GREAT Wealth Advantage is a regular premium whole-life investment-linked plan (ILP) offered by The Great Eastern Life Assurance Company Limited, one of Singapore’s oldest life insurers and a member of the OCBC Group. The plan is designed to serve a dual purpose: providing life insurance protection (against death, total and permanent disability, and terminal illness) while simultaneously growing your wealth through professionally managed ILP sub-funds. Every premium you pay is used to purchase units in the GreatLink sub-funds you select, so the policy’s value fluctuates directly with fund performance.

This product is classified as an unlisted Specified Investment Product (SIP) under MAS regulations — a designation that signals greater complexity and risk compared to standard life insurance products. Before purchasing any SIP, you should complete a Customer Knowledge Assessment to ensure you understand the product. If you’re new to ILPs, our introduction to investment-linked policies guide is a good place to start.

The plan covers three core protection scenarios. The death benefit pays a lump sum equal to the higher of 110% of all basic regular premiums paid plus 110% of single premium top-ups (less withdrawals), or the current account value. The total and permanent disability (TPD) benefit pays the same amount if the life assured suffers a qualifying TPD event; presumptive TPD is covered for the entire policy term, while other forms of TPD are only covered if they occur before the life assured turns 65 years old. The terminal illness benefit pays the full death benefit upon a definitive diagnosis of an illness expected to cause death within 12 months.

In all three cases, the payout is made as a lump sum and the policy terminates. You can also attach optional unit-deducting riders for critical illness and additional disability protection. For a deeper look at TPD coverage standards, visit our article on TPD insurance in Singapore.

When you pay each basic regular premium during the first policy year, Great Eastern credits a welcome bonus equal to 5% of that premium as extra units allocated to your chosen funds. For example, if your monthly premium is S$500, each payment earns an additional S$25 worth of units.

However, there are conditions. If the policy goes on a premium holiday, the welcome bonus stops accruing. More critically, if you reduce your basic regular premium within the first two policy years, Great Eastern will retroactively adjust the welcome bonus as if the lower premium had been in place from the start — clawing back the excess by cancelling units from your account. The welcome bonus is also excluded from the account value returned in certain death exclusion scenarios. Plan carefully before committing to a premium level you cannot sustain for at least two full years.

The loyalty bonus is a reward for long-term commitment. From the 10th policy year onwards, Great Eastern pays a loyalty bonus upon receipt of each basic regular premium, calculated as 5% of [basic regular premiums minus any total withdrawals made in the preceding policy year, divided by the payment frequency factor]. To qualify, all basic regular premiums for the first 9 policy years must be fully paid up to date.

If you’ve had a premium holiday during those first 9 years that delayed full payment, the loyalty bonus only commences once all arrears are cleared. The loyalty bonus is added as extra units, allocated to your current fund apportionment. Combined with the disappearance of the 2.50% p.a. policy fee from Year 11, the cost-benefit profile of this plan improves substantially after the 10-year mark. See our article on the effects of compounding returns to understand how these bonuses add up over time.

GREAT Wealth Advantage requires basic regular premiums to be paid throughout the entire life of the policy — there is no limited-payment option in the base plan structure. You choose your payment frequency: monthly (minimum S$200), quarterly (minimum S$600), half-yearly (minimum S$1,200), or annually (minimum S$2,400). One hundred percent of each basic regular premium is allocated to your chosen GreatLink sub-funds.

You can also make single premium top-ups at any time (minimum S$1,000 per top-up; minimum S$200 per fund selected), provided all basic regular premiums due have been paid and the policy is not on a premium holiday. Note that single premium top-ups are allocated at 95% — 5% is deducted. For context on how this compares to other ILP structures, see our ILP comparison overview.

Surrendering GREAT Wealth Advantage in the first 10 years is extremely costly. The surrender charge is a percentage of your account value at the point of surrender: 100% in Year 1, 90% in Year 2, 80% in Year 3, 70% in Year 4, 60% in Year 5, 50% in Year 6, 40% in Year 7, 30% in Year 8, 20% in Year 9, 5% in Year 10, and 0% from Year 11 onwards.

