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:-
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.
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.