Singapore (CU)_ With the introduction of GREAT Green SP, Singapore’s first green life insurance scheme, major insurer Great Eastern is strengthening its commitment to being a sustainability-driven organization in the financial services field. According to a statement from Great Eastern, this industry-first short-term endowment policy, which was introduced on July 19, invests its portfolio assets to create considerable positive environmental effect.
According to the statement, “Our green investments finance projects in climate change mitigation, and support global and local initiatives across diverse areas such as renewable energy producers, green buildings and the deployment of electric vehicle (EV) charging stations, which contribute to a better environment for all”.
Khor Hock Seng, CEO of Great Eastern Group spoke about the new initiative. He said, “This initiative is part of our overall sustainability approach to achieving 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 products.”
Great Eastern will also aid Singaporeans to get a better knowledge on how they can help safeguard the environment by contributing S$1,000 ($733) to a local charity, Zero Waste SG, for every S$1 million earned from the revenues of GREAT Green SP. This contribution will help programs that educate and promote the wise use of natural resources, as well as work towards a zero-waste future and embrace the circular economy.
GREAT Green SP is a three-year single premium benefit plan with a guaranteed payout of 1.55 percent per annum at maturity. Customers can invest amounts starting from S$5,000 to as much as $100,000. There is no medical underwriting required for this plan, which provides security against death and total permanent disability. Great Eastern is a well-known market pioneer and reliable brand in Singapore and Malaysia, which was founded in 1908. The insurer is a branch of OCBC Bank, one of Singapore’s largest banks.
