Policy Servicing

Bonus Statement 2016
Dependants’ Protection Scheme (DPS)
Duplicate Policy
ElderShield
Freelook
Giro
Premium Payment Option
Reinstatement
Assignment

Bonus Statement 2016

How will my policy be affected after bonus declaration?
Your policy’s current illustrated values will be the same as previous illustrated values.
- The reversionary bonus rates remain unchanged for 2016.
- The terminal bonus rates on death/TPD remain unchanged for 2016.
- The terminal bonus rates on maturity or surrender remain unchanged for 2016.
- Cash bonus for cash bonus policies remains unchanged.
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.
Since there are no revision in bonus rates, why are the previous “Illustrated Death Benefit” and “Illustrated Surrender Value” different from the current 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.

For example:
If your age today is 47, illustrated values this year are based on the year 2037 (20 years later from 2017). In the last year’s bonus statement, your age will be 46 and illustrated values are based on the year 2036 (20 years later from 2016).
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.
How can I find out more about the bonus rates for my policies?
We will be sending the Bonus Statement for 2016 to all our policyholders in batches over a one-month period from 29 May 2017. The statement will give you details of the bonus declared.

You can also log on to e-Connect via www.greateasternlife.com to view and print the Bonus Statement 2016 from 1 Jun 2017. The current bonus rates as well as rates for the past three years are also available in e-Connect. You can also find out more by reading our FAQs for Policyholders in e-Connect.
a) My policy does not break-even even after the bonus declaration. Why should I continue my policy?
b) The total premiums I have paid for my policy have exceeded the death benefit. How can you sell such a policy?
The Benefit Illustration (BIPS) you received was for the purpose of illustration and is not guaranteed. The actual amount payable either at maturity or upon surrender will depend on the declared bonus rate and maturity / terminal bonus rate. The assumptions used in the calculation of the values are stated on the BIPS.

Insurance is primarily aimed at meeting protection needs. Depending on factors such as age of entry, health loading, plan type and sum assured, some policies may not break-even.

For example:

If you buy a policy (e.g. Living Assurance Policy Plus with CRB) at an older age of, say 55, the cost of protection against death, TPD and major illnesses not only increases with age, but also increases at an increasing rate. Hence, for a life assured who is older, a large portion of the premium is utilised to pay for the cost of protection, leaving a smaller portion of the premium for savings purpose. As a result, the surrender value/death benefit of the policy would not be able to “catch up” with the total premiums paid and the policy does not break-even.
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 on 1800-248 2888 for more information on policy loan.
What is the current investment portfolio of the Par Fund?
We will be sending the Bonus Statement for 2016 to all our policyholders in batches over a one-month period from 29 May 2017. You will receive a Par Fund Update for 2016 together with your Bonus Statement. The Par Fund Update will give you details on the asset mix of the Par Fund, its performance, etc.
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. Participating policies that only have terminal bonuses and non-participating policies are not included.

For the former, a separate communication will be sent to customers to share on the Par Fund Update for 2016.
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:-
- If LA’s age is below 45 – the illustrated values are based on the year that the LA turns 65.
- If LA’s age is between 45 to 79 – the illustrated values are based on the year 2037 (20 years later).
- If LA’s age is above 79 – the illustrated values are based on the year that the LA turns 99.
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 on 1800-248 2888 to request for a quotation and we will get back to you within 14 business days.
Why am I being asked for my contact details?
We would like to obtain your updated contact details so that the Company may keep you updated of important information regarding your insurance policies and our latest products and services.
How can I update my contact details?
You may update your contact information through e-Connect, emailing us, or sending us the enclosed form using the business reply envelope.

Dependants’ Protection Scheme (DPS)

Application for DPS

How do I apply for DPS with your Company?
To apply, you can:
1. Click here to download the Proposal Form and return the completed form to us, or
2. Get in touch with your distribution representative, or
3. Drop by our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659.
If you have any questions, you may contact our customer service officers at 1800 2482 888 or e-mail us at wecare-sg@greateasternlife.com.
What happens after I have submitted my Proposal Form to your company?
After we receive your Proposal Form, one of our underwriters will evaluate your application and a decision will be communicated to you.
What is the premium I must pay?
The annual premium is dependent on your age at your last birthday as at policy renewal date (please refer to the table below).

