Are you looking for a way to secure your financial future and potentially multiply your savings ? GREAT Wealth Multiplier 3, offered by Great Eastern Life Assurance, might be the solution you're seeking. This regular premium endowment plan is designed to help you build a solid wealth foundation, whether you're planning for retirement or saving for your child's future. Let's dive into the details of this unique financial product and explore how it can benefit you.
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GREAT Wealth Multiplier 3 is a regular premium endowment plan that aims to multiply your savings over time . It offers the potential to grow your wealth by up to 8 times or more of the total premiums paid, depending on the performance of the participating fund. This plan not only helps you accumulate wealth but also provides financial protection against Death, Total and Permanent Disability, and Terminal Illness - all without the need for medical underwriting.
Potential for returns to multiply up to 8 times or more of the total premiums paid, based on an illustrated investment rate of return (IIRR) of the participating fund at 4.25% p.a. Even at a lower IIRR of 3.00% p.a., you could still see returns of up to 4.4 times or more.
Your capital is 100% guaranteed as early as the end of the 15th policy year for 5-year and 10-year premium payment terms. For the 15-year premium payment term, capital is guaranteed after 20 policy years.
Option to appoint your spouse or child as a secondary life assured, allowing the policy value to continue growing even after your passing , supporting future generations.
Freedom to decide when and how you want to use your cash value, whether for life's milestones or passing on the financial choice to your spouse or child.
Coverage for Death, Total and Permanent Disability (TPD), and Terminal Illness. For Death, the payout will be the higher of 105% of total standard annual premiums paid or the guaranteed surrender value, plus any bonuses.
| Age | What suggestion covers | Premium |
|---|---|---|
| , Female making $5,833.333 a month | death sum assured 105% of Total Premium Paid OR Account Value (Whichever is higher) | Not provided |
| 31, Male making $8,333.333 a month | surrender value 65 $184,831 surrender value 120 $1,472,736 | $5,000 |
| 25, Female making $6,800 a month | $400 |
Let's look at two scenarios to better understand how this plan can work for different life stages and goals.
Meet Felix, a 30-year-old new father who wants to build a savings fund for his newborn son, Josh.
Potential Growth:
At maturity (policy year 119), the total illustrated cash value could reach S$2,336,510, which is >97.3X the total premiums paid .
Consider Maggie, a 35-year-old looking to boost her retirement funds.
Potential Usage:
In total, Maggie could receive S$173,244, which is >3.4X the total premiums paid .
The illustrated cash values include both guaranteed and non-guaranteed benefits. Actual benefits may vary based on the future performance of the participating fund.
This plan is designed for long-term wealth accumulation. Early termination may result in high costs , and the surrender value may be less than the total premiums paid.
The plan offers flexibility with 5-year, 10-year, and 15-year premium payment terms. Choose the one that best fits your financial situation.
The policy matures when the life assured reaches age 120 next birthday.
While the plan allows for partial surrenders, this will reduce the basic sum assured of the policy.
Parents planning for their children's future education or inheritance
Individuals looking to boost their retirement savings
Those seeking a long-term wealth accumulation plan with potential for multiplied returns
People who want financial protection without medical underwriting
Individuals interested in legacy planning across generations
While the capital is guaranteed after a certain period, the multiplied returns are not guaranteed and depend on the performance of the participating fund.
It's best to check with Great Eastern about the flexibility to change terms after the policy has started.
The policy may lapse if premiums are not paid. It's crucial to ensure you can commit to the full premium payment term.
Yes, partial surrenders are allowed, but this will reduce the basic sum assured of the policy.
While the brochure doesn't specify an age limit, it's best to check with a Great Eastern representative for any age restrictions.
GREAT Wealth Multiplier 3 offers an intriguing opportunity for long-term wealth accumulation with the potential for multiplied returns . Its flexibility in use and legacy planning features make it an attractive option for various financial goals. However, as with any financial product, it's crucial to carefully consider your personal financial situation, goals, and risk tolerance before making a decision.
Remember, while the potential returns are attractive, they are not guaranteed. The actual benefits will depend on the future performance of the participating fund. It's always wise to consult with a financial advisor to determine if this plan aligns with your overall financial strategy.
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Read the complete transcript of our expert discussion about Great Wealth Multiplier III. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
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