Maturity Rollover (“Promotion”) Terms and Conditions (till March 2023 maturities)
1. This Promotion is open to existing maturing policyholder(s) (“Maturing Policyholder(s)”) of:
(a) Regular Premium policies originally sold by The Great Eastern Life Assurance Company Limited (“GELS”) and/or Overseas Assurance Corporation, which are maturing between January 2022 to March 2023; and
(b) Single Premium policies originally sold by The Great Eastern Life Assurance Company Limited (“GELS”) and/or Overseas Assurance Corporation, which are maturing between May 2022 to March 2023,
who purchase the Qualifying Plans (as described in clause 5 below) from GELS. This Promotion is only applicable till March 2023 maturities.
2. GELS reserves the right to vary the terms and conditions or extend or withdraw the Promotion at any time without prior notice. The decision of GELS on all matters relating to the Promotion shall be final and binding on all customers.
3. 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’s Privacy Statement which is accessible from GELS’s website, which you confirm you have read and understood.
4. The terms and conditions of the 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.
5. Promotion Rewards (Great Dollars) issued will be based on “one Single and/or Regular Premium Maturing policy reinvest into one new policy” basis.
The Qualifying Plans and the rewards (“Rewards”) for this Promotion are shown in the table below:
For Reinvestment Into:
Rewards for rollover from January 2022 to March 2023 for Regular Premium maturities & from May 2022 to March 2023 for Single Premium maturities
Selected Single Premium Plans
1 tier reward:
Regular Premium Plans
^ GREAT Flexi Living Protect 2, GREAT Complete Flexi Living Protect 2, GREAT Flexi Goal
2 tier rewards:
b. S$600 worth of Rewards for min. S$7,200 AP*
* min. annualised premium (AP) on first year nett weighted annual premium (payment in yearly mode)
- The Rewards are only applicable for rollover from maturing Regular Premium policies from January 2022 to March 2023 and maturing Single Premium policies from May 2022 to March 2023.
- New eligible policies must be inforce either within 90 days before or after the policies’ maturity to qualify.
- Payment mode for all Single and Regular Premium plans must be on annual payment frequency for the first year.
- Payment method for all plans must be either in cash or SRS.
- Reward(s) will be based on the applicable Qualifying Annualised Premium (payment in yearly mode) for a Qualifying Plan(s), rounded down to the nearest multiple of the Rewards.
- “Qualifying Annualised Premium" refers to the amount of premiums payable (after any premium discounts including the use of GE Gift Credits) over a one-year period for a Qualifying Plan.
- Policies sold via the Bancassurance channel (including maturing OCBC policies) and Brunei Financial Representatives are excluded.
- Combination of multiple new policies to qualify for Rewards are not allowed.
- Only the first inforced policy of the highest value will be accorded with Rewards if there are multiple policies inforced on the same day from one maturity policy proceeds.
6. The following plans are excluded from this Promotion:
- New launches of limited tranche Single Premium Products
- Any extras or loadings applied on Single Premium Plans
- All Accident & Health plans
- Selected Regular Premium Flexi Series such as GREAT Flexi Living Protect 2, GREAT Complete Flexi Living Protect 2, GREAT Flexi Goal.
7. To qualify for this Promotion, the Single and/or Regular Premium Maturing Policyholder must be the proposer for the Qualifying Plans. The Single and/or Regular Premium Maturing Policyholders can transfer their maturity benefits (i.e. to allow their family members such as parents/ spouse/ children to qualify for the Rewards) if they are not reinvesting into Qualifying Plans under their own name.
8. For new applications, the promotion will be on a ‘‘one Single / Regular Premium maturity policy reinvest into one new policy” basis and subject to the minimum Qualifying Annualised Premium per Qualifying Plan and/or its riders; or minimum Qualifying Single Premium.
9. Combination of premiums to qualify for Rewards of a higher value is strictly not allowed for all new applications.
10. For reinvestments into selected Regular Premium plans with less than ten (10) years premium payment term, a pro-rated adjustment will be made according to the duration of the premium payment term to determine the Qualifying Annualised Premium.
11. The Reward(s) will be credited into the eligible Maturing Policyholder’s Great Eastern Rewards app account within three (3) months from the Qualifying Plan’s issue month. Policyholders will be notified through SMS via their mobile number in GELS’s record when the Reward(s) has been issued.
12. Maturing Policyholders are required to download the Great Eastern Rewards mobile application and register as a Great Eastern customer using a valid email address, or log in via SingPass, in order to receive the Reward(s).
13. In the event that any duplicate Reward(s) is/are issued, GELS reserves the right to recover the full value of the Reward(s) from the Maturing Policyholder.
14. If the Maturing policyholder:
a) replaces or amends any of the Qualifying Plan(s) and/or its attaching rider(s):
b) reduces the premium of any of the Qualifying Plan(s) and/or its attaching rider(s); or
c) exercises premium holiday for any of the Qualifying Plan(s) and/or its attaching rider(s), within twelve (12) months from the date of issue of the Qualifying Plan(s) and/or its attaching rider(s), the Maturing Policyholder shall return the value of the issued Rewards to GELS.
15. This Promotion is not valid with other offers or promotions (including any premium rewards) held by GELS unless otherwise stated.
16. GELS shall be entitled at its sole and absolute discretion to replace or substitute any Reward(s) with another gift of equal or similar value selected by GELS.
17. The use of the Reward(s) in the form of retail rewards is subject to the terms and conditions of the merchants providing the relevant products and/or services, where applicable.
Information correct as at 1 November 2022.