Manulife Singapore and DBS Bank have launched RetireSavvy, a customisable digital retirement plan, on Sept 20.
According to a media statement by Manulife Singapore, the product offers customers “multiple flexible options to tailor a plan that best serves their financial and retirement needs, throughout the different phases of life”.
Customers have the option of boosting their retirement plans with premium top-ups at their own pace. They can also update the income payout period, retirement income rate and/or defer retirement age under their RetireSavvy plans, plus enjoy a lump sum retrenchment payout benefit in the event of retrenchment.
See also: DBS CIO likes European equities for strong recovery; stays positive on S-REITs
Sean Goh, chief bancassaurance officer at Manulife Singapore, says RetireSavvy is a “meaningful offering” against the backdrop of constantly evolving economic, social and personal dynamics. “With the flexible customisation that this plan offers, we hope to be able to help more Singaporeans navigate through all their different lifestages, and be confident and secure about their future,” he says.
Meanwhile, Brandon Lam, head of DBS financial solutions management group, points out that Covid-19 has resulted in a higher priority by consumers on holistic financial planning including retirement planning.
“Instead of putting retirement - a long-term financial goal - on the back burner, being able to retire well weighs significantly on our customers' minds. They are now more cognisant of the importance of maintaining a steady source of recurring income from private savings, investments or insurance, which replaces work income when they choose to retire,” he explains.
“We are therefore pleased to partner with Manulife to provide yet another innovative and accessible digital solution where our customers can get started on a customised plan, enjoy the flexibility to perform top-ups, and re-adjust their retirement goals during the tenure of the plan according to their financial and retirement needs,” he adds.
Photo: Manulife Singapore & DBS Bank
