GREAT Lifetime Payout 2 Special: Complete [2023] Review


Great Eastern’s GREAT Lifetime Payout 2 Special Review

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GREAT Lifetime Payout 2 Special review

Table of Contents

The GREAT Lifetime Payout 2 Special is a participating annuity plan that offers a comprehensive security package for you and your loved ones, including death and coverage against terminal illness.

With limited premium payments from as short as 3 years, the GREAT Lifetime Payout 2 Special gives you payouts for a lifetime.

Here’s our review of the GREAT Lifetime Payout 2 Special.

Read on.


  • Premium payment term: 3 years
  • Minimum Premium: $10,000 per annum


General Features

Policy Terms

The policy has a 3-year premium term, starting from $10,000 annually, payable in cash or Supplementary Retirement Scheme (SRS) funds.

The policy lasts your lifetime, giving you payouts as early as the 43rd month (3.5 years).


Death Benefit

In the event of insured’s death, the policy will offer a payout equivalent to 105% of all standard annual premiums paid plus any bonus sums incurred minus any debts.

Terminal Illness Benefit

This policy provides a lump sum payment upon confirmation of the life assured of having an illness with a terminal prognosis within 12 months.

Key Features

Lifetime Monthly Payout (AKA Survival Benefit)

The policy guarantees a lifetime monthly payout starting from the 43rd month (3.5 years) for as long as you live or until the plan is terminated or a claim is made, whichever is earlier.

Here is a table to illustrate the composition of the payout:

Policy Month  Description
43 to 48 months The payout comprises monthly income or guaranteed survival benefit
From the 49th Month Starting from the 4th policy anniversary, the monthly payout consists of 2 components;

  • A guaranteed survival benefit, and
  • 1/12th of the annual cash bonus declared.

You can withdraw the monthly payouts or reinvest them into the policy, where they can accrue non-guaranteed interest.

The table below illustrates how this benefit will be paid out:

Policy Month Standard Yearly Premium Annualised Monthly Income

43 to 48 months

Below $30,000 3.15% of total standard yearly premiums
$30,000 and above 3.28% of total standard yearly premiums
From 49 years Below $30,000 0.80% of total standard yearly premiums
$30,000 and above 0.85% of total standard yearly premiums

Policy premiums are reassessed yearly to suit the sum assured and may be discounted or subject to additional charges.

This annual premium is a key component in determining your insurance protection.

Surrender Value

Your policy will qualify for a surrender value after making premium payments for 3 consecutive years.

With this benefit, you can choose to cash out on the value of your policy at any point after that period.

Check your policy documents or talk to your financial advisor to find your surrender value.


The benefits of the plan are divided into guaranteed and non-guaranteed bonuses.

The declared bonuses fall under the guaranteed benefits, while future bonuses yet to be declared fall under the non-guaranteed benefits.

It is important to note that the non-guaranteed bonuses are subject to the performance of the participating fund.

There are 2 types of bonuses available under this plan;

Cash Bonus

A cash bonus is declared annually beginning policy year 4. It is a guaranteed payout that will be paid every month.

Terminal Bonus

A terminal bonus is paid once when there’s a claim or during policy surrender.

GREAT Lifetime Payout 2 Special Fund Performance

To ensure that your money is being invested wisely, analysing the following key indicators is important.

  • Participating Fund’s asset allocation
  • Annual investment performance
  • Geometric net investment returns of par funds across life insurers in Singapore
  • Total Expense Ratio


Premium Allocation

At a glance, here is the asset allocation of the participating fund as of December 2021:

Type of Assets Allocation Goals (%) Actual Allocation (%)
Bonds 66 61
Loans 4 3
Equities 20 23
Properties 10 8
Cash & Equivalent 0 5
Total 100 100

Past Fund Performance

As of December 2021, here is how the par funds have performed:

2019 2020 2021 Average of last 3 years Average of last 5 years Average of last 10 years
Investment Returns 11.02% 8.41% 1.62% 6.94% 5.78% 5.52%

Looking at the above table, the par funds have demonstrated exceptional value over the 5 and 10 years with average annualised returns of 5.78% and 5.52%, respectively.

insurers geometric average

When looking at fund performance, it’s important to take the geometric average net returns and compare them across insurers.

