, a well-chosen endowment plan can help you achieve your medium to long-term financial goals.

According to the Singapore Department of Statistics, Singapore’s average inflation rate has been approximately 2-3% per annum in recent years. This means money sitting in a regular savings account earning 0.05% interest is effectively losing value every year. A well-chosen endowment plan can help you beat inflation and grow your wealth meaningfully over time.

In this guide, we compare the best savings and endowment plans in Singapore (2026), explain how they work, and help you choose the right plan based on your needs, budget and time horizon.

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Read about: How do Savings Plans and Endowment Policies work?

What is a Savings Plan or Endowment Policy?

A savings plan or endowment policy is an insurance savings product that helps you accumulate wealth over a fixed period while providing some life insurance coverage. Unlike a bank fixed deposit, endowment plans offer a combination of guaranteed and non-guaranteed returns, with the potential to earn more through participating fund bonuses.

Key features of endowment plans include capital guarantee upon maturity, guaranteed and non-guaranteed return components, death and terminal illness coverage and flexible premium payment terms.

Bank fixed deposit rates in Singapore currently average around 1.23% p.a. as of May 2026, with even the highest promotional rates capped at around 1.60% p.a. for 12-month placements. For those looking to grow their savings meaningfully over the medium to long term, endowment plans offer the potential for higher returns through participating fund bonuses, while providing life insurance coverage at the same time.

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