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Retrenchment Waiver

Frequently Asked Questions

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Benefits

1. What is Retrenchment Premium Waiver Benefit (“Retrenchment Waiver”)?

Retrenchment Waiver is a complimentary benefit that will, upon the retrenchment of the policyholder of the Eligible Policy, waives the premiums for the Eligible Policy and its attaching riders, for which premiums are payable in cash, (“Eligible Policy and Riders”) for a period of 12 months. This benefit will be provided to policyholders that have purchased an Eligible Policy from Great Eastern within the campaign period. Please refer to the terms and conditions of the campaign.

2. Is this Retrenchment Waiver Benefit free?

Yes, the Retrenchment Waiver is free for policyholders that have purchased an Eligible Policy within the campaign period. Please refer to the terms and conditions of the campaign

3. What is an Eligible Policy?

An Eligible Policy is either one of the following products bought under the terms and conditions of the campaign:

(a) GREAT Life Advantage

(b) GREAT Wealth Advantage

(c) Investment-linked Insurance Plan

4. What is the coverage period?

The coverage period is 2 years, starting from the date of issue of the policyholder’s Eligible Policy.

5. Can the policyholder take up this coverage for longer than 2 years?

No, this coverage is only valid for 2 years from the date of issue of the policyholder’s Eligible Policy.

6. When will the premiums of the Eligible Policy and Riders be waived?

If the policyholder is retrenched and remains unemployed for a period of at least 60 consecutive days (“Deferment Period”) while the Eligible Policy is in force, and provided the policyholder was not receiving or entitled to any income from any other form of employment at all during such period of unemployment, Great Eastern will waive all future premiums due under the Eligible Policy and Riders (including any premium loading imposed and excluding any premium discounts granted) from the next due date of any premiums payable following the day immediately after the Deferment Period for a period of 12 months. Note that the retrenchment of the policyholder must occur before the policy anniversary on which his age next birthday is 65 years

7. What does retrenched/ retrenchment refer to?

Retrenched/ retrenchment refers to the policyholder’s full-time employment has been terminated by the employer due to redundancy and:.

(a) (in the case of a policyholder who is a Singapore citizen or Singapore Permanent Resident) the employer ceases to make regular contribution to the Central Provident Fund of the policyholder; or

(b) (in the case of a policyholder who is not a Singapore citizen or Singapore Permanent Resident) the policyholder’s valid pass to work in Singapore as issued by the Ministry of Manpower of Singapore has been cancelled.

8. What is considered as a full-time employment?

Full-time employment refers to the policyholder is working for at least 35 hours per week with an employer on a permanent basis and:

(a) (in the case of a policyholder who is a Singapore citizen or Singapore Permanent Resident) is contributing on a regular basis to the Central Provident Fund of the policyholder; or

(b) (in the case of a policyholder who is not a Singapore citizen or Singapore Permanent Resident) is holding a valid pass to work in Singapore as issued by the Ministry of Manpower of Singapore.

9. Can the policyholder claim more than once for the Retrenchment Waiver under his Eligible Policy?

The Retrenchment Waiver can only be claimed once during the coverage period.

10. Is there any waiting period before the policyholder can make a claim?

Yes, there is a waiting period of 90 days from the date of issue or date of reinstatement of the Eligible Policy (as the case may be).

11. When will the policyholder not be able to claim for the Retrenchment Waiver?

The policyholder will not be able to claim for the Retrenchment Waiver when:

(a) the policyholder is retrenched within the waiting period;

(b) the policyholder was, prior to the date of issue or date of reinstatement of the Eligible Policy (as the case may be), aware that he/she would be retrenched;

(c) the policyholder was self-employed, or was an independent contractor or sole proprietor immediately before being retrenched;

(d) the employer of the policyholder is a relative;

(e) at or around the time of retrenchment of the policyholder, the policyholder and/or any relative(s) (whether singly, jointly or in the aggregate) was/were in a position to exercise control or influence over the appointment and/or termination of employees by the employer;

(f) the termination of the policyholder’s full-time employment arose out of:

  • retirement;
  • resignation;
  • termination or suspension due to the policyholder’s breach of the terms of employment, or the policyholder’s own misconduct or negligence;
  • unlawful behaviour;
  • natural expiry of the employment contract;
  • leave of absence whether paid or unpaid;
  • military discharge;
  • any voluntary forfeiture of income by the policyholder;
  • failure to continue employment upon completion of probation period; or
  • disability, illness, accident or any other medical reasons (whether psychological and/or physical); or

(g) the policyholder was retrenched from a full-time employment for which the policyholder had not worked at for at least 6 consecutive months immediately prior to the retrenchment.

 

Duplication of Coverage

12. What happens if the policyholder purchases more than 1 Eligible Policy within the campaign period? 

The policyholder will be entitled to 1 Retrenchment Waiver under each of the Eligible Policies bought.

13. The existing Eligible Policy and Riders also has a Retrenchment Benefit under the Premium Waiver / Payer Benefit Riders. Will the policyholder get to claim under both benefits?

Yes, this Retrenchment Waiver is payable in addition to the Retrenchment Benefit under the Eligible Policy and Riders.

14. If the premiums for the existing Eligible Policy and Riders are currently being waived under the Premium Waiver / Payer Benefit Riders, will the policyholder still be entitled to the Retrenchment Waiver in the event he is being retrenched?

Yes, the Retrenchment Waiver will take effect from the next premium due date after the Premium Waiver / Payer Benefit ceases.

Termination

15. What happens if the policyholder cancel or terminate his Eligible Policy before the end of the 2 years coverage of the Retrenchment Waiver?

The Retrenchment Waiver will terminate as well.

16. Under what circumstances will the Retrenchment Waiver terminate?

The coverage shall terminate automatically on the earliest of the following events:

(a) the expiry of 2 years from the date of issue of the Eligible Policy;

(b) the date when a claim on Retrenchment Waiver is admitted;

(c) the policy anniversary on which the policyholder’s age next birthday is 65 years;

(d) when the Eligible Policy lapses, is assigned, is surrendered, or otherwise terminated; or

(e) when Great Eastern receives the policyholder’s written request for termination of the Eligible Policy.

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Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd