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Glossary

Savings Insurance

DEFINITION

Savings insurance, also called an endowment policy, is used to grow wealth. It can be either participating or non-participating, and both types usually pay a mix of guaranteed and non-guaranteed returns.

ELI5

It is an insurance product that also helps your money grow over time, with some returns that may be fixed and some that may change.

Other related terms

Whole Life Insurance

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Recession

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Supplementary Retirement Scheme (SRS)

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Sum Assured

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