Age (years) Annual Premium
34 and below S$36
35–39 S$48
40–44 S$84
45–49 S$144
50–54 S$228
55–59 S$260
How do I pay the premium?
For your convenience, premium is automatically deducted every year from your CPF Ordinary Account and/or Special Account. It will only be deducted from your Special Account if there are insufficient funds in your Ordinary Account.
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.
What will be the amount of my coverage and what will I be covered for?
The maximum coverage amount is S$46,000. The policy covers death, Terminal Illness or Total Permanent Disability. You can only claim under Terminal Illness or total permanent loss if your terminal illness or total permanent loss of physical function started on or after 01 May 2016.
Do I have to declare my health condition for the cover?
You will have to declare your health condition if
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:
- All your past and current illnesses;
- Any surgery/treatment/medical test that you had previously undergone or will be undergoing; and
- Any physical or mental impairment.
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
1. Clicking here to download the form
2. E-mailing us at wecare-sg@greateasternlife.com
3. Calling our Customer Service hotline at 1800 248 2888 to request for the form to be sent via post
Kindly complete the form and return it to us at:
1 Pickering Street
#13-01 Great Eastern Centre
Singapore 048659
Do I need to complete any Financial Needs Analysis when I apply for DPS?
Please refer to Section E of the Proposal Form. You may select the desired options of your choice.

Age (years)	Annual Premium
34 and below	S$36
35–39	S$48
40–44	S$84
45–49	S$144
50–54	S$228
55–59	S$260

Premium payment

How do I renew my DPS coverage?
Renewal is automatic annually unless:
1. You are at the end of the policy year, during which you turn 60 years of age;
2. Upon successful claim of Total Permanent Disability or Terminal Illness benefit;
3. Upon death;
4. Upon the loss of your Singapore Citizenship or Permanent Resident status;
5. There is non-payment of premiums within the stipulated 60 days grace period;
6. You opt out of the DPS; or
  whichever is the earliest event.
Will I be informed when my coverage is renewed?
A renewal notice will be sent to you 1 month before your renewal date. No further notification will be sent to you upon renewal unless your CPF account does not have enough funds to pay the full premium required. Your yearly CPF statement of account will show the premium deducted from your CPF account.
You may check your DPS policy status online via CPF website> My Messages> Insurance.
If the deduction is unsuccessful or partial, you will be notified by post on the top-up amount required to be paid.
Important: You should update us if there is any change in your correspondence address so that you can be kept notified on the status of your DPS cover.
I do not have enough money in my Ordinary or Special Account. Can I use my Medisave account or family member's Ordinary and/or Special Account?
Premiums can only be deducted from your own CPF Ordinary or Special Account. If you do not have enough CPF savings to pay the premium for maximum cover, you can either pay the difference in cash or be insured for a lower amount (the minimum coverage is S$5,000).
Which account will premiums be deducted from?
Premiums will first be deducted from your CPF Ordinary Account. If there are insufficient funds there, premiums will then be deducted from your Special Account.
How do I make payment for my premiums? Do I go to the CPF Board or to Great Eastern after privatisation?
You will have to complete and mail the Reinstatement/Top-up Form to Great Eastern. You can download the form by clicking here, or request for it to be sent to you by calling our customer service officers at 1800 248 2888 or e-mailing us at wecare-sg@greateasternlife.com.
1. If you are requesting for an attempt to re-deduct from your CPF account, kindly ensure that you have sufficient fund for this option (i.e. you have made a voluntary contribution to your CPF account or have had new contributions made into your CPF account).
2. If you are making a cheque payment, it should be payable to Great Eastern Life. Please write the policyholder name, his/her NRIC number and policy number on the reverse of the cheque and send it to
  Customer Service Department
  1 Pickering Street
  #13-01 Great Eastern Centre
  Singapore 048659
3. If you are making cash payment, it will have to be made personally at Great Eastern Centre during office hours.
4. If you are making payment via an AXS machine, please select Insurance> Great Eastern Life> DPS.
I do not have sufficient funds in my CPF accounts, hence no premiums have been deducted for the renewal. What is the status of my policy now?
If it is within 60 days from the renewal date and your policy is still in force, you may do a top up without underwriting. If it is after 60 days from the renewal date, your policy will have lapsed.

