What is considered as a good investment return %?

For me a conservative return would be in the 30-40% range with kiasi risk management in place. 60%pa is and remains my annual target

As what others have mentioned it depends on your risk appetite as well. As the saying goes, high risk high returns.

As for myself personally, i aimed at just about 5% returns per year (usually from dividends payout).

Regarding insurance products, you need to keep in mind that theres a 'lock-in' period (about 10 to 20 years) and if you prematurely cancel or terminate the product you may not even get back your cost. Furthermore, the 4% is usually the 'EXPECTED' returns and not 100% guaranteed. Of course, that being said, if you are getting this for insurance purposes instead of investment then its a different story.