1. What are the benefits offered under GREAT Term series?
GREAT Term is a non-participating, regular premium term plan that provides a wide range of policy terms from 6 years to up to age 100 next birthday. This plan provides basic coverage against death and terminal illness, with the flexibility to enhance your coverage through a wide range of optional riders such as for comprehensive critical illness cover from early to critical stages, according to your protection needs.
GREAT Term can be purchased through a Great Eastern Financial Representative or via direct online purchase.
2. What are the differences between a GREAT Term plan purchased through a Great Eastern Financial Representative as compared to purchased directly online?
| |
GREAT Term (via Financial Representative) |
GREAT Term (via direct online purchase) |
| Death Benefit |
Yes |
Yes |
| Terminal Illness Benefit |
Yes |
Yes |
| Total & Permanent Disability Benefit |
Optional |
Compulsory |
| Critical Illness (CI) Benefit |
Optional (covers Early, Intermediate and/or Critical stage CI benefit) |
No |
| Conversion Privilege |
Yes |
No |
| Sum Assured *subject to minimum annual premium of S$120 |
Min: S$50,000* Max: Subject to financial underwriting (in multiples of S$5,000) |
Min: S$100,000* Max: S$300,000 (in multiples of S$50,000) |
| Entry Age of Life Assured (based on age next birthday (ANB)) |
Minimum: 1 ANB Maximum: 75 ANB |
Minimum: 17ANB Maximum: 55 ANB |
| Plan Availability |
Available to First and/or Third Party Policy |
Available to First Party Policy only |
3. What is Conversion Privilege?
Conversion Privilege allows policyholder to convert the GREAT Term policy (together with the supplementary rider(s) that offers this privilege, if applicable) to a life policy offering cash value, without evidence of insurability, provided that prevailing rules at the time of conversion are met.
The new life policy is to offer equivalent or similar coverage (as determined by us) as the benefits being offered under the GREAT Term policy.
This conversion privilege is not applicable to GREAT Term policy purchased directly online.
4. Can foreigners purchase GREAT Term?
Yes, foreigners can purchase GREAT Term plan via a Great Eastern Financial Representative.
Foreigners cannot purchase GREAT Term online.
5. What happens if you do not pay your premiums on time?
If there is no premium payment after the 30-day grace period, the policy will lapse, and the coverage will cease.
Policyholders can apply to reinstate the policy within 6 months from the policy lapse date and the usual reinstatement conditions apply.
6. What happens if you surrender GREAT Term early?
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.
Buying a new policy may mean we need to reassess the life assured’s health and circumstances and may result in higher premiums and/or benefit exclusions due to the age and health status.
