GREAT Green SP insurance fully-subscribed, closed: Great Eastern

Customers may invest between S$5,000 and S$100,000.

Subscription for Singapore’s first green life insurance GREAT Green SP limited tranche is now full and closed, Great Eastern said on Thursday.

Great Eastern, a member of the OCBC Group, said those interested may register online to be notified on the next single premium limited tranche.

The green life insurance product, a part of the sustainability initiative of Great Eastern opened on 19 July, is an “industry-first short-term endowment policy” that invests in portfolio assets to achieve a “significant positive environmental environment.”

The three-year single premium endowment plan has a 1.55% guarantee yield per annum upon maturity, with the plan offering protection against death and total permanent disability, “with no medical underwriting needed.” Customers may invest from S$5,000 up to S$100,000. 

Great Eastern’s green investments support projects in climate change mitigation, as well as global and local efforts in different areas such as renewable energy producers, green building and deployment of electric vehicle charging stations.

For every S$1 million raised from the proceeds of GREAT Green SP, Great Eastern by donating S$1,000 to a local charity, Zero Waste SG, supporting programmes to educate and advocate for mindful usage of natural resources for a “zero waste future and embracing the circular economy.”

Group CEO Khor Hock Seng said in the release on Monday there is a growing number of customers who are “environmentally conscious” and seek sustainability in their purchasing decisions, including financial products.

“We are pleased to provide customers with access to such green insurance solutions, starting with GREAT Green SP, which enables them to make a positive difference to the environment with their financial decisions,” he said.