Insurer Great Eastern has launched Singapore’s first green life insurance product on July 19.
The product, called GREAT Green SP, is a short-term three-year non-participating single premium endowment plan, which invests into assets to fund projects with “positive environmental benefits”.
The plan has a 1.55% per annum guaranteed yield upon maturity after three years. Customers may invest a minimum amount of $5,000 up to a maximum of $100,000, with the plan offering protection against death and total permanent disability, with no medical underwriting needed.
According to Great Eastern, its green investments finance projects in climate change mitigation, and support global and local initiatives across renewable energy producers, green buildings and the deployment of electric vehicle (EV) charging stations.
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“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 products,” says group CEO Khor Hock Seng.
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Great Eastern will also be donating $1,000 for every S$1 million raised from the proceeds of GREAT Green SP to local charity Zero Waste SG. This donation will support programmes to educate and advocate for the mindful usage of natural resources, driving towards a zero waste future and embracing the circular economy.
“As we make GREAT Green SP commercially available, we also want to commemorate our 113th anniversary by supporting education and advocacy around zero waste to encourage social consciousness and change our daily behaviours at home and at work to support environment-friendly practices,” Khor added.
As at 12.41pm, shares in Great Eastern are down 4 cents or 0.81% lower at $21.97.
Photo: Bloomberg
