Income Gro Capital Ease is a single-premium, non-participating endowment from Income Insurance (the company most people still call NTUC Income). You put in a lump sum, leave it for three years, and at maturity you get your capital back plus a guaranteed yield that is fixed up front. The most recent tranche guaranteed 3.55% per year, meaning $100,000 would mature at $111,033. The number matters because it is locked in before you commit, with no market risk and no medical underwriting. The catch: it is sold in limited tranches, the rate changes each release, and at the time of writing the latest tranche was closed with Income inviting people to register interest for the next one. So whether it is worth your money depends entirely on the rate on offer the day you buy, and how that compares to a Singapore Savings Bond, a T-bill or a fixed deposit you could get instead.
It is a three-year endowment savings plan with a single up-front premium. You pay once, hold for the full three years, and collect a maturity benefit that is set in stone at purchase. There is no monthly premium, no investment component you choose, and no fund that goes up or down with markets.
The plan is non-participating, which is an important word. A participating policy pays a guaranteed amount plus non-guaranteed bonuses that depend on how the insurer's fund performs. Gro Capital Ease has no bonuses at all. Every dollar you are promised is guaranteed, so the figure quoted at sale is exactly what you receive. That removes the usual endowment problem where the illustrated 4.25% turns out to be 2-point-something once the non-guaranteed part underdelivers.
It sits closer to a fixed deposit with a thin layer of insurance bolted on than to a typical wealth-building insurance plan. The insurance element is small (more on the death benefit below), and the point of the product is the guaranteed return on a short, defined horizon.
Gro Capital Ease is a tranche product. Income opens a limited pool of money at a fixed guaranteed rate, sells it first-come-first-served, and closes the tranche once it is filled. When the next tranche opens, the rate is reset to whatever interest rates and Income's pricing allow at that point.
That is why you will see wildly different numbers quoted across older blog posts. Documented past tranches range from 1.58% per year (a January 2021 release) to 3.95% per year (a February 2023 release), with a more recent widely-reported tranche at 3.55%. The 3.55% figure carries a guaranteed maturity benefit of 111.03% of your premium. Income's own product page states the guaranteed return for a new tranche may differ from previous tranches, and at the time of writing was asking visitors to register interest for the next launch rather than quoting a live rate.
Treat any rate you read online as a historical data point, not a current offer. The only rate that matters is the one printed on the policy illustration the day you are ready to buy. If you cannot see a live guaranteed yield, the tranche is closed and there is nothing to buy yet.
| Tranche | Guaranteed yield p.a. | Maturity benefit on $100,000 |
|---|---|---|
| January 2021 release | 1.58% | ~$104,816 |
| February 2023 release | 3.95% | ~$112,325 |
| Recent reported tranche | 3.55% | $111,033 |
| Next tranche | To be announced | Depends on rate at launch |
Take the 3.55% tranche to see the mechanics. You pay a single premium of $100,000. For three years nothing is paid out; the policy just runs. At the end of year three the policy matures and pays you $111,033, which is your $100,000 capital plus $11,033 of guaranteed gain.
The 3.55% is a yield to maturity expressed per year, not simple interest. Compound 3.55% over three years (1.0355 to the power of 3) and you get a maturity factor of about 111%, which matches the quoted 111.03% benefit. The exact dollar figure on any tranche comes from the illustration, so read that rather than doing your own multiplication.
Your capital is fully guaranteed at maturity provided you hold the full three years, make no claim, and do not alter the policy. Surrender early and that guarantee no longer applies. You could get back less than you put in, which is the single biggest thing people miss about these plans.
| Single premium | Maturity benefit | Guaranteed gain |
|---|---|---|
| $10,000 (online minimum) | $11,103 | $1,103 |
| $50,000 | $55,515 | $5,515 |
| $100,000 | $111,033 | $11,033 |
| $200,000 (per-policy cap) | $222,066 | $22,066 |
Eligibility is wide because there is no health screening. The plan accepts guaranteed acceptance with no medical underwriting, so a pre-existing condition does not block you the way it might on a life or health policy.
For the online tranche, Income lists it as open to Singapore Citizens and PRs aged 18 to 80 with a valid NRIC. Where the plan is bought through an adviser, the insured can be as young as 10 and the policyholder 16 and above. The exact age band and the maximum sum can shift per tranche, so confirm against the live illustration.
You can fund it with cash (via PayNow QR or eGIRO) or from your SRS account. Using SRS to mop up idle funds that are otherwise earning next to nothing in the SRS cash account can make sense, since the guaranteed yield beats the default SRS interest. Just remember SRS withdrawals before your prescribed retirement age (locked in at the statutory retirement age when you made your first SRS contribution) are hit with a 5% penalty and taxed in full, so only park SRS money here if you would have left it in SRS anyway. From 1 July 2026 the statutory retirement age rises from 63 to 64, which sets the prescribed age for anyone making a first contribution from that date.
