Introduction
Great Eastern Policy Singapore (GEPS) is a long-term insurance policy that provides coverage for death, disability, and critical illnesses. It is designed to provide financial security for policyholders and their families in the event of unexpected events. However, there may be times when you need to surrender your GEP policy. This could be due to financial difficulties, a change in circumstances, or simply because you no longer need the coverage.
Step-by-Step Guide to Surrendering Your GEP Policy
1. Contact Your Insurance Agent
The first step is to contact your insurance agent and inform them of your decision to surrender your policy. They will be able to provide you with the necessary paperwork and instructions.
2. Complete the Surrender Form
You will need to complete a surrender form, which can be obtained from your insurance agent. This form will ask for information such as your policy number, the amount of coverage you are surrendering, and the reason for surrendering.
3. Return the Surrender Form
Once you have completed the surrender form, you will need to return it to your insurance agent. They will then submit the form to Great Eastern Life Assurance Company (GELAC).
4. Wait for Approval
GELAC will review your surrender request and make a decision. If your request is approved, you will receive a confirmation letter and a cheque for the surrender value of your policy.
Tips and Tricks
- If you have any outstanding premiums, you will need to pay them before you can surrender your policy.
- You may be eligible for a partial surrender, which allows you to surrender a portion of your coverage while keeping the rest.
- If you are surrendering your policy due to financial difficulties, you may be able to get help from the government or a non-profit organization.
Benefits of Surrendering Your GEP Policy
There are several benefits to surrendering your GEP policy, including:
- You can receive a lump sum of money that you can use to pay off debts, invest in your future, or simply save for a rainy day.
- You can free up your monthly budget by eliminating the cost of your GEP premiums.
- You can simplify your finances by getting rid of an unnecessary policy.
Conclusion
Surrendering your GEP policy is a relatively simple process. By following the steps outlined in this article, you can ensure that you receive the full surrender value of your policy and that your finances are not negatively impacted.
Additional Resources
Tables
Table 1: Surrender Value of GEP Policy
| Age | Surrender Value ($) |
|---|---|
| 30 | 10,000 |
| 40 | 15,000 |
| 50 | 20,000 |
Table 2: Outstanding Premiums
| Age | Outstanding Premiums ($) |
|---|---|
| 30 | 1,000 |
| 40 | 1,500 |
| 50 | 2,000 |
Table 3: Partial Surrender Options
| Amount of Coverage Surrendered ($) | Surrender Value ($) |
|---|---|
| 10,000 | 5,000 |
| 15,000 | 7,500 |
| 20,000 | 10,000 |
Table 4: Benefits of Surrendering Your GEP Policy
| Benefit | Description |
|---|---|
| Lump sum of money | You can use this money to pay off debts, invest in your future, or simply save for a rainy day. |
| Free up your monthly budget | You can eliminate the cost of your GEP premiums, which can free up your monthly budget. |
| Simplify your finances | You can get rid of an unnecessary policy, which can simplify your finances. |
