Enjoy true flexibility with RetireSavvy

At a Glance

Start small and top up premiums along the way

 

Shape the plan after purchase as your needs evolve

 

Find peace in protection as you grow your nest egg

 

Features & Benefits

Your retirement, your terms. RetireSavvy is a truly flexible digital retirement plan that changes as your financial goals change. Start saving for your retirement years by customising your plan to your preferences. And enjoy the flexibility to make tweaks to your policy later as your needs evolve.

Please refer to the Sample Policy Contract for the precise terms, conditions and exclusions.

Ease in gently

  • Affordable premiums: Get a 10-year plan from just S$128.74/month1. Alternatively, you can also choose to get a single premium plan, 3-year or 5-year plan
  • Total flexibility in your hands: Choose to add on by making a premium top-up2 when you have extra cash to spare
  • Capital guaranteed: Receive 100% of your capital when you reach your selected retirement age or the end of the 15th policy year, whichever is earlier
  • Returns from RetireSavvy: On top of your capital, you will receive guaranteed returns and potential non-guaranteed returns from the policy

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender values payable may be less than the total premiums paid.

Flow with flexibility

  • Customise your plan to your protection and retirement needs during your policy term:
    • Choose a later retirement age3
    • Adjust your income payout period3
    • Select your preferred combination of lump sum retirement payment and monthly retirement income by adjusting your retirement income rate3
Find peace in protection

  • Remain steadfast amid life's uncertainties with:
    • Lump sum payout of 105% of premiums paid in the event of death or terminal illness (before the income payout period)
    • A lump sum payout equivalent to 20% of your single premium amount or 50% of your annual premium amount in the event of retrenchment4. Read our FAQs for more details
    • A waiver of all future premiums in the event of total and permanent disability5 (for regular premium plans only)
    • An option to put your premium payment on hold in times of need, while keeping your policy in force6 (for regular premium plans only)

How it works

John buys a 10-year RetireSavvy plan at the age of 35 with an income payout period of 15 years.

  • He pays S$128.74 per month for 10 years
  • Based on his chosen retirement income rate of 90%, John will receive the following when he reaches his selected retirement age of 65 years old:
    • Guaranteed payout: S$1,619.13 as a lump sum + S$100.47/month over 15 years
    • Non- guaranteed payout: Up to S$1,820.90 as a lump sum + S$158.99/month over 15 years7

Scenario 1: John tops up his premiums & unfortunately gets retrenched

Age 40

John receives a good bonus from his company and decides to set aside a portion of it for his retirement.

  • He tops up his S$5,000 to his RetireSavvy plan
  • Based on his chosen retirement income rate of 90%, John will receive the following when he reaches his selected retirement age of 65 years old:
    • Guaranteed payout: S$2,119.13 as a lump sum + S$128.94/month over 15 years
    • Non-guaranteed payout: Up to S$2,425.42 as a lump sum + S$214.63/month over 15 years8

Age 55

John is unfortunately retrenched from his job.

  • He will receive a retrenchment payout benefit of S$1,750 which is 50% of his annual premium as a lump sum payout
  • Despite claiming on the policy, the monthly retirement income and lump sum retirement payment that John is expected to receive upon retirement remains unchanged
Scenario 2: John adjusts his retirement income rate, monthly income payout period and defers his retirement age

Age 57

John realises that he needs more for his retirement and decides to adjust his retirement income rate to 100% and to change his monthly income payout period to 10 years.

  • John will not incur any additional premiums for making this change
  • Based on his new retirement income rate of 100%, John will receive the following when he reaches his selected retirement age of 65 years old:
    • Guaranteed payout: S$208.37/month over 10 years
    • Non-guaranteed payout: Up to S$303.25/month over 10 years9.

Age 62

John decides to retire at 70 instead. Hence, he decides to defer his retirement to 70.

  • John will not incur any additional premiums for making this change
  • Based on his chosen retirement income rate of 100%, John will receive the following when he reaches his selected retirement age of 70 years old:
    • Guaranteed payout: S$220.89/month over 10 years
    • Non-guaranteed payout: S$414.11/month over 10 years10.

Eligibility Requirements

Who is eligible?
Age Between 18 and 55 years (based on your last birthday)
Place of residence Singapore citizen or Singapore Permanent Resident who is residing and paying tax in Singapore

Apply now

You need to have a DBS/POSB Savings or Current account to get our RetireSavvy plan. Apply here if you don’t have one yet. Remember to apply for digibank access.

Getting a RetireSavvy plan is simple and fully digital. Enjoy a guaranteed issuance of this plan without any health checks and you can pay with either cash or SRS! Sign up now!

Get this plan

Alternatively, you can also leave your contact details and we will get in touch soon.

Contact me

Get more Benefits

Earn bonus interest on your DBS Multiplier Account with all Manulife protection or endowment plans distributed by DBS for 12 consecutive months. Find out more.

  • No minimum regular or single premium amount is required
  • Pay with cash or SRS
  • Earn bonus interest for 12 months consecutively

How to Claim

Please visit Manulife’s claim portal to view the list of documents required for submission and submit your claim online.

Frequently Asked Questions

Please refer to the full list of Frequently Asked Questions here.

