GREAT Retire Income | Monthly Income Stream

GREAT Retire Income is a participating regular premium endowment insurance plan with limited premium payment term options of 5, 10, 15, or 20 years. It pays monthly retirement income at the end of each policy month starting from the policy anniversary when the life assured reaches the selected retirement age of 56, 61, 66 or 71 next birthday, for the selected income period of either 10 or 20 years.

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.

GREAT Retire Income provides you with financial protection against death, total and permanent disability (TPD)¹, and terminal illness.

If the life assured suffers from death or terminal illness during the policy term, or TPD during the applicable period, we will pay a lump sum benefit of 105% of the total standard annual premium² paid less survival benefits already paid, OR the guaranteed surrender value, whichever is higher, plus bonuses (if any), less any debt under the policy. The policy will terminate after we make this payment.

If the life assured suffers from a disability during the selected income period, we will pay an additional income³ depending on the severity of the disability. We will pay an additional 50% of the monthly guaranteed survival benefit up to S$2,500 a month, if the life assured is not able to perform 2 of the 6 Activities of Daily Living (ADLs) or an additional 100% of the monthly guaranteed survival benefit up to S$5,000 a month, if the life assured is not able to perform 3 or more of the 6 ADLs.

There are certain situations when we will not pay the benefits under this policy. Please refer to the Product Summary for more details.

¹ For Total and Permanent Disability (TPD) that takes the form of total and irrecoverable loss of the: (a) sight in both eyes; (b) use of two limbs at or above the wrist or ankle; or (c) sight in one eye and the use of one limb at or above the wrist or ankle, the life assured will be covered up to the policy anniversary on which the life assured reaches the selected retirement age. For other forms of TPD, it must occur before the policy anniversary on which the life assured is age 65 next birthday or when the life assured reaches the selected retirement age, whichever is earlier. You are advised to refer to the Product Summary for more details.

² Standard annual premium refers to the annual premium of the policy without any loadings, discount and premiums of attaching rider(s) (if any).

³ Please use the LOI benefit footnote for this.

From the end of the first month after the policy anniversary when the life assured reaches the selected retirement age, you will start to receive a payout at the end of each policy month until the end of the income period or upon a claim being admitted under the policy or when the policy is surrendered, whichever is earlier.

Alternatively, you may also choose to keep the payouts with us to earn non-guaranteed interest. Please note that the non-guaranteed interest rates are subject to change without prior notice.

Each monthly payout comprises:

· guaranteed survival benefit, and

· 1/12 of the non-guaranteed cash bonus that is declared yearly (if any).

You are advised to refer to the Product Summary for more details.

You will also receive the terminal bonus in one lump sum when you surrender your policy or when there is a claim admitted under the policy that terminates the policy, whichever event first occurs.

We usually review the terminal bonus yearly.

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.

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.

If you do not pay your premiums on time, your policy may lapse after the 30-day 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.

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.