An endowment insurance plan is akin to a savings plan to help you meet specific financial goals, with a part of your premium going towards insurance coverage while the rest is invested and subject to risk.
Payment for the plan can be done as a lump sum (“single premium”), or regularly throughout the premium payment period (“regular premiums”).
Endowment insurance plans come with varying maturity periods. Some span up to 15 years, while others have shorter maturity periods like the GREAT SP underwritten by Great Eastern.
In case of your demise, an endowment insurance plan would pay a death benefit, although the sum may differ from plan to plan. For the GREAT SP endowment plan, 105% of your premium will be paid upon death if the policy is still in force for age 80 and below. That means a sum of S$10,500 will be paid out to your claimant or beneficiary if you paid S$10,000 for this policy.
What is the Great Eastern Endowment Plan?
| Details | GREAT SP |
| Premium | Single premium |
| Maturity Period | 2 years |
| Premium Amount | S$10,000 (minimum amount) |
| Maturity Return | 3.20% p.a. guaranteed returns upon maturity |
| Death/TPD Benefit | 105% of a single premium |
| Policy Protection | Up to specified limits by SDIC |
| Underwriting Requirements | No medical assessment required |
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The GREAT SP is a single-premium, non-participating life insurance savings plan. It has a maturity period of two years* and requires a minimum premium of S$10,000. You are guaranteed, on top of 100% capital preservation, a 3.20% per annum return as a maturity benefit upon completing the policy term.
Under Guaranteed Survival Benefit, the Great SP will pay a guaranteed survival benefit on the survival of the life assured at the end of the 12th policy month and the 24th policy month.
Upon death or TPD, there is a benefit of 105% (exclusions apply) of the premium paid. Policy Protection will be up to specified limits by SDIC. Kindly refer to their Product Summary for more details. You can also apply online using Singpass MyInfo.
Summary of GREAT SP
Highlights of the plan include:
- Short two-year commitment
- 100% capital guaranteed at the end of two-year policy term
- High interest rates at 3.20% p.a.
- Comes with insurance coverage for Death/Total and Permanent Disability
How can I learn more about the GREAT SP?
More details can be found here.
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Read More:
- VC Compares: Endowment Plans vs ILPs — Which Should You Get?
- Best Endowment and Insurance Savings Plan in Singapore
- Guide to Health Insurance Plans in Singapore
- Endowment Insurance vs. Savings Accounts — Which Should You Choose?
- A Complete Guide to Understanding Your Endowment Insurance Plan
Cover Image: Great Eastern
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