Help And Support

Insurance - GREAT SP (GSP)

Frequently asked questions
  • Is GREAT SP a regular premium insurance plan? How much money do I need to set aside?

    GREAT SP is a single premium insurance plan. You only need to make a one-time payment. The minimum single premium will depend on the entry age (as of next birthday) of the life assured and the payment method.

    Age next birthday Cash Supplementary Retirement Scheme (SRS) funds
    65 and below 10,000 SGD 10,000 SGD
    66 to 75 20,000 SGD 15,000 SGD
  • What is the minimum one-time payout that I will receive at the end of 24 months?

    Based on accumulation option, at the end of 24 months, your one-time payout will consist of 3 components:

    1. Full money back: Get back the full amount of money which you had set aside.
    2. Guaranteed payout: Receive 3.2% guaranteed yearly payout of the money which you had set aside.
    3. Accumulated interest: This refers to the additional non-guaranteed interest on the yearly payout.

    You can also choose to receive yearly guaranteed payouts at the end of 12 months and 24 months. To opt for yearly payouts, you can apply on your browser or visit any OCBC branch.

  • Can I buy more than 1 policy?

    Yes, you can buy multiple policies.

  • Can I buy the policy for my spouse or child?

    Yes, you can apply at any OCBC branch. Our OCBC Personal Financial Consultant will help you with the application.

  • What is the guaranteed survival benefit rate for my GREAT SP policy?

    The guaranteed survival benefit rate for your GREAT SP policy will, assuming that you have made full payment for your policy so that it has turned in force (i.e. starts providing coverage), be calculated based on the rate on the day you submit your application. To ensure that your policy will be issued using the rate on that day, you must pay your premium by the stipulated due date.

    As the rates shown on our website may not be applicable to your policy, please refer to your policy documents for the exact rate.

    We reserve the right to amend the policy term and prevailing rates of the survival benefit at any time without prior notice. Such amendments will not affect any policies that have already been submitted or are in force.

  • When must I pay the single premium for my GREAT SP policy?

    If you are using cash or your Supplementary Retirement Scheme (SRS) funds, you must make full payment for the policy within 7 days of submitting the application. This will allow your policy to turn in force (i.e. start providing coverage) if your application is approved by Great Eastern. For example, if you submit your application on 1 June 2024, you must make full payment for your policy by 8 June 2024. 

    We reserve the right to invalidate any application where the policy has not turned in force within 7 days of your submitting the application.

    If you are paying for your GREAT SP policy with maturity rollover (MRO) proceeds, you must submit your application to us 14 to 30 days before the policy matures.