OCBC Life Insurance Reviews and Comparison - Seedly
 
OCBC Life Insurance
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About OCBC Life Insurance
Term Life Insurance PlansMaxTerm Value, MaxTerm Value (CI), Group Term Life Flexi
Whole Life Insurance PlansMaxLife Multiplier
Endowment Insurance PlansGREATAssure Endowment Insurance, GREATLife Endowment Insurance, MaxGrowth Enhanced, MaxAdvance payout, PrimeGold Bonus 2, MaxGrowth Plus
RidersTerminal Illness, Critical Illness, Group Personal Accident, Group Critical Illness (Acceleration), Group Disability Income, Group Medical
Contact Information+65 6722 2293; Monday to Friday: 9am to 6pm; Weekends and Sundays: Closed

About OCBC

OCBC is the longest established Singapore bank, formed in 1932 from the merger of three local banks. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. OCBC Bank diversifies its business into 3 main areas - Insurance, Asset Management and Brokerage. OCBC Bank operates its insurance business under its 87%-owned subsidiary, Great Eastern Holdings, which is the oldest and most established life insurance group in Singapore and Malaysia.

Term Life Investment Plans

1. MaxTerm Value

Sum Assured: S$100,000 – S$999,999

Eligibility: Between 17 years till up to age 70 (Next Birthday)

Riders: Terminal Illness, Total and Permanent Disability

2. MaxTerm Value (CI)

Sum Assured: S$100,000 – S$3,000,000

Eligibility: Between 17 years till up to age 70 (Next Birthday)

Rider: Terminal Illness, Critical Illness, Total and Permanent Disability

3. Group Term Life Flexi

Plan A: Member/ Spouse: S$150,000 ; Child: S$20,000

Plan B: Member/ Spouse: S$100,000; Child: S$15,000

Plan C: Member/ Spouse: S$50,000; Child: S$10,000

Eligibility: Member/ Spouse: Between 16 and 65 years old; Child: Between 2 and 15 years old (Next Birthday)

Term Duration: Plan A: 10 years; Plan B: 20 years; Plan C: 30 years

Rider: Group Personal Accident, Group Critical Illness (Acceleration), Group Disability Income, Group Medical

Whole Life Insurance Plans

1.  MaxLife Multiplier

Sum Assured:

Before 65 years of age: Higher of (a) Multiplier Factor based on Age, multiplied by S$100,000 and;

                                                            (b) S$100,000 plus illustrated accumulated bonuses

After 65 years of age: S$100,000 plus illustrated accumulated bonuses

Eligibility: Between 1 and 50 years of age

Term Duration: Until the end of life

Rider: Critical Illness Protector Multiplier

 

Endowment Insurance Plans

1. GREATAssure Endowment Insurance

Maturity Benefit: Guaranteed returns of up to 3.01% p.a. and 100% of your capital back upon maturity

Eligibility: Between 1 month to 65 years of age (Next Birthday)

Term Duration: 10 years

-          Pay yearly premiums only for the first 5 years of the 10-year policy term. The Guaranteed Survival Benefit will pay off 100% of the annual premium for the remaining 5 years if the insured person survives.

-          There is a 2.5% premium discount if you make a lump sum upfront payment.

-          Insurance coverage for death, terminal illness and total and permanent disability coverage during the term period

 

2. GREATLife Endowment Insurance

Maturity Benefit: Capital guaranteed at the end of the 15th policy. Returns may multiply as your plan’s non-guaranteed bonuses grow based upon the investment rate of return of the participating fund.

Eligibility: Between 1 month to 70 years of age (Next Birthday)

Premium Payment Terms: 5 years; 10 years; 15 years

-          Flexibility to make partial or full withdrawal of your cash to suit lifestyle needs

-          Insurance coverage for death, terminal illness and total and permanent disability coverage until the policy anniversary on which the insured person is 120 years old (age next birthday)

-          Riders: Premium Waiver Benefit, Retrenchment Benefit

3. MaxGrowth Enhanced Endowment Insurance

Maturity Benefit: Guaranteed Sum and non-guaranteed bonuses, depending on the investment rate of return of the participating fund

Eligibility: Between 1 month (exact birthday) to 70 years of age (Next Birthday)

Term Duration: 15 years

-          Annual premiums are paid for the first 5 years and would be offset for the remaining years. This is made possible with the Survival Benefit, which will pay off 100% of the annual premium from the end of the 5th policy year to a year before maturity, upon the survivorship of the life assured.

-          Insurance coverage for death, terminal illness and total and permanent disability coverage during the policy term

 

4. MaxAdvance Payout Endowment Insurance (For a Limited Period Only)

Maturity Benefit: Guaranteed Sum and non-guaranteed bonuses, depending on the investment rate of return of the participating fund

Term Duration: 15 years

-          Pay premiums only for the first 10 years and receive yearly payout of at least S$1,000, starting from the 2nd policy anniversary OR;

-          Accumulate the yearly payout at the current non-guaranteed accumulation interest rate of 3% p.a. (as at 29 July 2016). This rate is not guaranteed and can be changed from time to time.

-          Compulsory Insurance coverage:

o   Insured Person: Coverage for Death, Terminal illness during the policy term

o   Policy Owner: Coverage for Accidental Death only

 

5. Prime Gold Bonus 2

Maturity Benefit: Guaranteed Sum and non-guaranteed bonuses, depending on the investment rate of return of the participating fund

Eligibility: Between 1 to 60 years of age or;65 years of age (Next Birthday)

Term Duration: 15 years or; 20 years

-          Only one lumpsum payment in the first year via cash or funds from Supplementary Retirement Scheme (SRS)

-          Compulsory Insurance coverage for Death and Permanent and Total Disability (TPD) during the Policy Term

-          Flexibility in receiving yearly cash payouts, varied by the policy term and payout period

 

6. MaxGrowth Plus

Maturity Benefit: Guaranteed Sum and non-guaranteed bonuses, depending on the investment rate of return of the participating fund

Eligibility: Between 1 month (exact birthday) to 50 years of age (Age Nearest Birthday)

Term Duration: 12 years

-          Regular premium payments for only the first 6 years of the policy term

-          Compulsory Insurance coverage for Death and Permanent and Total Disability (TPD) and Terminal Illness (TI) during the Policy Term

-          Choose to receive:

o   Yearly cash payouts starting from the end of the second policy year. The cash payout of 1.5% for sum assured is payable starting from the end of the second policy year. The percentage will increase by 0.5% of the sum assured yearly up to 6% at the end of the 11th policy year.

o   Accumulate the cash payout