Prestige Life Rewards Series | Single Premium Wealth Accumulation Plans

Build a lasting legacy of generational wealth

Designed to help you achieve your wealth goals and leave behind a legacy for your future generations, the Prestige Life Rewards Series of plans safeguards the wealth you’ve built over the years – giving you and your family a future to look forward to.

Choose from three of our whole of life participating plans, available in Singapore Dollar or US Dollar1 and enjoy lifetime monthly payouts from as early as the 2nd policy year or from the 5th policy year but with a potentially higher policy value.

Get covered against death and terminal illness for life – rest assured that your capital will be preserved for your future generations should the unfortunate happen.

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Key Benefits

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    One-time commitment for a lifetime of payouts and a lasting legacy

    With a single premium payment, you can grow your wealth and receive monthly payouts for life. When the time is right, you can transfer the policy ownership to your child to continue receiving the monthly payouts and support their future.

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    Enjoy higher payouts from the 2nd policy year

    Choose between these two plans and get rewarded with lifetime payouts from as early as the 2nd policy year:

      -  Prestige Life Rewards 6 (SGD): Get total monthly payouts of up to 3.35% per annum2 of the single premium paid.

      -  Prestige Life Rewards 4 (USD): Get total monthly payouts of up to 4.10% per annum3 of the single premium paid.

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    Your choice for a potentially higher inheritance amount

    Enjoy a potentially higher policy value with Prestige Life Rewards 5A (SGD). Start your monthly payouts from the 5th policy year and receive total monthly payouts of up to 3.00% per annum4 of the single premium paid. Plus, enjoy the assurance of a comfortable inheritance to be passed down to your next generation.

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    Support your changing financial needs

    As we prioritise your financial flexibility, we’ve made sure that with whichever plan you have chosen, you can enjoy liquidity via a guaranteed surrender value of 80% of the single premium paid from day one.

How Prestige Life Rewards 6 (SGD) helps you achieve greater liquidity with lifetime payouts from the 2nd policy year

Great Eastern

Your questions answered

1. What is Prestige Life Rewards Series?

The Prestige Life Reward Series consists of 3 single premium participating whole of life insurance plans. These plans provide lifetime monthly payouts, which include guaranteed survival benefit (also known as monthly income) and non-guaranteed cash bonuses.  The plans also provide financial protection against death and terminal illness and allow you to take part in the performance of the participating fund in the form of non-guaranteed bonuses.

There are 3 plans available under the Prestige Life Rewards Series, namely Prestige Life Rewards 6 (SGD), Prestige Life Rewards 5A (SGD) and Prestige Life Rewards 4 (USD) with different features and benefits to match your wealth goals.

The summary of product features are shown in the table below:

  Prestige Life Rewards 6 (SGD) Prestige Life Rewards 5A (SGD) Prestige Life Rewards 4 (USD)
Policy Term Whole of Life Whole of Life Whole of Life
Premium Term Single Premium Single Premium Single Premium
Currency SGD SGD USD
Death Benefit For life assured’s entry age next birthday 1 to 75: 105% of Single Premium + Non-guaranteed Bonus   For life assured’s entry age next birthday 76 to 80: 101% of Single Premium + Non-guaranteed Bonus 105% of Single Premium + Non-guaranteed Bonus 101% of Single Premium + Non-guaranteed Bonus
Terminal Illness Benefit Accelerates from Death Benefit Accelerates from Death Benefit Accelerates from Death Benefit
First Payout Starts 2nd policy year 5th policy year 2nd policy year
Annual payout expressed as % of Single Premium Guaranteed Policy Year 2 3.35% p.a. 1.25% p.a. 1.60% p.a.
Non-Guaranteed* NA Up to 1.75% p.a. Up to 2.50% p.a.
Total 3.35% p.a. 3.00% p.a. 4.10% p.a.
Guaranteed From 3rd Policy Year Onwards 1.25% p.a. Payout as above Payout as above
Non-Guaranteed* Up to 2.10% p.a.
Total 3.35% p.a.
Enjoy earlier and higher payouts               
        
Enjoy potential higher policy value    

* Based on an Illustrated Investment Rate of Return (IIRR) of 4.25% p.a. for Prestige Life Rewards 6 (SGD) and Prestige Life Rewards 5A (SGD); and IIRR of 5.20% p.a. for Prestige Life Rewards 4 (USD). Based on an IIRR of 3.00% p.a. for Prestige Life Rewards 6 (SGD) and Prestige Life Rewards 5A (SGD); and IIRR of 3.95% p.a. for Prestige Life Rewards 4 (USD), the non-guaranteed payout is up to 1.08% p.a., up to 0.88% p.a. and up to 1.56% p.a. for Prestige Life Rewards 6 (SGD), Prestige Life Rewards 5A (SGD) and Prestige Life Rewards 4 (USD) respectively.

2. What is the coverage under the Prestige Life Rewards Series?

The Prestige Life Rewards Series provides financial protection against death and terminal illness.

Coverage Prestige Life Rewards 6

(SGD)

Prestige Life Rewards 5A (SGD) Prestige Life Rewards 4 (USD)
Death Benefit For life assured’s entry age next birthday 1 to 75:

105% of Single Premium + Non-guaranteed Bonus


For life assured’s entry age next birthday 76 to 80:


101% of Single Premium + Non-guaranteed Bonus
105% of Single Premium + Non-guaranteed Bonus 101% of Single Premium + Non-guaranteed Bonus
Terminal Illness Benefit Accelerates from Death Benefit

The plan shall terminate once any of the benefit above is paid. For other detailed terms and conditions on termination, you are advised to read the policy contract.

