GREAT Wealth Multiplier 3 Review [2023] | Dollar Bureau


GREAT Wealth Multiplier 3 Review

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Great Eastern GREAT Wealth Multiplier 3 review

Table of Contents

The GREAT Wealth Multiplier 3 is a long-term endowment plan where you make fixed payments for whichever policy term suits you best.

Apart from its flexibility, this plan is ideal for you if you are looking for a 2-in-1 plan designed to help you accumulate wealth over the long term while, at the same time, providing you with insurance protection.

This is also Great Eastern’s new rendition of the Great Wealth Multiplier series, of which the previous one was the GREAT Wealth Multiplier II.

Continue reading our review to find out what we think of the GREAT Wealth Multiplier 3.


  • Minimum premium payment term of 5 years
  • No medical underwriting needed


General Features

Policy Terms

As the Great Eastern GREAT Wealth Multiplier 3 is a long-term policy, it matures after a fixed policy term of 120 years, meaning that it is likely to be passed down from one generation to the next.

Premium Payment Terms

With the Great Eastern GREAT Wealth Multiplier 3, you can select between a premium payment term of 5, 10, or 15 years.

However, note that if you opt for a 5 or 10-year premium payment term, the capital is guaranteed after your 15th policy year.

On the other hand, if you opt for a 15-year payment term, your capital is only guaranteed after your 20th policy year.

This policy allows you to use either cash or your Supplementary Retirement Scheme (SRS) account to pay for your regular premiums.

Payout Options

You have the flexibility to decide when to withdraw and use the cash value accumulated in your policy to meet important milestones in your life.

For those looking to supplement their retirement income, you can partially surrender the accumulated cash value regularly.

Alternatively, you can designate your spouse or child as a secondary life assured, allowing the policy’s value to continue growing until it reaches maturity, providing financial security for your loved ones in the future.

Maturity Benefit

Once the policy has completed its 120th policy year, you are eligible to receive the guaranteed maturity benefit and any attached bonuses.

This ensures that you have secured your nest egg, or the future of the secondary life assured when your policy reaches maturity.

Surrender Benefit

You may surrender your policy after paying at least 3 full years of premiums and holding the policy for a minimum of 3 years.

However, terminating your policy early can become costly, reducing the cumulative premiums you’ve paid.

Check your policy documents or talk to your financial advisor to find out how much you’ll incur in costs when surrendering or making partial withdrawals.


Death Benefit

Suppose the insured passes away, the beneficiary will receive a lump sum payout equivalent to the higher of either:

  • 105% of the total amount of regular premiums paid; or
  • The guaranteed surrender value

plus any bonuses earned

Total and Permanent Disability Benefit

If the insured suffers from a total and permanent disability (TPD), the death benefit will be paid out immediately, subject to a limit of $5,000,000.

The 2 forms of TPD are Presumptive TPD and Other Forms of TPD. The definition and expiry of each TPD are listed below.

Form of TPD Covered Definition Expiry of Cover
Presumptive TPD Total and irrecoverable loss of:

  • Sight in both eyes;
  • Use of 2 limbs at or above the wrist or ankle; or
  • Sight in 1 eye and the use of 1 limb at or above the wrist or ankle
Applicable for the entire policy term
Other Forms of TPD For Life Assured above 15 years old:

  • Inability to perform any work for monetary gains
Applicable before the insured turns 65
For Life Assured below 15 years old:

  • Requirement of constant care and medical attention for at least 6 consecutive months while being confined to an institution

Terminal Illness Benefit

If the insured is diagnosed with an illness that may result in their passing within the next 12 months, they are also eligible to receive the death benefit in a single lump sum payment.

However, be prepared that a specialist must confirm your diagnosis before Great Eastern appoints a separate medical practitioner to verify the diagnosis.

Key Features

Appointment of Secondary Life Assured

Like the GREAT Wealth Multiplier policy, the GREAT Wealth Multiplier 3 also allows you to appoint your loved ones as a secondary life assured.

