Great Eastern Life Assurance Malaysia Plans & Product Review

Founded in 1908 with its headquarters in Singapore, Great Eastern Life Assurance Company Limited works as a subsidiary of Great Eastern Holdings Limited and has over 21 branch offices in Malaysia.

It is the oldest and most established life insurance company in Singapore and Malaysia. It is also present in Indonesia, Vietnam, Brunei, and has a joint venture in China. It offers financial solutions to individuals (personal insurance) and corporate solutions (employee benefits and business solutions).

Needless to say, Life insurance is the best selling insurance product at Great Eastern Life Assurance Company.

Great Eastern Life Protection
Great Eastern Life Assurance provides a wide array of flexible and tailored solutions that suit different individual’s needs at various stages of life. Here is a list of these products and some of their benefit:

  • Great 110 Legacy
  • Great Cherish 80
  • Great Early Vantage Care 2
  • Great Maxi Protector
  • Great Term Direct
  • Great Vantage Care 2
  • Smart Legacy
  • Smart Legacy Max
  • Smart Protect Essential
  • Smart Protect Max

Great 110 Legacy
This is a non-participating endowment plan that matures at age 80 years or after 30 policy years. The premiums are payable until the plan matures or termination of the policy.

Benefits

  • Offers double protection against death or total/permanent disability.
  • Provides up to 4 times Basic Sum Assured for accidental death prior to 70 years policy anniversary.
  • There is a guaranteed survival benefit payable at the end of ten years, until death or surrender of the policy.
  • Optional riders to enhance your protection.

Maturity of Product: at age 80 years or after 30 policy years- whichever come later

Product Link: Great 110 Legacy

 

Great Cherish 80
This is a non-participating plan where premiums are paid until the maturity of the plan or upon death. The product allows you to plan ahead for your future and your family’s financial goals.

Benefits

  • The application is hustle free. There is no need for medical examination or health reports
  • Guaranteed maturity money back benefits of 108% at age 80 years policy anniversary
  • Death benefit payable to your loved ones based on the policy year the death occurs
  • In case of accidental death, your loved ones receive an additional percentage of Basic Sum Assured in addition to the death benefit.

Maturity Period: at age 80 years

Product Link: Great Cherish 80

 

Great Early VantageCare 2
This is a participating whole life living insurance plan with no guaranteed bonuses. The premiums in this plan are paid until age 87 years or upon termination of the policy. The plan matures at age 87 years, next birthday.

Benefits

  • Allows you to make multiple claims for various critical illnesses, or across severity stages of the same illness
  • It has a death and total /permanent disability benefit where your loved ones will receive the Basic Sum Assured, Additional Sum Assured Cash Bonus, plus Terminal Bonus.
  • You can buy back the death benefit portion up to your Basic Sum Assured (BSA) if your policy gets terminated because of a critical illness claim.
  • Upon maturity of the policy, you will receive a lump sum payment of your BSA, Cash Bonus, and Terminal Bonus minus any amount you might have claimed earlier.
  • There are Additional Sum Assured which is payable in the occurrence of a critical illness or death.

Maturity Period: Age 87 years, next birthday.

Product Link: Great Early VantageCare 2

 

Great Maxi Protector
This is a non-participating whole life policy with premiums payable until the age of 87 years or upon death or TPD. The plan matures at the age of 99 years.

Benefits

  • Offers affordable lifetime protection for you and your loved ones
  • It ensures that your loved ones are financially taken care of by paying a lump sum of the basic sum assured upon your death.
  • If Total/Permanent Disability (TPD) occurs before the age of 65 years, the basic sum assured will be paid to help meet your financial obligations.
  • Basic Sum Assured is payable upon maturity of the policy
  • You can add supplementary benefits/riders to increase your protection.

The maturity of policy: Age 99 years

Product Link: Great Maxi Protector

 

Great Term Direct
This is a non-participating term plan that offers guaranteed renewal until age 80 years.

Benefits

  • Protection until the age of 80 years
  • Upon your demise, your loved ones will receive the first RM5,000 of the basic sum assured
  • Death benefits where the remaining sum assured is given to your loved ones
  • If TPD occurs before the age of 65 years, you will receive the basic sum assured

Maturity of Policy: Until age 80 years

Product Link: Great Term Direct

 

Smart Legacy
This is a regular premium investment-linked insurance plan that is tied to the performance of underlying assets. The premiums are paid for the whole policy term or until death, TPD, or termination of the policy.

Benefits

  • It gives you protection with a managed unit fund with life coverage
  • An additional 1% of the basic sum assured is provided every policy year up to 30%
  • A booster reward of 12% basic sum assured is credited into your Total Investment Value
  • High protection coverage against death or TPD starting from RM500,000
  • Additional protection against accidental death which occurs before you have attained 70 years
  • There is a “No-Lapse Guarantee” in the first 3 years of the policy provided the premiums are paid consistently and there are no withdrawals made in the first 3 years
  • You can boost your protection with optional additional riders

Maturity of Policy: attained age 70 years next birthday/ 30 policy years

Product Link: Smart Legacy

 

Summary
Before purchasing any life protection product, make sure that it meets your needs and that you can comfortably afford the premiums. Great Eastern Life Assurance gives a 15 days free-look period to review the product and determine if it is best for you. In case you return the policy during this period, you will receive your full premium refund minus any expenses incurred for medical examination.