3. How would I receive the Survival Benefit?

We will pay a guaranteed survival benefit, which is known as the monthly income, if the life assured survives at the end of each policy month till a claim is admitted, or the plan is terminated, whichever is earlier. When the survival benefit payout starts depends on the plan selected.

  Prestige Life Rewards 6 (SGD) Prestige Life Rewards 5A (SGD) Prestige Life Rewards 4 (USD)
First Survival Benefit payout starts Start of 2nd policy year Start of 5th policy year Start of 2nd policy year

This survival benefit forms part of the monthly payout.

4. How would I receive the Lifetime Monthly Payout?

We will provide a payout at the end of each policy month until a claim is admitted, or the plan is terminated, whichever is earlier. When the payout starts depends on the plan selected.

  Prestige Life Rewards 6 (SGD) Prestige Life Rewards 5A (SGD) Prestige Life Rewards 4 (USD)
First Payout Starts Start of 2nd policy year Start of 5th policy year Start of 2nd policy year

Each payout comprises of:

·         Guaranteed survival benefit, also known as monthly income; and

·         1/12 of the yearly cash bonus that is declared yearly

You may withdraw these payouts or keep them with us to earn non-guaranteed interest. Please note that the non-guaranteed interest is subject to change without prior notice. If there is any debt attached to the policy at the time we are due to pay the payouts, we will first use these payouts to reduce any debt you have with us before the balance amount is paid.

 

5. What are the type of bonuses that I will receive?

This plan provides both guaranteed and non-guaranteed benefits. The guaranteed benefits, including bonuses which have already been declared, will be paid regardless of how the participating fund performs. Non-guaranteed benefits are in the form of future bonuses.

The future bonuses which have yet to be declared are not guaranteed and are dependent on the performance of the participating fund.

There are two main types of bonuses for this plan:

·         cash bonus; and

·         terminal bonus.

6. What happens if you surrender the policy early?

If you surrender your policy after the 14 days 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.

7. What are the risks of a participating single premium whole life plan?

This plan provides guaranteed and non-guaranteed benefits. We will pay the guaranteed benefits no matter how the participating fund performs. Payment of non-guaranteed benefits is dependent on the performance of the participating fund.

8. What is the risk for a foreign currency plan?

As Prestige Life Rewards 4 (USD) is denominated in US Dollar, you should be aware that if US Dollar is not your home currency, you will be exposed to foreign exchange volatility risks between the time you purchase the policy to the time the policy benefits are payable. You must therefore recognise and accept this foreign exchange exposure.

For more details on Prestige Life Rewards Series, please refer to the product summary of the relevant plan. Alternatively, you may also speak to your financial representative or call us at 1800 248 2888 (9am to 5.30pm (Mon- Fri).

 
 

 

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Understand the details before buying

1 Please be aware that if the US Dollar is not your home currency, you will be exposed to foreign exchange volatility risk.

Applicable to Prestige Life Rewards 6 (SGD), the first 12 monthly payouts are fully guaranteed at 3.35% p.a. of the single premium paid. From the 3rd policy year onwards, based on an Illustrated Investment Rate of Return (IIRR) of the participating fund at 4.25% p.a., the guaranteed monthly payout is 1.25% p.a. and the non-guaranteed monthly payout is up to 2.10% p.a.. At an IIRR of 3.00% p.a., the non-guaranteed monthly payout is up to 1.08% p.a. of the single premium paid.

Applicable to Prestige Life Rewards 4 (USD), based on an IIRR of the Participating Fund at 5.20% p.a., the guaranteed payout is 1.60% p.a. and the non-guaranteed payout is up to 2.50% p.a.. At an IIRR of 3.95% p.a., the non-guaranteed payout is up to 1.56% p.a. of the single premium paid.

4 Applicable to Prestige Life Rewards 5A (SGD), based on an IIRR of the participating fund at 4.25% p.a., the guaranteed monthly payout is 1.25% p.a. and the non-guaranteed monthly payout is up to 1.75% p.a.. At an IIRR of 3.00% p.a., the non-guaranteed monthly payout is up to 0.88% p.a. of the single premium paid.All figures in the above illustration are based on an IIRR of the participating fund at 4.25% p.a. and are subject to rounding.

* The first 12 monthly payouts are fully guaranteed at 3.35% p.a. of the single premium paid at $1,396. For the monthly payouts from the 3rd policy year onwards, the figure comprises guaranteed and non-guaranteed benefits. Based on an IIRR at 3.00% p.a., from age 42 to age 65, the monthly payout is S$971. From age 65 to age 85, the monthly payout is S$777. The total monthly payouts received during Samantha's lifetime is S$471,228.

The figure comprises total guaranteed and non-guaranteed surrender value. Based on an IIRR at 3.00% p.a., the lump sum benefit received upon partial surrender is S$92,551.

The figure comprises total guaranteed and non-guaranteed death benefit. Based on an IIRR at 3.00% p.a., the total lump sum inheritance received by Samantha's family is S$446,633. The total benefits received by Samantha and her family is S$1,010,412 (2.02x of single premium paid).

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.

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.

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).

In case of discrepancy between the English and the Chinese versions, the English version shall prevail.

Information correct as at 24 May 2023. 

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