‘Reach for Great Financial Future’ Promotion

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

² The Reward(s) will be effected on the total premiums payable including attaching cash-paying or specified riders on the first policy year, across all premium frequency modes, monthly, quarterly, half-yearly or yearly, excluding premium loadings (if any).

Please refer to the terms and conditions for the list of qualifying plans and its eligible Rewards.

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 the qualifying insurance plans and the 'Reach for Great Financial Future’ Promotion are specified in the policy contract and Great Eastern’s website respectively.

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. 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.

These policies are 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 is correct as at 12 July 2023. 

1.        This Promotion from The Great Eastern Life Assurance Company Limited (“GELS”) shall run between 1 July 2023 and 30 September 2023 (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 (each a “Qualifying Plan”, collectively “Qualifying Plans”) will get to enjoy the following rewards (“Rewards”):-

Notes:

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

² The Rewards(s) will be effected on the total premiums payable including attaching cash-paying or specified riders on the first policy year, across all premium frequency modes, monthly, quarterly, half-yearly or yearly, excluding premium loadings (if any).

3.       To be eligible for the Promotion, GELS has to receive the application of the Qualifying Plan(s) from the policyholder within the New Business Submission period and the plan(s) have to be in force by the Policy Inforce date as set out below:-

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

5.       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 Reward(s) to GELS immediately. By participating in this promotion, the policyholder agrees that GELS may deduct the value of the Reward(s) which was issued to the policyholder from any sums due owing to the policyholder from GELS, in its sole discretion.

Fulfillment of Reward via Premium Savings by way of PayNow or cheque:

6.       For fulfillment of 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-lock period of the Qualifying Plan(s) for the following premiums received by GELS:

· Monthly premium for 1^st – 5^th months received

· Quarterly premium for 1^st and 2^nd quarters received

· Half-yearly premium for first six (6) months received

ii. on the 13th month after the free-lock period of the Qualifying Plan(s) for the following premiums received by GELS:

· Monthly premium for 6^th – 12^th months received

· Quarterly premium for 3^rd and 4^th 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.

7.       GELS will pay the Premium Savings to each Eligible Policyholder by way of PayNow to an account registered with the Eligible Policyholder’s Singapore National Identification No. (NRIC).

8.      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.

9.       GELS reserves the right to vary the method of disbursement and will notify the Eligible Policyholder of any such change at least seven (7) days before the disbursement date of the Premium Saving.

Fulfillment of Reward via Premium Discount:

10.    For fulfillment of Reward via premium discount off initial first-year premiums payable, the premium discount and the required nett premium payable will be reflected on the letter of conditional acceptance issued by GELS to the policyholder of the Qualifying Plan(s).

Fulfillment of Reward via Additional Campaign Welcome Bonus units for GREAT Wealth Advantage  Plans:

11.      An additional Campaign Welcome Bonus units of 10% of the first year’s premium, available to all premium payment frequencies, will be awarded in the form of extra units apportioned in the fund(s) selected by the customer based on the customer’s latest premium apportionment instructions. This is in addition to the Qualifying Plan’s existing welcome bonus of extra units awarded for premiums paid for the first policy year.

12.    The additional Campaign Welcome Bonus is not applicable to any premiums received for optional supplementary benefits and/or any ad hoc top-ups.

13.    The additional Campaign Welcome Bonus is not transferrable or exchangeable for cash (with the exception of the sole purpose of purchasing and selling of units within the Qualifying Plan), credit or any other goods and services.

14.    GELS reserves the right to recover or adjust the amount equivalent to the Campaign Welcome Bonus in any manner at its sole discretion in any of the following events:

(a) Campaign Welcome Bonus has been credited but any of the qualifying criteria has not been met; or

(b) Policy is cancelled during the free-look period; or

(c) If the life assured dies due to a pre-existing condition within one (1) year from the date of issue or the date of any reinstatement of the policy; or

(d) If the life assured dies by suicide, while sane or insane, within one (1) year from the Date of Issue of this Policy or from the date of any reinstatement of the policy; or

(e) If the policy is terminated due to any misrepresentation or non-disclosure of material facts.

Other General Terms and Conditions:

15.    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.

16.    This Promotion is not valid with any other offers or promotions (including where premium vouchers (e.g. Flexilife Series 1 and Series 2 premium vouchers) are utilised for payment of premiums) held by GELS, unless otherwise specified by GELS.

17.    GELS reserves the right to vary the terms and conditions or withdraw this Promotion at any time without prior notice. The decision of GELS on all matters relating to this Promotion shall be final and binding on all customers.

18.    Notwithstanding anything herein, GELS has the absolute discretion to determine the eligibility of any person to participate in the Promotion. 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 recover/cancel the Cash Reward(s) without prior notice.

19.    By participating in this Promotion, 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.

20.   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.