GREAT Flexi Cashback – Product Review

Overview

GREAT Flexi Cashback is a regular premium participating endowment plan from Great Eastern Life that combines savings accumulation with insurance protection. The plan pays a guaranteed yearly survival benefit of 4.3% of the sum assured from the end of policy year 2 until the year before maturity, plus a maturity benefit at the end of the policy term. It also provides death, total and permanent disability (TPD), and terminal illness coverage. The plan is quoted by premium—you choose your annual outlay (typically $2,500–$10,000) and the payouts follow accordingly. Great Eastern Life holds an AA- credit rating from Standard & Poor's, and the plan's benefit illustrations assume investment returns of 3.00% and 4.25% p.a.

How it compares

At a common basis of age 35, male, non-smoker, with a $10,000 annual premium, the four plans show meaningful differences in returns and costs:

GREAT Flexi Cashback's 5-year net return of 2.39% is competitive against PRUActive Cash (2.23%) and well ahead of Singlife Steadypay Saver (1.24%), though behind AIA Smart Flexi Rewards (2.90%). Over 10 years, the picture shifts—AIA leads at 4.70%, while GREAT Flexi Cashback trails at 3.68%. The plan's expense ratio of 1.54% is notably lower than Singlife (2.59%) and Prudential (2.27%), but higher than AIA's 1.30%. The participating fund's actual net investment returns were 2.39% (5-year) and 3.68% (10-year), which sit within the illustrated range.

Pros

• Guaranteed yearly cash coupons from year 2, providing regular liquidity
• Lower expense ratio (1.54%) than two of three comparable plans
• Strong insurer credit rating (AA- from S&P)
• No underwriting required, simplifying application
• Guaranteed premiums—rates will not change
• Death benefit of 105% of premiums paid or 101% of guaranteed surrender value, whichever is higher

Cons

• Projected yield to maturity is modest: 1.47%–2.48% p.a. at the $2,500 premium level
• High distribution cost: $3,637 on a $2,500 annual premium
• Early surrender penalties—no surrender value until 3 full years of premiums paid
• No SRS or CPFIS premium payment allowed
• 10-year net return (3.68%) trails AIA Smart Flexi Rewards (4.70%)
• Surrender value at year 20 not disclosed in the comparison data, making long-term value harder to assess against peers

Who it may suit

GREAT Flexi Cashback may suit savers seeking a medium-term endowment with regular cash payouts and a lower-cost structure than some peers. The guaranteed survival benefits provide predictable income, while the participating fund offers upside through non-guaranteed bonuses. However, those prioritising maximum long-term returns may find AIA Smart Flexi Rewards more attractive, and investors comfortable with higher expenses for potentially higher returns could consider PRUActive Cash. The plan is less suitable for those wanting SRS or CPFIS flexibility, or who may need access to funds before year 3.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.