Great Eastern's GREAT SP Review: Grow Your Wealth With This Short-Term Endowment Plan

Annette Anthony

Annette Anthony

Last updated 11 June, 2024

Are you looking for a reliable and secure way to grow your savings quickly? Look no further than GREAT SP, a short-term endowment plan that offers a guaranteed return of 3.2% per annum* over a 2-year policy term.


What Makes GREAT SP Stand Out?

GREAT SP is a unique endowment plan product that combines the benefits of a short-term investment with the security of a guaranteed return.

If you’re looking to save money for a short-term goal like for your marriage, car, renovation or a trip across Europe, this is the perfect investment for you.


GREAT SP Key Features

  • Guaranteed Yield: The plan offers a guaranteed return of 3.2% per annum*, ensuring that your savings grow steadily over the 2-year term.
  • Capital Guaranteed: Your capital is 100% guaranteed if you hold the plan to maturity, with no policy claims or alterations made during the term.
  • Death and Total Permanent Disability Benefit: The plan provides a death and total permanent disability benefit of 105% of the single premium or the surrender value of the policy (whichever is higher), giving you peace of mind in case of unexpected events. No medical assessment required!


Everything You Need to Know About GREAT SP

Information

GREAT SP by Great Eastern

Guaranteed Returns at Maturity after 2 years

3.2% per annum*

Minimum Premium Sum

S$10,000, one lump sum (online)


Minimum single premium is dependent on the entry age of the life assured person and payment method

Policy Term

2 years

Capital Guaranteed

Yes


Full guarantee if held until maturity, without alterations or policy claims while the policy is in force

Entry Age

17 - 80 years (age of next birthday)

Protected by Singapore Deposit Insurance Corporation (SDIC)

Yes, up to specified SDIC limits

Approval

Guaranteed acceptance, regardless of health condition

Death and TPD Benefit

105% of single premium**

Payment methods

Bank transfer

PayNow

GIRO

Cash

Cheque

Maturity Proceeds

SRS Account

Payout Options e.g.

for a S$100,000 single premium sum

Option A: Paid-Out

Year 1: S$3,200

Year 2: S$103,200


Option B: Accumulation

Year 1: S$3,200 (reinvested)

Year 2: About S$106,502

 


How to Apply for the GREAT SP Endowment Plan

Applying for the GREAT SP Series is a straightforward online process. Here's a step-by-step guide to help you get started:

  1. Visit the Great Eastern website’s GREAT SP product page.
  2. Click on the "Buy Now" Button to begin the application process.
  3. Enter your date of birth and opt for your preferred premium payment method:
    1. Bank transfer, PayNow, GIRO, cash or cheque, or maturity proceeds
    2. SRS account
  4. Customise your plan by filling in your single premium amount, selecting your servicing option (you can either manage your policy or find your preferred financial representative), and choosing your payout option: 
    1. Accumulated: Earn additional non-guaranteed accumulation interest as you deposit guaranteed survival benefits with Great Eastern
    2. Paid-Out: Obtain your guaranteed survival benefit when your policy term ends without additional accumulation of interest
  5. Submit your application by completing the final payment steps, including logging into SingPass.
 
Grow your cash by a guaranteed interest of 3.20% p.a. with Great Eastern SP over just 2 years! Great Eastern SP is a single premium endowment which also provides coverage against Death and Total and Permanent Disability.
 

 

 


What’s the Terms and Conditions of GREAT SP?

Get to know the important details that govern this endowment plan.

Death Benefit

If the life assured's age at their next birthday as of the policy issuance date is 80 years or below, and they die while the policy is in force, Great Eastern will pay:

  • 105% of the single premium, or
  • The policy’s surrender value, whichever is higher. 

This is minus any debt owed under the policy itself.

However, if the life assured person’s age at their last birthday as of the policy issuance date is 81 years and above, and the life assured person passes on when the policy is in force, Great Eastern will pay:

  • 101% of the single premium, or
  • The policy’s surrender value, whichever is higher.

Once again, this is calculated after deducting any debt owed under the policy. 

Exclusions apply to the death benefit, for death due to suicide (while sane or insane) or any pre-existing condition with 12 months from the policy’s date of issue or date of reinstatement of the policy. 

The policy will be rendered void and Great Eastern will refund all premiums paid for the policy without interest after deductions for outstanding debt or any paid benefits or bonuses.

Survival Benefit

If the life assured person survives each policy year’s end, the company will pay a survival benefit of 3.2% of the single premium then. The survival benefit for the last policy year is paid with the maturity benefit, minus any debt owed under the Policy.

Surrender Value

Once you’ve paid the single premium, the policy will have a surrender value, which applies if you happen to surrender the policy. If you owe a debt, the sum will be deducted from this surrender value, and Great Eastern will pay the balance to you.


Why Choose GREAT SP?

The GREAT SP is an excellent choice if you’re looking for a short-term endowment plan that offers a guaranteed return and capital protection. Here are some reasons why:

  • Low Risk: The plan is a low-risk investment that is backed by the financial strength of Great Eastern (rated AA- by S&P Global)
  • Flexibility: You can choose from two payout options to suit your financial goals and needs.
  • Guaranteed Returns: The plan offers a guaranteed return of 3.2% per annum, ensuring that your savings grow steadily over the 2-year term. 

Conclusion

With its guaranteed returns, capital protection, and flexibility, GREAT SP is an excellent choice for anyone looking for a low-risk investment in Singapore. Apply for GREAT SP today and start building your savings with confidence!


Disclaimer

All ages specified refer to age next birthday.

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 this insurance plan are specified in the policy contract.

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.

The Company reserves the right to amend GREAT SP’s policy term and rates payable for the survival benefit at any time without prior notice. Such amendments will not affect any applications which have been submitted or policies that are in-force. Please refer to your policy illustration for your policy’s applicable policy term and survival benefit. The Company also reserves the right to invalidate any application to be paid with cash, cash equivalents, or via the Supplementary Retirement Scheme (SRS) where the policy has not turned in-force within 7 days from the date of submission of the application.

This policy is 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 correct as at 3 June 2024.


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