1. How will my policy be affected after bonus declaration?
Once declared and vested, bonuses are guaranteed and payable in the event of a claim. Future bonuses, including maturity or terminal bonuses, are projected. The actual bonus rates declared in the future may be higher or lower, depending largely on the investment climate and economic conditions.
2. Since there is no revision in bonus rates, why are the “Illustrated Death Benefit” and “Illustrated Surrender Value” different from the illustrated values in my last year’s bonus statement?
The illustrated values will be different from last year’s bonus statement if your policy is a Whole Life policy and the Life Assured’s Age is between 45 to 79 as the illustrated values are based on the year that is 20 years later from current year.
If your age today is 47, illustrated values this year are based on the year 2040 (20 years later from 2020). In the last year’s bonus statement, your age will be 46 and illustrated values are based on the year 2039 (20 years later from 2019).
3. How are bonus rates determined?
Bonus rates declared are approved by the Board of Directors after written recommendation from the Appointed Actuary. When making recommendation for the amount of bonus to be declared for each policy, the Appointed Actuary has to take into consideration key factors that will affect the surplus available for distribution. These key factors include not only the investment performance and the outlook of the performance of the Par Fund in the medium to long term; they also include the claim experience, expenses, surrenders and lapses. The cumulative effect of past investment performance would be different for different plans, depending on the year of issue and type of plan.
4. How can I find out more about the bonus rates for my policies?
We will be sending the Bonus Statement for 2019 to all our policyholders by batches in June 2020. The statement will give you details of the bonus declared, including the current and past three years’ reversionary bonus rates allocated.
5. Can I withdraw the accumulated bonus?
Once declared, bonuses are guaranteed and are payable in the event of a claim.
We do not encourage you to withdraw the accumulated bonus prematurely. This is because you will be paid only the surrender value of the accumulated bonus. If you have short-term financial needs, you may wish to consider taking a policy loan instead. You can contact our Customer Service Officers at 1800-248-2888 for more information on policy loan.
6. What is the current investment portfolio of the Par Fund?
We will be sending the Bonus Statement for 2019 to all our policyholders by batches in June 2020. For policies with Reversionary/Terminal Bonus, you will receive a Par Fund Update for 2019 together with your Statement. The Par Fund Update will give you details on the asset mix of the Par Fund, fund performance and economic outlook.
7. I have other participating policies that are not reflected in this Bonus Statement. Why is this so?
This Bonus Statement only reflects applicable participating policies that are accorded reversionary bonuses yearly. Non-participating policies will not be reflected in the Statement.
For the former, a separate communication will be sent to customers to share on the Par Fund Update for 2019.
8. Why is “Illustrated Maturity Value” shown for some policies, and “Illustrated Surrender Value” and “Illustrated Death Benefit” shown for others?
For Endowment policies, we will show the “Illustrated Maturity Value”.
For Whole Life policies, we will show the “Illustrated Surrender Value” and “Illustrated Death Benefit” based on the Life Assured’s (LA) Age today as follows:-
9. Why is the column under “Illustrated Values” blank for certain policies?
There are various reasons as to why the “Illustrated Values” are blank. If you need the values, please contact our Customer Service Officers at 1800-248-2888 to request for a quotation and we will get back to you within 14 business days.
Note: The PPF Scheme protects life insurance policies (including riders) issued by licensed life insurers which are PPF Scheme members. The Scheme covers policies issued in Singapore by a licensed life insurer to both residents and non- residents of Singapore. It does not cover policies issued by overseas branches of a licensed life insurer incorporated in Singapore. Refer to this link for more details on PPF Scheme.
1. Great Eastern COVID-19 Deferment of Premium Payment Programme
Great Eastern’s COVID-19 Deferment of Premium Payment Programme (“DPP Programme”) is an extension arrangement designed to help our policyholders who are affected by COVID-19, to maintain their insurance protection during the current economic downturn.
Eligible policyholders can apply for the DPP Programme if their premium due date or policy renewal date falls on any date between 1 April and 30 September 2020 inclusive.
2. How can you apply for the DPP Programme?
To apply, please complete the application form (click here to download the form).
Policyholder may email the completed form to us at DPPfirstname.lastname@example.org.
3. When to Apply?
Application(s) should be made within 30 days from the policy’s next premium due date.
To be eligible for the DPP Programme, the following criteria apply:
a. Policyholder’s monthly income has been reduced or loss of job due to COVID-19.
b. Individual policy with premium due date or policy renewal date falls on any date between 1 April and 30 September 2020 inclusive.
c. Policyholder has a history of good payment, that is policy premiums have been paid up-to-date and there is no outstanding premium as of application date.
