Policy Servicing

1. How will my policy be affected after bonus declaration?

• The reversionary bonus rates remain unchanged for 2020.    
• The terminal bonus rates on death/TPD remain unchanged for 2020.
• The terminal bonus rates on maturity or surrender remain unchanged for 2020.
• Cash bonus rates for cash bonus policies remain 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.

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.

For example:

If your age today is 47, illustrated values this year are based on the year 2041 (20 years later from 2021). In the last year’s bonus statement, your age will be 46 and illustrated values are based on the year 2040 (20 years later from 2020).

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?

Softcopy of the Annual Bonus Statement will be made available to our policyholders on e-Connect by end June this year. SMS will be sent to inform you on the availability of the Statements.

Hardcopy Statements together with the Participating Fund Update for 2020 will be mailed out to the policyholders who are

• Aged 60 years old and above, or
• Has previously opt for hardcopy communication from the Company

The statements will be sent out progressively in batches in July this year.

*The Annual Bonus Statement will be accompanied by the Participating Fund Update for 2020. The Participating Fund Update will inform policyholders of the performance of our Par Fund in 2020, the Asset Mix, overview of the economic outlook and the allocation of Annual Bonuses to Par Policies for the year. We have included explanatory notes and infographics in the Statement to help our policyholders understand the common insurance terms used as well as how illustrated values are derived.

5. I wish to receive hardcopy communications. How could I update my preference? 

You may wish to update your preference via the following:

• Log on to e-Connect

OR

• Call our Customer Service on 1800 248 2888 or email us at wecare-sg@greateasternlife.com

6a. My policy does not break-even even after the bonus declaration.

6b. The total premiums I have paid for my policy have exceeded the death benefit. Why should I continue my policy?

The Benefit Illustration (BIPS)/ Policy Illustration (PIPS) you received were for the purpose of illustration and are 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/ PIPS.

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.

7. 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.

8. What is the current investment portfolio of the Par Fund?

We will be sending the Bonus Statement for 2020 to all our policyholders by batches in June 2021. For policies with Reversionary/Terminal Bonus, you will receive a Par Fund Update for 2020 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.

9. 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. Cash Bonus will be allocated on the policy anniversary and the Cash Bonus Statement will be sent within one month from the date of allocation. 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 2020.

10. 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 2041 (20 years later).
• If LA’s age is above 79 – the illustrated values are based on the year that the LA turns 99.

Please note that Illustration Values exclude Survival Benefit and Cash Bonus, if any. Policyholders may refer to the original Policy Illustration for these values.
 

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. 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.
   
   
2. 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.

1. What is ElderShield?
   ElderShield is a severe disability insurance scheme which provides basic financial protection to those who need long-term care especially in their old age. It provides a monthly cash payout for up to 72 months to help pay for out-of-pocket expenses for the care of severely disabled persons.
   
   Until 2019, all Singapore Citizens and Permanent Residents with MediSave Accounts were automatically enrolled in ElderShield at the age of 40.
   
   The Government will be taking over the administration of ElderShield from the insurers in end-2021. More information will be made available to ElderShield policyholders in end-2021.
   
   
2. 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.
   
   
3. 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.
   
   
4. How can I check if I am covered by ElderShield?
   You can check for your ElderShield or Supplement coverage through the CPF Board’s website. The steps are as follows:
   a. Visit the CPF website.
   b. Log in to “my CPF Online Services” using your Singpass.
   c. Select “My Messages”, and check under “Healthcare” section.
   
   If you are covered under ElderShield and/or Supplement plan/s, this section will let you know which ElderShield insurer you are covered under. If you are not covered under ElderShield, the CPF website will not reflect any information on ElderShield. Please note that your Supplement insurer may not be the same as your ElderShield insurer. 
   
   
5. Can I still join ElderShield now?
   If you are born in 1979 or earlier and not covered under ElderShield, you can still apply to join the ElderShield 400 scheme now, subject to medical underwriting by the insurer.
   
   If you are born in 1980 or later, you will be covered by CareShield Life administered by the Government, after the scheme launch date on 1 October 2020. ElderShield will not be applicable to you.
   
   
6. 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, GIRO or credit card.
   
   
7. 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.
   
   
8. 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.
   
   
9. How will Government administration of ElderShield scheme impact ElderShield insureds?
   Please click here for more information.

1. 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.
   
   
2. 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.
   
   
3. 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.

1. 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.
   
   
2. 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.
   
   
3. 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.
   
   
4. 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.
   
   
5. 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.
   
   
6. 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.
   
   
7. 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.
   

1. 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.
   
   
2. 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.

1. 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.
     
     
2. 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.
   
   
3. 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
     
     
4. 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.

1. 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.
   
   
2. 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
        
        
3. 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.
   
   
4. 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.
   
   
5. 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.
   
   
6. 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.