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 Plans From Great Eastern
Great Eastern Life offers a massive range of whole life insurance plans that come with a host of benefits and features. A break up has been provided below for reference.
- Direct - Great Life: An affordable insurance plan which not only provides financial protection against death, terminal illness and disability, but also comes savings options and add on riders. DIRECT – Great Life 70 and DIRECT – Great Life 85 are the two options under this plan.
- FlexiLife: A highly customisable plan that allows the insured to personalise the protection such as flexing out premium payments in smaller installments over a period of time. Owing to cash accumulation over a period of time, the life cover also increases substantially.
- FlexiLife Multiplier: A flexible insurance cover that lets you pay for fixed periods and get up to three times the sum assured during key events in life that needs financial impetus.
- Prestige Life Gold: With just one time premium payment, this insurance policy offers you coverage for a lifetime. Plus, a sum assured of up to three times against death, disability and terminal illness.
- Smart Life Advantage: This investment linked whole life insurance plan provides an option to alter your protection cover along with supplementary benefits such as rider options that ensures comprehensive protection for your loved ones.
- Supreme Protect: An insurance that not only provides coverage against critical and terminal illness and disability, but also lets you hike the coverage at two key events in life and doubles the sum assured if diagnosed with one of the five advanced stage critical illnesses.
Features & Benefits of Life Insurance Plans From Great Eastern Life
Direct - Great Life
- Available in two plans, Great Life 70 & Great Life 80 where you only make premium payments up the age of 70 & 80 respectively and continue enjoying lifetime coverage and simultaneously accumulate cash over a period of time.
- Affordable premiums that provide protection for a lifetime. This policy can be purchased directly.
- Option to add Critical illness cover(rider) at a nominal cost which adds comprehensive value to the existing cover. Should you be diagnosed with with one of the 30 critical illnesses listed, you get a lump sum amount to manage the medical expenses.
- In addition to cover for death, Flexilife extends comprehensive protection which also covers medical conditions such as permanent and total disability or terminal illness. It equips you with funds to cope with loss of income, pay bills and expenses relating to treatment of the ailment.
- The plan offers flexibility to make a one time premium payment as a lump sum or stretched over a 20 year term.
- As the policy accumulates cash over a period of time, it paves way for increase in protection level over the years.
- Added protection in the form of supplementary benefits such as financial backup against critical illness and continued income upon disability help you keep moving in life.
- This plan guarantees boost to the coverage by hiking the sum assured up to three times until the age of 65. As it accumulates cash over a period of time, you enjoy more protection with the increase in cash value.
- Comprehensive protection is guaranteed with critical illness rider that not only covers death but also terminal illness, 37 critical illnesses along with permanent and total disability. It disburses cash in case of any of the conditions above to manage expenses.
- Supplementary benefits are available to strengthen the policy framework which provide benefits for other contingencies.
Prestige Life Gold
- Death benefit of up to three times the sum assured is guaranteed along with up to 6 times the sum assured upon death by accident.
- This plan also covers terminal illness along with permanent and total disability, providing monetary assistance when it is needed the most.
- This plan helps in creating wealth over a period of time with increase in cash value.
Smart Life Advantage
- The insured can step up the cover at key milestones in life such as when you turn 21, marriage, third anniversary of the policy, birth and legal adoption.
- Upon turning 55, key components such as Death, Total and Permanent Disability (TPD), and Terminal Illness (TI) covers can be reduced to “Zero” to increase cover on other components such as Critical Illness and Personal Accident.
- Advantage of having two different accounts embedded in one policy. The Protection account provides cover against Death, TPD, CI or TI & the Accumulation account helps in managing the capital by means of investment in professionally managed funds.
- Withdrawals may be made from the Accumulation account as required and can also be used to pay premium for Protection account.
- Option to purchase additional cover at key events in life such as turning 21, marriage, birth and legal adoption.
- Covers 37 critical illnesses and lump sum payout of 200% of sum assured on 5 advanced stage critical illnesses.
- Death, Presumptive total and Permanent disability and Terminal illness are covered for the entire lifetime.
- Provision to add riders based on requirement for extra coverage.
Compare Great Eastern Life Insurance With Other Insurance Companies Offering Life Insurance in Singapore
- AIA Life Insurance
- AVIVA Life Insurance
- AXA Life Insurance
- Prudential Life Insurance
- Tokio Marine Life Insurance
- ETIQA Life Insurance
- NTUC Life Insurance
Frequently Asked Questions - Great Eastern Life Insurance
- What are the exclusions (not covered) of the Supreme Protect insurance plan from Great Eastern Life?
Income loss, Hospitalisation and Comprehensive coverage for accidents are not a part of standard cover. However, you can cover these aspects by going for rider options at a nominal cost.
- Please provide more details on the flexible payment option available under Flexilife insurance plan.
Under this plan, the premium payments can be made as a lump sum or be made in installments over a period of 20 years (payment term) or up to the age of 80.
- I am looking for an investment linked insurance plan from Great Eastern Life insurance. What are my options?
The Smart Life Advantage plan can be your choice, if you’re looking for a market linked plan. It not only provides comprehensive coverage but also offers attractive returns upon maturity.
- I came across a feature under the Supreme Protect insurance plan where 200% payout is made for 5 critical illnesses in advanced stage. Please provide a break up.
The 5 critical illnesses eligible for 200% payout are heart attack with permanent impairment in function, advanced stage cancer, coronary artery bypass surgery, extensive burns and stroke with severe impairment in function.
- What are my payment options for Flexilife Multiplier life insurance plan?
The available payment terms are 15 and 20 years or up to the age of 65. A lump sum payment can also be made.