Great Eastern launches first green life insurance product in Singapore

The insurer will donate S$1,000 for every S$1m raised from GREAT Green SP proceeds.

Great Eastern has launched its first green life insurance product in Singapore, GREAT Green SP, a short-term endowment policy that invests its portfolio assets “to achieve significant positive environmental impact,” according to a press release.

GREAT Green SP 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 up to a maximum of $100,000. The plan offers protection against death and total permanent disability, with no medical underwriting needed. 

Group CEO Khor Hong Seck noted the growing group customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial products. 

“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,” CEO Khor said, adding that Great Eastern is pleased to provide customers with access to green insurance solutions.

Great Eastern will also be donating S$1,000 to local charity Zero Waste SG for every S$1m raised from the proceeds of GREAT Green SP. The donation will reportedly help support programmes to educate and advocate for the mindful usage of natural resources, driving towards a zero-waste future and embracing the circular economy, the insurer said.