Comments on: Great Junior/Income Advantage Series 2 : Whole Life Income Plan

By: KCLau

KCLau — Tue, 13 Mar 2012 06:05:32 +0000

It should be total payment of 10 times only.

By: Chong Chee Voon

Chong Chee Voon — Mon, 12 Mar 2012 09:46:27 +0000

Hi KCLau,

This is truly a very informative article. I’ve purchased this Great Eastern Great Junior+Income Advantage Series 2 plan on 12 Dec 2007 with annual payment 0f RM4850. However, after reading your description, I feel there are some discrepancies between what you mentioned an what told by my agent. Appreciate if you could advice.

Can I know how many years I need to pay for this Great Junior/Income Advantage Series 2 ? 10 years or 11 years ?

So far I’ve made payment for a duration of 5 years (12/12/2007 til 12/12/2011). I also had received 5 letter (income tax declaration purpose) indicating 5 annual payment with commencement date of 12/12/2007.
However, from the latest annual statement that Great Eastern sends to me, it ‘s mentioned that the years inforce is only 4 Years, NOT 5 Years. In order to reach 10 Years of policy, I need to make another 6 years of payment which sums up to a total of 11 Years of payment. Is this correct ?

By: maggie

maggie — Thu, 16 Feb 2012 08:47:11 +0000

Hi KC,

Can you post the latest Great Eastern new product, Great Income Plus and Great Ideal Living which is similar to Great Junior Advantage and Great Enchanced Living. Thanks.

Maggie

By: KCLau

KCLau — Mon, 12 Dec 2011 19:31:20 +0000

Hi Shirlynn,

I understand that many policyholders who bought insurance more than 15 years ago will say this because last time, many agents tell their clients they only need to pay a certain year of premium for a WHOLE life plan. That’s misleading and Bank Negara prohibit that by ruling. However, this GJA plan is a guarateed one because it is designed to be that way.

By: Shirlynn

Shirlynn — Sat, 10 Dec 2011 17:44:29 +0000

Hi KC,
I am really confused here and need some advice from you. I bought this plan back in 2009 and one of my relative asked me to surrender this plan as he said that it is not guaranteed that we will be paying the premium for ten years. What he means is that after ten years, the insurance company will somehow asked us to continue paying premiums for a certain time frame whereby if we don’t pay then we will not get the benefits. Will this actually happen? Need your advice real soon. Thanks.

By: TAN HUI LENG

TAN HUI LENG — Sat, 17 Sep 2011 22:55:18 +0000

The GJA saving plan insurance still offer in the market or not ????

By: Khamis

Khamis — Tue, 13 Sep 2011 14:08:26 +0000

Mr.Lim,
I had a question regarding GJA series 3 (SB option 3) (CB option 3).
1. my age 39,Premium I paid 18,230 and opt not to pay premium after 10 years in return what is gtd and not gtd amount per annum will I get.
2. If my age at 55 roughly what is the cash value if i surrender the policy and if age of 87 what will be the cash value? I dont expect to be accurate figure.
3.What is gtd amount and not gtd that i will received?

By: AH LEONG

AH LEONG — Fri, 29 Jul 2011 02:34:07 +0000

How much the monthly premium fee ? After maturity, the people will get RM300 every month until 87 years old, right ??

By: Den

Den — Tue, 19 Apr 2011 13:34:49 +0000

Dear Lau,

I would like to ask a general standard formula to calculate. Let say in 1991, I bought a life insurance policy, sum insured (SI) is RM20,000 with some riders. Premium is RM53.00 per month. Sorry, I am unable to provide much details
as I could find my policy.

Basically, please roughly advise me what is the formula to calculate the “big” bonus I will get at the 2oth anniversay of my policy. I was told there would be a “big” bonus to be declared at my coming 2oth anniversary to be based on the company’s performance.

If I were to roughly calculate – let say the company’s bonus is declared 3% per year. Then the bonus I would get at my 2oth anniversary is calculated as follows:
3% x 20,000 sum insured x 20 years = RM12,000.
Is this correct? I am uncertain about this. Hope to hear you soon.

By: KCLau

KCLau — Thu, 07 Apr 2011 05:17:02 +0000

The premium paid for this policy can’t be categorized as education portion in the tax relief calculation.
The reason is that this policy doesn’t meet the requirement for tax relief.

By: CWH

CWH — Wed, 06 Apr 2011 03:31:26 +0000

Hi KC,
Greetings.
I have bought JGA3 for my 1 year old daughter last year sa saving plan
My doubt is:
Can i get the tax relief of the premium paid? Can i consider it is part of education plan?

By: John

John — Sun, 26 Sep 2010 08:30:28 +0000

Greeting,

As mention in previous comment, u guys said that a Guaranteed 4.25% of sum assured for GJA series 2 n 3. Is that true that the 1st generation of GJA is 4.75%? As mention by 1 of my insurance agent. But i flip throu the whole policy booklet of mine which i bought GJA at yr 2004. i never c a GURANTEED 4.75% in any page.

Thanks

By: KCLau

KCLau — Thu, 08 Jul 2010 09:12:04 +0000

Hi Scot,

You can buy GJA without the rider you mentioned. But without the rider, you have to pay more than 10 years (actually need to pay for whole life). But the income receivable from the plan is about covering the premium payable. So it is like having a fully paid-up whole life plan after you’ve paid it for 10 years. Anyway, the plan is no longer for sale on the market.

By: Scot

Scot — Thu, 08 Jul 2010 06:27:44 +0000

Can I buy the GJA plan without to add the Riders U48 JAR/IAR? or is complasary to add with the GJA plan. Can I buy only GJA without the riders and still pay for 10 years?
What are the pro & cons by having this Rider?

Thank you

Regards

By: KCLau

KCLau — Mon, 31 May 2010 10:16:13 +0000

Hi Dev,

The closing date is in fact 31st May.

By: dev

dev — Wed, 26 May 2010 15:02:14 +0000

Hi mr lau
Can i know when will be the closing date for buying this plan?
according to an agent the last day is 31/5/2010, is that true?
and he did show me some data for rm100 000 sum assured or property. and the annual
premium is rm17,754 p.a.
after the 87th birthday of insured person the company will pay 2 million ++ even though
the company pays rm8k after 11th year. is this true?
Thank u

By: KCLau

KCLau — Mon, 24 May 2010 02:37:12 +0000

Hi SH,

You are paying the lowest premium acceptable with the shortest period in this plan.

By: KCLau

KCLau — Mon, 24 May 2010 02:22:10 +0000

if you want her to buy GJA based on the return, you will never get the case.
Sell her the function: such as estate distribution and force saving.

By: Anand

Anand — Sun, 23 May 2010 21:19:29 +0000

hi kc
i gotta one more question:
my new prospect now holding 6 shop lots and earning about rm30k solid income from it. she asking why shall i dumping amount about rm4600 monthly in GJA n get the return after so long?? so it’s a competition between property investment and GJA plan.
previously she planned pay for 10years,hold the money for another 10years, then straight away surrender fully at the year of 20th, means she will get approximately extra 400k from the premium paid.
If Talking about coverage– she bought enough coverages from GE, AIA n Pru

BSA RM300K with JAR (GJA series 3)
how do i solve this problem?
need your further advice:-

By: SH

SH — Sat, 15 May 2010 13:33:57 +0000

hi,

if i am paying 400x12x10years =48000, and i might think that 2400/year that i get after 10years is too little for me, could i change the amount being paid and shorter the year of assured?

thanks