Endowment

GREAT Flexi Cashback: Your Path to Wealth Accumulation with Flexibility

Have you ever found yourself torn between saving for the future and enjoying life's little pleasures today? You're not alone. Many Singaporeans struggle with this financial balancing act. That's where GREAT Flexi Cashback comes in - a unique insurance plan designed to help you build your dreams while still enjoying yearly cash payouts. Let's dive into the details of this innovative product and see how it could fit into your financial strategy.

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What is GREAT Flexi Cashback?

GREAT Flexi Cashback is a regular premium endowment insurance plan offered by Great Eastern Life Assurance. It's designed to help you save for long-term wealth goals while providing the flexibility to enjoy guaranteed yearly cash payouts. This plan aims to solve the common dilemma of choosing between saving for the future and enjoying life in the present.

Key Features of GREAT Flexi Cashback

  • Guaranteed Yearly Cash Payouts

    • Start receiving cash payouts as early as the end of your 2nd policy year

    • Each payout is 4.30% of your Basic Sum Assured

    • You can choose to withdraw the cash or let it accumulate for a larger sum later

  • Flexible Premium Terms

    • Choose from 10, 15, or 20-year premium payment terms

    • Affordable premiums starting from just S$3.29 per day

  • Maturity Benefits

    • Receive a guaranteed lump sum payout at maturity

    • Potential for additional bonuses at maturity

  • Financial Protection

    • Coverage for Death, Total and Permanent Disability, and Terminal Illness

    • No medical check-up required to start the plan

  • Long-Term Savings

    Policy matures 5 years after the end of your chosen premium payment term

Why compare GREAT Flexi Cashback with other Endowment options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

How GREAT Flexi Cashback Works

Note: The illustrated figures include both guaranteed and non-guaranteed benefits, based on an Illustrated Investment Rate of Return (IIRR) of 4.25% p.a.

  • Annual Premium: S$4,000

  • Premium Term: 20 years

  • Total Premiums Paid: S$80,000

  • Age 25-44:

    Megan pays her annual premium of S$4,000.

  • Age 27-49:

    Megan starts receiving guaranteed yearly cash payouts of S$1,667. She has two choices:

Understanding the Benefits

  • Flexibility

    GREAT Flexi Cashback allows you to choose between immediate gratification (withdrawing yearly payouts) and long-term savings (accumulating payouts). This flexibility is perfect for those who want the option to adjust their financial strategy as life circumstances change.

  • Guaranteed Returns

    The yearly cash payouts are guaranteed, providing a reliable source of additional income or savings growth.

  • Potential for Higher Returns

    By choosing to accumulate your yearly payouts, you have the potential to earn interest and receive a larger lump sum at maturity.

  • Protection

    In addition to savings, the plan provides financial protection against death, total and permanent disability, and terminal illness.

  • No Medical Check-up

    You can start this plan without the hassle of a medical examination, making it accessible to more people.

Considerations Before Purchasing

While GREAT Flexi Cashback offers many attractive features, it's important to consider a few points:

  • Long-term Commitment : This is a long-term plan, with policy terms ranging from 15 to 25 years. Early termination may result in significant costs.

  • Non-guaranteed Elements : While the yearly cash payouts are guaranteed, the maturity benefit includes non-guaranteed bonuses that depend on the performance of Great Eastern's participating fund.

  • Opportunity Cost : By locking your money into this plan, you may miss out on other investment opportunities that could potentially yield higher returns.

  • Insurance Costs : Part of your premiums go towards insurance coverage, which may not be necessary if you already have sufficient life insurance.

Who is GREAT Flexi Cashback Suitable For?

This plan could be a good fit for:

  • Young adults starting their financial planning journey

  • Parents saving for their children's future education

  • Individuals looking for a disciplined savings plan with some flexibility

  • Those who want a balance between saving for the future and having funds for current enjoyment

  • People who prefer guaranteed returns with some potential for higher yields

How to Get Started with GREAT Flexi Cashback

If you're interested in this plan:

  • Contact a Great Eastern Financial Representative

  • Discuss your financial goals and choose the premium term that suits you

  • Decide on your preferred sum assured

  • Complete the application process (remember, no medical check-up is required)

Frequently Asked Questions

  • Can I change my mind after purchasing the plan?

    Great Eastern typically offers a free-look period (usually 14 days) during which you can cancel the policy and receive a refund.

  • What happens if I can't pay my premiums?

    The policy usually includes a grace period for premium payments. If you still can't pay after this period, the policy may lapse or be converted to a paid-up policy with reduced benefits.

  • Can I increase or decrease my sum assured later?

    This would depend on Great Eastern's policies. It's best to discuss this with your Financial Representative.

  • How are the non-guaranteed bonuses determined?

    These bonuses depend on the performance of Great Eastern's participating fund and are determined annually.

  • Is there a minimum sum assured?

    Yes, but the exact amount would need to be confirmed with Great Eastern or your Financial Representative.

Conclusion

GREAT Flexi Cashback offers a unique combination of long-term savings and short-term enjoyment, wrapped in an insurance package. It's designed for those who want the discipline of a savings plan but with the flexibility to enjoy some of the benefits along the way. However, as with any financial product, it's crucial to consider your personal financial situation, goals, and risk tolerance before making a decision.br>br>Remember, while the guaranteed elements of this plan provide some certainty, the overall returns will depend on factors beyond your control, such as the performance of Great Eastern's participating fund. It's always wise to compare this plan with other savings and investment options to ensure it's the best fit for your financial strategy.

Get Expert Advice

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best plan for your financial future. Don't leave your wealth accumulation to chance – get the expert advice you deserve today.

Click here to get 5 expert opinions on endowment plans

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