Great Eastern Singapore: All You Need to Know About the Company and the Policies They Offer in Singapore
The Great Eastern Life Company was founded in 1908 and is currently one of Singapore’s most proliferated life insurance groups. It has over S$90 billion worth of assets and over 10 million policyholders. It also has 7.5 million policyholders drawn from various government schemes. The company touts itself as offering customers solutions to their problems instead of selling products.
Great Eastern Singapore provides innovative general insurance products for businesses and individuals.
Personal insurance products
Great Eastern Singapore has a roaster of flexible personal insurance solutions, all meant for yourself and your loved ones.
As you navigate the stages of life, Great Eastern has a life insurance product that is suitable for your age and needs. One package that sparks a lot of interest is the Great Life Advantage. Great Life Advantage has the ‘Multipay’ rider that provides a financial cushion when you contract a critical illness. The cover is a whole life cover, offering investment-linked premium payments. It covers policyholders against:
- Total and Permanent Disability
- Terminal illness
- Critical illness (all stages including early, intermediate and advanced critical)
The life insurance in Singapore packages available at Great Eastern lifts the financial burden from an unexpected terminal illness. The aim is to let people focus on rest and recovery. The Multi-pay CI Plus Advantage rider, for example, allows the insured to make a claim three times. As a result, the customer will receive the full coverage amount every time they make a claim.
Third-party car insurance is mandatory for all vehicles on Singaporean roads. However, basic motor insurance in Singapore will not suffice when you have major motoring accidents. Therefore, car owners need to protect themselves and their cars with affordable, comprehensive car insurance. Great Eastern Singapore offers the ‘Drive and Save Plus’ for drivers who need comprehensive covers. This cover includes repair services from an auto repair shop of your choice.
The Easter egg in the comprehensive cover is that aside from protecting your car, it also saves you. The cover comes bundled with personal accident coverage of $120,000 and medical reimbursement for any injured car occupants. Other perks that come with the cover are
- Towing fees
- Windscreen replacements
- Unnamed driver excess
- Windscreen excess
On average, the unnamed driver excess is not a fixed sum. Instead, it is adjusted depending on the age of the driver and their driving experience. For example, drivers under 26 or above 69 but with less driving experience get higher excess amounts, usually $2,500.
Are you wondering why you need a comprehensive cover while you could buy a third-party cover? If you own luxury or exotic cars that can only service at particular auto repair shops, you need comprehensive plans that let you choose where they get repaired. Modified vehicles are becoming the new trend, and these need insurance plans that cover car modifications. You need this cover just a simple hack if you are a new driver with minimal experience. That is because the plan has plenty of crash-related benefits outside emergency assistance and medical coverage. The younger drivers have a higher driver excess. More experienced drivers with mid-range vehicles can pick a more straightforward package from Greater Eastern Insurance.
Great Eastern Insurance offers home insurance plans which cover the house, your valuables and provide extra benefits to soften any inconveniences. The HomeGR8 Essential plan covers damage to the home, renovation costs, and loss of valuables. It covers the maximum insured sum without imposing any penalties resulting from underinsurance. Great Eastern is known to offer higher valuables sub-limits compared to the market average. The HomeGr8 Essential is a must-grab for homeowners looking to protect expensive home items.
The cream on the cake is the amount of coverage that is dedicated to valuables. The insured enjoys 35% of the contents limit valuables coverage, with an item sub-limit of $2000. Great Eastern goes a step ahead and lets you insure things that cost more if discussed in the policy. Some extra peace-of-mind benefits include:
- Emergency cash
- Conservancy coverage
- Alternative accommodation coverage
Commercial insurance products
The commercial insurance products offered at Great Eastern Insurance are tailored to minimize damages caused by unplanned events. Insurable events affecting businesses include natural calamities, on-the-job accidents, and business liabilities resulting from fraud or employee mistakes.
BizSupreme protects you from financial risks
The BizSupreme plan protects all businesses from a wide variety of perils. These may include fire in the premises, lightning, floods, and common disasters interrupting business. Business owners in Singapore can purchase a comprehensive protection cover which is available in different plans. The standard plan covers events such as:
Fire and extraneous perils
The standard plan covers you against physical loss and damage to the contents of your premises in case of a fire. The contents include furniture and fixtures. Within the standard plan, extraneous perils include flood, riots, malicious damage, and plumbing failure.
Theft and hold-up
The cover compensates whenever there is loss or damage due to stock theft and forcible surrender.
When there is a business interruption due to damaged property, the plan pays a specific amount to the business every day.
Your business may face legal liability whenever its operations cause accidental property damage or bodily injury to a third party.
The BizSupreme plan covers the business for any loss of money kept within your premises or money in transit within Singapore. The coverage also extends to money kept in the proprietor’s residence that is lost to theft.
Business Travel Supreme
Businesses need to make contingency plans for employees who need to travel to facilitate the firm’s operations. The Business Travel Supreme plan covers your employees when they travel to conferences, meetings, and related off-site events. It is good to get this plan so that employees feel valued and don’t need to get their own separate plans using their finances. In addition, it offers the essential coverage of events meant for business travelers.