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.
With GREAT Lifetime Payout 2 Special, a participating whole of life plan, not only will you start receiving lifetime monthly payouts of up to 3.28% per annum1 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.
Enjoy the flexibility to receive your monthly payouts or to accumulate them for potentially higher returns3 to support your future goals.
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100% capital guarantee while providing financial security
Get full assurance that your capital is 100% guaranteed from the end of the 6th policy year2.
Additionally, if you pass away or are diagnosed with a terminal illness, your loved ones will also receive a lump sum payout.
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Your choice to receive additional guaranteed returns
By adding the optional single premium non-participating GREAT Lifetime Payout Rider, your GREAT Lifetime Payout 2 Special’s future annual premiums will be paid through the rider’s yearly payouts4. Plus, this rider will also provide a guaranteed maturity benefit at the end of the 2nd policy year.
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 is GREAT Lifetime Payout Rider?
The GREAT Lifetime Payout Rider is an optional single premium non-participating endowment rider with a rider term of 2 years. It pays a guaranteed yearly payout benefit at the end of the 12th and 24th policy months while the rider is in force.
The guaranteed yearly payouts will be used to pay for the annual premiums of the basic plan to which the rider is attached, when they fall due.
At the end of the 2 years, the rider matures and pays a guaranteed maturity benefit.
7. Can I add on the GREAT Lifetime Payout Rider to my existing GREAT Lifetime Payout Series policy?
The GREAT Lifetime Payout Rider is exclusively available when you apply for a new GREAT Lifetime Payout Series policy. It is not available for add-on to existing policies.
8. What happens if you surrender the policy and/or rider early?
If you surrender your policy and/or its attaching rider 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.
If you surrender only the GREAT Lifetime Payout Rider, you must continue paying the future premiums of the basic policy when they fall due, to avoid the policy from lapsing. Partial surrender of the rider is not allowed.
9. 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 lapse date and the usual reinstatement conditions apply.
10. 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
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 Illustrated Investment Rate of Return (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.
4 If the GREAT Lifetime Payout Rider is surrendered, the policyholder must continue paying the future premiums for GREAT Lifetime Payout 2 Special when they fall due, to prevent the policy from lapsing.
The figures used are based on an Illustrated Investment Rate of Return (IIRR) of the participating fund at 4.25% p.a. unless otherwise stated 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.
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.
* The guaranteed maturity benefit is based on an illustrative maturity benefit rate of 3.45% of the single premium paid for the GREAT Lifetime Payout Rider (the “Rider”). The actual rate for the guaranteed maturity benefit is based on the rate at the time of application submission, provided the premium is fully paid and the policy is force.
Please refer to the relevant policy documents for the applicable maturity benefit rate for the Rider. The Company reserves the right to change the maturity benefit rate of the Rider at any time without prior notice. However, such changes will not affect any submitted applications or policies that are already in force. For more information about the prevailing maturity benefit rate, please approach your Financial Representative. The Company also reserves the right to void any application if both the GREAT Lifetime Payout 2 Special and the Rider are not in force within 7 days from the application submission date.
** Based on an IIRR of 3.00% p.a., the payout per month from age 54 is S$164.25 (S$63.75 guaranteed + S$100.50 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, the total amount upon surrender is S$92,195 and the total illustrated benefits is S$107,567 (1.19x of total 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, the total benefit received by Michelle’s family is S$99,331, and the total illustrated benefits is S$163,978 (1.82x of total premiums paid).
All ages specified refer to age next birthday.
All figures used are for illustrative purposes only and are 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 1 March 2025.