GREAT Lifetime Payout 3: A Limited-Payment Whole Life Plan with Monthly Income

GREAT Lifetime Payout 3 is a regular premium participating whole life insurance plan offered by Great Eastern Life Assurance Company Limited. Designed for lifelong coverage, this product features a limited premium payment term of just 3 years, allowing policyholders to complete their premium obligations quickly while securing lifetime benefits. Starting from the 43rd policy month, the plan provides monthly payouts comprising a guaranteed survival benefit and a portion of yearly declared cash bonuses. Great Eastern, rated AA- by Standard & Poor’s, manages the participating fund through Lion Global Investors Limited, aiming to balance risk and return through a diversified asset mix. The product is suitable for those seeking stable medium-to-long-term returns combined with insurance protection, though it does not allow the use of SRS or CPFIS funds for premium payments.

How it compares

The following comparison uses data from CompareFIRST.sg as of July 2026, benchmarking GREAT Lifetime Payout 3 against similar whole life payout products for a 35-year-old male non-smoker with a $100,000 sum assured.

Premium Structure and Payment Term GREAT Lifetime Payout 3 requires an annual premium of $100,000 over a 2 to 5-year term (specifically 3 years per the product summary). In contrast, its peers—Signature Income (III) SGD, Esteem Eternity II, and PRUWealth Income—all require a single premium payment. While single-premium products demand a larger upfront capital outlay immediately, GREAT Lifetime Payout 3 spreads the cost over three years, which may offer better cash flow management for some investors.

Surrender Value at Year 20 At the 20th policy year, GREAT Lifetime Payout 3 shows a projected surrender value of $300,000 (projected up to $314,000). This is significantly higher than its peers:

• Signature Income (III) SGD: $80,000
• Esteem Eternity II: $80,000
• PRUWealth Income: $80,000

This substantial difference highlights the impact of the limited-payment structure versus single-premium structures over time, as the former allows for more premium accumulation relative to the initial outlay in early years, though direct comparison is complex due to different payment timings.

Returns and Costs

• Net Return: GREAT Lifetime Payout 3 reports a 5-year net return of 2.39% and a 10-year net return of 3.68%. PRUWealth Income offers a higher 10-year net return of 3.95%, while Esteem Eternity II shows a negative 5-year return (-0.40%) but positive 10-year return (1.92%). Signature Income does not provide net return data in this comparison.
• Total Expense Ratio (TER): GREAT Lifetime Payout 3 has a TER of 1.54% at year 5. Esteem Eternity II has a higher TER of 2.25%, and PRUWealth Income has a TER of 2.27%. Signature Income’s TER is listed as 2.64%. GREAT Lifetime Payout 3 appears to have lower fees compared to the other listed peers at the 5-year mark.

Pros

• Limited Premium Payment: Completing premiums in just 3 years reduces long-term financial commitment compared to regular pay plans.
• High Projected Surrender Value: The year-20 surrender value ($300,000) is notably higher than the $80,000 shown for comparable single-premium peers in this dataset.
• Competitive Fees: The 5-year TER of 1.54% is lower than Esteem Eternity II (2.25%), PRUWealth Income (2.27%), and Signature Income (2.64%).
• Lifetime Monthly Payouts: Provides consistent income from the 43rd month, combining guaranteed survival benefits with non-guaranteed cash bonuses.
• Strong Insurer Rating: Backed by Great Eastern’s AA- credit rating.

Cons

• High Annual Premium Requirement: The $100,000 annual premium (for $100k SA) is substantial, though spread over 3 years.
• No SRS/CPFIS Payment: Cannot be funded using Supplementary Retirement Scheme or CPF Investment Scheme funds, limiting accessibility for some Singaporeans.
• Non-Guaranteed Elements: A portion of the monthly payout depends on non-guaranteed cash bonuses, which are subject to the participating fund’s performance.
• Early Surrender Costs: Early termination may result in surrender values less than total premiums paid due to high initial distribution costs ($14,028 for $100k SA).

Who it may suit

GREAT Lifetime Payout 3 may suit individuals who have a steady high income and prefer spreading premium payments over three years rather than making a large lump sum upfront. It is appropriate for those seeking lifelong monthly cash flow and are comfortable with the non-guaranteed nature of a portion of the returns. Given the lack of SRS/CPFIS eligibility, it is best suited for those funding the policy through cash or other liquid assets who value Great Eastern’s brand stability and lower expense ratios compared to some peers.

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.