Life is uncertain. Securing the financial needs of our dependents is paramount. This can be best done by means of a life insurance. It provides a lump sum benefit upon death or disability for your dependents and also helps in reaping monetary benefits upon maturity.
About Great Eastern Life Insurance
A subsidiary of the OCBC banking group, Great Eastern Life is the largest life insurance company in Singapore with significant presence in Malaysia and Indonesia. Listed on the Singapore Exchange, Great Eastern provides a range of insurance solutions for corporate and individual customers.
In the whole life insurance portfolio, the insurer provides a massive range of products and services, catering to the needs of all types of customers. A life insurance is one of the most sought after insurance products in the market today due to its nature and benefits. In this fast paced life, securing the interests of our loved ones is a priority. Having a life insurance helps greatly in providing financial support in case of death or a mishap that renders you disabled and unfit to work.
In a longer run, a life insurance provides lump sum returns upon maturity equipping you with financial power to fulfill key commitments in life such as purchasing a house, children’s marriage etc.
Types of Life Insurance
|DIRECT – Great Life||Offers lifetime protection against death, total/permanent disablement (TPD), and terminal illness (TI). Pays out lump sum amount along with any accumulated cash value. Also gives you the flexibility to pay your premium up to the age of 70 or 85.||Whole life|
|DIRECT – Great Term||Affordable plan that covers death, TPD, and TI. Option to purchase critical illness rider.||Term (20 years or up to the age of 65). You can also opt for Direct – Great 5yr Term, a 5-year renewable term plan.|
|Dependants’ Protection Scheme||Term-life plan that covers citizens and permanent residents contributing to CPF. Premium is based on your age and is automatically deducted from your CPF account every year.||Term (up to the age of 60 years)|
|Flexi Term||Offers protection against death, TPD, and TI. Customisable coverage to best suit your requirements. TPD covered until the age of 85 or until policy maturity, whatever comes first. Option to purchase critical illness rider.||Term (starting from six years and up to the age of 85)|
|FlexiLife||Customised coverage for death, TPD, and TI. You can also customise your premium payments. The plan accumulates cash value.||Whole life|
|MortgageCare||Mortgage payment protection plan. Limited premium payment period.||Term plan|
|Prestige Global Health Options||Offered in partnership with Cigna. Gives you access to a wide range of hospitals and doctors as well as 24/7 assistance over phone for medical emergencies.||Term plan|
|Prestige Harvest 6||US-dollar denominated, single premium life insurance plan to help you protect and grow your wealth. Guaranteed sum assured, starting from US$0.5 million. Earn interest at a guaranteed crediting rate of 4.35% p.a. for the first three years. Allows partial withdrawal in the event of an emergency.||Term plan|
|Prestige Life Gold||Single premium plan offering coverage for life. Pays out up to three times your sum assured, if death, total/permanent disability, or terminal illness happens before the age of 81. The plan also accumulates cash value.||Whole life|
|Prestige Term||Offers high coverage of at least S$1 million to ensure long-term protection of your loved ones and your valuable assets. Policy term is customisable. Option to add extra riders.||Term (starting from five years and up to the age of 85)|
|Smart Life Advantage||Helps you grow your wealth by investing in various professionally-managed funds. The policy manages your funds under two separate accounts – for insurance coverage and wealth accumulation – to ensure better control as well as transparency. Additionally, you can increase your coverage at five most important stages of your life as your requirements change.||Whole life|
|Supreme Multiplier Series||Offers protection against death, TPD, accident TPD, TI, and critical illness. Allows you to multiply your coverage by three or four times your sum assured till the age of 65 or 70. Choose from a premium payment term of 20 years or up to the age of 65.||Term plan|
Features and Benefits
- Comprehensive coverage: Great Eastern insurance plans have been designed to provide you with comprehensive coverage for death, TPD, and TI.
- Critical illness rider: Most life insurance plans allow you to add critical illness rider for better coverage.
- Customisable plans: Great Eastern’s life insurance plans can be customised to match your specific coverage requirements.
- Affordable premiums: Affordable whole life and term plans are available to offer you coverage in the event of death, TPD, and TI.
- Coverage term: Most plans allow you to choose a coverage term that best meets your insurance requirements.
- Non-guaranteed bonuses: You can find Great Eastern plans that not only pay out the sum assured but also accumulate cash value over the policy term.
- Premium payment flexibility: You can also choose the premium payment period with these plans to enjoy complete control over your finances.
- Wealth maximisation: Plans like Prestige Harvest 6 have been designed to help you grow your wealth while enjoying insurance coverage.
