- Customer Services
- Policy management
- Policy Benefits
- Withdraw cash benefit
Withdraw cash benefit
Depending on the type of policies you have bought, you may have a cash benefit that can be withdrawn to meet your financial needs. There are two types of cash benefits:
- Cash bonus
- Survival benefit
You can find out if your policy has a cash benefit, and if so, the date of payout, in these ways:
- Ask your Financial Representative
- Check the policy contract
- View your policy in the Great Eastern app
Payout instructions
Whether your cash benefit will be withdrawn or kept with us to earn interest will depend on the instructions that you had given previously.
If you had not previously given instructions regarding your cash benefit, your cash benefit will be issued via PayNow if your NRIC is linked to PayNow. Otherwise, a cheque will be issued.
As at 1 November 2023, several banks in Singapore have started charging for the use of Singapore Dollar cheques. Other banks will do so by 1 July 2024. We encourage you to register for PayNow, if you have not already done so, to receive your payout in a timely manner.
Payout instructions if you live overseas
If you are living overseas and have not previously given instructions regarding your cash benefit, we will write to you regarding the cash benefit due to you. Your cash benefit will be accumulated as part of your policy until you provide instructions regarding payout.
Update on cash benefit
You can view the updated accumulated cash benefit amount using the Great Eastern app.
We will send you an annual statement via the Great Eastern app.
If you had previously opted for communications via postal mail, your annual statement will be mailed to you.
How to withdraw cash benefit
You can withdraw your cash benefit through PayNow or direct crediting.
If you have not registered for PayNow, you can do so at a participating bank.
Did you know?
Singaporeans can link their NRIC to their PayNow account to receive cash benefits quickly, securely, and conveniently.
Questions and Answers
A cash benefit refers to either a survival benefit or cash bonus (yearly/monthly), which are payable at regular intervals during the term of the policy, provided the policy is in force.
Depending on the options that you had chosen at the start of the policy, you can either withdraw the amount when it is due, use it to pay for your premium, or simply keep it with us to earn interest.
As at 1 September 2023, cash benefits enjoy 3% interest.
For policies which pay out an annual cash benefit, the payout date would be the policy anniversary date.
For policies which pay out monthly cash benefits, the first payout would commence one month after the policy anniversary. For example, in January 2024, if you had purchased a policy with a monthly cash benefit commencing from the second policy anniversary, you can expect the first payout one month after the second policy anniversary, that is, February 2026.
If there is any outstanding indebtedness for a policy loan or Automatic Premium Loan attached to the policy at the time the survival benefit is payable, we will automatically use it to offset the indebtedness first.
Only the balance will be paid out or left on deposit with us, depending on the cash benefit instructions.
You can make a permanent change from withdrawal mode to deposit mode, or vice versa by submitting the Cash Benefits Request form.
Our current interest rate is 3% per annum. This deposit interest rate will be reviewed on a regular basis to reflect the future investment and interest climate.
Yes, you can withdraw the cash benefit together with any interest accumulated up to the date of withdrawal at any time. Interest is calculated on a daily basis.
You may log in to eConnect to request for a withdrawal of your cash benefit.
You can deposit the cash benefit cheque with us only if it has not been presented to a bank. An administrative charge of SGD30 per cheque will be levied.