Leading insurer 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.
Available since 19 July, this industry-first short-term endowment policy invests its portfolio assets to achieve significant positive environmental impact, says Great Eastern in a statement.
“Our 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 (EV) charging stations, which contribute to a better environment for all,” the statement said.
Great Eastern Group CEO Khor Hock Seng said, “This initiative is part of our overall sustainability approach to achieving 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.”
Great Eastern will also be helping Singaporeans better understand how they can play a role in protecting the environment by donating S$1,000 ($733) 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.
GREAT Green SP
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.
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. The insurer is a subsidiary of the leading bank, OCBC Bank.