- Mortgage protection: With Great Eastern’s MortgageCare, you get coverage for your mortgage payments in the event of your death, TPD, or TI.
|DIRECT - Great Life||Coverage for death, total/permanent disability (before 65 next birthday), and terminal illness. Critical illness coverage is optional.|
|DIRECT - Great Term||Coverage against death, total/permanent disability (before 65 next birthday), and terminal illness. Option to purchase critical illness rider.|
|Dependants’ Protection Scheme||Coverage of up to S$46,000 in the event of death, terminal illness, and permanent/total disability.|
|Flexi Term||Coverage for death, total/permanent disablement (coverage continues even after the age of 65), and terminal illness.|
|FlexiLife||Coverage for death, total/permanent disability (before 65 next birthday), and terminal illness. Option to purchase critical illness rider.|
|MortgageCare||Covers mortgage payments in the event of death, terminal illness, and total/permanent disability (before the age of 65). Critical illness cover is optional.|
|Prestige Global Health Options||
|Prestige Harvest 6||
|Prestige Life Gold||Death, terminal illness, and total/permanent disablement:
|Prestige Term||Guaranteed minimum coverage of S$1 million against death, total/permanent disability, and terminal illness.|
|Smart Life Advantage||Coverage for death, total/permanent disability, and terminal illness. Option to increase coverage at a milestone event by up to 50% of the sum assured or S$100,000 (whichever amount is lower).|
|Supreme Multiplier Series||Covers death, total/permanent disability, terminal illness, accidental total/permanent disability, and critical illness.|
- Up to 15% cashback: Purchase a qualifying life, accident and health, or a wealth accumulation regular plan and get up to 15% cashback. You must sign up for the policy between 3 January 2018 and 31 March 2018 to enjoy this promotional offer.
- Up to S$5,000 cashback: Purchase Prestige Life Rewards 2 or Prestige Harvest 6 and get up to S$5,000 cashback. Both the policies are single premium policies. Your cashback amount will depend on your premium. You must sign up for the policy before 31 March 2018 to be eligible for this promotion.
How to Apply?
You can apply for Great Eastern insurance plans online. If you have any questions regarding any plan, you can contact Great Eastern’s Customer Service at 1800 248 2888.
How to Claim?
To make a claim, you will have to submit some forms along with certain documents. You can download these forms from Great Eastern’s website. Once you have completed the forms and attached the required documents, you can submit them either through your distribution representative or by posting them directly to Great Eastern’s Claims Department. You can track the status of your claim through mail, phone, or through Great Eastern’s E-Connect service.
Frequently Asked Questions
Q. What is Freelook clause in my policy document and how does it affect me?
A. Once you pay your policy premium and get your policy documents, you get a 14-day Freelook period to cancel it if required. After it’s cancelled, you will receive your premium back and you will not be covered under the policy. In case of investment-linked plans, your refund will be adjusted for any investment loss incurred in those 14 days.
Q. How to cancel a policy within the Freelook period?
A. You will have to submit a written request for cancellation within 14 days of receiving the policy document. Also, you will have to attach the original policy document with the request.
Q. How do I make my premium payment to Great Eastern?
A. You can pay your premium through internet banking, GIRO, cash, cheque, AXS, or at any OCBC branch. If you are outside Singapore, you can pay the premium through bank draft or telegraphic transfer. For monthly premium payments, GIRO is a popular mode.
Q. What could cause my insurance policy to lapse?
A. There are many circumstances under which your policy could lapse. If you don’t pay the premium within grace period of 30 days and you have no accumulated cash value, the policy will lapse. If you have cash value, your policy will continue as long as the accumulated cash value is enough to pay for your premium. After that, your policy will lapse. Your policy could also lapse if you have taken a loan against it and you are unable to repay the borrowed amount.
Q. Can I get my lapsed policy reinstated?
A. Yes, you can get it reinstated within a certain time period. If you have a regular policy, you can get it reinstated within three years from the date it lapsed. If it’s a term policy or a single premium policy, it can be reinstated within six months.
Q. Can I transfer the ownership of my policy?
A. Yes, if your policy allows assignment and if you and the assignee meet other requirements, you can transfer the policy ownership to any other person or institution. You can’t assign your policy if it’s linked with your CPF account for premium payments or if it’s effected under trust.
Q. Is it possible to cancel the policy assignment?
A. No. You can’t cancel or revoke the absolute assignment unless the assignee agrees to it. If the assignee agrees, you will need to prepare a new assignment deed to transfer ownership back to you.
Q. Can I assign my policy if I have made a nomination already?
A. Yes, you can still assign the policy if the nomination is revocable. In that case, the nomination will automatically be revoked o4nce you transfer the policy ownership.