This is an insurance policy in form, but the cover is thin by design. It is there so the wrapper qualifies as insurance, not to provide meaningful protection. Do not buy Gro Capital Ease for life cover; buy term insurance for that.
The death and total permanent disability (TPD) benefit, for an insured below age 70, is modest. In the first policy year you get back 100% of your net single premium. From the second year onward you get 105% of your net single premium. So the most the policy ever pays above your capital on death is 5%, which is below what the maturity benefit would have given you anyway.
The TPD bar is high, not a soft one. Income's policy contract pays TPD only if a specialist certifies the insured has been totally and permanently disabled for at least six months in a row. For an insured under 65 the test is being unable to do any occupation, not just their own job. For ages 65 to 70 it switches to a severe-disability or total-physical-loss test. There is also a cap: if the same insured holds TPD cover across several Income policies, total TPD payouts cannot exceed S$6.5 million combined.
In plain terms: dying during the term does not hand your family a windfall. It returns your money plus a small top-up. The real value of the plan is the maturity yield, full stop.
The honest comparison in June 2026 is stark, because short-term rates have fallen. The latest 6-month T-bill cut off at 1.47% in the 18 June 2026 auction. The best 12-month fixed deposit on the market was around 1.60% per year. The July 2026 Singapore Savings Bond had a first-year rate of 1.46% and a 10-year average of 2.11%.
Against that backdrop, a Gro Capital Ease tranche guaranteeing 3.55% over three years is comfortably ahead of every cash-equivalent alternative, and that is the whole appeal of locking it in when the rate is good. The risk is timing: the tranche that paid 3.55% reflected a higher-rate environment, and the next tranche will be priced off today's lower rates, so do not assume the next release will be anywhere near 3.55%.
The trade-offs beyond the headline rate matter too. T-bills and the SSB are backed by the Singapore Government, the strongest possible credit. Gro Capital Ease is backed by Income Insurance and falls under the SDIC Policy Owners' Protection Scheme, which covers guaranteed benefits up to $500,000 of sum assured and $100,000 of surrender value per life assured per insurer. An SSB can be redeemed any month with no penalty; Gro Capital Ease has no liquidity until maturity. For a deeper rate-shopping method, see our guides on fixed deposit rates and T-bills.
| Option | Indicative return | Lock-in | Backed by |
|---|---|---|---|
| Gro Capital Ease (last tranche) | 3.55% p.a. guaranteed | 3 years, no early exit value | Income Insurance (SDIC PPF) |
| 6-month T-bill | ~1.47% p.a. | 6 months (tradable) | Singapore Government |
| 12-month fixed deposit | Up to ~1.60% p.a. | 12 months | Bank (SDIC up to $100k) |
| Singapore Savings Bond | 1.46% yr 1 / 2.11% 10-yr avg | None, redeem any month | Singapore Government |
Gro Capital Ease is not the only single-premium, capital-guaranteed short-term endowment on the Singapore shelf. Etiqa, Great Eastern and others run the same playbook: a fixed two or three year term, a guaranteed yield set per tranche, no medical underwriting. They all compete on one variable, the guaranteed rate of the tranche that happens to be open. So the right way to choose is never brand loyalty. It is to put the live illustrations side by side on the day you have cash to deploy and take the highest guaranteed yield for the term you want.
Watch three things when you line them up. First, the term: a two-year plan locks your money for less time but usually pays a touch lower; a three-year plan like Gro Capital Ease pays slightly more for the extra year of commitment. Second, the entry minimum, which decides whether a smaller saver can even get in. Third, the death benefit, which is thin across all of them and should not be your deciding factor. The yield and the term are what matter.
Because tranches open and close independently, the best rate rotates between insurers over time. The plan that paid the top rate last quarter may be closed now while a rival's new tranche leads. Treat the whole category as one shelf and shop the shelf. Our reviews of the Etiqa Tiq 3-year endowment and the Great Eastern GREAT SP walk through the live rates, and our endowment basics guide covers how guaranteed versus non-guaranteed returns work before you sign anything.
| Feature | What to check | Why it matters |
|---|---|---|
| Guaranteed yield | The p.a. rate on the live illustration | The only real differentiator; take the highest |
| Term | 2-year vs 3-year lock-in | Longer term usually pays more but ties up cash |
| Entry minimum | $10,000 online for Gro Capital Ease | Decides whether a smaller saver qualifies |
| Death benefit | 100% to 105% of premium across most plans | Thin everywhere; not a reason to pick one over another |
| Funding | Cash, SRS, sometimes CPF | SRS or idle cash often the best fit |
Most of the time you visit, the live tranche will be sold out and Income's page will only invite you to register interest. That is normal for a capped, first-come-first-served product, and it is not a reason to settle for a worse plan out of impatience. Use the gap to get ready so you can move the moment a rate you like opens.
