Great Eastern Life Assurance (Malaysia) Berhad, a member of the OCBC Group, has brought a wide range of life insurance policies that’s focused to provide optimum protection to its customers and their families. Some of these policies cover critical illnesses and some policies increase the sum assured every year within the policy tenure to provide extra returns to the applicants.
Types of Great Eastern Life Insurance Plans
Great Eastern Life Assurance (Malaysia) Berhad offers multiple solutions for people with various requirements who are at different facets of life. Given below is a list of some of the life insurance plans offered:
Life Protection Plans
- Great Early VantageCare 2: Unlike other life insurance policies, Great Early VantageCare 2 plan covers the different stages of a critical illness as well as covers multiple critical illnesses effectively. This plan offers broad critical illness coverage, BuyBack option, etc.
- Great VantageCare 2: Great VantageCare 2 plan covers critical illness, reduces your worry on treatment expenses and lets you focus on recovery treatment. You can customise your policy with additional benefits such as accidental cover, hospitalisation, etc. It even takes care of the advanced stage of the illness.
- Great Eastern Smart Legacy: The plan provides you with unit funds in addition to life protection. If you pay all your premiums on time and your policy is active, you can earn a reward of 12% of your assured basic sum. The Smart Legacy plan provides high death protection of up to RM500,000.
- Great MaxiProtector: The policy is a whole life insurance plan that protects you against total physical disability. The policy matures when you are at the age of 99.
- Great Term Direct: Great Term Direct policy saves you and your family with relatively low premiums. You can choose the amount of sum assured according to your needs. The plan provides protection until the age of 80 years. Upon death, your loved ones will receive RM5,000 of the basic sum assured as the first pay-out.
- Great Eastern SmartProtect Essential: The plan offers investment benefits along with life protection. The premium for this plan starts from RM100. You can choose additional benefits such as hospitalisation coverage, medical benefits, etc. The plan provides no lapse guarantee for the first 3 years of the plan.
- Great Eastern SmartProtect Max: This is a long-term coverage plan of up to 30 years with flexible payment options. The plan provides relatively higher coverage for total and permanent disability (TPD) or death. You can choose a premium payment tenure of 5, 10 or 20 years based on your convenience. The minimum cover offered by the plan is RM500,000. You can add 95% of your paid premium to unit funds.
- Smart Legacy Max: The policy plan comes with a high coverage against death and TPD. The coverage provided by this plan starts with RM500,000. You can get another 1% increase on sum assured every year with this plan. You can obtain 12% per year Booster reward if you pay all the premiums on time. The plan also comes with a no-lapse guarantee.
Personal Accident Protection Plans
- Classic PA: Classic PA plan provides you with government hospital allowance in case you need to stay in a hospital for more than 24 hours. It also covers medical expenses and provides coverage against total paralysis, total or partial disablement, accidental death, and permanent disablement.
- Easi-Shield: The policy scheme provides you coverage against cases of permanent disability and death caused during traveling or caused by terrorism. The scheme also covers your medical expenses in such cases. You can also gain a renewal bonus of 10% with a maximum of 80% with the policy.
- Easi-Protector: The plan provides you with weekly payment in case of an accident that prevents you from going to work. The coverage has a maximum range of 104 weeks. For disabilities or death caused during traveling via a public transport, the policy pays up to twice the sum assured.
- Family Protector: The policy protects you against TPD and death. The scheme also takes care of your and your spouse’s medical expenses and provides an allowance if you are required to be confined in hospital for more than 24 hours. The policy also provides you an allowance in cases your child gets hospitalised.
- GreatShield Active: GreatShield Active plan provides a coverage against death due to terrorism, accidents, a mosquito bite, during traveling via public conveyance, and at any sports event. The policy also comes with inconvenience allowance, post-hospitalisation supplement allowance, and bereavement allowance.
- Junior Protector: The plan is designed for children who are 1-18 years old. The scheme covers medical expenses for diseases like Malaria, Yellow Fever, Scarlet Fever, Japanese Encephalitis, and Coxsackie. The plan provides your child a coverage against permanent disablement and death.
- Lady Protector: The lady-oriented policy plan protects women against maternity risks, HIV infections, sexual harassment, snatch theft, and provides reimbursement for dental treatment and cosmetic surgeries.
- MOS Shield: MOS Shield provides you protection against Zika virus attacks, Malaria, and Dengue fever. For death induced by any of the above-mentioned diseases, the plan provides a high insurance amount.
- Platinum PA: The plan comes with a high compensation amount of up to RM5 million in cases of permanent disablement and death caused due to an accident. The plan also provides you with emergency assistance services around the globe and covers your medical expenses.
Benefits of Great Eastern Life Insurance
The features and benefits of each of the plans offered by Great Eastern Life Assurance Berhad are given below:
- In case of death or TPD, your nominee will receive the basic sum assured, cash bonus, additional sum assured, and terminal bonus.