If your policy has lapsed, you can reinstate the policy within 90 days from the renewal date. You will need to complete the Reinstatement/Top-up form and either make a cash/cheque payment or instruct us to re-deduct from your CPF account. Please note that reinstatement is subject to satisfactory health underwriting.

You can download the Reinstatement/Top-up form by clicking here, or request for it to be sent to you by calling our customer service officers at 1800 248 2888 or e-mailing us at wecare-sg@greateasternlife.com.
What should I do if my DPS premium was only partially deducted?
If you wish to restore your DPS basic coverage to the maximum sum assured of S$46,000 and it is:
1. Within 60 days from the renewal date, kindly make the payment for the balance of premium required.
2. After 60 days from the renewal date, kindly complete the Reinstatement/Top-up form and either make a cash/cheque payment or instruct us to re-deduct from your CPF account. Please note that top-up is subject to satisfactory health underwriting.
If you wish to continue to be insured at the reduced sum assured, no action is required from you.

You can download the Reinstatement/Top-up form by clicking here, or request for it to be sent to you by calling our customer service officers at 1800 248 2888 or e-mailing us at wecare-sg@greateasternlife.com.
What is the duration of my coverage after paying the one-year premium?
You will be covered for one policy year.
Why can’t I top-up my CPF account for DPS premiums anymore?
You will not be able to top up your CPF account for DPS premium deduction. If you wish to make a voluntary CPF contribution for DPS premium deduction, please note that the amount contributed will be credited into your CPF Ordinary, Special and Medisave accounts according to the percentage allocated for your age. This voluntary contribution can also be used for your housing and healthcare needs. You will be required to submit a re-deduction request to us after making the contribution. Alternatively, you can make payment via any AXS machine directly to Great Eastern within 60 days from your policy renewal date. Please select> Great Eastern Life> DPS.
I am above 55 years old and have funds in my CPF account. Why did the deduction fail?
When you reach the age of 55, funds may have been transferred from your CPF Ordinary and/or Special Account (OA/SA) to your Retirement account for your retirement needs. As such, deduction from the OA/SA would have been unsuccessful due to insufficient funds.
To continue with the coverage, you may make cash or cheque payment to Great Eastern. Alternatively, you can make payment via any AXS machine directly to Great Eastern, please select> Great Eastern Life> DPS.
What happens when I turn 60 years old?
Your DPS policy will be terminated when you reach the age of 60 as of your policy renewal date, as you would have reached the maximum age of coverage. A letter will be sent to inform you when you have reached the maximum age of coverage.
How do I check my CPF account?
You may check your DPS policy status online via CPF website> My Messages> Insurance.

You can also check your CPF Account balance online via www.cpf.gov.sg. A SingPass is required to access to this service. If you do not have a SingPass, you can apply online via the CPF website.
I have already paid my premium using cash/cheque, but my statement no longer reflects a deduction from my CPF account. Is my policy in force?
Prior to 2012, payment received for DPS premiums will be credited into your CPF account, and this amount will subsequently be deducted from your CPF account. As such, the deductions were reflected on your CPF statement.

With effect from 2012, payment received will no longer be credited into your CPF account. Therefore, the monies are directly applied into an account under your DPS policy. As such, if cash/cheque payment is made for your DPS premiums, deductions for DPS will no longer be reflected on your CPF statement. Please be assured that all is in order.

You may check your DPS policy status online via CPF website> My Messages> Insurance

Reinstatement

Why did my policy lapse?
The policy will lapse if premium payment is not received within 60 days from the renewal date.
Why should I reinstate my policy?
Dependants’ Protection Scheme is an affordable term-life insurance scheme that provides a basic coverage of up to $46,000, in the event of death, Terminal Illness or Total Permanent Disability up to age 60. Continuing with your DPS cover will provide some financial protection for your family.
How long can I take to reinstate my policy?
Once the policy has lapsed, the reinstatement can be done within 90 days from the renewal date. A new application will have to be submitted after this deadline.
How do I reinstate my policy?
You can download the Reinstatement/Top-up form by clicking here, or request for it to be sent to you by calling our customer service officers at 1800 248 2888 or e-mailing us at wecare-sg@greateasternlife.com.

