Great Eastern is one of the best known insurance firms in the region, with three million policy holders in Singapore and Malaysia and more than S$46 billion worth of assets as at February, 2008. The company was incorporated in 1908 and is the oldest insurance firm in the Malayan peninsula. In June, 2004, parent company Great Easter Holdings became a subsidiary of OCBC Bank. Great Eastern's life insurance polices in Singapore revolve around its FlexiLife and GreatLink suite of products for investment, savings and protection. They also offer endowment, retirement, annuity policies as well as DPS and Critical Illness Coverage.
Life Insurance Policies
FlexiLife This whole life insurance package offers premiums that are weighted to how much you can afford. This means you can also choose the amount you want to be assured for. The younger you are at the start of your policy, the lower your fixed premiums. There are four FlexiLife insurance plans: FlexiLife, a no-frills plan with low premiums; FlexiLife 20, with 20 years of premium payments and the ability to add newborns to the plan; FlexiLife 60 (RB), with premiums being paid until you are 60; and FlexiLife 60 (CB), which gives you a cash bonus every year from the second year of the plan’s life.
GreatLink SupremeLife This investment-linked life insurance plan calls for regular premium payments starting from S$100 and providing death and disability protection benefits and return on savings. The payout in case of your death will be a basic insured sum plus your investment value. You can also top up on your payments after choosing from 25 funds, with the ability to switch funds to match your risk appetite.
GreatLink Ideal Investor This is also an investment-linked life insurance plan that aims to cut down on fees and charges and optimise your investment. It has the potential for high returns through a variety of funds, with no policy, insurance, surrender or fund switching charges. In addition, you don’t need a medical certificate. You will enjoy death by accident coverage of 102 per cent of your investment or 100 per cent of your investment value, whichever is higher. And you can invest until you are 75. You can invest using CPF funds, top up and make partial withdrawals.
GreatLink Achiever Plan This investment linked life insurance plan makes use of your CPF and Supplementary Retirement Scheme (SRS) savings to invest in funds and also provide protection against death on disability.
GreatLink Growth Plan This investment plan requires a minimum lump sum of S$5,000 by cash, CPF or SRS into your choice of professionally managed funds. Top ups are worth S$500 or more and, all the while, you receive life protection and permanent disability coverage.
Endowment 5 This life insurance plan offers protection against death as well as a savings plan that may help you with your children’s education. You pay premiums for five years but coverage for total and permanent disability and death continues for up to 20 years, depending on your plan.
Endowment Classic In this endowment life insurance plan, you can choose to have the policy mature when your child is ready for higher education. You will receive your assured sum as well as bonuses. And as a life insurance plan, you are also covered against death and disability.
Annual Cashback Endowment In this endowment insurance plan, from the end of the second year of the plan, you receive guaranteed cashbacks. You can choose terms of 18, 21 or 25 years to finance your children’s education or build a nest egg.
Choice Investment This is a retirement scheme in which you contribute a part of your CPF for between four and 25 years, with returns of up to 4.34 per cent annually.
Annuity Schemes The company has several annuity programmes, starting with the Immediate Cash Annuity scheme that provides a level monthly income upon retirement as long as you live. The Lifetime Income Plan calls for a minimum investment of S$99,600 from your CPF account for a monthly income of around S$530 for males and S$490 for females. This is open to those from 55 to 61 years and 10 months. Long Term GoldenCare Annuity plan requires an initial lump-sum investment for a lifetime’s monthly salary. In addition, you get a one-time payout of 300 per cent of your monthly benefit if you require long-term care.
DPS This is the CPF’s Dependants’ Protection Scheme, which covers members from death and disability. It is low cost and covers Singapore citizens and permanent residents aged between 16 and 60 and making CPF payments. Coverage is worth up to S$46,000.
What Next?
If you are not sure what type of life insurance is right for you (term life, whole life, universal life, endowment life insurance, etc.), we recommend that you read Guide to Life Insurance Types in Singapore. For information on available life insurance policies from other companies, refer to Related Section at the end of this page. Once you have decided to get a life insurance, it's very important that you choose a competent and professional life insurance broker in Singapore. A good insurance agent will first take the time to understand your family situation and insurance needs and then present with a life insurance product that best suits your needs.
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