This is not a fixed or savings deposit. It is a non-participating endowment insurance plan.
You have the option to receive a one-time payout or yearly payouts. One-time payout includes the additional non-guaranteed accumulation interest at the end of the policy term, while the yearly payout option will not include the additional non-guaranteed accumulation interest.
The figures used are for illustrative purposes only and are subject to rounding. The non-guaranteed payout is based on an illustrated accumulation interest rate of 3.00% per annum. Based on an illustrated accumulation interest rate of 1.50% per annum, the total illustrated payout at the end of 2 years will be $53,526. The accumulation interest rate is not guaranteed and can be changed from time to time.
GREAT SP Series 12 (GSP 12) 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 |
For 66 to 75 years old (age next birthday), the minimum premium will be slightly higher, depending on the payment method selected.
Based on accumulation option, at the end of 2 years, your one-time payout will consist of 3 components:
You can also choose to receive yearly guaranteed payouts at the end of each of years 1 and 2. To opt for yearly payouts, you can apply on your browser.
Yes, you can buy multiple policies.
No, you can only purchase this policy for yourself.
Alternatively, you can get us to contact you.
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In the case of death or total & permanent disability (TPD) of the life assured, we will pay 105% of the single premium, or the surrender value of the policy, whichever is higher (less any amount owed under the policy).
If the life assured suffers from TPD, which refers to a total and irrecoverable loss of:
he/she will be covered for the whole of the policy term. If any other form of disability occurs, it must be before the policy anniversary on which the life assured is age 65 on his/her next birthday to be covered under this plan. For details, refer to the product summary.
Option to leave your guaranteed yearly payouts with Great Eastern to earn additional non-guaranteed interest, or receive the payouts at the end of each of policy years 1 and 2.
| Annualised premium of 600 SGD and above (Life and Health Category) |
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| Single premium of 10,000 SGD and above (Life Category) |
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| Annual premium of 600 SGD and above from (General Insurance Category) |
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You may combine a maximum of 2 General Insurance plans from the list below. |
| Year | Cash rewards |
|---|---|
| 1 | 0.1% of single premium |
| 2 | 0.3% of single premium |
| Total cash rewards: 0.4% of single premium | |
GREAT SP Series 12 (GSP 12) is underwritten by The Great Eastern Life Assurance Company Limited, a wholly owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC Group. This plan is not a bank deposit and OCBC Bank does not guarantee or have any obligations in connection with it.
This document does not take into account your particular investment and protection aims, financial situation or needs. You may want to seek advice from a financial adviser before making a commitment to purchase this product. If you choose not to seek advice from a financial adviser, you should consider whether the product is suitable for you.
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.
This document is for general information only. It is not a contract of insurance or an offer to buy an insurance product or service. It is also not meant to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. If you are interested in the insurance policy, you should read the product summary and policy illustration (available from us) before deciding whether to buy this product.
We do not guarantee, represent or warrant that any of the information provided in this document is accurate and you should not rely on it as such. We do not undertake to update the information or to correct any inaccuracies. All information may change without notice. We will not be liable for any loss or damage arising directly or indirectly in connection with or as a result of you acting on the information in this document.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information presented as at 19 September 2023.
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).
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