Choose when you want to retire and receive monthly cash payouts inclusive of potential cash bonuses upon reaching your desired retirement age. The total retirement income benefits will potentially reach 5.4X the total premiums paid5 at policy maturity.
Select premium payment terms of 5, 10, 15 or 20 years according to your budget. Choose to start cash payouts from age 56, 61, 66 or 71, with payout duration options of 10 or 20 years. Moreover, you can change the income period at any time, up to 6 months before the first payout.
Receive LOI income benefit2 which gives you an extra 50% of the Guaranteed Survival Benefit if you are unable to perform two Activities of Daily Living (ADLs) during the income period. Upon the inability to perform 3 or more ADLs, you could receive up to an additional 100% of the Guaranteed Survival Benefit.
GREAT Retire Income is a participating regular premium endowment insurance plan with limited premium payment term options of 5, 10, 15, or 20 years. It pays monthly retirement income at the end of each policy month starting from the policy anniversary when the life assured reaches the selected retirement age of 56, 61, 66 or 71 next birthday, for the selected income period of either 10 or 20 years.
It also allows you to take part in the performance of the participating fund in the form of bonuses that are not guaranteed. There are two main types of bonuses for this plan – cash bonus and terminal bonus.
GREAT Retire Income provides you with financial protection against death, total and permanent disability (TPD)1, and terminal illness.
If the life assured suffers from death or terminal illness during the policy term, or TPD during the applicable period, we will pay a lump sum benefit of 105% of the total standard annual premium2 paid less survival benefits already paid, OR the guaranteed surrender value, whichever is higher, plus bonuses (if any), less any debt under the policy. The policy will terminate after we make this payment.
If the life assured suffers from a disability during the selected income period, we will pay an additional income3 depending on the severity of the disability. We will pay an additional 50% of the monthly guaranteed survival benefit up to S$2,500 a month, if the life assured is not able to perform 2 of the 6 Activities of Daily Living (ADLs) or an additional 100% of the monthly guaranteed survival benefit up to S$5,000 a month, if the life assured is not able to perform 3 or more of the 6 ADLs.
There are certain situations when we will not pay the benefits under this policy. Please refer to the Product Summary for more details.
1 For Total and Permanent Disability (TPD) that takes the form of total and irrecoverable loss of the: (a) sight in both eyes; (b) use of two limbs at or above the wrist or ankle; or (c) sight in one eye and the use of one limb at or above the wrist or ankle, the life assured will be covered up to the policy anniversary on which the life assured reaches the selected retirement age. For other forms of TPD, it must occur before the policy anniversary on which the life assured is age 65 next birthday or when the life assured reaches the selected retirement age, whichever is earlier. You are advised to refer to the Product Summary for more details.
2 Standard annual premium refers to the annual premium of the policy without any loadings, discount and premiums of attaching rider(s) (if any).
3 Please use the LOI benefit footnote for this.
From the end of the first month after the policy anniversary when the life assured reaches the selected retirement age, you will start to receive a payout at the end of each policy month until the end of the income period or upon a claim being admitted under the policy or when the policy is surrendered, whichever is earlier.
Alternatively, you may also choose to keep the payouts with us to earn non-guaranteed interest. Please note that the non-guaranteed interest rates are subject to change without prior notice.
Each monthly payout comprises:
· guaranteed survival benefit, and
· 1/12 of the non-guaranteed cash bonus that is declared yearly (if any).
You are advised to refer to the Product Summary for more details.
You will also receive the terminal bonus in one lump sum when you surrender your policy or when there is a claim admitted under the policy that terminates the policy, whichever event first occurs.
We usually review the terminal bonus yearly.
You will receive an annual bonus update that will include the following:
• 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.
When there is a change in the rate of bonuses declared, you can ask us for an update of the illustrated values.
If you surrender your policy 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 do not pay your premiums on time, your policy may lapse after the 30-day grace period. There will be no protection if your policy lapses.
However, you may reinstate the policy within 6 months from the date it lapsed and usual reinstatement conditions apply.
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.
Our financial representative will answer any questions you may have about our products and planning.
1 Capital guarantee is on the condition that no policy alterations are made.
2 Loss of Independence (LOI) income benefit is payable during the selected income period (subject to applicable deferment period) if the Life Assured, as certified by a medical practitioner, is unable without the continual physical assistance of another person to perform 2 or more Activities of Daily Living (ADLs). ADLs include washing, dressing, feeding, toileting, mobility and transferring.
The Policyholder will receive (i) 50% of the Guaranteed Survival Benefit (capped at maximum LOI income benefit of S$2,500 per month) if the Life Assured is not able to perform 2 of the 6 ADLs; (ii) 100% of the Guaranteed Survival Benefit (capped at maximum LOI income benefit of S$5,000 per month) if the Life Assured is not able to perform 3 (or more) of the 6 ADLs.
3 For Total and Permanent Disability (TPD) that takes the form of total and irrecoverable loss of: (a) sight in both eyes; (b) use of two limbs at or above the wrist or ankle; or (c) sight in one eye and the use of one limb at or above the wrist or ankle, the Life Assured will be covered up to the Policy Anniversary on which the Life Assured reaches the selected Retirement Age. For other forms of TPD, it must occur before the Policy Anniversary on which the Life Assured is 65 Age Next Birthday or when the Life Assured reaches the selected Retirement Age, whichever is earlier. You are advised to refer to the product summary for more details.
4 Based on a 20-year premium term, premium illustrated is rounded down to the nearest 10 dollar. Please refer to policy illustration for actual premium amount.
5 For a 35 year old male with a 20-year premium term, selected retirement of age 71 and income period of 20 years on accumulation option, at an IIRR of the Participating Fund at 4.25% p.a.. At an IIRR of 3.00% p.a., the total retirement income benefits received is up to 2.9X of total premiums paid at policy maturity. The prevailing accumulation interest rate is 3.00% p.a. based on an IIRR of 4.25% p.a. and 1.50% p.a. based on an IIRR of 3.00% p.a.. This rate is not guaranteed and can be changed from time to time.
All figures in the above illustration are based on an Illustrated Investment Rate of Return (IIRR) of the participating fund at 4.25% p.a. and are subject to rounding.
* This figure is rounded down to the nearest hundred. Please refer to the policy illustration for exact premium amount.
† The figure comprises guaranteed and non-guaranteed benefits. The non-guaranteed benefit is illustrated based on assumption that the IIRR of the participating fund is at 4.25% p.a..
In Scenario 1, based on an IIRR of 3.00% p.a., the total retirement benefits received by Louis at the age of 76 is S$59,005 (2.45X of the total annual premiums paid). It comprises Guaranteed Survival Benefit of S$295.49 per month and Non-Guaranteed Cash Bonus of S$196.22 per month over 10 years.
In Scenario 2, based on an IIRR of 3.00% p.a., the total retirement benefits received by Louis at the age of 86 is S$68,030 (2.83X of the total annual premiums paid). It comprises Guaranteed Survival Benefit of S$156.71 per month and Non-Guaranteed Cash Bonus of S$126.75 per month over 20 years.
As the bonus rates used for the benefits illustrated are not guaranteed, the actual benefits payable may vary according to the future experience of the participating fund.
All ages specified refer to age next birthday.
All figures used are for illustrative purposes only and are subject to rounding.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract.
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
In case of discrepancy between the English and Chinese versions, the English version shall prevail.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
Information correct as at 22 September 2023.