Great Eastern has launched its first green insurance product in Singapore named GREAT Green SP, which is a short term endowment policy that invests its portfolio assets to achieve significant positive environmental impact, according to media reports. The insurer has also promised to donate $1,000 or every $1 mn raised from the Great Eastern SP proceeds.
GREAT Green SP is a three-year single premium endowment plan that provides 1.5 percent interest per annum guaranteed yield upon maturity. Customers can invest a minimum amount of $5000 and up to a maximum of $100,000. The plan also offers protection against death and total permanent disability, with no medical underwriting needed.
Group CEO Khor Hong Seck made a note of the growing group of customers who are environmentally conscious and want to promote sustainable living. He told the media, “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 product.”
The proceeds and donation from the company will go to the local charity Zero Waste SG and they will also support programmes to educate and advocate for the mindful usage of natural resources. Founded in 1908, Great Eastern is a well-established market leader and a reliable brand based in Singapore and Malaysia. The insurer is a subsidiary of the leading bank, OCBC Bank.