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‘#Lifeproof Your Future’ June 2021 Special Promotion (“Promotion”)

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Terms and Conditions

1. This Promotion from The Great Eastern Life Assurance Company Limited (“GELS”) shall run between 28 May 2021 and 30 June 2021 (both dates inclusive) and is open to new and existing customers of GELS (“policyholders”).

2. Subject to the terms and conditions of this Promotion, policyholders who purchase any of the plans as set out below (“Qualifying Plans”) will get to enjoy the following benefits (“Benefits”):-

Category

Qualifying Plans and Qualifying Annual Premium1 per plan

 

Premium Discount off first year Annual Premiums2

Premium Discount fulfilment method

(a)

Investment-Linked

Qualifying Plans with minimum annual premium of $3,600:

  • GREAT Life Advantage
  • GREAT Wealth Advantage

 

Annual Premium:-

 

  •   $3,600 - $5,999 : 5%
  •   $6,000 & above : 10%

Premium savings (“Premium Savings”) by way of PayNow or cheque (as applicable) issued to policyholder

 

(b)

Regular Premium Life & Endowment

 

 

 

 

Qualifying Plans with minimum annual premium of $3,600:

  • FlexiLife Series 3
  • GREAT Flexi Living Protect
  • GREAT Complete Flexi Living ProtectGREAT Wealth Multiplier

 

Direct premium discount off initial first-year premiums payable

(c)

Term

Qualifying Plans with minimum premium of $1,200:

  • Flexi Term (5-year Renewable & Convertible)
  • Flexi Living Term (5-year Renewable & Convertible)
  • GREAT Term
  • GREAT Family Care
  • GREAT TripleCare MoneyBack

 

Annual Premium:-

 

  • $1,200 - $2,399 : 5%
  • $2,400 & above : 10%

Direct premium discount off initial first-year premiums payable

(e)

Accident & Health (“A&H”)

Qualifying Plans with no minimum premium:

  • Essential Protector Plus
  • GREAT Junior Protector
  • GREAT Golden Protector
  • GREAT Protector Active
  • LifeSecure
  • PayAssure

 

15%

Direct premium discount off initial first-year premiums payable

(f)

Attaching Cash Paying Riders

 

 

Selected Regular Premium riders

 

 

10%

Direct premium discount off initial first-year premiums payable

 

Selected A&H riders

15%

Direct premium discount off initial first-year premiums payable

Notes:
1 Qualifying Annual Premium refers to the total annual mode premium reflected in the policy illustration, including
attaching cash-paying riders which are eligible for this Promotion.

2 Annual Premium refers to the total premiums payable per policy year including the premiums payable for any attaching cash-paying riders. Premium discounts will be effected on all premium frequency modes, monthly, quarterly, half-yearly or yearly, excluding premium loadings (if any).


3. In order to be eligible for the Benefits, (a) GELS has to receive the application from the policyholder within the New Business Submission period (as set out below); and (b) the Qualifying Plan(s) have to be in force by the Policy Inforce date (as set out below):-

New Business Submission period

Policy Inforce date

28 May 2021 – 30 June 2021 (both dates inclusive)

31 August 2021

4. The applicable premium discount is applicable on the total premium payable for the first year (“Promotional Discount”) for the Qualifying Plan(s) and is valid for all premium payment modes (monthly, quarterly, half-yearly and annual).

5. The Promotional Discount is not applicable to
(a) premiums for any attaching riders (unless specifically listed); and/or
(b) premium loading(s) imposed due to health reasons (if any).

6. For premium discount fulfillment via Premium Savings by way of PayNow or cheque (as applicable):

a) On annual premium payment mode: The policyholder will be notified of the Premium Savings by way of a letter on successful PayNow transaction or cheque issued by GELS within forty-five (45) days after the free-look period of the Qualifying Plan(s).
On other non-annual payment modes such as monthly, quarterly and half-yearly: The policyholder will be notified of the Premium Savings by way of a letter on successful PayNow transaction or cheque issued by GELS in two separate transactions:

i. on the 7th month after the free-look period of the Qualifying Plan(s) for the following premiums received by GELS:
• Monthly premium for 1st – 5th months received
• Quarterly premium for 1st and 2nd quarters received
• Half-yearly premium for first six (6) months received

ii. on the 13th month after the free-look period of the Qualifying Plan(s) for the following premiums received by GELS:
• Monthly premium for 6th – 12th months received
• Quarterly premium for 3rd and 4th quarters received
• Half-yearly premium for second remaining six (6) months received

b) Notification will be mailed out to the policyholder’s mailing address provided in their application for the Qualifying Plan. GELS will not be responsible in any way for any non-receipt of the notification should there be a change in the mailing address of the policyholder.

