1. What are the benefits offered under GREAT Term series?
GREAT Term is a non-participating, regular premium term plan that provides a wide range of policy terms from 6 years to up to age 85 next birthday. This plan provides basic coverage against death and terminal illness, with the flexibility to enhance your coverage through a wide range of optional riders such as for total and permanent disability, early, intermediate and/or critical stage critical illness, accident and premium waivers, according to your protection needs.
GREAT Term can be purchased through a Great Eastern Financial Representative.
2. What is Conversion Privilege?
Conversion Privilege allows policyholder to convert the GREAT Term policy (together with the supplementary rider(s) that offers this privilege, if applicable) to a life policy offering cash value, without evidence of insurability, provided that prevailing rules at the time of conversion are met.
The Basic Sum Assured of the new converted policy must not exceed the Basic Sum Assured of the GREAT Term policy at the date of conversion.
3. Can foreigners purchase GREAT Term?
Yes, foreigners can purchase GREAT Term plan via a Great Eastern Financial Representative.
4. What happens if you do not pay your premiums on time?
If there is no premium payment after the 30-day grace period, the policy will lapse, and the coverage will cease.
Policyholders can apply to reinstate the policy within 6 months from the policy lapse date and the usual reinstatement conditions apply.
5. What happens if you surrender GREAT Term early?
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.
Buying a new policy may mean we need to reassess the life assured’s health and circumstances and may result in higher premiums and/or benefit exclusions due to the age and health status.