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Endowment

Introduction

In today's dynamic financial landscape, securing your family's future and achieving your life goals requires careful planning and the right financial tools. Enter GREAT Flexi Goal, a regular premium endowment plan designed to help you grow your wealth with potential returns while providing essential coverage. This innovative product from Great Eastern Life offers a unique combination of wealth accumulation and protection, allowing you to work towards your financial aspirations with confidence. Whether you're saving for your child's education, planning for retirement, or simply building a nest egg, GREAT Flexi Goal provides the flexibility and security you need to navigate life's various stages.

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Type of Endowment Plan

GREAT Flexi Goal is a participating regular premium endowment plan. This means that policyholders pay premiums at regular intervals throughout the policy term and have the potential to receive both guaranteed and non-guaranteed benefits. As a participating plan, it allows policyholders to share in the profits of the insurance company's participating fund through bonuses or dividends. This structure offers the advantage of potential higher returns compared to non-participating plans, while still providing a guaranteed component. The regular premium nature of the plan encourages disciplined saving, making it easier for policyholders to build their wealth over time. With GREAT Flexi Goal, you can choose between premium payment terms of 15 or 20 years, aligning the plan with your financial capabilities and long-term objectives.

Coverage Customization

GREAT Flexi Goal offers a range of features that allow you to tailor your coverage and potential returns to your specific needs. From guaranteed maturity benefits to non-guaranteed bonuses, this plan provides various avenues for wealth accumulation. Understanding these components and the factors that influence them is crucial for making an informed decision about your financial future.

Guaranteed Returns

GREAT Flexi Goal provides a 100% capital guarantee upon maturity for the Limited Pay option with a 15-year premium payment term and 20-year policy term. This ensures that your principal investment is protected, offering peace of mind as you work towards your financial goals.

Potential Bonuses

In addition to the guaranteed component, policyholders may receive non-guaranteed bonuses. These bonuses can significantly enhance your returns, with the potential for up to 3% p.a. total returns upon maturity, based on illustrated investment rates.

Fund Performance

While historical performance is not explicitly stated in the provided information, the plan's participating nature means returns are influenced by the performance of Great Eastern's participating fund. It's important to note that past performance does not guarantee future results.

Return Factors

Non-guaranteed returns are affected by various factors, including the performance of the participating fund. The illustrated investment rate of return (IIRR) used in projections is 4.25% p.a., but actual returns may vary based on future fund performance.

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Riders and Additional Benefits

GREAT Flexi Goal comes with built-in benefits that provide comprehensive coverage beyond just savings. These additional features ensure that you and your loved ones are protected against various life uncertainties, enhancing the overall value of your policy.

Death Coverage

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

TPD Protection

The plan includes Total and Permanent Disability (TPD) coverage. Presumptive TPD is covered for the entire policy term, while other forms of TPD are covered until the policy anniversary when the life assured turns 65.

Terminal Illness Benefit

GREAT Flexi Goal also provides coverage against Terminal Illness, ensuring financial support during critical times. The specific payout details for this benefit are not provided in the given information.

Surrender Value and Partial Withdrawals

While GREAT Flexi Goal is designed as a long-term savings plan, life can be unpredictable, and you may need access to your funds before the policy matures. Understanding the surrender value calculation, partial withdrawal options, and associated fees is crucial for making informed decisions about your policy.

Surrender Value

The policy has a guaranteed surrender value, which is part of the death benefit calculation. However, the exact method of calculation is not provided in the given information.

Withdrawal Options

Specific details about partial withdrawal options and limitations are not provided in the given information. It's advisable to consult with a Great Eastern Financial Representative for more details on this aspect.

Surrender Charges

While specific charges are not detailed, the document notes that early termination of the policy usually involves high costs. The surrender value may be zero or less than the total premiums paid, emphasizing the importance of maintaining the policy for its full term.

Claims and Customer Service

Great Eastern Life is committed to providing excellent customer service and a smooth claims process for GREAT Flexi Goal policyholders. For any inquiries or to file a claim, you can reach out to their customer service team at +65 6248 2211. Alternatively, you can email them at [email protected] for assistance. For more information about the product or to start the application process, visit their website at greateasternlife.com/greatflexigoal. Great Eastern's dedicated team is ready to guide you through the claims process and answer any questions you may have about your policy.

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Conclusion

GREAT Flexi Goal is an excellent choice for individuals looking to secure their financial future while enjoying potential returns on their investment. This plan is particularly well-suited for young parents saving for their children's education, working professionals planning for retirement, or anyone seeking a balanced approach to wealth accumulation and protection. With its flexible premium payment terms, guaranteed capital option, and comprehensive coverage, GREAT Flexi Goal offers a versatile solution to meet various financial goals.
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