FWD Endowment Plan Singapore 2026: Save Smart Series 9 & Save First Series 2 Reviewed

1.6% p.a. guaranteed over 2 years, 100% capital guarantee at maturity — but the current tranche is sold out. Here’s what’s inside, and what to do while you wait.

FWD’s endowment plan is called Save Smart Series 9 — a single-premium policy that guarantees 1.6% per annum over a 2-year term, with your capital fully guaranteed at maturity and no medical check-up required. As at July 2026, FWD confirms the current tranche is fully subscribed, so new applicants can only join a waitlist for the next one.

Not financial advice. All figures are for educational reference only. Data verified as at 24 July 2026 against fwd.com.sg unless otherwise stated.

Table of Contents

What Is FWD’s Endowment Plan? (Save Smart Series Explained)

FWD Singapore is a relative newcomer among local insurers. It launched in 2019 and built its name on digital-first term life and critical illness plans. Endowment plans aren’t FWD’s core business the way they are for older insurers like Great Eastern or Prudential.

Still, FWD does run a savings insurance product line called the Save Smart Series. It works like a typical short-term single-premium endowment plan: you pay once, get life insurance coverage for the policy term, and receive a guaranteed maturity benefit at the end.

You’ll notice the number attached to the name — “Save Smart Series 9.” That’s because FWD releases this product in tranches, similar to how Singapore Savings Bonds are issued monthly. Each tranche gets its own guaranteed rate and a capped pool of capacity.

As at 24 July 2026, FWD’s product page points to Series 9, guaranteeing 1.6% p.a. over 2 years. FWD doesn’t publish the rates offered on Series 1 through 8 anywhere on its current site, so we can’t verify whether 1.6% is higher or lower than what earlier applicants got. If you’re comparing FWD against other insurers’ endowment plans, our complete endowment plan guide covers the wider Singapore market.

FWD Save Smart Series 9: Rates & Key Numbers

Here’s every verified detail from FWD’s own product page and policy documents, current as at 24 July 2026:

Source: FWD Singapore official product page, information correct as at 5 February 2026 (product page date), re-verified live 24 July 2026.

What does 1.6% p.a. actually mean in dollars? FWD doesn’t publish a maturity dollar figure on its product page, so here’s our own working. Applying the stated 1.6% p.a. across the full 2-year term (the standard way these short single-premium plans present guaranteed returns) turns a S$10,000 policy into roughly S$10,320 at maturity — a total return of 3.2% over 2 years. That’s before the 105% death benefit multiplier, which only kicks in if you pass away during the policy term.

That’s a modest number by design. This is a capital-guarantee product built for peace of mind, not a growth product. If you’re chasing higher returns, an endowment plan like this was never going to be the right tool.

How the Guarantee Actually Works

The “100% capital guarantee” in FWD’s marketing applies specifically at maturity — meaning if you hold the policy for the full 2 years, you’re guaranteed to get back your full principal plus the 1.6% p.a. return. It does not mean your capital is protected if you exit early.

If you surrender before maturity, you receive the guaranteed surrender value instead, which is typically lower than what you paid in — sometimes significantly lower in the early months. As with any endowment plan, early surrender usually means a loss.

The death benefit works as a multiplier: if the life insured passes away during the 2-year term, FWD pays out 105% of the single premium (or the guaranteed surrender value, whichever is higher). On a S$10,000 policy, that’s a S$10,500 payout — a modest but real insurance component layered on top of the savings function.

One trust signal worth noting: FWD Save Smart Series 9 is underwritten by FWD Singapore Pte. Ltd. and, like all life insurance policies here, is protected under the Policy Owners’ Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC), up to prescribed limits. FWD’s own disclaimer also notes the advertisement has not been reviewed by the Monetary Authority of Singapore (MAS) — standard wording for a product page, not a red flag.

The Fine Print: No Loans, No Partial Withdrawals

FWD is upfront about three restrictions that matter more than they might first appear:

No policy loans. You can’t borrow against the cash value of your Save Smart Series 9 policy the way you sometimes can with older participating endowment plans.

No partial withdrawals or partial surrender. It’s all-or-nothing. You can’t take out half your capital and leave the rest invested — you either hold to maturity or surrender the entire policy.

You can surrender the full policy at any time. FWD does allow a full surrender (cancellation) if you need your money back early, but expect to receive less than your original premium, especially in the first several months of the 2-year term.

FWD also states the plan is “available on a limited tranche basis only,” and that applications and payments made after a tranche is fully subscribed won’t be processed. That’s exactly the situation as at 24 July 2026 — Series 9 is closed to new applicants.