5. Are there any terms and conditions I need to agree to in order to apply for the Programme?
Unless otherwise stated, all other clauses under the Policy will continue to apply and have full effect during the deferment period.
6. What happens at the end of the deferment period?
The outstanding premiums(s) due during the deferment period are to be paid within 30 days from the expiry of the DPP Programme.
7. If I have more than 1 policy with Great Eastern, do I have to submit multiple applications?
That is not necessary. Policyholder can list the policy numbers in a single application form.
8. Who can I contact to find out more about this Programme?
Policyholders who wish to find out more about this DPP Programme can contact our Customer Service Officers via our dedicated hotline at +65 6839 4565 (9am to 5.30pm, Mon-Fri, excluding public holidays) or email us at DPPemail@example.com.
|Age (years)||Annual Premium|
|34 and below||S$36|
If your CPF account has insufficient funds to pay the premium for a cover of $46,000, you can either be insured for a lower amount (the minimum sum assured is $5,000) or pay the difference in cash within 60 days from the policy renewal date. Your policy will end if no premium is paid.
a) You were automatically extended with a DPS cover, or
b) You are applying for DPS, or
c) You want to apply for a top-up to your sum assured after 60 days from the renewal date, or
d) Your policy has lapsed and you wish to reinstate it.
You must declare and fully disclose all information regarding your health, including:
If you are suffering from any undisclosed pre-existing serious illness, claims will not be admitted.
If you have not submitted your declaration of health, you can obtain the DPS Health Declaration Form by
Kindly complete the form and return it to us at:
1 Pickering Street
#13-01 Great Eastern Centre
Kindly complete the Reinstatement/Top-up form and either make a cash/cheque payment or instruct us to re-deduct again from your CPF account. Please note that reinstatement is subject to satisfactory health underwriting. You may return the form to us at:
1 Pickering Street
#13-01 Great Eastern Centre
OCBCSGSG (Swift code)
Great Eastern Life Bank Account Number with OCBC:
501-036925-001 (Singapore Dollars Policy)
501-009492-201 (US Dollars Policy)
Name of Payee: The Great Eastern Life Assurance Co Ltd
We would like to advise that all bank charges related to the remittance would be borne by the policyholder. Please remember to state the policy number and name of the policyholder when remitting payment to us.
If you are sending a draft to us, our address is:
1 Pickering Street
#13-01 Great Eastern Centre
Please remember to write the policy number and name of the policyholder when remitting payment to us.
|Period of Payment|
|Loan Amount (S$)||6 months||9 months||1 year||1.5 years||2 years||3 years||4 years|
|1,000||170||114||87||59||Monthly Repayment shall not be less than S$50 per month|
|Scenario||Claimant to submit the death claim||Documents to submit|
|Deceased had left a will||Executor of Last Will||
|Deceased did not leave a Last Will : -|
|Deceased is married||Spouse||
|Widowed / Divorced with adult children||Any adult child||
|Single with surviving parents||Either parent||
|Single with no surviving parents||Any sibling||
UPGREAT, your all-in-one rewards platform that makes any day GREAT with shopping, dining and lifestyle rewards. If you are new to UPGREAT app, please visit our website for more details. You can also learn more about UPGREAT in our FAQs.
a) Only for GREAT SupremeHealth’s Life Assured
b) Must be accompanied with Medical Claims Authorisation Form (MCAF)
c) Only applicable for Singapore Citizen or Singapore Permanent Resident
d) Policy is in-force at the date of hospital admission
e) Life Assured was accepted for cover at standard risk
f) The medical conditions and treatments are not excluded from the policy
List of Participating Private Hospitals
|Progress of Resolution / Investigation||Service Standards*|
|Provide acknowledgement reply||T+2 working days|
|Provide final resolution||T+14 working days|
(T+14 working days)
|Interim reply will be sent by T+14 working days, and every subsequent 14 working days, until final resolution given|
*"T" denotes the date of receipt of the complaint.
Independent Party Review
In the event that our final resolution is not to your satisfaction, and you wish to seek a third party opinion, we would suggest that you approach the Financial Industry Disputes Resolution Centre (FIDReC) for an independent assessment of your case. FIDReC is an independent and impartial institution specialising in the resolution of disputes between financial institutions and consumers. Its address is listed below:-
Financial Industry Disputes Resolution Centre (FIDReC)
112 Robinson Road #08-01 HB Robinson Singapore 068902
Tel : (65) 63278878, Fax : (65) 63278488
Email : firstname.lastname@example.org
Thank you for insuring with Great Eastern.