On the past Monday and Tuesday, I posted about two bestselling product from Great Eastern insurance product reviews. Today, we are going to learn another special product known as tri-generation benefit plan by other company. On tomorrow and the day after that, I will cover another two quite popular insurance plan. Here is the schedule:

  • Monday: Greatlife Portfolio Insurance (Regular premium investment-linked plan)
  • Tuesday: Supreme Livin’Care Plus (Whole life living assurance policy with cash bonus)
  • Wednesday: Great Junior/Income Advantage Series 2 (Whole life income plan)
  • Thursday: Great Eduplanner (Education Endowment Plan)
  • Friday: Supreme Care (Whole life non-participating plan)

Before Great Junior/Income Advantage (GJA) was launched several years ago, there are some other life insurance company such as Allianze and Hong Leong Assurance already selling similar products like hot cakes. You will find some insurance agency advertising heavily on newspaper (especially Oriental Daily on Monday), saying that their agent achieves MDRT with only 20-50 policies sold in a year. This shows that they actually sold big policy with large premium, usually in the range of more than RM10,000 p.a. per policy. To get big cases, selling insurance plan like GJA is an easier route to achieve the MDRT status.

What is MDRT?
MDRT stands for Million Dollar Round Table, is an association of Life Insurance agents who qualify by selling $1 million worth or more of Life Insurance coverage. The policies must meet certain qualification standards, and applicants must be members of the National Association of Life Underwriters. This is a worldwide recognition which most insurance agents are chasing for in their entire career. When you get the MDRT title, it shows that you are a great insurance salesperson who can sell tons of insurance coverage.

Plan Description

From the products write-up:

This is a Whole Life Assurance policy with cash bonus, maturing at the age of 87. After the policy has been in force for 10 years, a guaranteed cash payment of 4.25% of the Basic Sum Assured will be payable every year until the maturity or death of the Life Assured.

It is actually a whole life plan which covers the life assured until age 87. The special part is that when the policy has been in force for 10 full years, there will be a guaranteed income payable to the policyholder. How do we calculate the yearly income? Refer the example below

Example 1:
Let’s say you buy a GJA policy with basic sum assured of RM100,000 in 2007 at age 25. When you reach age 35 (after 10 full years), you will get a payment check from Great Eastern for the amount of RM4250 (4.25% of RM100k). You don’t have to pay the policy anymore after 10 years, and you will be guaranteed a constant income of RM4250 every year until the day you pass away or reach age 87 whichever is earlier.

The GJA plan is about 100% sold together with a special rider which is known as Junior/Income Advantage Riders (JAR). I will explain the function of the rider later in this article. Let’s first look at the feature of the basic plan.

Plan Benefits

1. Death benefit equals to sum assured plus accumulated cash bonuses (if any) and Terminal Bonus on Death (if any) will be payable in one lump sum

2. Total Permanent Disability (TPD) benefit are the same as death benefit above.

3. Survival Benefit which is the guaranteed cash payment of 4.25% of the Basic Sum Assured will be payable from the end of the 10th year, until maturity or death of the life assured, whichever is earlier.

4. Cash Bonus
(Non-Guaranteed) – Starting from the end of the 2nd year, Cash Bonus will be declared annually on the Basic Sum Assured. Thereafter annual Cash Bonus will become payable on each policy anniversary, provided
the Life Assured is alive and the policy is still in force. Refer table below for the cash bonus schedule.

5. Maturity Benefit : Upon the survival on the Life Assured to the maturity date of the policy (age 87), Basic Sum Assured, Accumulated Survival Benefit (if accumulated with the Company), Terminal Bonus on Maturity and Cash Bonus (if any and if accumulated with the Company) shall be payable.

6. Terminal Bonus on Death or TPD
(Non-guaranteed)

7. Terminal Bonus on Maturity (Non-guaranteed)

Of course this benefit had been simplified in order not to confuse readers. If you think these information is too technical, just skip it and read the conclusion below.

Why is GJA so attractive?

Before the introduction of investment-linked policy in 21st century, Supreme Livin’Care series is one of the most popular traditional whole life plan. SLC+ is so attractive probably due to these factors:

  • Guaranteed protection increment – when the plan is converted into a fully paid-up whole life plan at the end of the 10th policy year, the Junior Advantage Rider Series 2 (JAR) will be terminated and the death and maturity benefit of the basic policy will be revised to 150% of basic sum assured.
  • Only need to pay for 10 years – When the policy is converted into a fully paid-up whole life plan, there is no need to pay premium after that but still enjoy the protection up to age 87
  • Yearly income receivable – starting from the end of the 10th year, the policyholder will get a constant income of a guaranteed 4.25% (of Basic Sum Assured ) plus a non-guaranteed 3.25% cash bonus every year. This serves like an annuity which can provide the basic living expenses. This income stream works like a pension scheme – you receive a constant payment as long as you live.
  • Attractive maturity benefit – When the life assured passed away, the beneficiaries will receive the death benefit which is definitely more than the total premium paid. If the life assured can live up to age 87,he/she can still get a maturity benefit plus terminal bonus which is a few times more than the total premium paid.
  • Force saving and force spending features – when you committed in such a saving plan, you need to pay the premium for 10 years consecutively. It forces you to save because if you don’t pay the premium, you might jeopardize the policyholder’s benefit. After 10 years, the income receivable is also not in a lump sum. This will tend to control your spending habit and make you do the right budgeting. This is the basic principle of being financially free — save as much as possible in the shortest time, and then spend accordingly for a longer period of time that won’t reduce the principle amount saved.