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
Singapore 048659

Revocable Nomination

How do i make a Revocable Nomination for DPS?
If you are at least 18 years old and wish to have the death claim benefits paid to specific person/organization i.e. beneficiary(s), you can make a revocable nomination by completing the DPS nomination form and submitting the completed form to us. You can also cancel the nomination by making a new nomination and it will take effect from the date a valid form is submitted. You can obtain the DPS Nomination form by
1. Clicking here to download Form 4 Revocable Nomination
2. E-mailing us at wecare-sg@greateasternlife.com
3. Calling our Customer Service hotline at 1800 248 2888 to request for the form to be sent via post
Kindly complete the form and return it to us at:
1 Pickering Street
#13-01 Great Eastern Centre
Singapore 048659

An acknowledgement letter will be sent after we process your request.
Who will receive the DPS approved claim benefits?
For death claims, if you have made a DPS nomination, or have a will which is made know to us, your beneficiary(s) according to the nomination or will (whichever takes effect at the later date) will receive the benefits. If no nomination or will is made, the benefits will be paid to proper claimant(s). A proper claimant can be the executor of the deceased's estate or family member, e.g. spouse, parent, child or sibling.
Will the CPF nomination cover DPS claim proceeds?
DPS claim benefits do not form part of the CPF proceeds. Hence, your CPF nomination does not apply to the distribution of DPS claim benefits. You can nominate your nominees under the new Nomination Framework under the Insurance Act, which was implemented on 1 September 2009 by completing Form 4 Revocable Nomination.
Can I change my revocable nomination?
You may revoke (undo) your existing nomination and make another new nomination at any time. If you wish to revoke your existing nomination and not nominate any new nominees, please complete Form 5 Revocation of Revocable Nomination found on our website. If you wish to change nominees, please complete Form 4 Revocable Nomination.
What kind of nomination can I make? Can I make a trust nomination for my DPS?
You may make a revocable nomination for DPS however trust nomination is not allowed for DPS. When the policyholder makes a trust nomination, he/she loses all rights to the ownership of the policy, which means all living benefits such as Terminal Illness and Total Permanent Disability payouts will be paid to the nominees. Also, the policyholder can only revoke the trust nomination with the consent of all the nominees.
However, if CPF monies are used to pay for the policies, you must retain complete control of your retirement funds during your lifetime. Thus, trust nomination is not allowed for DPS as you will no longer have control over the proceeds of this policy during your lifetime.
Can Muslim policyholders make nominations?
Muslim policyholders may make revocable nominations for DPS. However, they should be aware that revocable nominations are subject to Syariah (Muslim) law and they can seek guidance from the Islamic Religious Council of Singapore (MUIS) on how the different types of nominations interact with the principles of Muslim law. The restrictions stated above on making trust nominations for CPF-funded policies also apply to Muslim policyholders.

Others

What is the difference between ElderShield & DPS?
DPS is a national term insurance that auto-covers CPF members who are Singaporeans or Permanent Residents from age 21 to 60. It covers death, Terminal Illness and Total Permanent Disability. Terminal Illness refers to an illness that a registered medical practitioner under the Medical Registration Act certifies is expected to result in death within 12 months. Total Permanent Disability refers to the inability to take part in any employment permanently or the total permanent loss of physical function of both eyes, both limbs, or one eye and one limb. Under these circumstances, the DPS benefit will be paid out in a lump sum.

ElderShield is an insurance scheme that auto-covers Singaporeans or Permanent Residents who have reached the age of 40. It provides a monthly cash payout of S$300/S$400 up to a maximum period of 60/72 months to help those who have become severely disabled*.

