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‘GREAT 116’ Consumer Promotion

‘GREAT 116’ Consumer Promotion
Enjoy up to 20% in rewards as we grow our aspirations together

For over 116 years, we have empowered lives and nurtured dreams through our range of life insurance solutions, ensuring peace of mind for you and your loved ones. Whether it’s protecting your successes today or growing your wealth for tomorrow, we’ve got you covered.

Sign up for any of our selected qualifying insurance plans between 1 July and 30 September 2024 and receive attractive rewards.

Insurance Category Qualifying Plans and its attaching cash-paying riders (if any) Qualifying Single Premium / Qualifying Regular Annual Premium1 Reward as a percentage of Qualifying Single Premium / Qualifying Regular Annual Premium Reward Fulfillment Method
  Life Protection Single Premium Plan:
S$50,000 and above 1% In cash via PayNow or cheque (as applicable) issued to policyholder2
Regular Premium Plan(s) with cash-paying riders: S$3,600 – S$7,199 10%
S$7,200 and above 20%
Wealth Accumulation Regular Premium Plan: S$2,400 – S$11,999 10% Additional campaign Welcome Bonus units3
Regular Premium Plan: S$2,400 – S$11,999 20%

 

Please refer to the complete terms and conditions of the promotion as shown below. 

Understand the details

Click here to download the brochure

1 Qualifying Regular Annual Premium refers to the total premium based on annual premium frequency reflected in the policy illustration, including attaching cash paying or specified riders (if any) which are eligible for this Promotion.

2 Eligibility for the Reward will be determined based on the total premiums payable including premiums for attaching cashpaying riders (if any) on the first policy year, across both single premium and regular premium frequency modes (whether monthly, quarterly, half-yearly or yearly) and excluding premium loadings (if any).

3 Eligibility for the additional campaign Welcome Bonus units will be determined based on the total premiums payable excluding premiums for attaching cash-paying riders (if any) on the first policy year, across all regular premium frequency modes (whether monthly, quarterly, half-yearly or yearly).

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 ‘GREAT 116 ’ Promotion are specified in the policy contract and Great Eastern’s website respectively.

As buying a life insurance policy is along-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 wel las 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 3 July 2024. 

Terms and Conditions

1.       This Promotion from The Great Eastern Life Assurance Company Limited (“GELS”) shall run between 1 July 2024 and 30 September 2024 (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 respective rewards (individually a “Reward”, collectively “Rewards”):-

Insurance Category Qualifying Plans and its attaching cash-paying riders (if any) Qualifying Single Premium / Qualifying Regular Annual Premium1 Reward as a percentage of Qualifying Single Premium / Qualifying Regular Annual Premium Reward Fulfillment Method
  Life Protection Single Premium Plan:   S$50,000 and above 1% In cash via PayNow or cheque (as applicable) issued to policyholder2
Regular Premium Plan(s) with cash-paying riders:   S$3,600 – S$7,199 10%
S$7,200 and above 20%
Wealth Accumulation Regular Premium Plan:   S$2,400 – S$11,999 10% Additional campaign Welcome Bonus units3
Regular Premium Plan:   S$2,400 – S$11,999 20%

Notes:

1 Qualifying Regular Annual Premium refers to the total premium based on annual premium frequency reflected in the policy illustration, including attaching cash paying or specified riders (if any) which are eligible for this Promotion.

2 Eligibility for the Reward will be determined based on the total premiums payable including premiums for attaching cash-paying riders (if any) on the first policy year, across both single premium and regular premium frequency modes (whether monthly, quarterly, half-yearly or yearly) and excluding premium loadings (if any).

3 Eligibility for the additional campaign Welcome Bonus units will be determined based on the total premiums payable excluding premiums for attaching cash-paying riders (if any) on the first policy year, across all regular premium frequency modes (whether monthly, quarterly, half-yearly or yearly).

