SINGAPORE, 1 April 2020 – In line with the Life Insurance Association of Singapore’s announcement yesterday, leading insurer Great Eastern today said it would extend a six-month grace period for life insurance premium payments of customers whose incomes and livelihoods are affected by the COVID-19 pandemic, so that their insurance cover continues uninterrupted.
The insurer has also set up dedicated resources to support impacted customers. Customers can apply* for its COVID-19 Deferment of Premium Payment Programme if their premium due dates or policy renewal dates fall between 1 April to 30 September 2020. They can contact their financial representatives, or customer service representatives on +65 6839 4565 during business hours from 9.00am to 5.30pm Mondays to Fridays, or email at DPPemail@example.com. Customers can also visit www.greateasternlife.com for more information.
Businesses who are Great Eastern’s general insurance customers can apply for assistance with instalment plan payments, in line with the General Insurance Association’s announcement on support measures yesterday.
Khor Hock Seng, Group Chief Executive Officer of Great Eastern, said: “We see the pressing need for us to do our part for our customers who may be in financial need at this time. This complements our holistic customer support package for stepped-up assistance where it matters most”.
Earlier in mid-February, Great Eastern announced its S$200,000 contribution to rally behind the national effort through the Courage Fund, and its own S$1 million COVID-19 Customer Care Fund to help customers with hospitalisation costs due to the virus.
The Great Eastern COVID-19 Customer Care Fund is available until end-2020 to help customers and/or their immediate family members** who are hospitalised due to COVID-19, providing a daily S$200 hospitalisation cash benefit up to 60 days, and in the unfortunate event that death occurs, a lump sum pay out of S$20,000. These supplement the insurance coverage it already provides to customers through their existing policies***.
Regionally, the company has also announced a similar deferred premium payment programme for Malaysia policyholders affected financially by COVID-19 in addition to its RM 1 million Financial Assistance Programme, while in Brunei, it has committed B$50,000 to help customers there.
*Information on DPP criteria
**spouse & children aged 18 and under.
***Information on Great Eastern policies.
Note: The Courage Fund – facilitated by the National Council of Social Service & Community Chest - aims to support vulnerable individuals and groups such as patients, healthcare workers and members of the community affected by serious infectious diseases.
About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$90 billion in assets and more than 8 million policyholders, including 5 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei and has a presence in China as well as a representative office in Myanmar.
The Great Eastern Life Assurance Company Limited and Great Eastern General Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by Standard and Poor's since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank, the longest established Singapore bank, formed in 1932. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
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