Surrendering in Year 1 means you receive nothing from your account value after the charge. Even in Year 5, 60% of your entire accumulated account value is forfeited. Great Eastern explicitly warns that early termination usually results in a surrender value of zero or less than total premiums paid. This makes the 10-year mark a critical threshold. Read our guide on cash surrender value for context before committing.

If you stop paying premiums after the first basic regular premium has been paid, the policy enters a premium holiday. During a premium holiday, Great Eastern continues to deduct fees, charges, and rider insurance costs from your account value. If the holiday occurs during the first 10 policy years, an additional premium holiday charge applies monthly — ranging from 100% of annualised premiums in Years 1 and 2, down to 5% in Year 10, and 0% from Year 11.

The policy remains in force as long as the account value remains positive. Once the account value reaches zero, the policy lapses and all coverage ceases. You can reinstate the policy within 3 years from the lapse date, subject to reinstatement conditions. If you miss a premium without declaring a holiday, there is a 30-day grace period before the policy goes into holiday mode. Buying a new policy after a lapse may mean higher premiums or benefit exclusions due to changed health status.

Yes, you can make partial withdrawals at any time by requesting Great Eastern to cancel some of the units in your chosen fund(s). However, partial withdrawal charges apply during the first 10 policy years, identical in structure to the surrender charge schedule — 100% in Year 1 tapering to 5% in Year 10, then 0% from Year 11 onwards.

This means a partial withdrawal in Year 1 effectively yields nothing — the entire withdrawn amount is absorbed as a charge. The minimum value of each withdrawal and the remaining units in each fund after the withdrawal must each be at least S$500. Great Eastern may also change partial withdrawal charges with 1 month’s prior notice. If you anticipate needing liquidity in the near to medium term, consider whether a combination of a term plan and a separate investment account might give you more flexibility — see our term vs whole life comparison.

GREAT Wealth Advantage will not pay the death benefit if the life assured commits suicide (sane or insane) or dies due to a pre-existing condition within 1 year from policy issuance or reinstatement. In these cases, Great Eastern returns the account value less any bonuses paid, rather than the full death benefit.

For the TPD benefit, exclusions include self-inflicted injury, TPD from non-commercial aviation incidents (with exceptions for scheduled commercial flights and military transport), and any pre-existing condition. The terminal illness benefit is excluded for HIV-infected life assureds or those with pre-existing conditions.

These exclusions are standard across most Singapore life insurance products, but the pre-existing condition clause deserves careful attention. Disclose all health information accurately at the point of application — non-disclosure could result in claim rejection. Always read the full policy contract exclusion section before signing.

After purchasing GREAT Wealth Advantage, you have a 14-day free-look period starting from the day you receive your policy documents. During this window, you can cancel the policy and receive a refund of premiums paid, less any change in unit prices of the selected fund(s) since inception, any welcome bonus credited, and any costs incurred in assessing risk (including medical check-up fees and medical reports).

If your policy was sent by post, it is assumed to have been delivered 7 days after the posting date, so your free-look period would begin then. This cooling-off period is your opportunity to review the policy contract carefully with no major financial penalty. Use this time to confirm your understanding of surrender charges, fees, and exclusions — and consult your financial representative if anything is unclear. Once the free-look period expires, exiting the policy incurs significant costs.

All transactions within GREAT Wealth Advantage are handled through the creation and cancellation of units in your selected GreatLink sub-funds. When you pay a premium, units are created based on the bid price at the next valuation date after Great Eastern receives your payment — this is known as forward pricing. For example: pay S$1,000 with a 100% allocation rate and a bid price of S$1.00, and you receive 1,000 units. When units are cancelled (for withdrawals, surrender, policy fees, or rider charges), they are also cancelled at the bid price at the next valuation date.

