GREAT SP | Guaranteed Returns

GREAT SP is a non-participating single premium endowment plan with a 24-month policy term. It provides financial protection against death and total and permanent disability until the end of the policy term. It also pays a maturity benefit at the end of the policy term.

This plan pays a guaranteed survival benefit at the end of the 12^th policy month and the 24^th policy month.

The objective of the plan is to provide stable returns together with insurance protection.

GREAT SP provides you with financial protection against death and total and permanent disability.

If the life assured’s age next birthday as at the date of issue of the policy is 80 and below, we will pay the following if the life assured dies during the term of the policy:

(a)      105% of the single premium; or

(b)      the surrender value of the policy,

whichever is higher.

If the life assured’s age next birthday as at the date of issue of the policy is 81 and above, we will pay the following if the life assured dies during the term of the policy:

(a)      101% of the single premium; or

(b)      the surrender value of the policy,

whichever is higher.

We will pay the death benefit in one lump sum, if the life assured suffers from total and permanent disability¹ (TPD) during the term of the policy.

We will pay a guaranteed survival benefit on the survival of the life assured at the end of the 12^th policy month and the 24^th policy month.

We will pay a maturity benefit of an amount equal to 100% of the single premium when the policy matures, if the life assured is still surviving at the end of the policy term.

For example, if your GREAT SP policy’s single premium is S$100,000 and the applicable rate of the guaranteed survival benefit is 3.00%, you will receive S$3,000 at the end of the 12^th policy month and the 24^th policy month. You will also receive S$100,000 at the end of the policy term. At the end of 24 months, the total guaranteed payout that you shall receive will be S$106,000. The actual rate applicable to your policy may differ from this example, which is purely for illustrative purposes.

The rate of the guaranteed survival benefit for your GREAT SP policy will be based on the applicable rate for the date on which you submitted the application, assuming you have paid for your policy, and it is in force. You should refer to your policy documents for the rate. The rates currently displayed on the website may not be the rate applicable to your policy.

We reserve the right to amend the policy term and the prevailing rates of the survival benefit at any time without prior notice. Such amendments will not affect any policies already submitted or in force. You will need to pay the premium for your application by the stipulated due date for payment so that your policy will be issued with the rate of survival benefit quoted as of the date on which you submitted your application. Please refer to Question 6 for more information on the due date for payment of premium.

Yes. You have the choice to receive your survival benefit paid out to you, or to accumulate your survival benefit with us to earn non-guaranteed interest until the end of your policy term. Please note that the rate of the non-guaranteed interest is subject to change without prior notice.

If you are paying for your GREAT SP policy with cash or via your Supplementary Retirement Scheme (SRS), you have 7 calendar days to fully pay for your policy and for your policy to turn in-force (which shall be subject to our acceptance of your application at our sole discretion), excluding the date of submission of your application. For example, if you submitted your application on 1^st June 2024, you have up to 8^th June 2024 (inclusive) to fully pay for your policy and for your policy to turn in-force.

We reserve the right to invalidate any application where the policy has not turned in-force within 7 days from the date of submission of the application.

If you are paying for your GREAT SP policy with maturity rollover (MRO) proceeds, you will only be able to select the payment option of using the MRO proceeds if your application is submitted to us within 14 to 30 calendar days before the maturity date of your maturing policy. 

GREAT SP’s maximum entry of the life assured is 85 age next birthday. However, policies where the life assured is between 81 to 85 age next birthday must be submitted via a financial representative. 

If you surrender your policy after the 14-day free-look period, you may lose part of the premiums paid. This is because the surrender value, if any, that is payable to you may be less than the total premiums paid.

The surrender value you will receive is reflected in your policy illustration.

When you invest in this plan using funds from your Supplementary Retirement Scheme (SRS), the plan will be managed in compliance with the SRS regulations as amended from time to time. If the terms and conditions are inconsistent with those regulations, then the regulations shall prevail.