GREATLife Endowment Insurance 3 (Single Premium) — Product Review

Overview

GREATLife Endowment Insurance 3 is a participating endowment plan from Great Eastern Life that combines long-term wealth accumulation with insurance protection. Available with a single premium payment option, the policy matures when the life assured reaches age 120 next birthday, providing a guaranteed maturity benefit plus non-guaranteed bonuses. The plan offers death, total and permanent disability (TPD), and terminal illness coverage throughout the policy term. As a participating plan, policyholders share in the performance of Great Eastern's participating fund through bonuses that are not guaranteed. The insurer holds an AA- credit rating from Standard & Poor's, and the plan is eligible for SRS premium payments but not CPFIS.

How it compares

At a common basis of age 35, male, non-smoker, with a $50,000 single premium, GREATLife Endowment Insurance 3 offers a guaranteed surrender value of $55,000 at year 20. This sits between its competitors: PRUWealth Plus offers a higher guaranteed value of $57,641, while Gro Saver Flex Pro offers $54,100. Singlife Smart Saver Plus has a shorter coverage term of 11–15 years and no comparable year-20 surrender value.

The plan's participating fund has delivered net investment returns of 2.39% (5-year) and 3.68% (10-year), with a total expense ratio of 1.54% (5-year). Its projected yield to maturity ranges from 2.67% to 3.71% p.a. For a $20,000 single premium, the guaranteed maturity value is $42,200, with projected upside to $229,461. The 10-year guaranteed surrender value is $20,000 (projected up to $23,596), rising to $22,000 at year 20 (projected up to $40,741) and $26,800 at year 30 (projected up to $59,059).

Pros

• Strong insurer backing: AA- credit rating from Standard & Poor's
• No underwriting required: Simplified application process
• SRS eligible: Can be funded through Supplementary Retirement Scheme accounts
• Secondary life assured option: Allows policy continuity upon death of the life assured
• Long-term growth potential: Projected yields of 2.67%–3.71% p.a. with upside from bonuses
• Insurance protection included: Death, TPD, and terminal illness benefits alongside savings

Cons

• Low early surrender values: Year-10 guaranteed surrender value equals the premium paid, meaning no growth in the first decade
• Very long policy term: Matures at age 120, which may exceed practical planning horizons
• Higher expense ratio: TER of 1.54% (5-year) is higher than Gro Saver Flex Pro's 0.94%
• No cash coupons: Unlike some endowment plans, this does not provide regular payouts
• Modest guaranteed returns: Guaranteed maturity value represents a low annualised return on the single premium
• Distribution costs: $884 in charges on a $20,000 premium

Who it may suit

This plan may suit investors seeking a long-term, single-premium endowment with insurance protection and SRS eligibility. It may appeal to those comfortable with a very long policy term and who prioritise the insurer's strong credit rating and the potential for bonus growth over guaranteed early returns. However, those seeking shorter commitment periods, regular income, or lower expense ratios may find competitors more suitable. The plan's modest guaranteed returns in early years make it less appropriate for those who may need to access funds within the first decade.

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.