Guaranteed 3.5% For 1 Year: GE Great SP

If you’re looking for guaranteed returns on your cash or SRS savings, GE Great SP’s latest tranche (Series 11) guarantees a guaranteed return of 3.5%* and secures your capital upon maturity. The plan has a short and sweet tenure of one year.

The plan also offers some insurance coverage for Death and Total and Permanent Disability, paying a 105% of the single premium should the unfortunate arise.

Apply online

You can apply easily in minutes by tapping here without the need for medical assessment, and you can start from as low as S$10,000 with payment via cash or SRS. Do read through the terms and conditions as well as disclaimers while signing up.

Tip: you can pay with Citi PayAll if you like, especially since there is an ongoing promo. It might also be worth considering splitting up your applications if your amount is larger. Having 3 × S$10,000 policies gives you a bit flexibility than one S$30,000 policy.

The tranche will close when a target amount is reached, and such plans tend to sell out quickly.

Note that this isn’t financial advice and you should decide if you wish to commit to this plan.

Product features

While such plans seem to work similarly to fixed deposits, GREAT SP is a non-participating single-premium endowment plan. That’s a mouthful, so let’s take a look at some key features:

	GREAT SP Series 11
Capital Guaranteed	Yes, upon maturity
Returns	Guaranteed returns of 3.5% p.a. upon maturity
Tenure	One year
Insured?	Policy Owners’ Protection (PPF) Scheme
Insurance Coverage	105% of single premium (Death and Total and Permanent Disability)
Use of SRS	Yes

GREAT SP guarantees your capital and return only upon maturity and termination before 1 year is reached can result in capital loss. On the upside, it provides some insurance coverage during the 1-year period and pays 105% of the single premium bought if Death or Total and Permanent Disability were to happen during the policy tenure.

Given the relatively short tenure, however, its guaranteed rate of 3.5% p.a. might be the most important deciding factor. GREAT SP also allows the use for SRS, which makes it very useful for idle SRS funds. Tap here for a write-up I did on SRS a while ago.

Rates have been down lately

Given the current climate, I would say that 3.5% p.a. seems pretty good if you are looking for guaranteed returns for a 1-year period. While not the same thing, we can take a look at 1-year fixed deposit rates which are currently hovering between 3 to 3.5% p.a. GREAT SP is hence a good choice for your funds as long as you can keep the funds for a year as termination before the 1 year is up may result in capital loss.

The ability to apply online for GREAT SP is also a big plus in my books.

Conclusion

With a relatively short commitment period and decent rates, GREAT SP is something worth considering, particularly if you have idle cash or SRS funds.

Application is easy and can be done online, but will be closed once the tranche amount is reached.

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