The dealing deadline is 12 noon Singapore time on each dealing day. Instructions received after this deadline are processed on the next dealing day. Unit prices are published on the Great Eastern website and are expressed in Singapore dollars (with foreign-currency fund prices converted at Great Eastern’s prevailing exchange rate). Suspension of dealings can occur in exceptional circumstances — market closures, force majeure events, or MAS directives — temporarily preventing access to your funds.

The 2.50% p.a. policy fee is charged monthly by cancelling units from your account from the start of the policy until the end of the 10th policy year. To put this in perspective: if your account value is S$50,000, you’re paying approximately S$1,250 per year in policy fees alone — on top of the fund management charges deducted from each sub-fund’s net asset value before unit prices are even calculated. These layered fees mean your gross investment return must comfortably exceed the total cost structure for the plan to generate real wealth.

On the positive side, the policy fee drops to 0% from Year 11 onwards, which significantly improves the net return profile in the later years. Many financial planners point out that the break-even point for ILPs can take considerably longer than for standalone investment products, precisely because of front-loaded charges. Always model your expected outcomes using the policy illustration and compare scenarios at different fund performance rates. Our article on why ILPs can be a bad fit explores these dynamics further.

GREAT Wealth Advantage gives you access to 30 GreatLink sub-funds spanning a wide range of geographies and asset classes. On the equity side, options include the GreatLink China Growth Fund, Global Technology Fund, ASEAN Growth Fund, Global Emerging Markets Equity Fund, Singapore Equities Fund, and Far East ex Japan Equities Fund, among others. For balanced exposure, the Lifestyle series (Secure, Steady, Balanced, Progressive, Dynamic) offer pre-blended risk profiles. On the more conservative end, the GreatLink Global Bond Fund, Short Duration Bond Fund, Income Focus Fund, and Cash Fund are available.

Each fund has its own investment objective, risk level, liquidity profile, and management fee. Great Eastern advises you to choose funds that match your risk profile, investment horizon, and personal financial goals. You can switch freely between funds (minimum S$500 per partial switch) and set up automatic rebalancing annually at no charge. All funds are audited annually by Ernst & Young. If you want to evaluate ILP and unit trust funds more broadly, our introduction to unit trust funds guide is a useful companion.

GREAT Wealth Advantage is protected under the Policy Owners’ Protection (PPF) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC). This scheme automatically protects you as a policyholder — no action is required on your part. It provides a safety net if Great Eastern becomes insolvent. Coverage limits and the specific types of benefits covered are detailed on the LIA Singapore and SDIC websites.

Great Eastern is regulated by the Monetary Authority of Singapore (MAS), which sets standards for financial soundness, product disclosures, and consumer protection. All GreatLink sub-funds are audited annually by Ernst & Young Certified Public Accountants, providing independent verification of fund operations. If you have a complaint that cannot be resolved directly with Great Eastern, you can escalate to the Financial Industry Disputes Resolution Centre (FIDReC) for mediation and adjudication.

GREAT Wealth Advantage is fundamentally different from Great Eastern’s participating whole-life plans or endowment plans. The key distinction is investment risk: with this ILP, your account value fluctuates with fund performance and there is no guaranteed sum assured growth — you’re fully exposed to market ups and downs. In contrast, a participating plan offers a guaranteed sum assured plus non-guaranteed bonuses from Great Eastern’s par fund.

Great Eastern also offers the Great Invest Advantage with different premium allocation structures, and the Great Life Advantage range for a wealth-protection combination. For pure protection at low cost, a term plan like GREAT Term would be significantly cheaper. The right product depends entirely on your goals, time horizon, and risk appetite. Read our Great Eastern product overview for a broader picture.

Yes, GREAT Wealth Advantage allows single premium top-ups at any time after policy inception, provided all basic regular premiums due to date have been fully paid and the policy is not on a premium holiday. Each top-up must be at least S$1,000, and the value of units apportioned to each fund must be at least S$200. There is also a maximum top-up amount stipulated by Great Eastern from time to time — check with your financial representative for the current cap.

