Gro Retire Flex Pro II explained: benefits, limits and the fine print
Income Insurance's Gro Retire Flex Pro II pays a monthly retirement income with a guaranteed floor and a non-guaranteed bonus on top. Here is what is actually locked in.
Gro Retire Flex Pro II is Income Insurance's participating retirement income plan, built around a monthly cash payout in retirement rather than a single lump sum. The flexibility in its name refers mainly to when that retirement date falls, and the "Pro" mechanics are largely about how the guaranteed and non-guaranteed parts of the monthly payout are structured. This piece works through what the insurer's own published material states, based on the product page as retrieved for this article; the specific figures below can change, and the policy contract, not this article, is what governs if the two ever disagree.
How the plan is structured
Buyers choose either a single premium or regular premiums paid over 5, 10, 15 or 20 years, during an accumulation phase that can run from 5 to 50 years before payouts begin. Once payouts start, they run for a chosen period — 10, 15 or 20 years, or all the way to age 100 — as a monthly cash benefit made up of a guaranteed monthly amount plus a non-guaranteed monthly bonus.
Minimum entry is a single premium of S$20,000 in cash (S$15,000 if funded through SRS), or regular premiums from S$200 a month. During accumulation, the guaranteed benefit on the plan is the higher of 105% of premiums paid or the guaranteed cash value, plus a 100% terminal bonus — the accumulation phase's principal protection sits in that guaranteed figure specifically, not in the bonus layered on top of it.
What is guaranteed, and what is not
The insurer's page splits the eventual retirement income into two components: the basic monthly benefit, which is guaranteed, and a non-guaranteed monthly bonus on top of it. This mirrors how participating (par) policies work generally in Singapore: bonuses are declared from the insurer's participating fund and depend on its actual investment performance, and are capped for illustration purposes by the industry's own rules on upper and lower illustration rates — the Life Insurance Association Singapore caps the upper illustration rate for Singapore-dollar par policies, with the lower rate at least 1.25 percentage points below it. The insurer's page for Gro Retire Flex Pro II states an illustrated total yield at maturity of up to 4.08% a year at the higher fund assumption, and around 2.97% a year at the lower one — both illustrations, not promises, since actual bonuses depend on the fund's real experience over the policy's life.
Other benefits worth knowing
- Retirement date flexibility. The chosen retirement age can be brought forward or pushed back by up to five years, letting a buyer adjust to a change in career plans without restructuring the whole policy.
- Retrenchment support. Six months of premiums can be waived, with an option to defer, if the policyholder is retrenched during the accumulation phase.
- Accidental death benefit. An additional 105% of premiums paid, on top of the ordinary death benefit, if death is caused by an accident.
- Secondary insured option and optional riders. A second life can be added, and cancer or dread disease riders can be attached for an additional premium.
What a buyer should check regardless of which retirement plan they compare
- Which figure is actually guaranteed — in this plan, the basic monthly benefit — versus which is a bonus dependent on fund performance.
- The premium term and accumulation period against your own retirement timeline, since adjusting the retirement date by up to five years has limits either side of the chosen date.
- Surrender value in the early years, if there is any possibility premiums might need to stop before the accumulation phase ends.
- How the accidental death benefit and any riders are underwritten, since these are add-ons with their own terms distinct from the core retirement income benefit.
The policy contracts and brochures linked from Income Insurance's own product page set out the terms this summary leaves out, and they are what governs if a detail here and the contract ever differ. Comparing this plan against others is easier side by side at /compare/singapore/savings.
Talk to an advisor
A retirement income plan's guaranteed and non-guaranteed components need to be weighed against your own retirement timeline and how much certainty you need in the payout. A licensed advisor can go through Gro Retire Flex Pro II's current terms against your plans. Find one through our advisor matching, or ask our assistant to walk through the illustration.
Sources
This content is educational information from a licensed advisor, not financial advice. Product details vary by insurer — verify specifics with an advisor.