*Severe disability is defined as the inability to perform three out of the six Activities of Daily Living (washing, dressing, feeding, toileting, mobility and transferring).
Can I be assigned a Distribution Representative to service me for my DPS?
Yes, you can call our customer service officers at 1800 248 2888 or e-mail us at wecare-sg@greateasternlife.com and we will arrange a Distribution Representative for you.
Can I change insurer after privatisation?
Yes, you can change insurer after privatisation by completing the application form from your preferred insurer. However, you will be subject to medical underwriting. Please note that it is not necessary to terminate your DPS policy with your current insurer.
What do I have to do if I wish to opt out?
To opt out, you can call our customer service officers at 1800 248 2888 or e-mail us at wecare-sg@greateasternlife.com for a copy of the opt-out form.
Can I convert my DPS into a participating policy and receive a bonus?
DPS is not a convertible policy.
I am already past 60 years old, so why am I still covered?
Please note that as the renewal is based on the policy renewal date and is for a full policy year, so you are considered to be 59 years old even if you have reach 60 on your birthday (in the middle of the policy year). Hence, you are still eligible for one policy year of coverage, and your policy will only cease on the next renewal date.
Who is entitled to bonus sum assured? Can I withdraw this?
The bonus sum assured is given to CPF members whose DPS coverage started before 28 June 2003. This sum was declared by the CPF Board during that period, and it ranges from S$1,500 to S$4,000. A second bonus was given to members covered under DPS as at 16 September 2005. This sum ranges from S$1,500 to S$3,850.

These amounts are, however, not for withdrawal, but will be payable together with the basic sum assured in the event a claim is admitted.
I am only a student. Why am I insured under DPS?
DPS is automatically extended to members who are Singapore Citizens or Permanent Residents between 21 and 59 years of age when they made their first CPF contribution. This auto-cover feature of DPS is legislated under Part V of the CPF Act. The aim of the scheme is to insure members as early as possible, such as when they first enter the workforce and are likely to be healthy and insurable. If you are below 21 years of age and your DPS policy has lapsed, you will automatically be insured by DPS again if there are CPF contributions after your 21st birthday. If you are below 21 years of age and have opted out of the DPS policy, you will not be insured by DPS again after your 21st birthday.
I have already sold my flat. Why is my DPS still in force?
DPS is an affordable term insurance that covers CPF members against death, Terminal Illness or Total Permanent Disability up to age 60. Home Protection Scheme (HPS) is a mortgage reducing insurance that protects CPF members and their families against losing their homes should members become physically/mentally incapacitated or passes away before their HDB flats are sold or HDB loans are paid up. The two schemes are different. Even if your HDB flat is sold or HDB loan is fully paid up, you could still take up DPS.

Duplicate Policy

I have lost my policy. How do I get a replacement?
Come personally to Great Eastern Life’s Head Office with your NRIC/passport. Our address is 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. You will need to complete a Declaration and Indemnity for Loss of Policy Form in the presence of our Customer Care Officer.

A policy replacement charge of S$20 will be imposed and the duplicate policy document will be sent to you within 10 working days.
I am residing overseas and have lost my policy. How do I get a replacement?
You can request for a duplicate policy document by completing a Statutory Declaration for Loss of Policy form.

You have to bring this form to a Justice of the Peace, Notary Public or other officer empowered by law to administer oaths, affirmations or affidavits to make a statutory declaration that your policy document is lost. Then submit this duly signed and witnessed Statutory Declaration for Loss of Policy form to us for processing.

A policy replacement charge of S$20 will be imposed and the duplicate policy document will be sent to you within 10 working days.

ElderShield

Who is ElderShield for?
All CPF members (Singapore Citizens and Permanent Residents (PRs)) who reach the age of 40 will be covered automatically. As it is an auto-cover scheme, you do not have to sign up to join ElderShield.
What are the benefits of ElderShield?
If your policy commenced before 29 September 2007 and you did not choose to upgrade, you will receive a monthly cash payout of S$300 for up to a maximum of 60 months should you become disabled. If your policy commenced after 29 September 2007 or if you have successfully upgraded your policy, the monthly cash payout will be S$400 for up to a maximum of 72 months. You can use the money to pay for a type of care that is suitable to your needs (e.g. home nursing services, day rehabilitation, nursing homes, etc.).