Note that only 95% of each single premium top-up is allocated to your chosen funds — 5% is retained and not invested. This compares less favourably with basic regular premiums, which are allocated at 100%. When top-ups are made, any automatic fund rebalancing feature you’ve activated will be suspended, and you’ll need to submit new rebalancing instructions. Top-ups count toward the 110% premium-based death benefit floor, so they can meaningfully increase your coverage during the early policy years.

Fund switching is available at no additional charge. You can request Great Eastern to switch all or any portion of your units from one GreatLink sub-fund to another at any time. For a partial switch, both the value being switched and the value of units remaining in the original fund after the switch must each be at least S$500. Full balance switches have no minimum. Fund switches are processed at the bid price at the next valuation date after Great Eastern receives your instruction.

You can also change how your future premium apportionment is split across funds at any time, at no charge — this only affects new premiums, not existing units. The automatic rebalancing feature allows your entire portfolio to be realigned at each policy anniversary to match your target allocation — also free. However, automatic rebalancing is suspended after any top-up, fund switch, or partial withdrawal, and you would need to resubmit a rebalancing instruction for it to resume. The zero switching fees and broad fund flexibility are genuine strengths of this plan’s investment component.

The death benefit formula is designed to ensure a minimum level of protection even when markets are performing poorly. The payout is the higher of: (a) 110% of all basic regular premiums paid, plus 110% of all single premium top-ups, minus the total amount of any withdrawals; or (b) the current account value at the next valuation date after Great Eastern receives notification of death.

In practical terms, in the early years — when your account value may be depressed by charges or poor fund performance — your beneficiaries are still protected by a premium-based floor. For example, if you’ve paid S$30,000 in total premiums with no withdrawals and the account value is only S$25,000 due to poor market conditions, the payout would be S$33,000 (110% × S$30,000). Once your account value grows beyond 110% of net premiums paid, the account value takes over as the payout basis. Note that the death benefit is not payable for suicide or pre-existing condition deaths within the first year — in those cases, the account value less bonuses is returned instead. See our guide on life insurance in Singapore for a broader overview of how payouts work.

If your policy lapses — meaning the account value has been fully depleted by charges — Great Eastern will cancel the remaining units and the policy and all its attached riders will terminate. You will lose all coverage immediately. Remaining fees and charges become debts owed to Great Eastern. You may reinstate the policy within 3 years from the lapse date, subject to Great Eastern’s reinstatement conditions, which typically include payment of outstanding premiums and possibly a health re-declaration or medical underwriting.

If you apply for a brand-new policy after a lapse, Great Eastern will need to reassess the life assured’s current health status — which could result in higher premiums or benefit exclusions, particularly if your health has changed since the original policy was issued. To avoid lapsing, monitor your account value regularly, especially during a premium holiday or periods of poor fund performance. If you’re struggling to meet premiums, speak to your financial representative proactively about reducing your premium amount — it’s a better option than allowing the policy to lapse. Learn more about protecting your financial position in our life insurance planning guide.

Is GREAT Wealth Advantage a good replacement for a standalone investment account?

GREAT Wealth Advantage is not a straightforward substitute for a standalone investment account. The plan’s advantages include the life insurance component (death, TPD, terminal illness coverage), the welcome and loyalty bonuses, the 100% premium allocation with no bid-offer spread, and the convenience of having protection and investment under one roof.

However, a standalone unit trust or ETF portfolio would typically carry lower total costs — without a 2.50% p.a. policy fee or a 10-year surrender charge cliff. The flexibility to withdraw your money at any time without penalty is a significant advantage of standalone investing. The ILP wrapper is most justified when the insurance protection component has meaningful value to you — if you have dependants, outstanding liabilities, or a protection gap that needs filling. If you are purely focused on investment growth and already have adequate life insurance elsewhere, the cost structure of an ILP may not be warranted. Our articles on ILPs in Singapore and the best ILPs in Singapore can help you evaluate whether this structure makes sense for your circumstances.