Based on geometric averages, Great Eastern’s par funds are doing below average over long periods of time.

Total Expense Ratio

When considering investing in various mutual funds, it’s crucial to closely examine their total expense ratio, as the costs incurred in managing these investments can significantly affect your potential profits.

Here is a table featuring expense ratios for the GREAT Lifetime Payout 2 Special:

2019 2020 2021 Average of last 3 years Average of last 5 years Average of last 10 years
Investment Returns 1.71% 1.20% 2.02% 1.66% 1.69% 1.66%

By comparing the funds’ total expense ratios, you can better understand which fund may be most cost-effective for your investment goals.

Additionally, below is a table that compares the total expense ratios of Great Eastern Life to other insurer’s par funds:

insurers expense ratio

As observed, Great Eastern has kept its expense ratio below 2% for the 3 years, which could make it an attractive option for investors looking for a cost-effective solution.

GREAT Lifetime Payout 2 Special Fees and Charges

With GREAT Lifetime Payout 2 Special, you do not have to worry about additional or unexpected fees or charges, as they are included in your premiums.

An Illustration of How the GREAT Lifetime Payout 2 Special Works

As Janet approaches her 50th birthday, she is ready to plan for retirement.

She dreams of semi-retirement in just 5 years, followed by true retirement at age 70, but knows that preparation and investment are important.

With this goal in mind, she buys the GREAT Lifetime Payout 2 Special by committing $30,000 per year for 3 years with total premium payments totalling $90,000.

Here is a summary of Janet’s investment and payouts received over time:

Event Narration Figures
Limited offer after 3.5 policy years


43 to 48 policy months

Receives 6 guaranteed monthly payouts $246
From 49th Month Continues to get the monthly payouts which comprise guaranteed and non-guaranteed payouts $246
At 60 years, Janet retires due to a health condition Total payouts received $19,188
If she surrenders policy at 60 years Total amount received $94,171

Assumption IIRR of the participating fund is 4.25% p.a

Summary of GREAT Lifetime Payout 2 Special

Cash and Cash Withdrawal Benefits
Cash Value Yes
Cash Withdrawals Yes
Health and Insurance Coverage
Death Yes
Total Permanent Disability No
Terminal Illness Yes
Critical Illness No
Early Critical Illness No
Health and Insurance Coverage Multiplier
Death No
Total Permanent Disability No
Terminal Illness No
Critical Illness No
Early Critical Illness No
Optional Add-on Coverage No

My Review of the GREAT Lifetime Payout 2 Special

If you are looking for a secure plan to provide an income throughout your retirement, the GREAT Lifetime Payout 2 Special can give you that and more.

It guarantees 100% of your principal past 6 years and consists of guaranteed and non-guaranteed monthly payouts with no medical underwriting.

This plan also has a short premium commitment of 3 years, with premium payments starting from $10,000 per year.

However, this policy has 2 notable limitations. It lacks the total and permanent disability benefit and will not give you a lump sum payout when you need it most.

Also, it has no riders that can provide you with added protection.

On top of the lack of protection, it lacks flexibility in terms of features – something its competitors like the Prudential PRULifetime Income Plus and Singlife Flexi Income offer.

Nevertheless, this is ultimately an annuity plan, so if financial security in old age is what you seek, consider a term plan or a whole life plan instead.

However, if you’re looking for a no-frills policy that provides you with a lifetime of payouts, then Great Eastern’s GREAT Lifetime Payout 2 Special policy could be a great choice.

When it comes to planning for your financial future, looking for a one-size-fits-all approach is not the best way to go.

Make sure you’re comparing the best retirement plans in Singapore before deciding.

It’s also wise to seek trusted advice from knowledgeable professionals who can steer you in the right direction and help you select optimal investment products that fit your needs.


Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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