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.
Find the right coverage in minutes
Use our advanced calculator to get personalized insurance recommendations
Get precise coverage recommendations based on your needs
Receive instant results without lengthy consultations
Get tailored recommendations based on your unique situation
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.
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
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:
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.
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.
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
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)
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.
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.
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.
By filling this out, you agree to allow us to contact you about insurance related information.
Compare other endowment options to find the best coverage for your needs
GE Annual Cashback Endowment offers a unique way to secure your parents' future while enjoying financial benefits. With the potential to earn up to S$39,773 in bonuses, this plan combines long-term savings with annual cash payouts. It's an innovative approach to endowment policies that balances immediate rewards with future financial security.
GREAT Flexi Goal is a financial product designed with young adults in mind, offering a unique blend of flexibility and security for future planning. What sets it apart is its 100% capital guarantee at maturity, providing peace of mind as you work towards your long-term goals. This feature makes GREAT Flexi Goal an attractive option for those looking to build a solid financial foundation without compromising on safety.
GREAT Lifetime Payout 2 Special offers a unique approach to securing your parents' retirement with peace of mind. One of its standout features is the 100% capital guarantee from the 6th year onwards, providing a solid foundation for long-term financial security. This innovative product combines lifetime payouts with capital protection, making it an intriguing option for those looking to ensure their parents' comfortable retirement.
GREAT Prime Rewards 3 offers an impressive opportunity to secure your parents' retirement with up to 1.82X returns on a single premium. This unique feature sets it apart from typical retirement plans, providing a powerful way to maximize your investment for your loved ones' future. Discover how this innovative product can help you achieve your family's financial goals with greater efficiency.
AIA Retirement Saver (IV) offers a flexible approach to securing your financial future. With its customizable coverage options, you can tailor your retirement plan to perfectly align with your unique needs and goals. This personalized touch allows you to create a retirement strategy that's as individual as you are, ensuring you're well-prepared for the years ahead.
AIA Smart Flexi Growth offers a unique approach to savings and investment. This innovative plan not only provides life protection but also presents the potential for higher returns through non-guaranteed bonuses, allowing your savings to potentially grow faster. With its flexible features and growth potential, AIA Smart Flexi Growth could be an intriguing option for those looking to maximize their financial future.
AIA Smart Flexi Rewards (II) offers a unique approach to securing your future and that of your parents. With guaranteed yearly coupons starting from the second policy year, this plan provides a reliable stream of income to support your financial goals. Discover how this innovative product can help you build a stronger financial foundation for generations to come.
AIA Smart Goal 10 offers a unique combination of guaranteed returns and potential bonuses, making it an intriguing option for those looking to grow their savings. This innovative product not only provides a secure foundation for your financial goals but also the exciting possibility of additional rewards. Discover how AIA Smart Goal 10 could potentially boost your savings beyond the guaranteed returns, offering a dynamic approach to achieving your financial objectives.
Explore more: Real customer experiences • Insurance guides • Coverage calculator
Learn about Endowment insurance basics or compare Endowment policies