Being a life insurance agent myself, I always find out my client’s needs before I propose any insurance product. All these years, some insurance products had been withdrawn and no longer available to the market. But there are always new products launched every year. It may be a whole new plan, or just another additional rider to be attached to existing policy. Since I am dealing with Great Eastern all these years, I am much more familiar with their products. So here are some insurance plans which are hot selling products in Great Eastern. I will use an example of a new policyholder age 30, male to illustrate how much benefit he can get for paying RM3000/year premium (except for some saving plans, the minimum premium would be higher than RM3000). Please take notes that all the future saving projected are not guaranteed, unless it is mentioned below.
1) Smart Protect Essential Insurance 2
Description: Regular premium investment-linked policy.
Death Benefit RM45k,
Critical Illness RM45k and waive premium,
TPD (Total and Permanent Disability) RM45k plus waive premium,
Health Card Room & Board (R&B) RM180, annual limit: RM100k, lifetime limit: RM2 million,
Savings value: approximately RM60k at age 55.
Cashless health Card, no co-insurance, high lifetime limit,10% increase to the R&B and annual limit every 3 years if no claim
The main reason you should purchase this policy: Protect your existing wealth and also your future earning ability.
2) Smart Invest Premier Insurance 2
Description: Regular premium investment-linked policy. For Saving and Retirement Purpose
Example Benefits (Min annual investment: RM6000/annum):
Death Benefit RM10k,
TPD (Total and Permanent Disability) RM10k and waive premium,
Critical illness: Waive premium until age 99
saving value: approximately RM300k at age 55.
- High allocation for investment, hence higher savings
- Prudent past performance.
The main reason you should purchase this policy: Protect your investment power and savings for retirement.
Traditional Products (Protection)
1) Great Ideal Living
Description: Regular premium living assurance whole life policy with participating in profits.
Death Benefit = TPD benefit = Critical Illness benefit of RM86,207,
Saving value: RM121k at age 55.
- Guaranteed increase of Sum assured,
- guaranteed premium,
- Option to buy another policy after critical illness claim paid (for standard life)
Very few plan in the market offer increasing critical illness protection, this is the major selling point in this plan.
The main reason you should purchase this policy : Protect your existing wealth and also your future earning ability. Can treat as alternative to FD in long term as the return is very steady too.
2) Great Maxi Protector
Description: Regular premium whole-life non-participating policy.
Death Benefit = TPD Benefit – RM284,630,
saving value: RM85,389 at age 55 (surrender value guaranteed).
- Low premium high protection,
- cash value guaranteed
The main reason you should purchase this policy: Funding your living trust, liability cancellation
Traditional Products (Endowment)
1) Great Income Plan
Description: Regular premium saving plan with immediate participation in profit
Example Benefits (Min annual saving of RM4447.60, guaranteed saving term 10 years):
Death Benefit = TPD benefit of RM20,000,
Saving value: RM108,000 at age 55.
- Short saving term,
- can opt to receive annual income at the end of year 2.
- Provide income until age 70
The main reason you should purchase this policy: Protect your investment power and savings for retirement,
Can be treated as an annuity plan during retirement, it is a saving vehicle to ensure discipline saving and spending.
2) Great EduScholar
Description: Education endowment premium plan with immediate participation in profit
Example Benefits (RM3000 annual saving for 17 years, assume child age is 1 year old):
Death Benefit = TPD benefit of RM23,000
Saving value: RM82,000 at maturity (age 22).
The irresistible attractive point of this plan is guaranteed offer of FULL SCHOLARSHIP by Great Eastern should your child successfully being accepted to enter the world TOP 5 universities. This will save you at least RM1 million.
These are just a few best selling products from Great Eastern. Which product you bought from Great Eastern? Feel free to ask any question at the comment section for further details. If you are keen to find out whether Investment link or traditional plan suits you better, you can refer to my earlier post Difference Between Investment Link Plan and Traditional Plan.
This post update is contributed by Mandy Hiew, my co-author of the book Money Tips for Doctors. Contact us for insurance planning consultation if you wish.