About Great Eastern Term Insurance
Our parents and elders have always advised us to save money for rainy days. However, we often forget to save money as we are too busy trying to work hard, provide for our families and earn a living. It is important that we save money so that we can achieve our financial goals in life. Great Eastern Term Insurance provides people with a unique opportunity to save money while enjoying the protection of a comprehensive insurance policy. Besides, this insurance policy offers higher coverage at very affordable premiums.
About Great Eastern
Great Eastern is one of the oldest life insurance companies in Asia and is the largest insurance group in Malaysia and Singapore. The company was established in 1908 and has 24 branches. Great Eastern has assets worth S$61.8 billion and more than 4.5 million policyholders. It offers a wide range of insurance products to meet the different needs of the customers. These insurance products include individual & family policies, retirement policies, save & invest policies and employee-centric policies for businesses.
Great Eastern is one of the most trusted insurance groups in Singapore and all of its insurance policies come with a range of customer-centric features. The term insurance policy from Great Eastern can help you to become financially independent and help you to achieve your goal in the long run.
Great Eastern Term Insurance Policies
Great Eastern provides the following three types of term insurance policies:
- Supreme Term –
It is an insurance policy that provides people with protection against Terminal Illness, Permanent and Total Disability and Death. It is the policy that helps you and your family deal with the uncertainties of life.
Features and Benefits of Supreme Term Insurance Policy
The features and benefits of Supreme Term insurance policy from Great Eastern are as follows:
- The premiums of the policy remain constant throughout the duration of the policy.
- The policy offers protection even beyond 65 years of age, unlike other insurance policies, with Permanent Disability and Presumptive Total coverage.
- It offers the flexibility of adding supplementary benefits to the basic policy to enjoy more enhanced benefits by paying a slightly higher premium.
- The family members of the insured individual are offered with a lump sum payment in the event of his/her death or disability.
- The coverage terms of the policy are flexible, they start from 6 years and offer coverage up to 85 years of age.
The Supreme Living Term insurance policy from Great Eastern is a variation of the Supreme Term policy which offers customers with the choice of including Critical Illnesses to their coverage policy. Unlike the Supreme Term policy, this policy does not offer guaranteed premium rates and the rates might be adjusted in the future depending on certain factors.
It is a decreasing term insurance policy from Great Eastern that can be used to cover reducing debts like mortgages. The sum assured with the policy decreases during its term.
Features and Benefits of MortgageCare Policy
- The policy offered a guaranteed and assured sum for repaying an outstanding home loan.
- The policy offers guaranteed premiums except for policies which offer coverage against critical diseases.
- The premium paying term of the policy is short and it ends 2 years prior to the ending of its term.
- The policy offers the flexibility of paying premiums on a monthly, half-yearly, quarterly or yearly basis.
- The policy can be issued both as a single individual policy and as a joint policy to 2 individuals.
- The policy offers worldwide coverage and policies that can cover up to 30 illnesses.
Compare Great Eastern Term Insurance With Other Insurance Companies Offering Term Insurance in Singapore
- AIA Term Insurance
- NTUC Term Insurance
- AVIVA Term Insurance
- Prudential Term Insurance
- Manulife Term Insurance
- HSBC Term Insurance
- Tokio Marine Term Insurance
FAQs - Great Eastern Term Insurance
- What are the payment options available for making payments for insurance premium?
- What will happen if I do not pay the premium within the grace period?
- Can I get a replacement of the policy documents if I lose them?
- If I become disabled, will I still need to pay insurance premiums?
- Are there any loans offered with the insurance policy?
The different payment methods available are Internet Banking, GIRO, AXS, at branches of OCBC Bank, cheque or cash. People who live overseas can make payments through bank draft or telegraphic transfer.
If you do not make insurance premium payments within the given grace period, your insurance policy will lapse after 1 month of the payment due date.
Yes you can get a replacement of your policy documents by visiting the head office of Great Eastern insurance company in person. You will be required to carry a copy of your passport or NRIC and fill a declaration form in the presence of a Customer Care Officer.
No, you will not need to pay insurance premiums if you are disabled. You will only need to pay the premiums in case you recover.
Yes, policy loans are offered with the insurance policies from Great Eastern under which the policyholders can avail credit through advance payment of the policy.