Should I get an Endowment Plan? (Great Eastern Great Wealth Multiplier)?

Hi anon,

Great Wealth Multiplier is a lifetime endowment plan which will grow your money indefinitely with flexibility to withdraw your funds later on, at any point.

Some of the questions you should ask yourself are:

• Is this the type of plan I want in my portfolio? What am I buying the plan for?

• Is the time horizon suitable for me?

• What are the guaranteed returns on this plan? What about the projected non-guaranteed returns?

• Is the premium sustainable for me?

Especially important is your purpose in getting this plan. If you wanted to save money without any definite timeframe and have something to draw on later, this plan would work. If you wanted to save money for retirement and get a stream of income when you retire, such a plan might not be so suitable.

If this is indeed the sort of plan you are looking at, then you should be aware that many insurers offer plans similar to Great Wealth Multiplier. You can compare across various insurers to look at the numbers and find a plan suited to you.

There are plenty of endowment policies that are available in the market. In truth, what's more important is how the plan is able to fit into your goals and objectives.

Furthermore, since your money is invested into the insurer's participating fund, it will be good to understand its background and track records. This is for the purpose to determine whether the insurer is capable of giving you the promised returns over time.

More Details:

What is a Participating Fund?

I share quality content on estate planning and financial planning here.