Great Eastern Life Insurance | Best Insurance Company in Singapore

The Bedrock of Financial Security in a Changing World

In the intricate tapestry of financial planning, few threads are as crucial as life insurance. It is the foundational layer that protects everything else you build—your family's well-being, your hard-earned assets, and your long-cherished dreams. In the dynamic economic landscapes of Singapore and Malaysia, where the cost of living and healthcare expenses continue to rise, the question is not if you need insurance, but who you can trust to provide it for a lifetime.

For over a century, one name has been synonymous with trust, resilience, and comprehensive protection: Great Eastern Life. As the oldest and most established life insurer in the region, Great Eastern has not just witnessed history; it has helped generations of families navigate it with confidence. But what does it mean to choose Great Eastern Life Insurance in 2024? Is it merely a safe choice rooted in legacy, or is it a forward-thinking partner for the modern consumer?

This definitive guide delves beyond the marketing brochures to provide a 1500-word deep dive into Great Eastern Life Insurance. We will explore its unparalleled legacy, deconstruct its extensive product portfolio, analyse its innovative digital and wellness platforms, and demystify the claims process. Our goal is to equip you with the knowledge to determine if Great Eastern is the right guardian for your financial future.

History and Background

The story of Great Eastern Life began in 1908 when it was established as The Great Eastern Life Assurance Company Limited in Singapore. At that time, it was the first local life insurance company in Singapore and Malaysia.

Over the decades, Great Eastern Life has achieved several milestones:

• 1908: Company founded in Singapore.

• 1930s–1950s: Expanded operations throughout Malaysia and Brunei.

• 1999: Became a wholly owned subsidiary of Great Eastern Holdings Limited.

• 2004: Became a member of the OCBC Group, further strengthening its financial base.

• 2010s–Present: Expanded its portfolio to include digital insurance services, health programs, and wellness initiatives.

For over 115 years, Great Eastern Life has remained committed to its mission: “To make life great by providing financial security and promoting healthier, longer, and better lives.”

Part 1: A Legacy of Trust - The Great Eastern Story

Over 115 Years of Financial Resilience

Great Eastern Life was founded in 1908, a time when the very concept of life insurance was novel in Southeast Asia. Its establishment was an act of foresight, aimed at bringing financial security to a growing population. Surviving and thriving through world wars, economic recessions, and global pandemics is a testament to its robust governance and prudent financial management. This longevity is not just a historical footnote; it is the strongest assurance a policyholder can have. It means the company has the proven endurance to honour promises that span decades.

The OCBC Group Backing: A Pillar of Strength

A critical factor in Great Eastern's stability is its place within the OCBC Bank group. OCBC is consistently recognised as one of the world's safest banks, providing a rock-solid capital base for Great Eastern. This relationship translates into:

• High Credit Ratings: Great Eastern maintains strong financial strength ratings (such as AA- from Standard & Poor's), which independent agencies award based on the insurer's ability to pay future claims.

• Consumer Confidence: Knowing your insurer is backed by one of the region's strongest financial institutions provides unparalleled peace of mind. Your policy is not just with an insurance company; it's supported by a banking behemoth.

Market Leadership: The Numbers Speak

Great Eastern doesn't just have history; it has dominance. It consistently holds the largest market share in the life insurance sectors of both Singapore and Malaysia. This leadership is measured in terms of sum assured, new business premiums, and total assets under management. When a majority of consumers in a sophisticated market like Singapore choose Great Eastern, it signals a powerful vote of confidence in its products and services.

Part 2: Deconstructing the Portfolio - Finding Your Perfect Great Eastern Life Insurance Plan

Great Eastern’s core strength lies in its ability to cater to every conceivable life stage and financial need. Let's break down their comprehensive product suite.

The Foundation: Life Insurance Protection

• Term Life Insurance: This is pure, cost-effective protection. For a relatively low premium, you secure a high sum assured for a specific period (e.g., 20 or 30 years, or until a certain age). It's ideal for young adults with families or individuals with large liabilities like a housing loan. If the unexpected happens during the term, the payout ensures your family's financial stability is not shattered.

• Whole Life Insurance: As the name suggests, this provides lifelong coverage. It combines a death benefit with a savings component, known as the "cash value," which grows over time. This cash value can be a source of funds for opportunities or emergencies later in life. Whole Life plans are for those who seek permanent protection and want to build a legacy for their heirs.

The Health Shield: Critical Illness and Medical Insurance

In an era where medical advancements are saving more lives, the financial burden of treatment is the new battle.

• Critical Illness (CI) Plans: A heart attack, cancer, or stroke can halt your income while medical bills pile up. Great Eastern's CI plans provide a vital lump-sum payout upon diagnosis. Crucially, many of their plans now cover early and intermediate stages of critical illnesses. This early payout is a game-changer, allowing you to seek the best treatment immediately without financial delay.

