Introduction
In today's fast-paced world, securing your future and protecting your loved ones is paramount. Term life insurance offers an affordable way to ensure financial security for your family in case of unexpected events. The Great Term Plan by Great Eastern Life Assurance Company stands out as a flexible and comprehensive solution. This plan provides coverage against death and terminal illness, with the option to add supplementary riders for total and permanent disability (TPD) and critical illness (CI). With its customizable features and affordable premiums, the Great Term Plan offers peace of mind and financial protection for you and your family.
Coverage and Benefits
The Great Term Plan offers a range of coverage options and benefits to suit your individual needs. From death benefits to critical illness coverage, this plan provides comprehensive protection at affordable rates. Let's explore the key features and benefits of the Great Term Plan:
Death Benefit
Financial Protection: The Great Term Plan provides a lump sum payout upon death of the insured. The death benefit can be customized up to S$300,000, offering substantial financial protection for your loved ones.
Terminal Illness Benefit
Advanced Payout: In the event of a terminal illness diagnosis, the plan offers an advanced payout of the death benefit. This feature ensures financial support during challenging times.
TPD Coverage
Optional Protection: The plan offers an optional Total and Permanent Disability (TPD) rider. This benefit provides a lump sum payout if the insured becomes totally and permanently disabled, offering financial security in case of disability.
Critical Illness Coverage
Comprehensive CI Protection: Optional riders can be added to cover up to 121 critical illness conditions. This includes coverage for early, intermediate, and critical stage illnesses, providing extensive protection against various health conditions.
Policy Terms and Conditions
Understanding the policy terms and conditions is crucial when considering a term life insurance plan. The Great Term Plan offers flexibility in terms of policy duration, entry age, and conversion options. Here's an overview of the key terms and conditions:
Entry Ages
Wide Age Range: While specific entry age limits are not provided in the given information, term insurance plans typically cater to a wide range of ages, allowing individuals to secure coverage at various life stages.
Policy Terms
Flexible Duration: The Great Term Plan offers coverage up to age 100, providing long-term protection. Customers can choose policy terms that best suit their needs and financial goals.
Renewability
Long-term Coverage: The plan provides coverage up to age 100, ensuring long-term protection without the need for frequent renewals. This feature offers peace of mind and consistent coverage throughout your lifetime.
Convertibility
Future-proof Option: The Great Term Plan offers a conversion privilege, allowing policyholders to convert their term plan and riders to a life policy offering cash value in the future, regardless of health status. This feature provides flexibility as your needs change over time.
Premium Guarantees
Affordable Rates: The plan offers coverage from as low as S$0.86 per day for a 25-year-old non-smoker male with S$300,000 coverage and a 40-year term. However, it's important to note that premium rates for certain riders, such as the Living Care Rider and Complete Living Care Rider, are not guaranteed and may be adjusted based on future experience.
Riders
The Great Term Plan offers optional riders to enhance your coverage and provide comprehensive protection. These riders allow you to customize your policy to meet your specific needs. Here are the available riders:
TPD Benefit Rider
Disability Protection: This rider provides coverage for Total and Permanent Disability. It offers a lump sum payout if the insured becomes totally and permanently disabled, ensuring financial support in case of disability.
Living Care Rider
Critical Illness Coverage: This rider offers protection against critical stage critical illness conditions. It provides a lump sum payout upon diagnosis of a covered critical illness, helping to manage medical expenses and maintain financial stability.
Complete Living Care Rider
Comprehensive CI Protection: This rider extends coverage to early, intermediate, and critical stage critical illnesses. It offers protection for up to 121 CI conditions, providing extensive coverage against various health challenges.
Claims and Customer Service
When it comes to filing claims or seeking customer support for the Great Term Plan, policyholders can reach out to Great Eastern Life Assurance Company directly. The company provides multiple channels for communication, including phone support at +65 6248 2211 and email at [email protected]. For detailed information on the claims process or specific policy inquiries, it's recommended to visit the official Great Eastern website at greateasternlife.com/greatterm. Customers should have their policy details ready when contacting customer service to ensure efficient assistance.
Conclusion
The Great Term Plan by Great Eastern Life Assurance Company offers a versatile and affordable solution for individuals seeking comprehensive life insurance coverage. This plan is particularly well-suited for young professionals starting their careers, growing families looking for financial protection, and individuals seeking flexible, long-term coverage options. With its customizable features, affordable premiums, and the ability to convert to a cash value policy in the future, the Great Term Plan provides a solid foundation for your financial security.
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