Views or reviews on GE's GREAT Term Guard please?

Any catch other than opportunity cost and inflation rate risk since full premium refund at no interest if no claims are made? See https://www.ocbc.com/personal-banking/insurance...

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Elijah Lee

13 Mar 2022

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

There's no catch here, this is a term plan with premium refund.

Such plans have been around for a while but aren't very popular and not too many insurers offer them. Another insurer that I can think of off the top of my head would be China Taiping and their i-Assure MoneyBack and i-Assure MoneyBack (CI) which work in a similar fashion, but this plan has now been withdrawn.

The only thing to note is that premiums will be much higher, since the plan has to refund all premiums if you do not claim. And I do mean much higher. Hence they are not very popular with consumers.

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