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:-


New Business Submission period

Policy Inforce date

1 July 2024 – 30 September 2024
(both dates inclusive)

31     October 2024

4.      Each Qualifying Plan is eligible for the Reward corresponding to the Qualifying Single Premium or Qualifying Regular 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 to determine the Reward. In the event that the Reward is awarded more than once for any Qualifying Plan, GELS reserves the right to recover the full value of any additional Reward from the policyhder.

5.      All communication regarding this Promotion will be mailed out to the policyholder’s mailing address provided in the application for the Qualifying Plan or such other mailing address as GELS may be subsequently notified in writing by the policyholder. 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.

6.      If the policyholder exercises a policy alteration to increase the Qualifying Plan’s benefits within twelve (12) months from the date of issue of the Qualifying Plan, GELS reserves the right not to top-up or reinstate the Reward(s) based on the adjusted premiums of the Qualifying Plan. GELS shall determine the value of the Reward(s) issued to the policyholder at the point of disbursement, at its sole discretion.

Fulfillment of Reward by way of PayNow or cheque for Prestige Legacy Advantage, GREAT Flexi Protect 3, GREAT Flexi Living Protect 3 and GREAT Complete Flexi Living Protect 3  policies:

7.      For fulfillment of the Reward by cash via PayNow or cheque (as applicable):

a)      On single premium or regular annual premium payment frequency: The policyholder will be notified of the Reward by way of a letter on successful PayNow transaction or cheque issued by GELS within forty-five (45) days after expiry of the free-look period of the Qualifying Plan(s).

b)    On other regular non-annual premium payment frequency, being monthly, quarterly or half-yearly: The policyholder will be notified of the Reward by way of a letter on successful PayNow transaction or cheque issued by GELS in two separate transactions:

 i.     On the 7th month after expiry of the free-look period of the Qualifying Plan(s) for the following premiums received by GELS:

  • Monthly premium for 1st to 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 expiry of the free-look period of the Qualifying Plan(s) for the following premiums received by GELS:

  • Monthly premium for 6th to 12th months received
  • Quarterly premium for 3rd and 4th quarters received
  • Half-yearly premium for the seventh (7th) to twelfth (12th) months received

8.     GELS will pay the Reward to the policyholder by way of PayNow to an account registered with the policyholder’s Singapore National Identification No. (NRIC).

9.      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.

10.   GELS reserves the right to vary the method of disbursement and will notify the policyholder of any such change at least seven (7) days before the disbursement date of the Reward.

11.     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 in its sole discretion deduct the value of the Reward from any sums owed to the policyholder by GELS.

Fulfillment of Reward via additional campaign Welcome Bonus units for GREAT Wealth Advantage 4 (Choice 10) and GREAT Wealth Advantage 4 (Choice 15) policies:

12.    For this Promotion, additional campaign Welcome Bonus units will be awarded as part of a Welcome Bonus campaign (“campaign Welcome Bonus”) for each payment of the first year’s basic regular premium for GREAT Wealth Advantage 4 (Choice 10) and GREAT Wealth Advantage 4 (Choice 15) policies, regardless of premium payment frequency selected for such policy. For the avoidance of doubt, the campaign Welcome Bonus is awarded in addition to units in the funds which are paid by GELS as a product feature of GREAT Wealth Advantage 4 (Choice 10) and GREAT Wealth Advantage 4 (Choice 15) plans. The amount of units for the campaign Welcome Bonus will be based on the amount of each payment of the first year’s basic regular premium. The campaign Welcome Bonus 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 and will be added to the account value of the policy on such date as determined by GELS in its sole discretion.

13.   Premiums paid for any attaching cash-paying riders and/or single premium top-ups are not eligible for the campaign Welcome Bonus.

14.   The campaign Welcome Bonus is not transferable or exchangeable for cash (with the exception of the sole purpose of purchasing and selling of units within the policy), credit or any other goods and services. Any campaign Welcome Bonus awarded to a particular policy is not transferable to another policy.

15.   GELS reserves the right to recover from the account value of the policy or to adjust the account value of the policy by the amount equivalent to the campaign Welcome Bonus awarded to the policy, 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:

16.   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.

17.   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.

18.   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.

19.   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 Reward(s) without prior notice.

20.  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.

21.    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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