What About FWD Save First Series 2?

You may also come across a product called FWD Save First Series 2 in search results. It advertises a higher guaranteed return — 4.5% p.a. over 2 years, from the same S$10,000 minimum — which naturally raises the question of why anyone would pick Save Smart Series 9’s 1.6% instead.

Here’s the catch: as at our fact-check on 24 July 2026, the Save First Series 2 page isn’t linked anywhere in FWD’s live “Invest & Save” navigation menu. Only Save Smart Series 9 appears there. That strongly suggests Save First Series 2 was an earlier promotional tranche that FWD is no longer actively promoting, even though the page itself is still technically online. We can’t confirm whether it’s still open for applications, already sold out, or fully discontinued.

If you come across Save First Series 2 (or any other FWD savings product) advertised elsewhere, verify its live status directly with FWD or a licensed financial adviser before assuming the rate quoted is still valid. Product pages that have fallen out of a site’s main navigation are a common source of stale, outdated advertised rates.

FWD’s other “Invest & Save” products — Life Income Plus, Invest Goal 1, Invest First Max, Invest First Summit, Invest Flexi Elite, Invest First Horizon, and Invest Flexi VII — are investment-linked policies (ILPs) that require speaking to a financial adviser, and none of them come with the capital guarantee that Save Smart Series 9 offers. They sit in a different risk category entirely. If you’d rather manage your own diversified portfolio than go through an adviser-mediated ILP, our CPF investment strategy guide covers DIY alternatives worth considering.

How It Compares to CPF, SSB & T-Bills

Guaranteed-return products are having a moment in Singapore right now, and FWD’s 1.6% p.a. doesn’t exist in a vacuum. Here’s how it stacks up against the other guaranteed options available today, using each product’s most recent published rate as at 24 July 2026:

*TKN calculation based on each product’s stated or latest verified rate, not an official product illustration. T-bill figure assumes reinvestment at the 16 July 2026 auction rate (1.55%) for 4 consecutive 6-month periods, which isn’t guaranteed. Sources: FWD, CPF Board, MAS auction data via ilovessb.com, as at 24 July 2026.

On guaranteed rate alone, FWD Save Smart Series 9 doesn’t stand out. CPF OA beats it by a full percentage point for anyone with spare Ordinary Account savings, and the SSB matches it almost exactly at 1.60% while staying far more flexible — you can redeem an SSB in any given month without penalty, something FWD’s plan doesn’t allow.

The one thing FWD’s plan offers that CPF and SSB don’t is a small life insurance component: that 105% death benefit multiplier. It’s a modest kicker, not a reason on its own to choose FWD over more liquid, equally guaranteed options. If you want a deeper look at how endowment plans stack up against government-backed alternatives generally, see our endowment plan vs SSB comparison.

Who Should (and Shouldn’t) Consider It

Consider it if: you have idle cash sitting outside CPF and SRS that you’re confident you won’t need for 2 years, you want a small guaranteed return plus incidental life coverage in one product, and you don’t mind giving up flexibility in exchange for simplicity.

Skip it if: you have CPF Ordinary Account savings you could top up instead (better rate, though less liquid for daily spending), you might need the cash before the 2 years are up (early surrender usually means a loss), or you’re looking for growth rather than capital preservation — this is not an investment-linked or growth product.

If you’re weighing this against other insurers’ single-premium endowment plans, it’s worth comparing tranche structures directly — China Life, for instance, runs a similar limited-tranche model with its SaveForward and FlexiCash Growth plans.

How to Join the Waitlist

Since Save Smart Series 9 is closed, here’s what you can actually do right now:

Step 1. Go to FWD’s Save Smart Series product page and look for the “Join our waitlist” section.

Step 2. Submit your full name, mobile number, and email address. No payment is required at this stage — joining the waitlist is not a commitment to buy.

Step 3. Wait for FWD to notify you when the next tranche (presumably Save Smart Series 10) opens, then apply through FWD’s usual channels if the terms still suit you.

The fact that FWD has already reached its ninth tranche tells you demand for simple, capital-guaranteed products is real in Singapore right now. While you wait, it’s worth applying for the products that are actually open today — the monthly SSB tranche or the fortnightly T-bill auction — rather than leaving cash idle. Our retirement planning calculator can help you work out how much of your savings should even be earmarked for short-term guaranteed products like this versus longer-term growth.

Pros and Cons

Frequently Asked Questions

Building Your Own Savings Plan Instead?

If you’d rather build a diversified, liquid portfolio than wait on a sold-out tranche, robo-advisers give you more control over your money — and some come with sign-up bonuses.