Is there any products on the market which generate returns of 5 to 7 percent without risk? A financial planner told me there is. Is it true?

The moment you hear "without risk" you can almost immediately dismiss it as false. There is no such thing as no risk. Even for CPF SA, if one day government policy changes, or if the political party changes, then who knows what will happen to our CPF? However, the chances of that happening is very low, therefore it is considered as one of the highest returns with the lowest risks.

Other than this, there is no "one product" that I know of that will generate this amount of increase with absolutely no risk. There are ways you can diversify your risk and earn through multiple products while reducing the risk though!

For singapore market, the singapore government securities should be used as baseline reference as 'risk-free', 10yr is about 2.5%, 30yrs only 2.9%. Anything else in the market with a higher return than the riskfree rate carries a corresponding in increased 'risk level'.

So 5-7% without risk is not possible, without any terms & condition. Always get your financial planner to put what he said into writing(and make sure u witness it and keep a copy), if u decide to take on the product. So that in future there will be at least recourse for u.