Endowment

GREAT Wealth Multiplier 3: Building Your Financial Future with Multiplied Returns

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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What is GREAT Wealth Multiplier 3?

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.

Key Features of GREAT Wealth Multiplier 3

Multiplied Returns

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.

Capital Guarantee

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.

Legacy Building

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.

Flexibility

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.

Financial Protection

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.

Real premiums suggested for Great Wealth Multiplier III

, Female making $5,833.333 a month

Coverage:
death sum assured
105% of Total Premium Paid OR Account Value (Whichever is higher)
Premium:
Not provided
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31, Male making $8,333.333 a month

Coverage:
surrender value 65
$184,831
surrender value 120
$1,472,736
Premium:
$5,000
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25, Female making $6,800 a month

Coverage:
Premium:
$400
Read More
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How GREAT Wealth Multiplier 3 Works: Real-Life Scenarios

Let's look at two scenarios to better understand how this plan can work for different life stages and goals.

Scenario 1: Saving for Your Child's Future

Meet Felix, a 30-year-old new father who wants to build a savings fund for his newborn son, Josh.

  • Annual Premium: S$4,800
  • Premium Term: 5 years
  • Total Premiums Paid: S$24,000

Potential Growth:

  • After 15 years: Capital is guaranteed
  • After 20 years: Illustrated Cash Value of S$44,251 (>1.8X total premiums paid)
  • After 40 years: Illustrated Cash Value of S$93,439 (>3.9X total premiums paid)
  • After 60 years: Illustrated Cash Value of S$195,990 (>8.2X total premiums paid)

At maturity (policy year 119), the total illustrated cash value could reach S$2,336,510, which is >97.3X the total premiums paid .

Scenario 2: Boosting Retirement Funds

Consider Maggie, a 35-year-old looking to boost her retirement funds.

  • Annual Premium: S$10,000
  • Premium Term: 5 years
  • Total Premiums Paid: S$50,000

Potential Usage:

  • At age 60 (start of retirement): Illustrated Cash Value of S$110,215
  • Every 3 years from age 60 to 72: Partial surrender of S$10,000 for travel
  • At age 75: Full surrender of the policy for a lump sum of S$123,244

In total, Maggie could receive S$173,244, which is >3.4X the total premiums paid .

Why Compare Great Wealth Multiplier III with other Endowment Options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

Important Considerations

Non-Guaranteed Benefits

The illustrated cash values include both guaranteed and non-guaranteed benefits. Actual benefits may vary based on the future performance of the participating fund.

Long-Term Commitment

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.

Premium Payment Terms

The plan offers flexibility with 5-year, 10-year, and 15-year premium payment terms. Choose the one that best fits your financial situation.

Policy Maturity

The policy matures when the life assured reaches age 120 next birthday.

Partial Surrenders

While the plan allows for partial surrenders, this will reduce the basic sum assured of the policy.

Who Should Consider GREAT Wealth Multiplier 3?

  • 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

Frequently Asked Questions

Is the return guaranteed?

While the capital is guaranteed after a certain period, the multiplied returns are not guaranteed and depend on the performance of the participating fund.

Can I change the premium payment term after starting the policy?

It's best to check with Great Eastern about the flexibility to change terms after the policy has started.

What happens if I can't continue paying premiums?

The policy may lapse if premiums are not paid. It's crucial to ensure you can commit to the full premium payment term.

Can I withdraw money from the policy before maturity?

Yes, partial surrenders are allowed, but this will reduce the basic sum assured of the policy.

Is there an age limit for starting this plan?

While the brochure doesn't specify an age limit, it's best to check with a Great Eastern representative for any age restrictions.

Conclusion

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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Why people were suggested Great Wealth Multiplier III

Fenny
Fenny,
GenderFemale
Monthly Income$5,833.333
Insurance Types Suggested
  • Investment Linked Plan
Why GREAT Wealth Advantage III was suggested:
The GREAT Wealth Advantage III endowment plan is recommended as a long-term wealth accumulation tool. With its flexible premium payment terms of 5, 10, or 15 years, it can accommodate different budgets. The plan offers a 105% death benefit coverage, providing financial protection. Additionally, it provides the option to receive dividend payouts of 7.5%-8.5% per annum without drawing down capital after the premium payment term, aligning with potential retirement income needs.
KK
KK, 31
GenderMale
Monthly Income$8,333.333
Insurance Types Suggested
  • Investment Linked Plan
  • Endowment
Why GREAT Wealth Multiplier III was suggested:
The GREAT Wealth Multiplier III is recommended as a savings plan with limited premium payment term of 15 years. It provides a guaranteed capital and steady returns, similar to the prospect's existing PruWealth policy. This endowment plan offers a legacy tool to appoint a spouse or child as a second life assured, aligning with potential future needs for dependents.
Terena
Terena , 25
GenderFemale
Monthly Income$6,800
Insurance Types Suggested
  • I don't know where to start
Why GREAT Wealth Advantage 10 was suggested:
This 10-year investment plan was recommended to address Terena's investment needs. It offers welcome and loyalty bonuses, potentially providing attractive returns over the long term. The advisor suggested this plan to boost Terena's investment assets, aligning with the 40-30-20-10 guideline mentioned, where 40% should be allocated to investments. This product helps diversify Terena's financial portfolio beyond pure protection products.
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