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Endowment

Introduction

In today's fast-paced world, balancing financial goals with everyday indulgences can be challenging. Enter GREAT Flexi Cashback, a regular premium endowment insurance plan designed to help you save for your long-term aspirations while enjoying the perks of guaranteed yearly cash payouts. This innovative product from Great Eastern Life Assurance Company offers a unique blend of wealth accumulation and financial protection, covering you against Death, Total and Permanent Disability, and Terminal Illness. With GREAT Flexi Cashback, you can build your dreams without compromising on life's little pleasures, all while securing your financial future.

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Type of Endowment Plan

GREAT Flexi Cashback is a participating regular premium endowment plan. This means that policyholders pay premiums at regular intervals (annually in this case) and have the potential to receive bonuses in addition to the guaranteed benefits. As a participating plan, it allows you to share in the profits of the insurance company's participating fund through non-guaranteed bonuses. The regular premium structure makes it easier to budget for your savings goal, while the participating nature offers the potential for higher returns. However, it's important to note that non-guaranteed bonuses are subject to the performance of the participating fund and are not guaranteed.

Coverage Customization

GREAT Flexi Cashback offers a range of features that allow you to tailor your coverage to your specific needs. From guaranteed maturity benefits to potential bonuses, this plan provides various ways to grow your wealth. Let's explore the key aspects of coverage customization available with this product.

Guaranteed Maturity Benefit

Secure Future Payout. GREAT Flexi Cashback provides a guaranteed lump sum payout at maturity, ensuring a definite return on your investment. This benefit helps you plan for specific financial goals with certainty.

Non-guaranteed Bonuses

Potential for Higher Returns. In addition to guaranteed benefits, the plan offers potential bonuses that can boost your overall returns. These bonuses are not guaranteed and depend on the performance of the participating fund.

Historical Performance

Track Record of Returns. While past performance doesn't guarantee future results, the historical performance of the participating fund can provide insights into potential returns. Consult with a financial representative for detailed historical data.

Factors Affecting Returns

Understanding Variables. Non-guaranteed returns are influenced by factors such as investment performance, claims experience, and expenses of the participating fund. These factors can impact the bonuses declared each year.

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Riders and Additional Benefits

GREAT Flexi Cashback comes with several built-in benefits that enhance your financial protection and flexibility. These features are designed to provide comprehensive coverage and adapt to your changing needs over time. Let's explore the key benefits that come with this plan.

Guaranteed Yearly Payouts

Regular Cash Flow. Enjoy guaranteed yearly cash payouts of 4.30% of the Basic Sum Assured, starting as early as the end of your 2nd policy year. These payouts continue until the year before policy maturity, providing a steady stream of income.

Death Coverage

Financial Protection. In the event of death, the policy pays out the higher of 105% of total standard annual premiums paid or 101% of guaranteed surrender value, plus any attaching bonuses, less any debt.

Total and Permanent Disability

Disability Protection. Coverage for Total and Permanent Disability is provided throughout the policy term for specific conditions, and up to age 65 for other forms of TPD as defined in the policy contract.

Terminal Illness Coverage

Critical Care. The policy provides coverage for Terminal Illness, offering financial support during challenging times. Refer to the policy contract for specific terms and conditions.

Surrender Value and Partial Withdrawals

GREAT Flexi Cashback offers flexibility in accessing your funds before maturity through surrender or partial withdrawals. However, it's important to understand the implications of these actions on your policy's value and benefits. Let's explore the key aspects of surrender value and partial withdrawals available with this product.

Surrender Value Calculation

Policy Cash-out. The surrender value is calculated based on the guaranteed surrender value plus any accumulated bonuses. Early surrender may result in receiving less than the total premiums paid.

Partial Withdrawal Options

Flexible Access. While specific details are not provided in the given information, endowment plans typically allow for partial withdrawals subject to certain conditions and minimum balance requirements. Consult with a financial representative for exact terms.

Surrender Charges

Early Exit Costs. Surrendering the policy early usually involves high costs. The surrender value may be zero or less than the total premiums paid, especially in the early years of the policy.

Claims and Customer Service

Great Eastern Life Assurance Company is committed to providing excellent customer service and a smooth claims process for GREAT Flexi Cashback policyholders. To file a claim or seek customer support, you can reach out to their dedicated team at their office located at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. For immediate assistance, it's recommended to visit their official website at greateasternlife.com, where you'll find detailed information on claims procedures and contact options. Remember to have your policy number and relevant documents ready when initiating a claim to ensure a swift and efficient process.

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Conclusion

GREAT Flexi Cashback is an excellent choice for individuals looking to balance long-term savings with short-term financial flexibility. It's particularly well-suited for young professionals starting their wealth accumulation journey, parents saving for their children's future education, or anyone seeking a structured savings plan with regular cash payouts. The plan's combination of guaranteed benefits and potential bonuses makes it an attractive option for those who want a mix of security and growth potential in their financial portfolio.
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