For someone who has recovered but becomes disabled again, he/she will still get the cash payout as long as the total payout period is not more than 60 or 72 months.
Why should I join ElderShield now?
Even if you have some illnesses now, you are automatically covered unless you are already disabled. If you opt out when you become eligible for this scheme, you risk being denied coverage later because of your medical problems.
What does ‘disabled’ mean?
For ElderShield purposes, ’disabled’ means being unable to do at least three of these activities: washing, dressing, feeding, toileting, mobility and transferring.
How are premiums paid?
You can use your Medisave to pay for your ElderShield premiums. If you do not have enough Medisave savings, you may also use the Medisave Accounts of your spouse, parents, children or grandchildren. You may also pay by cash.
Do I have to continue paying my premiums if I become disabled?
The insurance company will start paying you if you become disabled, and you can stop paying the premiums. If you recover, the insurance payout will stop, and you will have to continue paying the premiums, if you are paying by yearly premiums.
Can I choose my ElderShield insurer?
With effect from September 2007, Aviva Ltd was the third insurer appointed by the Ministry of Health (MOH). The first two insurers were Great Eastern Life Assurance Company Limited and NTUC Income Insurance Co-operative Limited. You will be randomly assigned to one of these insurers. If you wish to sign up with a particular insurer, you can do so before policy commencement with no penalty.

If you change insurer after the policy commences, you will lose the premiums already paid and be regarded as an opt-in application by the second insurer. In addition, you may also be subjected to medical assessment by the second insurer.
What happens if I don't have enough money to pay until end of payment term?
ElderShield scheme has a Non-Forfeiture feature. This means that, after a minimum number of premium payments are made, the ElderShield policy will not lapse even if subsequent premiums are not paid. Instead, you will continue to be covered for life, but at a reduced monthly benefit. It is therefore important to ensure that the minimum number of premium payments are made.

The monthly reduced benefit depends on the number of premiums you have made before stopping the premium payments, and it ranges from S$100 to S$372. You may refer to the Paid-up Values tables in your ElderShield Policy Document or the paid-up tables in this website to see the minimum number of premium payments required and the corresponding reduced monthly benefit.

If you wish to change your premium payment method and use the Medisave savings of your immediate family members to make payment, please complete the Change of Payment Method form and return to us before your next policy renewal date.

Freelook

What is Freelook?
A freelook clause is provided in the policy terms and conditions. It states that the policyholder can cancel the policy under the freelook period within 14 days from receipt of the policy document.
How will I be affected if I cancel my policy during the freelook period?
Cancelling your policy under Freelook means that the whole policy is cancelled and there is no insurance coverage. If you have gone for a medical examination for the policy, any medical cost incurred will be borne by you.

For Investment-Linked policies, market adjustments will be made and any losses will be borne by you.
What is the procedure for cancelling a policy under Freelook?
You need to give us a written request and submit it together with the original policy document.

Giro

Why is GIRO the preferred mode of payment?
GIRO is the preferred mode of premium payment, especially for monthly payment. It is also a convenient and hassle-free way of making payment. You need not monitor your premium due date, send cheques nor make cash payments to us. Most importantly, it ensures that premiums are paid on time so that your insurance coverage is intact.
How do I apply for GIRO?
You have to fill up a GIRO Application form.

Click here to download the form. Print, complete and mail it to us together with the current month’s premium at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. Please send us the original copy, as we need to submit the GIRO Application form to the bank for approval.
Why do I need to pay a one-month advance payment when I submit the GIRO form?
We will need to send your GIRO form to the bank for approval. The advanced payment of premium is required to give us and the bank ample time to process your application and ensure that your policy is kept in force with up-to-date payment of premium.

Hence, we would advise you to pay the current month's premium when you submit the GIRO application form.
What is the date of GIRO deduction?
The GIRO deduction date is fixed on either the 11th or 12th and 26th or 27th of each month. The date is fixed based on your policy number and premium due date. You will be informed of the GIRO deduction date in our acknowledgement letter to you when we receive your GIRO Application form.
What happens if my GIRO deduction is unsuccessful?
There will be two GIRO attempts for the deduction. If first attempt to deduct fails, we will automatically schedule another attempt on the second deduction date. If the second attempt also fails, the GIRO service will be suspended. A GIRO unsuccessful deduction letter will be sent to you.
I wish to change my GIRO account. What is the procedure?
If you wish to change your GIRO Account to another bank, a fresh GIRO Application form has to be submitted. Click here to download the GIRO form. Print, complete and mail it to us at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. Please send us the original copy, as we need to submit the GIRO Application form to the bank for approval.
I have a Policy Loan or APL on my policy. How do I repay the loan by GIRO?
You can use the same GIRO account to pay for any outstanding Policy Loan or APL. The minimum instalment is S$50 (see terms in the Application for APL/Loan Repayment by GIRO form). When the remaining loan balance is less than the instalment amount, the final instalment repayment will be the balance amount.

