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Deferment of Premium Payment Programme

Great Eastern COVID-19: Deferment of Premium Payment Programme (“DPP Programme”)

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 DPP-sg@greateasternlife.com.

3. When to Apply?
Application(s) should be made within 30 days from the policy’s next premium due date.

4. Eligibility
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 DPP-sg@greateasternlife.com.

9. Upon expiry of DPP, my financial position still does not allow me to fulfill the requested payment. Are there other options available? 

Depending on your plan type, you may consider the below.

  • You may opt to use your policy’s Cash Benefits where applicable to offset the premiums. Click here to learn more.
  • If your policy has cash value, the policy will automatically activate Automatic Premium Loan (APL). Click here to learn more.
  • If you have an Investment Linked Policy (ILP), you may opt for Premium Holiday.
  • You may also convert your policy to reduced paid up or extended term insurance policy.
  • You may right size your policy benefits by reducing the policy regular premiums. This allows you to reduce your on-going financial commitment to the policy while maintaining your insurance protection.

if you require assistance to understand which option(s) is best for your current policies with us or to assess your financial needs, we encourage you to contact your financial representative. Alternatively, you can contact our Customer Service Officer (click here).

10. How can I utilise my insurance policies to meet my short term financial needs?

An insurance policy is intended to meet your long-term financial and protection needs. Therefore, it may be disadvantageous for you to terminate your insurance policies as you may suffer losses from the premature termination and lose the insurance protection you may need.

Some disadvantages of early Termination or Surrender of Policy are:

  • You lose the insurance protection offered by your policy
  • This may result in losing the financial benefit accumulated over the years
  • You may not be able to obtain a similar level of protection or returns on the same terms in the future
  • You may have to pay a higher premium due to changes in age or health

Depending on the insurance policies you have with Great Eastern, you may consider the following options:

  • If your policy has cash value, you may consider applying for a policy loan. Our current interest is 6% per annum Click here to learn more.
  • For policies with acquired cash value, you can choose to reduce the sum assured of the policy.
  • If you have ILP policy, you may opt to partial withdraw units from the funds.

if you require assistance to understand which option(s) is best for your current policies with us or to assess your financial needs, we encourage you to contact your financial representative. Alternatively, you can contact our Customer Service Officer (click here).

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Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd