Are you a risk-averse investor looking for guaranteed returns? Look no further than endowment plans such as the Great Eastern Endowment Plan that also gives you insurance coverage! 
 Great Eastern’s GREAT SP Series 12 : 
 
 
 TL;DR: Great Eastern SP Series 12 — Short Term Endowment Plan With Guaranteed Returns of 3.5% After 2 years 
 For the uninitiated, Great Eastern (GE) just launched a  limited tranche  of its  GREAT SP Series 12  single premium non-participating endowment plan. 
 Do note that the availability of this tranche is on a  first-come-first-serve basis . 
 What Are Risks of Endowment? 
 So if you have  short-term financial goals  and are unwilling to take on much  investing risk  (GE is rated  AA-  by  S&P ), this might be a decent way to grow your savings. 
 But I digress. Here’s all you need to know about  Great Eastern GREAT SP Series 12 : 
 
 
 
 Details Great Eastern GREAT SP Series 12 
 
 
 
 
 Policy Term 2 Years 
 
 
 Guaranteed Yield 
at Maturity 
(1-Year Policy Term) 3.5% p.a.¹ 
 
 
 Capital Guaranteed 100% guaranteed if held to maturity, and no policy claims or alterations are made during the policy term 
 
 
 Single Premium One lump sum 
Can be purchased online with a minimum single premium of $10,000² 
 
 
 Payment Options Cash, (Bank transfer or eGIRO) 
or  
Supplementary Retirement Scheme (SRS) funds 
 
 
 Payout Options For Returns Paid-Out option 
Year 1: $3,500 
Year 2: $103,500 
 
Accumulation option 
Year 1: $3,500 (reinvested) 
Year 2: $107,105 
 
 
 Death and Total and Permanent Disability Benefit 105% of single premium³ 
 
 
 Issuance Guaranteed acceptance regardless of health condition 
 
 
 Entry Age 17 - 80 (age next birthday) 
 
 
 Policy Protection Up to specified limits by the 
Singapore Deposit Insurance Corporation (SDIC) 
 
 
 

 
 
 
 ¹ Guaranteed survival benefit of 3.5% of the single premium will be payable on survival of the life assured at the end of the policy term. 
 ² The minimum single premium amount will depend on the entry age (as of next birthday) of the life assured and the payment method. 
 ³ If the life assured dies or suffers from Total and Permanent Disability (TPD), Great Eastern will pay 105% of the single premium or the surrender value of the policy, whichever is higher, less any indebtedness under the policy. For TPD that takes the form of total and irrecoverable loss of the: (a) sight in both eyes; (b) use of two limbs at or above the wrist or ankle; or (c) sight in one eye and the use of one limb at or above the wrist or ankle, the life assured will be covered for the whole of the policy term. For other forms of TPD, it must occur before the life assured is age 65 next birthday. You are advised to refer to the product summary for more details. 
 Apply Now 
 
 
 
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 GREAT SP Series 12 Returns 
 GREAT SP Series 12 Minimum Amount 
 GREAT SP Series 12 Payment Methods 
 Death and Total Permanent Disability (TPD) Benefits + Surrender Value 
 Endowment Plan Great Eastern: GREAT SP Series 12 Returns and Payout Options 
 Pros & Cons of GREAT SP Series 12 
 Should I Invest in GREAT Sp Series 12? 
 
 
 What Are Endowment Plan? 
 Before we begin, let me provide some context. 
 An endowment plan is basically a life insurance policy. 
 But apart from covering the life of the insured. 
 It also helps you save over a period of time so that, ultimately, you get to  collect a lump sum (principal + interest) upon policy maturity . 
 Usually, you’ll have to contribute regularly or pay a lump sum (this is called a ‘single premium’), which most financial advisors will term as ‘forced savings’. 
 An endowment plan is typically used if you wish to save up money towards a specific financial goal. 
 Great Eastern SP Review (OCBC Great SP): What is the Rate of Return for Endowment Plan? 
 I know, I know. The  GREAT SP Series 12 , with its  3.5% p.a.  guaranteed returns and a short-term commitment of just  two years , won’t help you achieve  (FIRE) Financial Independence. Retire Early  in a hurry. 
 FYI: For the uninitiated,  OCBC  currently owns 88.4 per cent of Great Eastern’s total shares, making Great Eastern a subsidiary of OCBC. 
 This is not that kind of investment. 
 But if you have a short-term financial goal like  saving for your wedding ,  home renovation,   a car , or  your first home,  etc. 
 
 This  100% capital-guaranteed  endowment plan (after 2 years) is a decent option, as preserving the money invested should be your top priority when saving for a short-term goal. 
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 Great Eastern SP Series 12 Single Premium 2023 
 You will need to put in a minimum of $10,000 in terms of the investment amount . 
 How Much Should an Endowment Plan Cost? 
 This means there’s no cap on the amount you can invest, provided you meet the minimum amount of  $10,000  for each policy. 
 You can also buy multiple Great Eastern Singapore GREAT SP Series 12 plans. 
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 Invest with Cash (Bank Transfer, GIRO, Paynow, or Cheque) or SRS 
 The good news is you can buy the  GREAT SP Series 12  endowment plan with cash through  bank transfer  or  General Interbank Recurring Order (GIRO)  and your  Supplementary Retirement Scheme (SRS) funds . 
 However, if you’re considering making payment using your SRS funds, note that the prevailing yearly contribution limit for SRS is  $15,300  for  Singapore Citizens (SCs)  and  Singapore Permanent Residents  (SPRs) and  $35,700  for  foreigners . 
 As such, please ensure sufficient balance in your SRS account before proceeding with this. 
 
 Purchasing this policy is also pretty simple, as you can choose to buy this policy online. 
 Who Can Buy This Policy 
 Purchasing this plan is simple and hassle-free, as you can do so online via this  link  using Singpass MyInfo. 
 Note that you must be between  17 and 80 (age next birthday)  to purchase GREAT SP Series 12. 
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 Death and Total Permanent Disability (TPD) Benefits + Surrender Value 
 GREAT SP Series 12 also offers added Death and TPD protection with guaranteed acceptance, i.e. no medical assessment is needed. 
 Unfortunately, suppose the life assured dies or suffers from Total Permanent Disability (TPD). 
 In that case, Great Eastern will pay out  105% of the single premium  or the  surrender value of the policy , whichever is  higher , less any  indebtedness under the policy . 
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 Short-Term Investment Plans: GREAT SP Series 12 Returns and Payout Options 
 To illustrate the returns which you will be getting, we will be using a single premium of  $100,000  over  two years  as an example of this short term investment plan: 
 Source: Great Eastern 
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 Are Endowment Plans Worth it? 
 To help you decide if this endowment plan will be worth it for you, let’s take a look at the Pros and Cons of the GREAT SP 12. 
 Pros of GREAT SP Series 12 Tranche 
 
 Guaranteed returns of 3.5% p.a. and 100% capital Guaranteed after holding the Endowment plan to maturity (2 years) 
 Short tenure 
 Hassle-free online application with no medical check-up required 
 Basic insurance coverage for death and TPD without a medical assessment. 
 
 Cons of GREAT SP Series 12: What is the Disadvantage of Endowment Fund 
 
 High minimum investment amount of $10,000 
 Your money is locked in for two years and withdrawing early will result in your losing money. 
 
 Source: Know Your Meme 
 Remember, you know your financial situation the best, so plan ahead and ensure your cash flow works! 
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 Great Eastern Exclusive Endowment Plan vs SSB vs Fixed Deposit 
 If you were previously looking at low-risk investments like the  Singapore Savings Bonds (SSB)  and  Fixed Deposits : 
 
 
 The GREAT SP Series 12 endowment plan can also be something you might want to consider, as it offers better interest than the  SSB . 
 As for  Fixed Deposits , the GREAT SP Series 12’s rate is competitive, and you can secure this rate for a longer period of time compared to some of the fixed deposit options. 
 This assumes you have a sum of money ready to be  locked in  for the  next two years . 
 If you want liquidity, you should not look at the GREAT SP Series 12, as SSBs can be withdrawn after a month, and Fixed Deposits have tenures starting from two months. 
 Why do People Buy Endowment Plan: Watch Out For The “Consumer Mentality” 
 Also, it’s essential for us as consumers to approach a financial product objectively. This would ensure that we do not purchase something that we don’t need just because they’ve used buzzwords like: 
 How Good Are Endowment Plans: Don’t Fall for the “Limited Tranche Only” Mentality 
 Do not feel pressured or give in to FOMO (Fear Of Missing Out) and take up these policies just because. 
 The rate at which insurance providers release these short-term endowment plans is probably more regular than when my dog tries to run out of the house when the gates are left unattended (read: A LOT). 
 Source: Giphy 
 So even if you missed this, we might just see another or an even better one next time! 
 In short,  DON’T buy into something just because  you think you  will be losing out  if you don’t. There are plenty of other financial products around. 
 Like every financial product and financial planning, there is no one-size-fits-all solution to your  personal finance journey . However, with careful research and continuous learning, you will better plan your finances. 
 And as always, read all terms and conditions for any policies or investment instruments. 
 Approach a professional (like your trusted financial advisor) to review your portfolio and clarify clauses and questions you might have missed before making any decision. 
 And if you have done all the above, click to button below to apply! 
 Apply Now 
 Disclaimer: The Information provided by Seedly does not constitute an offer or solicitation to buy or sell any insurance product(s). It does not consider the specific objectives or particular needs of any person. We strongly advise you to seek advice from a licensed insurance professional before purchasing any insurance products and/or services. The policy is protected up to specified limits by SDIC. 
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 Latest Singapore Savings Bonds (SSB) Mar 2023 Guide: SSB Interest Rate, SSB Info, & How To Buy SSB Singapore 
 Best Fixed Deposit Rate Singapore (Mar 2023): UOB, OCBC, DBS, Maybank & More 
 

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