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GREAT Eastern's three-year single premium endowment plan offering a guaranteed payout of 2.05 per cent is selling well, said a company official.
The insurer, a unit of OCBC Bank, launched the product which also provides coverage against death and total and permanent disability at up to 105 per cent of the single premium during the policy term, last week.
"The take-up rate is very good, better than expected," said Tan Seck Geok, Great Eastern head of group brand and communications.
"The single premium paid is guaranteed at maturity. Together with the guarantee annual payout, this three-year endowment plan offers the highest guaranteed returns in the market," the insurer said in the product press release.
The minimum and maximum amount of the single premium is S$10,000 and S$500,000 respectively.
Said Great Eastern's head of group product management Lee Swee Kiang, "Our customers enjoy the highest guaranteed annual yield of 2.05 per cent for a three-year endowment plan, plus coverage against death and total and permanent disability. Our customers can also enjoy greater convenience with straight through application with no medical underwriting."
Tan Siew Lee, OCBC Bank head of wealth management Singapore said the "product will resonate well with customers who want stability, in addition to a short tenure and guaranteed yield, and there is no worry about losing their principal sum upon maturity."
In 2015, Great Eastern sold a five-year single premium plan with a guaranteed payout of 2 per cent every year.