c) Premium Savings will be credited into the policyholder’s PayNow account, registered with a Singapore identification no. (NRIC). Currently, PayNow offers funds transfer to nine participating banks (Bank of China, Citibank Singapore Limited, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB).

d) For policyholders without a valid PayNow account, registered with a Singapore identification no. (NRIC), a cheque will be prepared and mailed out to the policyholder’s mailing address provided in their application for the Qualifying Plan. GELS will not be responsible in any way for any non-receipt of the cheque should there be a change in the mailing address of the policyholder.

7. For premium discount fulfillment via direct premium discount off initial first-year premiums payable, the Promotional Discount through direct premium discount will be reflected on the letter of conditional acceptance issued by GELS to the policyholder of the Qualifying Plan(s).

8. Each Qualifying Plan is eligible for the Promotional Discount corresponding to the Annual Premium for that Qualifying Plan and its cash paying riders (if any). For the avoidance of doubt, premiums cannot be combined across multiple Qualifying Plans. In the event that the Premium Saving is applied more than once for any Qualifying Plan, GELS reserves the right to recover the full value of any additional Premium Saving(s) from the policyholder.

9. If the policyholder:
(a) cancels or surrenders the Qualifying Plan, or the Qualifying Plan lapse(s);
(b) replaces the Qualifying Plan; or
(c) downgrades the plan type and/or deals with the Qualifying Plan in any way which reduces the total premium payable;
within twelve (12) months from the date of issue of the Qualifying Plan, the policyholder shall return the value of the Promotional Discount to GELS immediately. By participating in this promotion, the policyholder agrees that GELS may deduct the value of the Promotional Discount which was issued to the policyholder either by premium discount or premium savings from the cash value of the Qualifying Plan or from any sums due owing to the policyholder from GELS, in its sole discretion.

10. This Promotion is not valid with any other offers or promotions held by GELS.

11. GELS may replace, withdraw or add Benefits at any time without notice or liability. Benefits cannot be converted into cash.

12. GELS reserves the right to vary the terms and conditions or withdraw this Promotion at any time without prior notice or liability to any party. The decision of GELS on all matters relating to this Promotion shall be final and binding on all policyholders. GELS will not entertain any queries with regard to the Promotion results, and will not be obliged to provide the reason(s) for its decision to any policyholder.

13. In the event of any inconsistency between these terms and conditions and any advertising, publicity, brochure, marketing or other materials relating to or in connection with the Promotion, these terms and conditions shall prevail.

14. Notwithstanding anything herein, GELS has the absolute discretion to determine the eligibility of any person to participate in the Promotion.

15. If GELS subsequently determines that a person is in fact not eligible, for any reason whatsoever, GELS may at its discretion, disqualify that person and clawback/cancel the Benefits without prior notice.

16. By participating in the Promotion, you agree and consent to GELS and its related corporations (collectively, the “Companies”), as well as their respective representatives, agents, authorised service providers and relevant third parties (the Companies and all the other foregoing parties, collectively, “Great Eastern Persons”), collecting, using and/or disclosing your personal data, for purposes reasonably required by the Companies to administer the Promotion and such other purposes as described in GELS’ Privacy Statement which is accessible from GELS’ website, which you confirm you have read and understood.

17. The Companies shall not be liable for or be responsible in respect of any expenses, losses, costs, damages, liabilities or other consequences of whatsoever nature (collectively “Losses”) suffered or incurred directly or indirectly by policyholders of the Promotion howsoever caused or arising and without limiting the generality of the foregoing, whether by reason of or on account of any act or omission whether negligent or otherwise on the part of the Companies or their respective employees or agents or representatives, even if the policyholders are advised of the possibility of such Losses.

18. By participating in the Promotion, the policyholders agree to release and hold the Companies harmless from any and all liability whatsoever for any injuries, losses or damages of any kind to any person or property arising from or in connection with, either directly or indirectly:
(a) the awarding, acceptance, receipt, possession, use or misuse of any Benefits or parts thereof awarded pursuant to the Promotion; and
(b) the participation in the Promotion or any Benefit-related activities.

19. The terms and conditions of this Promotion 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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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