GREAT Flexi Saver | By invitation only^

Exclusively for selected customers with maturity proceeds, you can now enjoy returns every month on your savings*

Crediting rate for February 2024 is 3.45%* p.a.

You’ve planned for your savings to work harder. Now with maturing proceeds coming your way, you can take advantage of this exclusive offer to build on your wealth.

If you are not ready to commit to a longer term decision and yet do not want to let your maturities stay idle, you can consider GREAT Flexi Saver. It is a single premium non-participating universal life insurance plan that offers attractive monthly crediting rate1 with no lock-in period2. Enjoy peace of mind with 100% capital guarantee as well as having death coverage throughout the policy term3.

If you are eligible and have given us your marketing consent, you will receive an email invitation. Alternatively, you may wish to speak your financial representative or log in to Great Eastern App to find out more.

Take advantage of this exclusive offer that is available from as little as S$1,000 to invest in, and with zero sales charges and zero policy fees. Apply online with no medical check-up required.

 

Key benefits

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    Attractive monthly crediting rate1 with no lock-in period2

    Accumulate daily interest with additional flexibility to withdraw anytime without any penalties.

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    100% capital guaranteed throughout the policy term

    Your safety net with no risk.

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    Financial protection with death coverage

    Enjoy greater assurance with death coverage of up to 105% of the single premium.

Here's how GREAT Flexi Saver grows your wealth

Great Eastern

Crediting rates

 

Month

Crediting Rate (per annum)

March 2024

3.40%

February 2024

3.45%

January 2024

3.50%

 

Note: Past crediting rates are not indicative of and do not guarantee future crediting rates. 

Your questions answered

GREAT Flexi Saver is a non-participating, single premium universal life (UL) insurance plan. It is a guaranteed issuance offer (GIO) plan and 100% capital guaranteed from Day 1. This plan automatically renews monthly up to the policy anniversary on which the life assured is age 100 next birthday. On the policy anniversary when you are age 100 next birthday, your account value# will be paid back to you and the policy will terminate thereafter.

 

# The account value is the single premium you have paid, less any withdrawal amount, plus the interest earned.

Universal life (UL) plans are products which offer you insurance coverage and also invest part of your premiums in the insurer’s Non-participating fund. You may refer to Your Guide to Life Insurance (“YGTLI”) for more information.

Most of the existing universal life products in the Singapore market are protection-oriented. However, GREAT Flexi Saver is a not a protection-oriented UL plan. It does not provide high insurance cover, and the coverage is not guaranteed for the whole of life as we reserve the right to terminate your policy on the monthly anniversary following a 90 days’ termination notice from The Great Eastern Life Assurance Company Limited (GELS).
 

GREAT Flexi Saver is offered to selected policyholder(s) who have at least one Great Eastern Life policy that has matured or will be maturing within a selected period to be determined by GELS. GELS reserves the right to update the eligibility listing from time to time at our absolute discretion.

You will receive an email if you have given marketing consent to us, where you will be informed of the maximum eligible single premium you can utilise. You may also check with your financial representative about this.  You will need to know your maximum eligible single premium and your maturing policy number in the application process.

After your policy is in-forced, you may no longer top-up your single premium, even if it was below your maximum eligible single premium.

GREAT Flexi Saver provides you with financial protection against death.

If the life assured dies before the policy anniversary on which the life assured is age 80 next birthday, we will pay a lump sum benefit of 105% of the single premium less 105% of the total amount of any withdrawals made, OR the account value#, whichever is higher. The policy will terminate after we make this payment.

If the life assured dies on or after the policy anniversary on which the life assured is age 80 next birthday, we will pay a lump sum benefit of 101% of the single premium less 101% of the total amount of any withdrawals made, OR the account value#, whichever is higher. The policy will terminate 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 and your policy contract for more details.

Your account value# will earn interest based on a crediting rate that is determined and updated monthly. The interest will be credited at the end of every business month.

# The account value is the single premium you have paid, less any withdrawal amount, plus the interest earned.

You may refer to the crediting rates here

The crediting rate may change periodically and it will be determined by us on a monthly basis. The prevailing crediting rate will be updated on Great Eastern’s website. Once published on Great Eastern’s website, the crediting rate for that calendar month is guaranteed.

Please note that the published crediting rates are on a per annum basis and will be converted to daily rates on a compound basis assuming 365 days per year.
 

The crediting rate that is applied to your account value# is based on the date your policy is inforced with Great Eastern. If your policy is not inforced for the full calendar month, the interest earned will be accrued on a daily basis.

If you purchase, surrender or partially withdraw your policy in the middle of a calendar month, the interest earned will be accrued accordingly.

Please refer to the illustration as an example.

The account value is the single premium you have paid, less any withdrawal amount, plus the interest earned.

You may check the account value# of your policy via the Great Eastern app. This account value is updated on every monthly anniversary of the policy.

We will publish the crediting rate of the next month by the 1st business day of the current month. This rate can be viewed on our website.

# The account value is the single premium you have paid, less any withdrawal amount, plus the interest earned.

The policy will automatically renew every month, up to the policy anniversary on which the life assured is age 100 next birthday.

Please note that unlike most insurance policies, GREAT Flexi Saver can be terminated on the monthly anniversary following a 90 days’ termination notice from GELS.

GREAT Flexi Saver has no surrender charges. You may surrender the policy at any time after your policy is in force. We will pay the account value# when you surrender your policy.

However, partial withdrawals are only allowed if used to pay for premiums of a new Great Eastern Life policy, subject to eligibility**. You may purchase this new Great Eastern Life policy for yourself, or your loved ones, subject to eligibility checks and underwriting, if any.

Please speak to your financial representative for more information. Alternatively, you may visit any of our Customer Service Centres

 

# The account value is the single premium you have paid, less any withdrawal amount, plus the interest earned.

** Partial withdrawal facility will be available from 8th April 2024 onwards. Partial withdrawals can only be made, provided that a) the withdrawal is for payment of premiums for a new single premium policy underwritten by GELS with a minimum single premium of S$10,000, or for the first year premium of a new regular premium policy underwritten by GELS with a minimum annual premium of S$2,400, and b) the remaining account value after withdrawal is at least S$1,000.

There are no fees or charges applicable to GREAT Flexi Saver.

Exclusive offer details

1.      GREAT Flexi Saver is open to selected policyholder(s) who held or are holding at least one policy originally sold by The Great Eastern Life Assurance Company Limited (“GELS”) and/or Overseas Assurance Corporation, which is eligible based on a range of maturity dates determined by GELS (subject to change from time to time) (each policy a “Qualifying Plan”) (each range of maturity dates an “Eligibility Period”).

2.      Policyholders who satisfy the criteria set out in Clause 1 above (each an “Eligible Policyholder”) will be eligible to purchase GREAT Flexi Saver, in accordance with the conditions as set out in these terms and conditions.

3.      An Eligible Policyholder will receive an electronic mail sent directly by GELS (“Eligibility Mailer”). Only policyholders who have given their marketing consent to Great Eastern will receive the notification.

4.      Each Eligible Policyholder is only allowed to purchase one (1) GREAT Flexi Saver policy per Eligibility Period, regardless of the number of Qualifying Plans held.

5.      Each Eligible Policyholder may only purchase GREAT Flexi Saver up to the maximum single premium amount as reflected in the Eligibility Mailer. The Eligible Policyholder may also check the maximum amount with the Eligible Policyholder’s Great Eastern financial representative.

6.      The Eligible Policyholder must be the proposer for both the Qualifying Plan and GREAT Flexi Saver.

7.       The single premium for the GREAT Flexi Saver policy can be paid by cash or maturity proceeds from Qualifying Plans. As the applicable crediting rate for a policy is based on its in-force date, policies paid by maturity proceeds may have different rates.

8.       GREAT Flexi Saver policies that are purchased using the maturity rollover (MRO) proceeds payment option will only be inforced on the next working day after maturity of the Qualifying Plan.

9.      GELS reserves the right to vary the terms and conditions or withdraw this product at any time. GREAT Flexi Saver can be terminated on the monthly anniversary following a 90 days’ termination notice from GELS. The decision of GELS on all matters relating to this product shall be final and binding on all customers.

10.  Notwithstanding anything herein, GELS has the absolute discretion to determine the eligibility of any person to purchase GREAT Flexi Saver. If GELS subsequently determines that a person is in fact not eligible, for any reason whatsoever, GELS may at its discretion, disqualify such person and not issue or void the issuance of the GREAT Flexi Saver policy without prior notice.

11.  By purchasing GREAT Flexi Saver, you agree and consent to GELS and its related corporations (collectively, the "Companies"), as well as their respective representatives, agents, the Companies' authorised service providers and relevant third parties (the Companies and all the other foregoing parties, collectively, “Great Eastern Persons”), collecting, using, disclosing, and/or sharing amongst themselves your personal data, for purposes reasonably required by the Companies to evaluate your proposal and to provide the products or services which you are applying for (including any policy renewals and policy upgrades, substitutions or replacements) and such other purposes as described in Great Eastern's Privacy Statement (collectively, the “Purposes”) which is accessible from Great Eastern Singapore’s website at https://www.greateasternlife.com, which you confirm you have read and understood.

Your consents herein supplement but do not supersede nor replace any other consents you may have previously provided to Great Eastern Persons, and your consents herein are cumulative and additional to any rights which any of the Great Eastern Persons may have to collect, use, and/or disclose your personal data, with or without your consent, to the extent permitted under applicable law.

In addition, where personal data of any person is disclosed by you, you further confirm and represent that you have obtained the consent of the individual concerned for the Purposes, unless such consent is not required under applicable laws: (i) to collect such personal data; (ii) for the disclosure of such personal data to the Great Eastern Persons; and (iii) for the Great Eastern Persons’ collection, use and/or disclosure of such personal data.

12.  The terms and conditions of this product shall be governed by and interpreted in accordance with Singapore law. The courts of Singapore shall have exclusive jurisdiction over any disputes arising from the terms and conditions, including the validity and enforceability thereof.

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Understand the details before buying

^ Subject to terms and conditions of this by invitation only offer.

* Crediting rates, once declared and published on Great Eastern’s website, are guaranteed for their respective calendar months. The crediting rate for each calendar month will be published one month in advance. Please refer to the crediting rate section for the historical crediting rates.

1 The crediting rate is determined by the Company on a monthly basis. The minimum crediting rate is floored at 0%.

2 Full withdrawals are allowed at any time and the policy will be terminated.

Partial withdrawal facility will be available from 8th April 2024 onwards. Partial withdrawals can only be made if the proceeds are used for the premiums payable for a new policy from The Great Eastern Life Assurance Company Limited:

  • A single premium policy with a minimum single premium of S$10,000
  • First year premium of a regular premium policy with a minimum annual premium of S$2,400. 

Partial withdrawal is allowed if the remaining account value after the withdrawal is at least S$1,000. We reserve the right to amend the terms and conditions of partial withdrawal.

3 The plan is auto-renewed every month, up to the policy anniversary before your 100th birthday. We reserve the right to terminate and/or amend the terms and conditions of your policy on any monthly anniversary by providing 90 days’ notice.

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.

You may wish to seek advice from a financial adviser before making a commitment to purchase this product.  If you choose not to seek advice from a financial adviser, you should consider whether this product is suitable for you.

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 1 February 2024.

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