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Endowment

Introduction

Planning for retirement and securing your financial future can be challenging, but GREAT Lifetime Payout 2 Special offers a solution. This innovative whole life insurance plan provides a lifetime income stream, allowing you to enjoy financial freedom during your golden years. With guaranteed monthly payouts starting after just 3.5 years and a 100% capital guarantee from the end of the 6th policy year, GREAT Lifetime Payout 2 Special offers both security and flexibility. Whether you're saving for your child's education or preparing for retirement, this plan can help you achieve your financial goals with ease.

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Type of Endowment Plan

GREAT Lifetime Payout 2 Special is a participating whole of life plan. This means it combines life insurance coverage with an investment component, potentially offering higher returns than non-participating plans. As a participating plan, policyholders may receive bonuses or dividends based on the performance of the insurer's participating fund. The plan requires a short premium commitment of only 3 years, with a minimum annual premium of S$10,000. This structure allows you to build a substantial income stream while maintaining flexibility in your financial planning.

Coverage Customization

GREAT Lifetime Payout 2 Special offers a range of features to help you customize your coverage and maximize your benefits. From guaranteed maturity benefits to non-guaranteed bonuses, this plan provides multiple ways to grow your wealth and secure your financial future. Let's explore the key aspects of coverage customization available with this plan.

Guaranteed Lifetime Payouts

Enjoy lifetime monthly payouts of up to 3.28% per annum after holding your plan for just 3.5 years. For standard annual premiums of S$30,000 and above, the guaranteed payout is 3.28% p.a. from the 43rd to 48th policy month.

Capital Guarantee

Rest assured with a 100% capital guarantee from the end of the 6th policy year. This guarantee applies when premiums are paid annually and no policy alterations are made.

Non-Guaranteed Bonuses

From the 49th policy month onwards, receive non-guaranteed payouts of up to 2.43% p.a. (based on an Illustrated Investment Rate of Return of 4.25% p.a.) in addition to the guaranteed payout of 0.85% p.a. for standard annual premiums of S$30,000 and above.

Accumulation Option

Choose to accumulate your payouts for potentially higher returns. The prevailing accumulation interest rate is 3.00% p.a. based on an Illustrated Investment Rate of Return of 4.25% p.a., though this rate is not guaranteed and subject to change.

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Riders and Additional Benefits

GREAT Lifetime Payout 2 Special comes with several additional benefits to enhance your coverage and provide comprehensive financial protection. These features are designed to offer you peace of mind and support in various life situations. Let's explore the key riders and benefits included in this plan.

Legacy Protection

Leave a legacy for the next generation with a lump sum benefit of 105% of the total annual premiums paid plus any bonuses, in the unfortunate event of your passing or contracting terminal illness.

Flexible Payout Options

Choose between receiving monthly payouts or accumulating them for potentially higher returns. This flexibility allows you to adapt the plan to your changing financial needs.

Early Retirement Option

As illustrated in the product example, you have the option to surrender your policy early if needed, providing a financial safety net for unexpected life changes or early retirement plans.

Surrender Value and Partial Withdrawals

GREAT Lifetime Payout 2 Special offers flexibility in accessing your funds through surrender options and partial withdrawals. Understanding these features can help you make informed decisions about your policy and manage your finances effectively. Let's explore the key aspects of surrender value and partial withdrawals available with this plan.

Surrender Value Calculation

The surrender value includes total guaranteed and non-guaranteed surrender value, plus remaining declared but unpaid cash bonus and non-guaranteed interest earned on unpaid monthly cash bonus. As illustrated in the product example, a policyholder surrendering at age 60 could receive S$94,211 based on an Illustrated Investment Rate of Return of 4.25% p.a.

Partial Withdrawal Options

The plan allows for partial withdrawals, as demonstrated in the product example where a policyholder withdrew S$65,380 at age 55 to fund their child's tertiary education. This option provides flexibility to access funds for significant life events.

Early Surrender Considerations

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs. The surrender value, if any, that is payable to you 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 Limited is committed to providing excellent customer service and a smooth claims process for GREAT Lifetime Payout 2 Special policyholders. For any inquiries or to file a claim, customers can contact Great Eastern through their official website at greateasternlife.com. The company's main office is located at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. While specific claims procedures are not detailed in the provided information, it's advisable to have your policy number and relevant documentation ready when contacting customer service for assistance with claims or other policy-related matters.

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Conclusion

GREAT Lifetime Payout 2 Special is an excellent choice for individuals looking to secure a stable income stream for retirement while also leaving a legacy for their loved ones. It's particularly well-suited for those in their 30s to 50s who want to start planning for retirement early, parents who wish to save for their children's education, and individuals seeking a balance between guaranteed returns and potential for higher yields through participating bonuses. With its flexible payout options and capital guarantee, this plan offers peace of mind and financial security for various life stages.
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