Great Eastern Life provides a wide range of insurance solutions to cater to the diverse needs of its customers.
From term life insurance to whole life insurance, the company offers flexible options to suit different financial goals and priorities.
One of the key benefits of Great Eastern Life's insurance solutions is that they can provide financial security for loved ones in the event of an untimely passing.
International Expansion
Great Eastern Life's international expansion began in 1920 as a subsidiary branch office of Great Eastern Life Assurance Co Ltd. in Singapore.
In 1999, Great Eastern Life underwent a significant restructuring to become a wholly owned life insurance arm of Great Eastern Holdings Ltd. This move marked a major shift in the company's operations.
Great Eastern Holdings merged with Overseas Assurance Corporation in December 2000, further expanding its reach.
By 2004, Great Eastern Holdings had become a substantially owned subsidiary of OCBC Bank, with the bank boasting assets of S$164 billion.
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OCBC Bank operates a network of 390 branches and representative offices in 15 countries and territories, including Singapore, Malaysia, Indonesia, and more.
Great Eastern Life has a significant presence in Malaysia with 29 branches, and a long-standing branch office in Brunei since 1975.
In addition to its presence in Malaysia and Brunei, Great Eastern Life also has a subsidiary company in Indonesia since 1996 and a representative office in Myanmar.
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Failed Takeover Bid
Great Eastern Life's parent company OCBC made a failed takeover bid, but it doesn't affect the insurer's strategic focus.
The takeover bid was a proposed bonus share issue that lifted Great Eastern's free float above 10 percent, allowing it to resume trading on the Singapore Exchange.
The insurer's free float had fallen below 10 percent in July 2024, resulting in a trading suspension.
As the majority shareholder, OCBC remains integral to Great Eastern's ability to drive value.
The failed takeover bid hasn't changed Great Eastern's focus on extracting value from the wider OCBC group.
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Insurance Strategies
Insurance Strategies with Great Eastern Life can help you achieve long-term financial goals.
They offer a range of insurance plans that cater to different stages of life, such as the Great Eastern Life Whole Life Plan, which provides lifelong protection and savings.
To maximize your insurance coverage, consider investing in a plan that combines protection and savings, like the Great Eastern Life Whole Life Plan.
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For Small Businesses
As a small business owner, you wear many hats, but insurance shouldn't be one of them. You can't afford to be caught off guard by unexpected events, so it's essential to have the right insurance strategies in place.
Liability insurance can help protect your business from lawsuits and financial ruin. For example, a small bakery in the article section on "Common Insurance Mistakes" was sued for a customer's food poisoning, resulting in a $50,000 settlement.
Business interruption insurance can help you recover from unexpected events, such as a fire or flood, that force you to close your doors. This type of insurance can provide up to 12 months of lost income, as seen in the example of a small restaurant in the article section on "Types of Business Insurance".
As a small business owner, you're likely to have limited resources, so it's crucial to prioritize your insurance needs. By focusing on essential coverages, you can protect your business and keep it running smoothly.
For example, a small retail store in the article section on "Insurance for Small Businesses" had a policy that covered theft and vandalism, which helped them recover from a break-in and minimize losses.
By being proactive and informed, you can create a solid insurance strategy that safeguards your business and helps it thrive.
For Wealthy Customers
If you're a high-net-worth individual, you may have complex insurance needs that go beyond standard policies.
Wealthy individuals often have multiple properties, investments, and assets that require specialized coverage.
A good umbrella policy can provide an additional layer of protection against lawsuits and other unforeseen events.
You may also want to consider a separate policy for your art collection or other valuable items.
Having a dedicated policy for these items can help prevent losses in the event of damage or theft.
A good insurance broker can help you navigate these complexities and find the right coverage for your unique situation.
They can also help you understand the nuances of policies that cater to high-net-worth individuals.
Frequently Asked Questions
Who is the owner of Great Eastern Life?
Great Eastern Life is owned by Oversea-Chinese Banking Corporation (OCBC), a leading financial institution in Singapore. As a subsidiary of OCBC, Great Eastern Life operates under the guidance of its parent company.
How do I check my GE policy?
To check your GE policy, sign in to the Great Eastern App using Singpass or Great ID and select the policy from your eDocuments list. You can then view your policy document.
Is Great Eastern reliable?
Yes, Great Eastern is a trusted and reliable partner in group insurance, covering nearly half a million employees and their families in Singapore. With its strong market presence, you can count on Great Eastern for comprehensive insurance coverage.
How to surrender Great Eastern Life policy?
To surrender your Great Eastern Life policy, contact your agent or Customer Service and complete the required forms with your latest recorded signature.
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