Register your interest on Income's product page so you are notified at launch. Decide your funding source in advance: cash sitting in a fixed deposit about to mature, or idle SRS money that would otherwise earn next to nothing. Set a personal hurdle rate. If the next tranche opens below, say, the prevailing Singapore Savings Bond 10-year average, the SSB's full liquidity probably wins and you skip the tranche.
While you wait, park the cash somewhere it still earns. A short fixed deposit, a T-bill or an SSB keeps the money working and stays liquid enough to redeploy into a tranche when one opens. Run the numbers on what three years of a strong guaranteed rate is actually worth to you with our compound interest calculator before you commit, so the decision is based on dollars and not on the comfort of a familiar name.
No liquidity for three years. There is no surrender value table that makes early exit attractive. If you surrender before maturity you can get back less than your premium, and the capital guarantee evaporates. Only commit money you are certain you will not need for the full term, and keep your emergency fund elsewhere.
The rate is a snapshot. Lock in a good tranche and you have a genuinely strong guaranteed return. Buy a weak tranche just because the product name is familiar and you may do worse than a no-lock-in SSB. Always compare the live guaranteed yield against the current T-bill and SSB before signing.
Tranches sell out. Because each release is capped and first-come-first-served, a good rate can close in days. Register interest with Income so you are notified, have the funds ready (cash or SRS), and be prepared to apply quickly when a tranche opens. There is also a free-look period after purchase, usually 14 days, during which you can cancel for a refund of the premium less any medical or expense costs, so an impulse buy is not irreversible.
Yes, but only if you hold it for the full three years with no claim and no alteration to the policy. At maturity you receive 100% of your capital plus the guaranteed yield. Surrender early and the guarantee no longer applies, and you may get back less than you paid in.
It changes every tranche. The most recent widely-reported tranche guaranteed 3.55% per year (a maturity benefit of 111.03%). At the time of writing Income was inviting people to register interest for the next launch rather than quoting a live rate, and it states the new rate may differ from previous tranches. Check the policy illustration for the rate on offer the day you buy.
Yes. NTUC Income corporatised and rebranded to Income Insurance Limited in 2022. Many people still call it NTUC Income, but the legal entity behind Gro Capital Ease is Income Insurance Limited.
Yes. You can fund the single premium with cash via PayNow QR or eGIRO, or from your SRS account. SRS funding can suit idle SRS cash, but withdrawals before your prescribed retirement age carry a 5% penalty and are fully taxable, so only use SRS money you would have kept in SRS anyway. Your prescribed retirement age is locked at the statutory retirement age when you first contributed to SRS; that statutory age rises from 63 to 64 on 1 July 2026.
The minimum single premium is $10,000 if you buy the online tranche, or $20,000 through a financial adviser. The maximum is typically $200,000 per policy and up to $500,000 in total per insured, though caps can change per tranche.
It depends entirely on the live tranche rate. In June 2026, with the best fixed deposit around 1.60%, the 6-month T-bill at 1.47% and the SSB 10-year average at 2.11%, a tranche guaranteeing 3.55% beat all of them. But the SSB and T-bill are Government-backed and far more liquid. Compare the current guaranteed yield against these alternatives before committing.
The cover is small. If the insured is under 70, death or TPD in the first year returns 100% of the net single premium, and from the second year onward 105%. The maximum top-up over your capital is 5%, so this is not a meaningful protection plan. Buy term insurance for actual life cover.
Income Insurance is a licensed Singapore insurer covered by the SDIC Policy Owners' Protection Scheme, which protects guaranteed benefits up to $500,000 of sum assured and $100,000 of surrender value per life assured per insurer. This is automatic with no application needed, though it is not the same Government backing as a T-bill or SSB.
You can surrender the policy before maturity for its cash value, but the plan is built to deliver full value only if held the three years. The capital guarantee applies at maturity, so an early exit can return less than the premium you paid. Income works out the cash value, and it is not designed to make early exit attractive. Treat this as money you will not touch for three years and keep your emergency fund elsewhere.
The policy matures, pays you your capital plus the guaranteed yield in one lump sum, and ends. There is no automatic renewal and no continuing cover after maturity. If you want to keep the money working you decide where to put it next: another tranche if one is open at a good rate, an SSB, a T-bill or a fixed deposit. Maturity proceeds funded from SRS are paid back into your SRS account.
They work the same way: single premium, fixed two or three year term, guaranteed yield set per tranche, no medical underwriting. The only meaningful difference on any given day is the live guaranteed rate, the term and the entry minimum. The leading rate rotates between insurers as tranches open and close, so compare the current illustrations side by side rather than picking by brand. See our Etiqa Tiq and Great Eastern GREAT SP reviews for the live numbers.
On this plan, death or TPD before age 70 pays 100% of your net single premium in year one and 105% from year two, so the cover never adds more than 5% above your capital. Across all your Income policies, total TPD payouts are capped at S$6.5 million combined. TPD also has a strict bar: a specialist must certify you totally and permanently disabled for at least six consecutive months, using an any-occupation test below age 65.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.