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.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The insurer's shares plummeted over concerns of exposure.
RetireSavvy allows Singaporeans to adjust their retirement plans.
This is the first time that the insurance industry has taken the lead against banks.
This is part of the group’s plans to streamline its assets.
The German reinsurer anticipates growth in the P&C and health reinsurance.
It is slated to be the biggest IPO in the country.
Chan is an industry veteran with over 20 years of experience.
The company was said to be operating an unauthorized brokerage service.
Dash PET is an insurance savings plan co-created with insurer partner Etiqa.
Terms of the investment were not disclosed.
He will succeed Craig Ellis as CEO and director.
General insurance premiums to rise to 10% above pre-COVID-19 levels in 2021.
The IRDAI said that standardisation of policy wording is not desirable at this juncture.