As retirement approaches, many of us wonder if we've saved enough to maintain our desired lifestyle. Did you know that according to recent studies, nearly 40% of Singaporeans feel unprepared for retirement? If you're looking for a way to secure a steady income stream for your golden years, GREAT Prime Rewards 3 might be the solution you've been searching for.
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GREAT Prime Rewards 3 is a single premium participating endowment plan designed to provide a steady stream of annual cash payouts for a secure financial future . It's tailored for those who want to grow their funds and support their retirement lifestyle with guaranteed income. This plan offers not just financial benefits but also peace of mind through insurance coverage.
Choose to receive annual payouts for 10, 15, 17, or 20 years. Total payouts of up to 1.47X* of your single premium.
100% of your capital is guaranteed from the end of the 5th policy year .
Option to accumulate annual payouts at an attractive interest rate. Potential to receive up to 1.82X† of your single premium.
Use your Supplementary Retirement Scheme (SRS) funds for potential tax savings.
Protection against Death, Total and Permanent Disability, and Terminal Illness.
Hassle-free online application. No medical assessment needed.
Start with a minimum single premium of just S$10,000.
Initial Investment: You make a one-time payment (single premium) of at least S$10,000. This can be in cash or using your SRS funds.
Accumulation Period: Your money grows for 5 years.
Payout Period: After the accumulation period, you start receiving annual cash payouts for your chosen duration (10, 15, 17, or 20 years).
Payout Options: a) Receive your annual payouts directly, or b) Accumulate your payouts to earn additional interest.
Insurance Coverage: Throughout the policy term, you're covered against Death, Total and Permanent Disability, and Terminal Illness.
It's important to note that these figures are based on an Illustrated Investment Rate of Return (IIRR) of 4.25% p.a. Actual returns may vary.
Leo receives S$9,800‡ every year for 15 years, starting from age 46. This includes S$7,000 guaranteed + S$2,800 non-guaranteed. Total payouts over 15 years: S$147,000‡ (1.47X of his initial investment) .
Leo chooses to accumulate his annual payouts. At age 60, he receives a lump sum of S$182,269§ (1.82X of his initial investment). This includes guaranteed payouts, non-guaranteed payouts, and additional interest.
This plan could be ideal for you if:
You're looking for a guaranteed income stream in retirement
You have a lump sum to invest (minimum S$10,000)
You want the flexibility to choose your payout duration
You're interested in using your SRS funds for retirement planning
You want insurance coverage along with your investment
Guaranteed capital from the 5th policy year
Flexible payout options
Potential for higher returns through accumulation
Insurance coverage included
Can be purchased using SRS funds
No medical assessment required
Single premium payment required upfront
Returns are not fully guaranteed
Early termination may result in losses
Yes, but you may not receive the full capital guarantee and may incur losses.
Your beneficiaries will receive a death benefit, which includes any accumulated cash payouts.
You should check with Great Eastern about the flexibility to change options after purchase.
No, the accumulation interest rate is not guaranteed and can change over time.
Guaranteed payouts are fixed, while non-guaranteed payouts depend on the performance of the participating fund.
Remember, it's always wise to consult with a financial advisor to ensure this plan aligns with your overall retirement strategy and financial goals.
Speak with a Great Eastern Financial Representative
Determine the premium amount and payout duration that suits your needs
Choose between receiving payouts or accumulating them
Complete the application process online
Start your journey towards a secure retirement
GREAT Prime Rewards 3 offers a compelling solution for those looking to secure a steady income stream in retirement. With its flexible payout options, capital guarantee, and potential for enhanced returns, it provides a balanced approach to retirement planning. However, as with any financial decision, it's crucial to consider your personal circumstances, risk tolerance, and long-term objectives.
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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best plan for your golden years. Don't leave your retirement to chance – get the expert advice you deserve today .
† Based on an IIRR of 4.25% p.a. for GREAT Prime Rewards 3 (5+15) with a single premium of S$100,000 or more, under the accumulation option.
‡ Figures based on an IIRR of 4.25% p.a. Actual returns may vary.
§ Figures based on an IIRR of 4.25% p.a. Actual returns may vary.
All figures and projections are for illustrative purposes only. Please refer to the product summary and policy contract for detailed terms and conditions.
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Read the complete transcript of our expert discussion about GREAT Prime Rewards 3. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
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