In this part, we will talk about the terms ‘appointment’ and ‘conversion’, which will refer to the following:

  • Appointment – Designating your loved one to be the one who will take over your policy until its 120th policy year upon your passing
  • Conversion – Your loved one successfully takes over the policy as the secondary life assured upon your passing


Considering that the policy matures only after its 120th year, this means that your spouse or child will take over the policy and become the insured person upon your passing.

However, this transfer only applies to the main policy, and any riders under you will not be transferred.

To be able to appoint a second life assured, you may wish to ensure the following conditions are all fulfilled:

  1. You are an individual
  2. The insured person is still living
  3. The secondary life assured to be appointed has to be either:
    • Yourself;
    • Your spouse; or
    • Your biological / adopted child who is under the age of 18
  4. The secondary life assured to be appointed has to satisfy the minimum and maximum age of entry established by Great Eastern
  5. No nomination of beneficiary has been made with reference to your policy
  6. Your policy is not subject to a trust
  7. Funds from an account under the SRS are not used to pay your regular policy premiums
  8. There have not been more than 2 conversions under your policy


Just in case you have a change of mind, you are also able to annul the appointment of your secondary life assured before your passing.

Do note that your appointment of a secondary life assured, and the conversion has to be approved by Great Eastern.

In the event that an appointment has been approved, Great Eastern is still not obliged to approve the conversion. In this case, the death benefit will still be paid, and the policy will be deemed terminated.

Your policy is also only allowed to have a maximum of 3 conversions.

Reversionary Bonus

The reversionary bonus is declared annually and is guaranteed upon declaration.

However, it will only be added to your policy benefits after 3 full policy years, to be accumulated over time.

The reversionary bonus rates are determined by the Investment Rates of Return, which can be illustrated as such, and do not represent the fund performance:

End of Policy Year Reversionary Bonus
Years 1 – 14 Illustrated IRR of 4.25% p.a.
Per $1,000 Basic Sum Insured $5.40
Compounding Annually At 1.00%
Illustrated IRR of 3.00% p.a.
Per $1,000 Basic Sum Insured $3.62
Compounding Annually At 0.67%
Years 15 – 29 Illustrated IRR of 4.25% p.a.
Per $1,000 Basic Sum Insured $5.40
Compounding Annually At 0.00%
Illustrated IRR of 3.00% p.a.
Per $1,000 Basic Sum Insured $3.62
Compounding Annually At 0.00%
Year 30 Onwards Illustrated IRR of 4.25% p.a.
Per $1,000 Basic Sum Insured $7.90
Compounding Annually At 0.00%
Illustrated IRR of 3.00% p.a.
Per $1,000 Basic Sum Insured $5.29
Compounding Annually At 0.00%

Terminal Bonus

This one-time bonus is not guaranteed and is paid only when your policy ends, either through surrender, maturity or death, whichever occurs first.

The terminal bonus is based on the performance of the participating fund and is determined at the insurer’s discretion.

GREAT Wealth Multiplier 3 Fund Performance

Asset Allocation

As of 31st December 2021, this is the allocation of your premiums in the participating funds:

Asset Class Strategic Allocation Actual Allocation
Equities 20% 23%
Bonds 66% 61%
Properties 10% 8%
Loans 4% 3%
Cash & Equivalent 0% 5%
Others 0% 0%
Total Assets 100% 100%

Considering the diverse asset classes that the fund invests in, this ensures that your money is exposed to lower total risks, and any sudden shift in the market would not impact your savings too heavily.

Investment Rate of Return

As of 31 December 2021, this is how the participating funds have performed:

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

According to the above data, the par funds are performing admirably, recording a 5-year and 10-year annualised return of 5.78% p.a and 5.52% p.a, respectively.

That’s quite impressive, don’t you think?

However, Great Eastern Life may not be performing as well as compared to other companies in Singapore when it comes to their geometric net investment returns.

insurers geometric average

While this means that putting your money in other policies may provide you with better returns, it is also important that you consider the other aspects of the policy, such as its key features and protection provided.

Past Total Expense Ratio

This ratio quantifies the proportion of total expenses to the total assets of the participating fund.