• Health and Hospitalisation Plans (Integrated Shield Plans): In Singapore, Great Eastern is a major provider of Integrated Shield Plans (IPs). These plans integrate with the government's basic MediShield Life to provide enhanced coverage, allowing you to seek treatment in private or A/B1 class wards in public hospitals. Coupled with riders, these plans can cover deductibles and co-insurance, effectively making your hospitalisation bills a non-issue.

The Growth Engine: Savings and Investment-Linked Plans

Insurance isn't just about protection; it's about proactive wealth creation.

• Endowment Plans: These are disciplined savings plans with a safety net. You commit to regular premiums over a specific period, and the policy matures after a set number of years, paying out a guaranteed sum plus potential non-guaranteed bonuses. They are perfect for goal-based savings—funding a child's university education, making a down payment on a home, or building a retirement supplement.

• Investment-Linked Policies (ILPs): ILPs offer both life insurance coverage and the potential for higher returns by linking your policy's value to the performance of professionally managed funds. Great Eastern provides a wide array of fund options, from equities to bonds, allowing you to tailor your investment based on your risk appetite. It's a flexible tool for those comfortable with market-linked growth.

The Golden Years: Retirement Planning Solutions

With increasing life expectancy, ensuring your savings last as long as you do is paramount. Great Eastern offers specific retirement plans, including the Retirement Adequacy (RA) plan in Singapore, designed to provide a stable and regular income stream post-retirement. This supplements your CPF payouts, ensuring you can maintain your desired lifestyle without being a financial burden on your family.

Part 3: Beyond the Policy - The Differentiators in 2024

What truly separates a great insurer from a good one is the ecosystem that surrounds the policy.

The LIVE Great App: Your Insurance, Digitised

Great Eastern has made a significant digital leap. The LIVE Great app is a centralised hub for policyholders, transforming the customer experience:

• Policy Management: View all your policies, their benefits, and cash values in one place.

• Digital Claims Submission: Submit claims for hospitalisation, surgeries, or even CI by simply uploading documents via your smartphone.

• Premium Payments: Make secure payments instantly without needing cheques or GIRO forms.

The GREAT Care Network: Rewarding Wellness

This is perhaps Great Eastern's most innovative initiative. The GREAT Care Network, accessible through the LIVE Great app, shifts the paradigm from purely reactive claims-paying to proactive health promotion.

• Earn Points for Healthy Living: Policyholders earn "Greatness Points" for activities like walking, tracking sleep, getting health screenings, and even completing mindfulness exercises.

• Redeem for Rewards: These points can be redeemed for vouchers, premium discounts, or donations to charity. This unique approach aligns the insurer's interests with the policyholder's well-being—a healthier customer base means fewer claims, creating a win-win scenario.

The Human Touch: Financial Representatives

Despite the digital push, the role of a qualified Great Eastern Financial Representative remains invaluable. A good representative provides:

• Needs-Based Analysis: They conduct a thorough review of your financial situation, obligations, and goals before recommending any product.

• Long-Term Partnership: Your life changes, and so should your coverage. A dedicated representative provides ongoing service, conducting regular reviews to ensure your portfolio evolves with you through marriage, parenthood, career changes, and retirement.

Part 4: The Moment of Truth - Understanding the Claims Process

The ultimate test of any insurance policy is the claims process. Great Eastern has streamlined this journey to be as seamless as possible during a stressful time.

Great Eastern Life’s leadership team consists of experienced professionals in finance, insurance, and investment management. Their strategic direction emphasizes:

• Customer-centric innovation

• Digital modernization

• Sustainable growth

• Ethical and transparent governance

This focus ensures that Great Eastern Life continues to evolve with the changing needs of customers while upholding its long-standing values of integrity and trust.

Great Eastern Life believes in giving back to society through impactful CSR initiatives. The company supports community health programs, education, and environmental sustainability projects. Their “Live Great” movement inspires millions to take proactive steps toward better physical and mental well-being.

Through charity runs, blood donation drives, and partnerships with healthcare institutions, Great Eastern Life continues to make a positive difference in the communities it serves.

Conclusion: Is Great Eastern Life Insurance the Right Choice for You?

Choosing an insurance provider is one of the most significant financial decisions you will make. It is a long-term partnership that must be built on trust, transparency, and a shared vision for the future.

Great Eastern Life Insurance makes a compelling case for itself on multiple fronts:

• For the Cautious Planner: Its 115-year legacy and OCBC backing offer unmatched stability and security.

• For the Health-Conscious Individual: Its comprehensive CI and IP plans, combined with the innovative LIVE Great wellness ecosystem, provide a holistic approach to health and financial well-being.

• For the Goal-Oriented Saver: Its diverse range of endowment and investment-linked plans offers disciplined pathways to achieve specific financial milestones.

• For the Modern Digital User: The LIVE Great app brings unparalleled convenience to policy management and claims.

In conclusion, Great Eastern Life is more than just an insurance company. It is a financial guardian that has successfully blended its century-old promise of security with the innovative tools and proactive approaches of the modern era. By choosing Great Eastern, you are not just buying a policy; you are investing in a partnership dedicated to protecting and nurturing your life's journey, every step of the way.