Great Eastern Launches GREAT CareShield Insurance Plans

Screenshot for Great Eastern's first Live #Lifeproof with GREAT CareShield video
Screenshot for Great Eastern’s first Live #Lifeproof with GREAT CareShield video

Great Eastern will be launching three new films together with the launch of GREAT CareShield disability insurance plans in its Live #Lifeproof with GREAT CareShield campaign.

Focussing on the topic of disability, the latest instalment of its overarching Live #Lifeproof campaign delivers inspirational key messages of self-belief, positivity and resilience. Our disabilities don’t define us. Our dreams do.

Four artistes showcase their passion for music and filmmaking in spite of their disabilities. The #Lifeproof crew included four individuals bonded by a common desire to defy society’s expectations of them. Melvin Ong (Quadriplegic Director), Zoe Zora (Paraplegic Set Designer), David Aitabir (Recovered Paraplegic Visual Artist) and Sophie Soon (Visually impaired Violinist) have come together to create a music video because of their love for music, film and art. The music video launches on 25 October 2020.

The campaign will be rolled out from now till November 2020 through digital, television and out-of-home.

Singaporeans are expected to live longer to age 85.4 years in 2040 according to a Channel News Asia article. A National Council of Social Service study revealed that around 1 in 30 Singaporeans aged 18 and 49 are suffering from some form of disability. Accidents are the top condition for hospitalisation and can result in severe disability, incurring long-term care costs such as rehabilitative care which can cost up to S$2,300 per month without subsidies.

Great CareShield Insurance

Screenshot for Great Eastern's first Live #Lifeproof with GREAT CareShield video
Screenshot for Great Eastern’s #Lifeproof with GREAT CareShield video

Great Eastern’s new CareShield Life supplementary plans provide enhanced protection and financial support for people who proactively seek insurance solutions to manage long-term care expenses in the event of disability, often caused by accidents or unexpected onset of illness.

GREAT CareShield Advantage and GREAT CareShield Enhanced are two new disability insurance plans which offer customers monthly payouts of up to S$5,000 if unable to perform at least 2 activities of daily living (ADLs) upon any unforeseen accidents or illnesses.

Key Benefits of GREAT CareShield

Up to S$15,000 payout on every occurrence of mild disabilityGREAT CareShield Advantage’s Initial Benefit gives you a lump sum payout of three times the Monthly Benefit, i.e. up to S$15,000, as soon as you are unable to perform just one out of the six Activities of Daily Living
(ADLs). The Initial Benefit may be payable again upon your full recovery to provide you with the coverage for subsequent episodes of mild disability.

Future premiums are waived to better support your additional expenses due to the sudden change in lifestyle.
Up to lifetime payouts for moderate disabilityCareShield Life pays out when you’re unable to perform at least three out of the six ADLs. GREAT CareShield starts supporting you earlier – giving you monthly benefits upon moderate disability when you’re unable to perform just two ADLs. With Great CareShield Advantage, you can increase your lifetime monthly benefit up to S$5,000, so you can have the financial means to pay for your desired personal and health care needs.
Premiums payable in part or full by MediSaveWith level premiums, you can take advantage of the lower premiums while you’re young and maximise your coverage without having to pay increasing premiums as you get older.

GREAT CareShield premiums can be paid by cash, your own MediSave funds or the MediSave funds of your family members (i.e. spouse, parents, children, siblings or grandchildren), up to a limit of S$600 per calendar year per insured person.

GREAT CareShield Key Benefits

For as long as the Life Assured is unable to perform… EnhancedAdvantage
At least 1 Activity of daily living (ADL) which includes
washing, toileting, dressing, feeding, walking or moving around and transferring.
Premiums are waived– Premiums are waived
– Lump sum payout of 3 times the monthly benefit
2 ADLs50% of monthly benefit payable every month– 100% of monthly benefit payable every month
3 ADLs or more100% of monthly benefit payable every month
*Payment under 2 ADLs, if any, will cease.
– 100% of monthly benefit payable every month

Difference between Advantage and Enhanced Plans

PLAN TYPEGREAT CARESHIELD ENHANCEDGREAT CARESHIELD ADVANTAGE
Selectable Monthly BenefitMinimum: S$300 / Maximum: S$5,000
(In multiples of S$100)
Minimum: S$300 / Maximum: S$5,000
(In multiples of S$100)
Initial BenefitNot ApplicableOne lump sum of 3 times the Monthly Benefit payable upon inability to perform at least 1 ADL
Monthly Benefit50% of Monthly Benefit payable upon inability to perform 2 ADLs

100% of Monthly Benefit payable upon inability to perform at least 3 ADLs
100% of Monthly Benefit payable upon inability to perform at least 2 ADLs
Premium WaiverWaived upon inability to perform at least 1 ADLWaived upon inability to perform at least 1 ADL
Policy TermLifetimeLifetime
Premium TermLevel premium based on age last birthday at entryLevel premium based on age last birthday at entry
Premium Payment TermEntry age 30 to 55 – Up to and including the Policy Anniversary when the Life Assured is 65 to 80 (age last birthday)

Entry age 56 to 64 – Up to and including the Policy Anniversary when the Life Assured is 80 (age last birthday) or 10 Years
Entry age 30 to 55 – Up to and including the Policy Anniversary when the Life Assured is 65 to 80 (age last birthday)

Entry age 56 to 64 – Up to and including the Policy Anniversary when the Life Assured is 80 (age last birthday) or 10 Years
TERMS AND CONDITIONS APPLY

Customers can buy GREAT CareShield plans through the company’s online platform and its financial representatives. From now until 31 January 2021, customers who buy either GREAT CareShield Advantage or GREAT CareShield Enhanced will enjoy  20% savings off first-year annual premiums of at least S$750 per policy.  View the product brochure for more information.

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