How does RetireSavvy work?
  1. Choose the desired premium payment term of single premium, 3, 5, or 10 years
  2. Choose the desired basic plan premium
  3. Choose the desired retirement age of 45, 50, 55, 60, 65 or 70
  4. Choose the desired income payout period of 5, 10, or 15 years

Enjoy added flexibility to perform premium top-up(s), change your income payout period, retirement income rate and defer your selected retirement age after your policy inception. Terms and conditions apply.

What is the minimum premium amount for RetireSavvy?

The minimum premium amount per policy is:

  • Single Premium - S$12,000 single premium
  • 3Pay – S$5,000 annual premium ($429.14 monthly)
  • 5Pay – S$3,000 annual premium ($257.48 monthly)
  • 10Pay – S$1,500 annual premium ($128.74 monthly)
What is the Retirement Benefit?

The Retirement Benefit is made up of the:

  • Retirement income and/or
  • Lump sum retirement payout

Retirement income is payable monthly throughout the selected income payout period, whereas the lump sum retirement payout is a one-time payout on the policy anniversary immediately after the life insured attains his/her selected retirement age.

During application, the policyholder can decide the split between monthly retirement income and the lump sum retirement payout. After policy issuance, the policyholder also has the flexibility to change this breakdown, also known as the retirement income rate3.

Can I perform premium top-up anytime?

The policyholder can request to perform a premium top-up 1 year after policy inception and any time at least 5 years before the selected retirement age.

To request a top-up, simply submit a form to Manulife. After Manulife accepts and effects the change, an endorsement and new policy illustration will be issued.

Is there a waiting period applicable to the Retrenchment Payout benefit?

Yes, the policyholder will only be eligible for retrenchment payout benefit:

  • if retrenchment occurred after 90 days from the policy issue date or the date of reinstatement, whichever is later; and
  • if the life insured remains unemployed for a minimum period of 30 consecutive days from the date of retrenchment as mentioned on the retrenchment letter issued by the life insured’s employer.

Contact Us

For product related enquiries, you can email Manulife at service@manulife.com. If you are facing technical difficulties, you may explore our live chat service in DBS/POSB digibank online.

Footnotes:

1 Based on Life Insured 30 years old. Depending on the age of the life insured, the premium amount will vary between S$128.74 and S$128.75 for a 10-year premium payment term.

2 You must submit the request to Manulife 1 year after the policy effective date and 5 years before the selected retirement age. Please refer to the product summary for more details.

3 You must submit the request to Manulife after the policy effective date and 2 years before the selected retirement age. Please refer to the product summary for more details.

4 Please refer to the product summary for more details.

5 Applicable to regular premium plans, during your premium payment term, or before the policy anniversary immediately after his or her 70th birthday, whichever is earlier. It is written on non-participating fund so it will not benefit from the performance of the participating fund.

6 Provided the policy has been in force for 2 years with 2 full annual premium payments.

7 The figures are based on the illustrated investment rate of return of 4.25% p.a.. Based on the illustrated investment rate of return of 3% p.a., the Retirement Income is S$2,129 (S$177.40 monthly) while the Lump Sum Retirement Payout is S$2,572.81 and the Total Retirement Benefits are S$34,504.81. Values comprise of guaranteed and non-guaranteed components.

8 The figures are based on the illustrated investment rate of return of 4.25% p.a.. Based on illustrated investment rate of return of 3% p.a., the Retirement Income is S$2,829 (S$235.79 monthly) while the Lump Sum Retirement Payout is S$3,409.56 and the Total Retirement Benefits are S$45,851.76. Values comprise of guaranteed and non-guaranteed components.

9 The figures are based on the illustrated investment rate of return of 4.25% p.a.. Based on illustrated investment rate of return of 3% p.a., the Retirement Income is S$43,449.60 (S$362.08 monthly). Hence, the Total Retirement Benefit is S$43,449.60. Values comprise of guaranteed and non-guaranteed components.

10 The figures are based on the illustrated investment rate of return of 4.25% p.a.. Based on illustrated investment rate of return of 3% p.a., the Retirement Income is S$50,613.60 (S$421.78 monthly). Hence, the Total Retirement Benefit is S$50,613.60. Values comprise of guaranteed and non-guaranteed components.

Disclaimers

The information herein is published by DBS Bank Ltd (“DBS Bank”) and is for general information only and should not be relied upon as financial advice. This publication may not be reproduced, or communicated to any other person without prior written permission. This website does not take into account the specific investment objectives, financial situation or needs of any particular person. Before entering into any transaction involving any product mentioned in this website, where applicable, you should seek advice from a financial adviser regarding its suitability for your own objectives and circumstances. If you choose not to do so, you should make an independent assessment and do your own due diligence on the product. This advertisement has not been reviewed by the Monetary Authority of Singapore. The website herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

In Collaboration with Manulife

RetireSavvy is issued and underwritten by Manulife (Singapore) Pte. Ltd. ("Manulife") (Reg. No. 198002116D) and distributed by DBS. It is not an obligation of, deposit in or guaranteed by DBS.

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender values payable may be less than the total premiums paid.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (“SDIC”). Coverage for the policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Manulife or visit the Life Insurance Association or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$100,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Information is correct as at 1 Oct 2024.

DBS Insurance Important Notes
Important Information

Thank you. Your feedback will help us serve you better.

Was this information useful?

We’re sorry to hear that. How can we do better? (Optional)

Explore more

Financial Planning
Launch Chat