Great Eastern has launched Singapore’s first green life insurance product dubbed, GREAT Green SP, to help achieve a zero-carbon economy.

The new offering is a three-year single premium endowment plan, which offers a 1.5% per annum guaranteed yield upon maturity.

The minimum investment amount is $3655.10 (S$5000) with the maximum amount being $73,102.09 (S$100,000).

It offers protection against death and total permanent disability without any need for medical underwriting.

The insurer said that its investments fund projects aimed at climate change mitigation and supports initiatives across diverse sectors such as renewable energy, green buildings, and electric vehicle.

Great Eastern CEO Khor Hock Seng said: “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.

“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.”

The firm will also help its customers in Singapore understand their role in protecting the environment by funding educational programmers.

Great Eastern, which was established in 1908, has more than $65.79bn (S$90bn) in assets.

Apart from Singapore, it has operations in Malaysia, Indonesia, Brunei and China.

Earlier this month, eight insurance and reinsurance firms launched Net-Zero Insurance Alliance (NZIA) to help transition towards a net-zero emissions economy.