The lower the ratio, the more efficient the fund will be, as fewer of your invested premiums are used to pay for such costs.

2019 2020 2021 Average of Last
3 Years 5 Years 10 Years
Total Expense Ratio 1.71% 1.20% 2.02% 1.66% 1.69% 1.66%

Here’s the table you can use to compare the expense ratios of Great Eastern Life to the funds of other companies:

insurers expense ratio

As seen from the table above, Great Eastern Life, while not having the lowest expense ratio, does possess an expense ratio that is still lower than the average of the 8 major companies.

GREAT Wealth Multiplier 3 Fees and Charges

For those wondering, the fees and charges related to running and managing the fund have already been factored into your regular premiums.

This means that your premiums are net, and there will be no additional charges for purchasing this policy.

How Much Will I Receive Upon Maturity of the GREAT Wealth Multiplier 3?

Jaime is a 30-year-old who wants to save for his newborn son’s future. He purchased the GREAT Wealth Multiplier 3 policy at a premium of $4,800 per year.

The plan allows him to decide how and when to use the money he saves, and he can even transfer the plan to his son when he gets older.

Policy Year Age Sequence of Events
Jaime Chris
0 30 0 Jaime purchases the policy.
5 35 5 Total Premiums Paid = $24,000
15 45 15 Capital is guaranteed.
20 50 20 Illustrated IRR of 4.25% p.a.:

Illustrated Cash Value = $44,251 (>1.8x Total Premiums Paid)

Jaime could use the cash value to fund his son’s, Chris’, education. However, Jaime instead chooses to transfer the policy ownership to Chris as a gift.

40 70 40 Illustrated IRR of 4.25% p.a.:

Illustrated Cash Value = $93,439 (>3.9x Total Premiums Paid)

Chris appoints his 2-year-old daughter, Shan, as the secondary life assured.

60 90 60 Illustrated IRR of 4.25% p.a.:

Illustrated Cash Value = $195,990 (>8.2x Total Premiums Paid)

Chris could use the cash value to fund his daughter’s education. However, he chooses to continue accumulating the cash value for Shan.

When John passes away, Shan continues as the new life assured.
119 149 119 Illustrated IRR of 4.25% p.a.:

Illustrated Cash Value = $2,336,510 (>97.3x Total Premiums Paid)

The plan would mature, and Shan would be eligible to receive the total payouts.

Summary of the GREAT Wealth Multiplier 3

Cash & Cash Withdrawal Benefits
Cash Value Available
Cash Withdrawal Available
Health & Insurance Coverage
Death Available
TPD Available
Terminal Illness Available
Critical Illness N/A
Early Critical Illness N/A
Health & Insurance Coverage Multiplier
Death N/A
Terminal Illness N/A
Critical Illness N/A
Early Critical Illness N/A

My Review of the GREAT Wealth Multiplier 3

GREAT Wealth Multiplier 3 is an endowment plan that helps you save up for future financial milestones.

You can receive returns up to 8 times or more than what you paid in premiums, allowing you to stockpile your wealth for your future self or generations.

For those worried about the current uncertain market conditions, fret not! Your capital is also guaranteed to be safe as early as the 15th year of the plan.

This means that it will not be lost due to market fluctuations or other unforeseen events.

This plan is also perfect for long-term goals as it gives you the flexibility to use the accumulated cash value for milestones like buying a home, paying for education, or starting a business.

For those with children, fret not, as you may also find this a suitable plan considering how this plan can be used as some form of legacy planning.

You can find out more about legacy planning in Singapore here.

Nonetheless, there are also some drawbacks that you, as a prospective buyer of this policy, should take note of.

Unlike most plans, this policy does not offer regular payouts like other plans. In the event that you require urgent cash flow, the option for early surrender is not without its associated costs as well.

This means that if you somewhat foresee an urgent need for cash flow in the coming years, you might wish to consider other endowment plans that might better suit your needs.

In fact, if regular payouts are what you’re after, you should be considering an annuity plan instead.

Like we always say, it’s best to get a second opinion to understand if a policy is the best for you. We partner with unbiased MAS-licensed financial advisors to assist you with this.


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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