Great Eastern has launched what it says is the first “green” life insurance product in Singapore.
In a statement, the insurer said that its new “GREAT Green SP” product is a three-year single premium endowment policy that invests its portfolio assets to achieve “significant positive environmental impact.”
Customers may invest a minimum amount of SG$5,000 up to a maximum of SG$100,000, with the plan offering protection against death and total permanent disability with no medical underwriting needed.
“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,” Great Eastern said in its statement.
The firm also said that it will be donating SG$1,000 for every SG$1 million raised from the proceeds of GREAT Green SP to local charity Zero Waste SG – a donation Great Eastern said 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.”
Khor Hock Seng, group chief executive officer of Great Eastern, said the initiative is part of “an 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 product,” said Khor. “We are pleased to provide customers with access to such green insurance solutions, starting with GREAT Green SP, which enables them to make a positive difference to the environment with their financial decisions.”