GREAT Lifetime Payout 3 | Lifetime Income Stream with Guaranteed Monthly Payouts

1.     What is GREAT Lifetime Payout 3?

GREAT Lifetime Payout 3 is a regular premium participating whole life insurance plan with a limited premium payment term of 3 years. It provides a monthly payout for life at the end of each policy month, starting from the 43^rd policy month. It is also capital guaranteed¹ from the end of the 3^rd policy year.

¹ Capital guarantee is on the condition that premiums are paid by annual mode and no policy alterations are made.

2.     What is the coverage under GREAT Lifetime Payout 3?

GREAT Lifetime Payout 3 provides you with financial protection against death and terminal illness.

If the life assured suffered from any of the above events during the policy term, we will pay a lump sum benefit of 105% of the total standard annual premiums paid plus bonus (if any), less any debts. The policy will end after we make this payment.

There are certain situations when we will not pay the benefits under this policy. You can refer to the product summary for more details..

3.     What will I receive in the monthly payout?

From the 43^rd policy month onwards, you will receive a payout at the end of each policy month till a claim is admitted, or the plan is terminated, whichever is earlier. Alternatively, you may also choose to keep the payout with us to earn non-guaranteed interest. Please note that the non-guaranteed interest is subject to change without prior notice.

Each payout during the 43^rd – 48^th policy month comprises:

• Guaranteed survival benefit, also known as monthly income

Each payout starting from the 49^th policy month comprises:

• Guaranteed survival benefit, also known as monthly income; and
• 1/12 of the yearly cash bonus that is declared yearly, starting from the 4^th policy anniversary.
  • the performance of the participating fund and its future outlook, which you should receive around the second quarter of each year after bonus is declared for your policy; and
  • an annual statement regarding bonuses for your policy, which you should receive around the second quarter of each year after bonus is declared for your policy. For policies with cash bonus, you should receive the relevant statement within one month from your policy anniversary only when the cash bonus is due.

For annual premium S$30,000 and above Payout starting from		Guaranteed survival benefit	Non-guaranteed cash bonus*	Total monthly payout
Annual payout expressed as % of Total Standard Annual Premiums	43rd to 48th policy month	3.15% p.a.	-	3.15% p.a.
	49th policy month onwards	0.85% p.a.	2.30% p.a.	3.15% p.a.

*Based on an Illustrated Investment Rate of Return (IIRR) of 4.25% p.a.. Based on an IIRR of 3.00% p.a., the non-guaranteed payout is up to 1.24% p.a. of the total standard annual premiums paid.

For annual premium less than S$30,000 Payout starting from		Guaranteed survival benefit	Non-guaranteed cash bonus^	Total monthly payout
Annual payout expressed as % of Total Standard Annual Premiums	43rd to 48th policy month	3.00% p.a.	-	3.00% p.a.
	49th policy month onwards	0.80% p.a.	2.20% p.a.	3.00% p.a.

^{^}Based on an Illustrated Investment Rate of Return (IIRR) of 4.25% p.a.. Based on an IIRR of 3.00% p.a., the non-guaranteed payout is up to 1.18% p.a. of the total standard annual premiums paid.

4.     What other form of bonus(s) will I be receiving?

You will also receive the terminal bonus (if applicable) in a lump sum when you surrender your policy or when there is a claim admitted under the policy that terminates the policy, whichever event occurs first.

We usually review the terminal bonus yearly.

5.     How will I be updated on the performance of the policy?

You will receive an annual bonus update that will include the following:

When there is a change in the rate of bonuses declared, you can ask us for an update of the illustrated values.

6.     What is GREAT Lifetime Payout Rider?

The GREAT Lifetime Payout Rider is an optional single premium non-participating endowment rider with a rider term of 2 years. It provides a seamless premium payment experience by paying a guaranteed yearly payout benefit at the end of the 12th and 24th policy months to pay for the annual premiums of the GREAT Lifetime Payout 3 base plan, when they fall due.

At the end of the 2 years, the rider matures and pays a guaranteed maturity benefit.

7.     Can I add on the GREAT Lifetime Payout Rider to my existing GREAT Lifetime Payout Series policy?

The GREAT Lifetime Payout Rider is available only when you apply for a new GREAT Lifetime Payout 3 policy. It cannot be added on to existing policies.

8.     What happens if you surrender the policy and/or rider early?

If you surrender your policy and/or its attached rider after the 14-day free-look period, you may lose part or all of the premiums paid. This is because the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. 

If you surrender only the GREAT Lifetime Payout Rider, you must continue paying the future premiums of the GREAT Lifetime Payout 3 plan when they fall due, to avoid the policy from lapsing. Partial surrender of the rider is not allowed.

9.     What happens if you do not pay your premiums on time?

IIf you do not pay your premiums within the 30 days grace period, your policy may lapse. However, you may reinstate the policy within 6 months from the date it lapsed and usual reinstatement conditions apply. This is not applicable if you attach the GREAT Lifetime Payout Rider to your plan because the rider will pay for the annual premiums for the remaining years when they fall due, provided it is not surrendered.

10.  What are the fees and charges?

We have included fees and charges when working out the premium and you will not be separately charged for these. Please refer to the Product Summary for details of the fees and charges.