Singapore: Great Eastern launches first green life insurance product

| 20 Jul 2021

Great Eastern is deepening its commitment towards being a sustainability-driven company in the financial services sector with the launch of the first green life insurance product in Singapore - GREAT Green SP Ā¬- which invests its portfolio assets to achieve significant positive environmental impact.

The policy is a three-year single premium endowment plan with 1.55% p.a. guaranteed yield upon maturity. Customers may invest a minimum amount of S$5,000 ($3,666) up to a maximum of S$100,000. The plan offers protection against death and total permanent disability, with no medical underwriting needed.

The insurer said its green investments finance projects in climate change mitigation and support global and local initiatives across diverse areas such as renewable energy producers, green buildings, and the deployment of electric vehicle charging stations.

In addition, Great Eastern will also be helping Singaporeans better understand how they can play a role in protecting the environment by donating S$1,000 for every S$1m raised from the proceeds of GREAT Green SP to a local charity, Zero Waste SG. This donation will support programmes to educate and advocate for the mindful usage of natural resources, driving towards a zero-waste future and embracing the circular economy.

Group CEO Khor Hock Seng said, “This initiative is part of our overall sustainability approach to achieve a low-carbon economy, improve people’s lives and drive responsible business practices. We note there is a growing group of customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial products.”

Update as of 22 Jul 2020 3.40pm (+8GMT):

The GREAT Green SP limited tranche is now fully subscribed and closed. Interested parties may register their interest to be notified of the next single premium limited tranche via this link.

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