GREAT Lifetime Payout
GREAT Lifetime Payout 2 Special | Lifetime Income Stream
Enjoy a lifetime income stream of guaranteed monthly payouts
Keeping to your financial goals of saving up for your child's education while preparing for your retirement needs at the same time may be an uphill journey for many. That's why you need a plan that provides you with lifetime income payouts, which you can use for your family or yourself - whenever you need it.
GREAT Lifetime Payout 2 Special, a participating whole of life plan, lets you enjoy the flexibility to manage your wealth to suit your evolving needs. Not only will you start receiving lifetime monthly payouts of up to 3.28% per annum 1 after holding your plan for just 3.5 years, you also have the assurance that your capital is 100% guaranteed from the end of the 6th policy year².
Starting is easy, with a short premium commitment of only 3 years and a minimum annual premium of S$10,000, you can build your income stream and leave a legacy for your next generation.
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Key benefits
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Enjoy lifetime monthly payouts up to 3.28% per annum 1
Start receiving lifetime monthly payouts of up to 3.28% per annum¹ after holding your plan for just 3.5 years. Alternatively, choose to accumulate the payouts for potentially higher returns³.
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Assurance of a 100% capital guarantee
Rest assured with 100% capital guarantee from the end of the 6th policy year 2.
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Inheritance for the next generation
Leave a legacy for the next generation with a lump sum benefit of 105% of the total annual premiums paid plus any bonuses, in the event of your passing or contracting terminal illness to cover your expenses.
Your questions answered
1. What is GREAT Lifetime Payout 2 Special?
GREAT Lifetime Payout 2 Special is a regular premium participating whole life insurance plan with a premium payment term of 3 years. It provides a monthly payout for life at the end of each policy month, starting from the 43rd policy month.
It also allows you to take part in the performance of the participating fund in the form of bonuses that are not guaranteed. There are two main types of bonuses for this plan – cash bonus and terminal bonus.
2. What is the coverage under GREAT Lifetime Payout 2 Special?
GREAT Lifetime Payout 2 Special provides you with financial protection against death and terminal illness.
If the life assured suffered from any of the above events during the policy term, we will pay a lump sum benefit of 105% of the total standard annual premiums paid plus bonus (if any), less any debts. The policy will end after we make this payment.
There are certain situations when we will not pay the benefits under this policy. You can refer to the product summary for more details.
3. What will I receive in the monthly payout?
From the 43rd policy month onwards, you will start to receive a payout at the end of each policy month till a claim is admitted, or the plan is terminated, whichever is earlier. Alternatively, you may also choose to keep the payout with us to earn non-guaranteed interest. Please note that the non-guaranteed interest is subject to change without prior notice.
Each payout during the 43rd – 48th policy month comprises:
· Guaranteed survival benefit, also known as monthly income
Each payout starting from the 49th policy month comprises:
· Guaranteed survival benefit, also known as monthly income; and
· 1/12 of the yearly cash bonus that is declared yearly, starting from the 4th policy anniversary.
You can refer to the policy illustration to see how we will pay the monthly payout.
4. What other form of bonus(s) will I be receiving?
You will also receive the terminal bonus (if applicable) in a lump sum when you surrender your policy or when there is a claim admitted under the policy that terminates the policy, whichever event occurs first.
We usually review the terminal bonus yearly.
5. How will I be informed on the performance of the policy?
You will receive an annual bonus update that will include the following:
• the performance of the participating fund and its future outlook, which you should receive around the second quarter of each year after bonus is declared for your policy; and
• an annual statement regarding bonuses for your policy, which you should receive around the second quarter of each year after bonus is declared for your policy. For policies with cash bonus, you should receive the relevant statement within one month from your policy anniversary only when the cash bonus is due.
When there is a change in the rate of bonuses declared, you can ask us for an update of the illustrated values.
6. What happens if you surrender the policy early?
If you surrender your policy after the 14-day free-look period, you may lose part or all of the premiums paid. This is because the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
7. What happens if you do not pay your premiums on time?
If you do not pay your premiums on time, your policy may lapse after the 30 days grace period. There will be no protection if your policy lapses. However, you may reinstate the policy within 6 months from the date it lapsed and usual reinstatement conditions apply.
8. What are the fees and charges?
We have included fees and charges when working out the premium and you will not be separately charged for these. Please refer to the Product Summary for details of the fees and charges.
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Understand the details before buying
The figures used above are based on an Illustrated Investment Rate of Return (IIRR) of the participating fund at 4.25% p.a. and the bonus rates in the illustrated benefits are not guaranteed. The actual benefits payable may vary according to the future experience of the participating fund.
* Based on an IIRR of 3.00% p.a., the payout per month from age 54 is S$164.25 (S$100.50 is non-guaranteed).
† The total amount upon surrender includes total guaranteed and non-guaranteed surrender value plus remaining declared but unpaid cash bonus and non-guaranteed interest earned on unpaid monthly cash bonus. Based on an IIRR of 3.00% p.a., the total monthly payouts received by Michelle is S$13,302 and the total amount upon surrender is S$92,175, total illustrated benefits is 1.17x of total annual premiums paid.
‡ The total benefit received by Michelle’s family includes total guaranteed and non-guaranteed death benefit plus remaining declared but unpaid cash bonus and non-guaranteed interest earned on unpaid monthly cash bonus. Based on an IIRR of 3.00% p.a., the total monthly payouts received by Michelle is S$62,577 and the total benefit received by Michelle’s family is S$99,331, total illustrated benefits is 1.79x of total annual premiums paid. Interest earned on the unpaid monthly cash bonus is accumulated at 3.00% p.a. and 1.50% p.a. based on an IIRR of 4.25% p.a. and an IIRR of 3.00% p.a. respectively. This rate is not guaranteed and can be changed from time to time. The actual benefits payable may vary according to the future experience of the participating fund.
1 For a Standard Annual Premium of S$30,000 and above: The guaranteed payout of 3.28% p.a. is only applicable from the 43rd to 48th policy month. From the 49th policy month onwards, based on an IIRR of the participating fund at 4.25% p.a., the guaranteed payout is 0.85% p.a. and the non-guaranteed payout is up to 2.43% p.a.. At an IIRR of 3.00% p.a., the non-guaranteed payout is up to 1.34% p.a. of the total annual premiums paid.
For a Standard Annual Premium below S$30,000: The guaranteed payout of 3.15% p.a. is only applicable from the 43rd to 48th policy month. From the 49th policy month onwards, based on an IIRR of the participating fund at 4.25% p.a., the guaranteed payout is 0.80% p.a. and the non-guaranteed payout is up to 2.35% p.a.. At an IIRR of 3.00% p.a., the non-guaranteed payout is up to 1.24% p.a. of the total annual premiums paid. The actual benefits payable may vary according to the future experience of the participating fund.
2 Capital guarantee is on the condition that premiums are paid by annual mode and no policy alterations are made.
3 The prevailing accumulation interest rate is 3.00% p.a. based on an IIRR of 4.25% p.a. and 1.50% p.a. based on an IIRR of 3.00% p.a.. This rate is not guaranteed and can be changed from time to time.
All ages specified refer to age next birthday.
All figures used are for illustrative purposes only and subject to rounding.
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.
In case of discrepancy between the English and Chinese versions, the English version shall prevail.
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 22 September 2023.