GREAT Flexi Cashback: Your Path to Wealth Accumulation with Flexibility

What is GREAT Flexi Cashback?

Key Features of GREAT Flexi Cashback

• Guaranteed Yearly Cash Payouts

  • Start receiving cash payouts as early as the end of your 2nd policy year

  • Each payout is 4.30% of your Basic Sum Assured

  • You can choose to withdraw the cash or let it accumulate for a larger sum later

• Flexible Premium Terms

  • Choose from 10, 15, or 20-year premium payment terms

  • Affordable premiums starting from just S$3.29 per day

• Maturity Benefits

  • Receive a guaranteed lump sum payout at maturity

  • Potential for additional bonuses at maturity

• Financial Protection

  • Coverage for Death, Total and Permanent Disability, and Terminal Illness

  • No medical check-up required to start the plan

• Long-Term Savings

  Policy matures 5 years after the end of your chosen premium payment term

How GREAT Flexi Cashback Works

• Annual Premium: S$4,000

• Premium Term: 20 years

• Total Premiums Paid: S$80,000

• Age 25-44:

  Megan pays her annual premium of S$4,000.

• Age 27-49:

  Megan starts receiving guaranteed yearly cash payouts of S$1,667. She has two choices:

Understanding the Benefits

• Flexibility

  GREAT Flexi Cashback allows you to choose between immediate gratification (withdrawing yearly payouts) and long-term savings (accumulating payouts). This flexibility is perfect for those who want the option to adjust their financial strategy as life circumstances change.

• Guaranteed Returns

  The yearly cash payouts are guaranteed, providing a reliable source of additional income or savings growth.

• Potential for Higher Returns

  By choosing to accumulate your yearly payouts, you have the potential to earn interest and receive a larger lump sum at maturity.

• Protection

  In addition to savings, the plan provides financial protection against death, total and permanent disability, and terminal illness.

• No Medical Check-up

  You can start this plan without the hassle of a medical examination, making it accessible to more people.

Considerations Before Purchasing

• Long-term Commitment : This is a long-term plan, with policy terms ranging from 15 to 25 years. Early termination may result in significant costs.

• Non-guaranteed Elements : While the yearly cash payouts are guaranteed, the maturity benefit includes non-guaranteed bonuses that depend on the performance of Great Eastern's participating fund.

• Opportunity Cost : By locking your money into this plan, you may miss out on other investment opportunities that could potentially yield higher returns.

• Insurance Costs : Part of your premiums go towards insurance coverage, which may not be necessary if you already have sufficient life insurance.

Who is GREAT Flexi Cashback Suitable For?

• Young adults starting their financial planning journey

• Parents saving for their children's future education

• Individuals looking for a disciplined savings plan with some flexibility

• Those who want a balance between saving for the future and having funds for current enjoyment

• People who prefer guaranteed returns with some potential for higher yields

How to Get Started with GREAT Flexi Cashback

• Contact a Great Eastern Financial Representative

• Discuss your financial goals and choose the premium term that suits you

• Decide on your preferred sum assured

• Complete the application process (remember, no medical check-up is required)

Frequently Asked Questions

• Can I change my mind after purchasing the plan?

  Great Eastern typically offers a free-look period (usually 14 days) during which you can cancel the policy and receive a refund.

• What happens if I can't pay my premiums?

  The policy usually includes a grace period for premium payments. If you still can't pay after this period, the policy may lapse or be converted to a paid-up policy with reduced benefits.

• Can I increase or decrease my sum assured later?

  This would depend on Great Eastern's policies. It's best to discuss this with your Financial Representative.

• How are the non-guaranteed bonuses determined?

  These bonuses depend on the performance of Great Eastern's participating fund and are determined annually.

• Is there a minimum sum assured?

  Yes, but the exact amount would need to be confirmed with Great Eastern or your Financial Representative.

Conclusion

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