GREAT SP Series 8

GREAT SP Series 8

GREAT SP Series 8

GREAT SP Series 8 is a short term Endowment plan that provide guaranteed returns of 2.70% p.a. at the end of 2 years. The single premium insurance plan is offered via a partnership between OCBC bank and Great Eastern for a limited period only.

This is a limited tranche and will end on 27 September 2022 or earlier if fully subscribed.

The minimum premiums starts from S$10,000 and no medical assessment is required.

What are Endowment Plans?


Endowment plans are life insurance saving plans offered by insurance companies.

The aim is to help policyholders save towards specific financial goals. Policy holders can contribute a regular amount for a designated period of time or pay a lump sum upfront at the start of the policy.

Upon maturity of the policy, you will be given a lump sum payout with the guaranteed return. It is best to study the plan carefully as certain endowment plans offers non-guaranteed returns.

How It Works?

Now if you still do not understand how GREAT SP Series 8 works, below is a pictorial illustration to help you better understand.

For illustration purposes, we assume that you pay a single premium of S$100,000 (minimum is $10,000).

If you choose to cash out the return of $2,700 in year 1 and subsequently your principle of S$100,000 + year 2 return of S$2,700, the total guaranteed payout you will receive after 2 years is $105,400.

If you decided not to withdraw the return of S$2,700 in the first year and reinvest the amount, the total guaranteed payout you will receive after 2 years is $105,467.

GREAT SP Series 8 How it Works

GREAT SP Series 8 versus Singapore Savings Bond (SBOCT22 GX22100X)

If you hold the latest issue of Singapore Savings Bond (SBOCT22 GX221000X) for 2 years, the average return is 2.60%.

GREAT SP Series 8 wins against Singapore Savings Bond (2.70% p.a. versus 2.60%)!

Year from issue date Interest % Average return per year %
1 2.60 2.60
2 2.60 2.60

GREAT SP Series 8 versus CIMB Fixed Deposit

Here are the details of CIMB September Fixed Deposit Promotion’s Tenure and their respective Interest rates.

Tenure Personal Banking (Online Promotion Interest Rate (%p.a.) $10,000 and above Preferred Banking (Online Promotion Interest Rate (%p.a.) $10,000 and above
6 months 1.45 1.50
9 months 1.55 1.60
12 months 2.45 2.50

GREAT SP Series 8 wins against CIMB Fixed Deposit Promotion!

Summary of GREAT SP Series 8

Below is a summary of the Pros and Cons of GREAT SP Series 8 endowment plan.


  • Short 2-year commitment.
  • 100% capital guaranteed after 2 years.
  • High interest rates at 2.70% p.a. which is higher than SBOCT22 GX221000X and fixed deposits.
  • Pay using cash or Supplementary Retirement Scheme (SRS) funds. The payment using SRS was not mentioned on Great Eastern website but mentioned on OCBC website.
  • Comes with insurance coverage for death and total and permanent disability.


  • Minimum starts at S$10,000. Personally, I felt that this is slightly high.

Disclaimer: This is Not a sponsored post and the opinions are solely based on My Sweet Retirement’s opinion.

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