Introduction
In today's uncertain financial landscape, building a solid foundation for your future is more crucial than ever. Enter GREAT Wealth Multiplier 3, a revolutionary regular premium endowment plan designed to multiply your savings by up to 8X or more of total premiums paid. This innovative product offers the perfect blend of wealth accumulation and financial protection, allowing you to pursue your life's goals with confidence. Whether you're planning for retirement, your child's education, or simply want to secure a better future, GREAT Wealth Multiplier 3 provides the flexibility and potential returns to help you achieve your dreams.
Type of Endowment Plan
GREAT Wealth Multiplier 3 is a participating regular premium endowment plan. This means that policyholders contribute premiums regularly over a specified period (5, 10, or 15 years) and have the potential to earn both guaranteed and non-guaranteed returns. As a participating plan, it allows policyholders to share in the profits of the insurance company's participating fund through bonuses and dividends. This structure offers the potential for higher returns compared to non-participating plans, but it's important to note that non-guaranteed benefits are subject to the performance of the participating fund and are not fixed or guaranteed.
Coverage Customization
GREAT Wealth Multiplier 3 offers a range of features designed to provide both guaranteed benefits and potential for growth. From capital guarantees to multiplied returns, this plan is structured to help you build wealth over time while providing financial protection. Let's explore the key aspects of coverage customization available with this innovative endowment plan.
Capital Guarantee
100% capital guaranteed as early as the end of the 15th policy year. This guarantee applies to 5-pay and 10-pay options, while for 15-pay, capital is guaranteed after 20 policy years.
Multiplied Returns
Potential to receive multiplied returns of up to 8X or more of total premiums paid. This is based on the illustrated cash value at the end of policy year 60, with a 5-year premium payment term and an illustrated investment rate of return of 4.25% p.a.
Fund Performance
The plan's returns are linked to the performance of the participating fund. At a lower illustrated investment rate of return of 3.00% p.a., the multiplied returns are still substantial at up to 4.4X or more of total premiums paid.
Non-Guaranteed Returns
Actual benefits payable may vary according to the future performance of the participating fund. Factors affecting non-guaranteed returns include investment performance, claims experience, and expense levels of the participating fund.
Riders and Additional Benefits
GREAT Wealth Multiplier 3 goes beyond just wealth accumulation. It offers a comprehensive package of additional benefits to ensure you and your loved ones are protected against life's uncertainties. These features provide added value and peace of mind, making this plan a well-rounded financial solution.
Death Coverage
In the event of death, the policy pays out the higher of 105% of total standard annual premiums paid or the guaranteed surrender value, plus any bonuses.
Total and Permanent Disability
Coverage for presumptive Total and Permanent Disability (TPD) is provided for the entire policy term. Other forms of TPD are covered until the policy anniversary when the life assured reaches age 65.
Terminal Illness Protection
The policy provides coverage against Terminal Illness, offering financial support during challenging times.
Secondary Life Assured
Option to appoint a spouse or child as a secondary life assured, allowing the policy value to continue growing beyond the primary life assured's demise.
Surrender Value and Partial Withdrawals
GREAT Wealth Multiplier 3 offers flexibility in accessing your funds, whether you need to surrender the policy or make partial withdrawals. Understanding these options and their implications is crucial for effective financial planning. Let's explore the key aspects of surrender value and partial withdrawals available with this plan.
Surrender Value Calculation
The surrender value is based on the guaranteed surrender value plus any accumulated bonuses. The exact amount depends on factors such as policy duration and fund performance.
Partial Withdrawal Options
Policyholders can make partial withdrawals from the cash value. However, this will reduce the basic sum assured of the policy. There may be limitations on frequency and amount of withdrawals.
Surrender Charges
Early termination of the policy may involve high costs. The surrender value payable 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 Wealth Multiplier 3 policyholders. To file a claim or seek customer support, policyholders can contact the company through their official website at greateasternlife.com or visit their office at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. The company's customer service team is readily available to guide you through the claims process, answer any questions about your policy, or provide assistance with policy-related matters. It's advisable to have your policy number and relevant documentation ready when reaching out for efficient service.
Conclusion
GREAT Wealth Multiplier 3 is an excellent choice for individuals looking to build long-term wealth while enjoying financial protection. It's particularly well-suited for young parents planning for their children's future, professionals aiming to secure a comfortable retirement, and those seeking a flexible savings plan with potential for high returns. The plan's unique features, including multiplied returns and the option to appoint a secondary life assured, make it a versatile financial tool for various life stages and goals.
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