Click here for the Loan Repayment by GIRO form.

Premium payment option

What are the various ways of making payment to Great Eastern?
You can choose from various methods of payment, such as GIRO, Internet Banking, AXS, OCBC Bank Branches, cash or cheque. If you are residing overseas, you can also use telegraphic transfer or bank draft. For all policies under monthly premium payment mode, GIRO is the preferred method of payment.

Click here to find out more about the various ways of premium payment.
As I am residing overseas, what is the best way to make payment for my premiums?
As you are residing overseas, you could pay your premium either by bank draft or by telegraphic transfer. For payment by telegraphic transfer, the details of our bank account are as follows:

Name & Address of Bank:
Oversea-Chinese Banking Corporation Ltd
65 Chulia Street OCBC Centre
Singapore 049513

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
Singapore 048659

Please remember to write the policy number and name of the policyholder when remitting payment to us.

Reinstatement

In what circumstances would a policy lapse?
- Premium not paid within grace period
  When the premium is not paid for the policy, and the policy has not acquired any cash value, the policy will lapse 30 days after the premium due date.
- If the policy has acquired cash value, an Automatic Premium Loan (APL) will be set up after a 30-day grace period. This is provided for in the policy terms and conditions. APL will continue to pay for the premiums for as long as there is cash value. When the outstanding indebtedness (i.e. APL and APL interest) exceeds the cash value, the policy will lapse.
- Taking policy loans against the policy and not making loan repayments may also cause the policy to lapse, despite regular premium payment. When the outstanding indebtedness (i.e. policy loan and loan interest) exceeds the cash value, the policy will also lapse.
What is Reinstatement?
Reinstatement is provided for in the policy terms and conditions. It allows the policyholder to continue with the policy, subject to certain terms after the policy has lapsed.
How long from the lapsed date can I still reinstate my policy?
The reinstatement period depends on the type of policy.
- For Regular premium policies, reinstatement is within three years from the lapsed date
- For Term policies, reinstatement is within six months from the lapsed date
- For Single premium policies, reinstatement is within six months from the lapsed date
What are the requirements for reinstating my policy?
You need to fill up a Reinstatement Form. Policy reinstatement is subject to satisfactory health underwriting and payment of premiums and interest outstanding from the date of lapse to reinstatement.
Additional form(s) is/are required if
- your policy has lapsed for more than six months and/or your application for assurance was accepted at other than normal terms. Please attach the Declaration of Health form.
- your policy is a Paysecure/PayAssure policy or has a Paysecure/PayAssure rider. Please attach the Supplementary form for Paysecure/PayAssure.
- your policy is a Lifesecure policy or has a Lifesecure rider. Please attach the Supplementary form for Lifesecure.

Assignment

What is an Absolute Assignment?
An absolute Assignment is a transfer of ownership from the Assured (Assignor) to another person or institution (Assignee).

The assignee becomes the new owner of the policy and assumes full legal right over the policy. All proceeds, be it surrender, maturity or claims will be payable to the assignee.
When can I assign my policy?
You can assign your policy if
1. the policy
  - does not use CPF monies for premium payments
  - is not effected under trust
  - is allowed to be assigned under the plan
2. both assignor and assignee are
  - at least 21 years old
  - of sound mind
  - not bankrupt
  - not under duress
How can I effect an assignment?
Both the assignor and assignee must come to our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, with their NRIC.

If the assignment is done between spouses, or parent and child, and relationship can be established by producing the marriage certificate or birth certificate, they need not be present at our Customer Service Centre.

Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.
Can I assign to a company or institution?
Yes, you can assign to a company or institution.

Both the assignor and assignee must come to our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, with their NRIC.

Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.

For an assignment to a company or institution, a company stamp is required on the assignment form.
Can I cancel/revoke the assignment?
No. Once absolutely assigned, the policy ownership will belong to the assignee. However, the policy ownership can be transferred back to you provided the assignee agrees to it. A new assignment will need to be done.
If I have made a nomination previously, can I still assign the policy?
You can still assign the policy if the nomination made is a revocable nomination. The revocable nomination will be automatically revoked once the policy is assigned. If the policy has a trust nomination, the trust nomination will have to be revoked before you make an assignment.