What is Savings Insurance?
An endowment plan is a type of life insurance policy that combines savings and protection. It pays out either on death or when the policy matures.
We have done extensive research on the best mortgage insurance plans. Here is the full comparison of the Best Endowment Insurance Plans.
Great Eastern Savings Insurance Summary:
Here is the Great Eastern Savings Plan available:
PolicyPal’s Review of Great Eastern Savings Insurance
Great Wealth Multiplier
Great Wealth Multiplier is tailored to grow your wealth over a long period of time. This plan comes with an option to purchase selected Premium Waiver riders, supported with retrenchment benefits.
The main feature of this plan is the ability to maximise your growth (up to 10x) with a fixed premium term. Your Capital is also Guaranteed from the 15th policy year onwards. This plan also provides basic coverages on Death, TPD and Terminal Illness.
This policy is suited for individuals who are willing to invest their money for a long period of time.
Good for: Individuals looking for guaranteed capital for their long term investments with some protection coverage.
Great Wealth Advantage
Great Wealth Advantage invests 100% of your premiums while providing you with coverages on Death, TPD and Terminal Illness. This plan comes with great flexibility to manage your portfolio, make single premiums top-ups or to automate fund rebalancing anytime.
The main highlight for this plan is the extra 5% Welcome and Loyalty bonuses (comes in units) that you will receive on your first policy year and every year from 10th policy year onwards. This provides you with even more growth in your wealth.
However, Great Wealth Advantage has its limitations. This plan does not have a premium term, which can be a huge long term commitment for some individuals. Hence, this plan is suitable for individuals who are comfortable with committing to a policy for their whole life.
Good for: Individuals looking for long term investments and some protection coverage.
Smart Invest provides you with wealth accumulation customizable to your ever-changing financial needs. This plan is structured in a manner that is primarily focused on investment over coverage.
The greatest highlight of this plan is the ability to use your CPFIS account or your SRS account to purchase this plan. The funds that are available in this plan can be selected from a wide array of Great-linked funds (Great Eastern managed unit trust funds). These unit trust investments include a mix of low risk and high-risk investment methodologies. You are able to choose your own Great Eastern investment portfolio with the assistance of your adviser.
Individuals will also have the flexibility to choose between monthly payment or a lump sum payment. Furthermore, this policy also comes with an accidental death benefit coverage of up to 80 years old.
Smart Invest, however, has its limitations. This plan only provides 1 type coverage and does not come with an option to include riders. Hence, this plan is tailored for individuals who are investment-driven and do not require much coverage.
Good for: Investment driven individuals that would like to maximise their CPFIS and SRS returns.
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Schedule a Free Teleconsulting service with us today
You will be able to enjoy a free financial portfolio review which will help you better understand how to create a suitable financial plan for you and your family. We will analyse life insurance products from over 20 insurers and present you solutions that are tailor-made to address your concerns.
Our advisor will be more than happy to help you understand any of these insurance policies:
- Health Insurance
- Critical Illness Insurance
- Endowment/Savings Insurance
- Personal Accident Insurance
- Term/Whole Life Insurance
If you would like to know more about a specific life insurance product you can let us know your preference. This is so that we can be better prepared during the appointment to present you with a comparison table if needed.
How will I be able to schedule an appointment?
You can WhatsApp us at 8750 0688 and let us know your preferred date and time for the appointment. The appointment will be conducted using Zoom a free video-conferencing app for video consultation on your computer or your phone.
Find out more about other savings plans here.