Which are the few best savings plan for my dad?

Your dad can consider putting money into his cpf via VC3A of $37,740 per year (provided he is not working), where a blended rate of about 3% interest will be given through his SA/OA, which he can still draw during emergency.

Else if he is ok, can consider traded endowments where there is no reinvestment risk, but locked up till maturity (or annuity may be better if there is)

Most of the savings plans are capital guaranteed, products wise... Once we know your dad requirement, we will know what product to recommend.
So now your dad has to decide what does the plan do for him? Give him monthly payout till lifetime.. Or give him payout every month until specific years... Or he want lump sum... Now the trend is monthly payout... The children will also get the monthly payout

Hi anon,

What is your dad's ultimate goal with these funds, beyond just growing them?

If he really just wants to lock them away to access later, then short to mid term endowments will do the trick, except that once they mature, he may be too old to buy another one. That's reinvestment risk.

I won't recommend products outright here, but suffice to say that there are still options at his age.

If however, he needs this cash to be really liquid, then just leave it in a FD or equivalent. No point locking money up.

Most other methods to grow his lump sum might come with some risk and no capital guarantee (except upon death), which does not sound like something he would want.

The last option is to create a stream of income with a lifetime income plan, but he will have to wait a little bit (typically 4-5 years) before he can see the income. The income streams from such a plan are a drawdown of the monies that the plan generates, and his capital can still be guaranteed in case he wishes to withdraw the capital.

Have a good chat with him first, and then he may understand the options better. Then, you can come back with additional information which helps to pinpoint suitable products for his needs.

Hi Anonymous,

Your Dad could get a 2nd-hand endowment policy whereby its potentially capital-guaranteed in 5-10 year timeframe (based on "most probable" case in the revised policy illustration). Feel free to contact us via our website or Facebook page to understand how 2nd-hand ones work.

Disclaimer: PolicyWoke is a 2nd-hand endowment policies broker