Introduction
In today's uncertain economic landscape, planning for retirement has become more crucial than ever. The rising cost of living and increasing medical expenses can make the transition from work to retirement daunting. Enter GREAT Retire Income, a innovative solution designed to safeguard your financial freedom during your golden years. This participating regular premium endowment plan offers a steady stream of monthly cash payouts, providing you with the flexibility to choose your premium term, retirement age, and payout duration. With GREAT Retire Income, you can enjoy your retirement your way, backed by the security of guaranteed capital and additional benefits for unforeseen circumstances.
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Type of Endowment Plan
GREAT Retire Income is a participating regular premium endowment plan. As a participating plan, it offers potential returns through non-guaranteed bonuses in addition to guaranteed benefits. The regular premium structure allows you to spread your contributions over time, making it easier to budget for your retirement savings. This type of plan combines insurance protection with savings elements, potentially providing higher returns compared to non-participating plans. However, it's important to note that the non-guaranteed portions of the benefits are subject to the performance of the participating fund and are not fixed.
Coverage Customization
GREAT Retire Income offers a range of customizable features to suit your unique retirement needs. From guaranteed maturity benefits to potential non-guaranteed bonuses, this plan provides various options to help you build a secure financial future. Let's explore the key aspects of coverage customization available with this plan.
Guaranteed Capital
Your capital is guaranteed at your selected retirement age, provided no policy alterations are made. This ensures a secure foundation for your retirement income.
Potential Bonuses
The plan offers non-guaranteed cash bonuses in addition to the guaranteed survival benefit. These bonuses can potentially increase your monthly payouts, enhancing your retirement income.
Fund Performance
While historical performance is not provided, the plan illustrations use assumed investment rates of return of 3.00% p.a. and 4.25% p.a. to project potential benefits.
Return Factors
Non-guaranteed returns are influenced by the performance of the participating fund. Actual benefits may vary based on future fund performance.
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Riders and Additional Benefits
GREAT Retire Income goes beyond basic retirement income by offering additional protection and benefits. These features are designed to provide comprehensive coverage and peace of mind throughout your retirement journey. Let's explore the key riders and additional benefits that come with this plan.
Loss of Independence
Receive an additional 50% of the Guaranteed Survival Benefit if unable to perform 2 Activities of Daily Living (ADLs). This increases to 100% for 3 or more ADLs, capped at S$5,000 per month.
Death Coverage
The plan provides protection against death throughout the policy term, ensuring financial security for your loved ones.
Disability Protection
Coverage for Total and Permanent Disability is included, with specific conditions based on the type of disability and the policyholder's age.
Terminal Illness
The plan offers coverage for terminal illness, providing financial support during critical times.
Surrender Value and Partial Withdrawals
While GREAT Retire Income is designed as a long-term savings plan, life's uncertainties may require access to your funds before maturity. Understanding the surrender value and partial withdrawal options is crucial for making informed decisions about your policy. Here's what you need to know about accessing your funds before the policy matures.
Surrender Value
Early termination may result in a surrender value that could be zero or less than the total premiums paid. The precise calculation method is not provided in the given information.
Withdrawal Options
Specific details about partial withdrawal options and limitations are not provided in the given information. It's advisable to consult with a Great Eastern Financial Representative for more details.
Surrender Charges
While exact figures are not provided, early termination of the policy usually involves high costs. These charges can significantly impact the value you receive upon surrender.
Claims and Customer Service
Great Eastern Life Assurance Company Limited, the provider of GREAT Retire Income, is committed to supporting policyholders throughout their journey. For claims and customer support, policyholders can reach out to the company's main office located at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. While specific contact details are not provided in the given information, it's advisable to visit the official website at greateasternlife.com for the most up-to-date contact information and claim procedures. Remember that prompt and accurate claim filing is crucial for smooth processing and timely benefit payouts.
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Great experience
I have some underlying conditions and I was amazed at how the advisors were able to give me very helpful suggestions.
Conclusion
GREAT Retire Income offers a versatile solution for individuals looking to secure their financial future. This plan is particularly well-suited for those in their 30s or 40s who want to start planning early for retirement, individuals seeking a guaranteed income stream in their golden years, and those who value the flexibility to customize their retirement plan according to their specific needs and budget. With its combination of guaranteed benefits, potential bonuses, and additional protection features, GREAT Retire Income provides a comprehensive approach to retirement planning.
and receive tailored proposals for your retirement needs. By exploring multiple options, you'll gain valuable insights and find the perfect plan that aligns with your goals. Plus, you'll be entered into our 'Premiums On Us' quarterly draw, where you could win your insurance premiums paid by Whatins. Don't miss this opportunity to make an informed decision about your financial future – get started today!
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