- If your policy has been cancelled due to the critical illness claim, then you will get an opportunity of BuyBack on death benefit that is equal to the basic sum assured.
- On maturity, you can receive a lump sum that is a combination of the basic sum assured, cash bonus, terminal bonus, etc.
- You can also opt for additional riders to have better protection for your family.
- Some of the policies have an option of raising the basic sum assured by 1% every year.
The eligibility criteria for purchasing each of the policies offered by Great Eastern Life Insurance are:
- Great Early VantageCare 2: You must be not less than 30 days old and not more than 60 years when you purchase the insurance policy.
- Great VantageCare 2: You must be at least 30 days old but not more than 60 years old.
- Smart Legacy: You must be at least 30 days old or less than 70 years on your next birthday to purchase the policy.
- Great MaxiProtector: You must be 17 years or above but not above 70 years to purchase this plan.
- Great Term Direct: You should be at least 18 years old on your next birthday and should not cross 60 years on your next birthday.
- SmartProtect Essential: The minimum entry age for this plan is 30 days and maximum entry age cannot be above 70 years.
- SmartProtect Max: 19 years next birthday is the minimum age and 69 years next birthday is the maximum age for you to purchase the policy.
- Smart Legacy Max: Minimum entry age for the plan is 30 days and the maximum entry age is 70 years.
- Classic PA: You can get this plan if you are 18-65 years old.
- Easi-Protector: You can get the policy if you age between 18 to 65 years.
- GreatShield Active: The entry age for the policy is 30 days to 70 years.
- Junior Protector: The entry age for this scheme is 1-18 years.
- Lady Protector: Women ageing 16 to 60 years can get this policy.
- Platinum PA: The entry age for the plan is 18-65 years.
Great Eastern Life Insurance for Foreigners
Great Eastern Life Assurance Berhad provides life insurance policies for expats. You can purchase the insurance policies from any part of the world.
Great Eastern Life Insurance Calculator
The official website of Great Eastern Life Assurance Berhad provides a web page where you can calculate the cover you can look for. Based on the life insurance policy you chose to purchase, you can click on the corresponding link to calculate the cover you are eligible for. You can enter the fields like your monthly income, your age, the age at which you prefer to be retired, etc., as asked for in the particular link.
Great Eastern Life Insurance Claims
You can claim the sum assured by submitting the relevant documents online. You need to visit the Claims page on the official website of Great Eastern Life Assurance (Malaysia) Berhad and select the type of claim from the given drop-down list from the available options: Accident Rider Claim, Death Claim, Great Lady Claim, Hospitalisation and Surgical, Living Assurance Claim, and Total and Permanent Disability Claim. In that space, you can see a list of documents to be provided based on the selection you make. You can also find Claim Forms, which you need to fill up. Finally, you have to submit these documents and the claim forms at the Customer Service Centre at the head office or the nearest branch.
If you are staying in Malaysia, dial 1300 1300 88. Dial +603 4259 8888 if you are based out of Malaysia.
How to Cancel Great Eastern Life Insurance Policy
You will be given a free-look period of 15 days to verify if the policy suits your needs. If you wish to return the policy within the free-look period, then the insurance company will return the full premium amount you have paid, after deducting the medical examination expenses. When you return a policy within this period, you get a sum equivalent to the sum of the investment value of the units that are terminated, the total investment value of the policy calculated on the basis of Net Asset Value on the upcoming date of valuation and the number of allocated premiums. The charges incurred for medical expenses are deducted from the above sum before handing it to the policyholder.
Q. Can I add riders to my insurance plan at any time?
A. Adding riders to an existing insurance plan depends on the plan you currently have and the availability of riders at the time you wish to add them. However, you are welcome to add any supplementary benefits offered by Great Eastern Life Assurance Berhad. Supplementary benefits can be added at any point of time after the plan is issued. Any additional benefits or riders that you add to your plan will include an underwriting and requires a policy fee of RM30.00. Sometimes, depending on the rider or benefit added, medical examinations may be required which may also incur certain costs.
Q. What are the documents required to make a Death Claim?
A. To make a Death Claim you have to provide documents like Death Claim form, copy of death certificate, copy of claimant’s identification card, copy of deceased’s identification card and other documents. A detailed listing of the required documents is available on the official website.
Q. Is the BuyBack option available on all policies offered by Great Eastern Life Assurance?
A. BuyBack option is not available on all the policies offered by Great Eastern Life Assurance. Please check the policy documents to figure out if your policy provides BuyBack option.
Q. Who must complete the Death Claim form?
A. The nominee of the deceased must complete the Death Claim form.
Q. Is it mandatory to submit the policy agreement while claiming for it?
A. Policyholders can claim without the necessity to produce the original policy agreement. However, if the insurance company demands the original document under any circumstances, the policyholder cannot deny it.