You will be interested to own a GJA plan if….

  1. You are looking for a traditional plan that provides an annuity yearly income.
  2. You are looking for a saving plan that gives potentially better return than fixed deposit.
  3. You like the guaranteed features: guaranteed premium and guaranteed survival benefit
  4. You don’t like to pay insurance premium in your entire life
  5. You already have sufficient protection. GJA just serve as one of your force saving tool.

Junior Advantage Rider Series 2 (JAR)

Technically, this JAR serve as a very special supplementary benefit which is attached only to GJA plan. I won’t go in depth about the detail information of JAR. However, I will show you the functions of the JAR rider when it is attached to GJA. Almost 100% of GJA plan are sold with JAR attached.

Function 1: Built in Waiver of Premium with Dread Disease Benefit

In the event of the Life Assured is diagnosed to be suffering from any of the 36 illnesses covered by the Company, future premium up to the 10th annualized premium payment for both Great Junior Advantage Series 2 and Junior Advantage Rider Series 2 will be waived from the policy anniversary date following the above diagnosis.

It simply means that if the life assured is diagnosed with any of the 36 dread diseases, there will be no need to pay the insurance premium but still enjoy all the benefit of the GJA plan

Function 2: Option to convert GJA to Guaranteed Fully Paid-up Whole Life plan
Upon the survival on the Life Assured to the maturity date of the policy (age 87), no maturity benefit shall be payable under this Rider. This is because Junior Advantage Rider would have been terminated at the conversion date (i.e. at the end of 10th policy year) of the Basic Plan to a Guaranteed Fully Paid-Up Whole Life Plan.

It means that with the JAR attached, you don’t have to pay premium after 10 years (guaranteed)

Quotation Illustration

Since Cash Bonus and Terminal Bonus may vary depending on Company investment and operating performance, the illustrations show the possible level of benefits you may expect on two investment scenarios.
1. SCENARIO A = Assumes the participating fund earns 7.00% every year and the current operating experience of the Company continues
2. SCENARIO B = Assumes the participating fund earns 5.00% every year and the current operating experience of the Company continues

The bonus rates are greatly influenced by the capital appreciation of assets together with operating results and overall investment return experienced by the Company with respect to this type of plan. It will only be paid if the net returns earned by the Company support such bonuses. The actual bonuses payable may be higher or lower than illustrated.

Figure 1: A sample of GJA sales illustration generated with GELSIS 4.27

The quotation has 14 pages. If you are interested to read the quotation illustration in details, please contact me and provide relevant details such as date of birth, gender and budget.

Graphical Presentation


Figure 2: GJA sales illustration

You can download this power point slideshow that simplify the plan for better comprehension.
Download GJA presentation for adult
Download GJA presentation for child

Summary

Even though GJA is a whole life plan, but it provides features more like a saving plan because. I will illustrate a simple example: 30 years old male non smoker, bought a GJA policy with JAR attached, Sum assured RM100,000

  • Premium to be paid is RM14,755 p.a. for consecutive 10 years. After that, there is no need to pay anymore
  • Guaranteed income receivable after 10 years: RM4250/year
  • Non guaranteed cash bonus starting from 2nd year as shown in Figure 3 (RM3250 10th year onwards for 7% return)


Figure 3
: Cash bonus (non-guaranteed) illustration generated with GELSIS 4.27

  • He will also get a maturity benefit as shown in Figure 4: between RM194,593 and RM278,372


Figure 4: Maturity benefit (non-guaranteed) illustration generated with GELSIS 4.27

Tomorrow I will share a plan that caters for education needs. Stay tuned!
By the way, if you have any question about GJA, please feel free to voice out in the comment.


KCLau
KCLau

Personal finance author and trainer

    80 replies to "Great Junior/Income Advantage Series 2 : Whole Life Income Plan"

    • Jac

      I did not convert into the fully paid policy after 10 years as I didn’t realise got such letter sent to me. I have paid the policy for year 10 + 3 = 13. years.

      Any advantages of not converting and continue pay?

    • ANn

      hi all, something wrong this this plan? the percentage gain is lower than as per claim back then. thank you

    • ANAND.A

      Hi KC

      one of my client took GJA in july 2008, sum assured 500k and yearly premium = rm71,855. He already paid for a total 10 years amount = rm718,550. When i check the gross surrender value in april 2018, it showing rm608k but when i check after 10th year which in august 2018, the gross surrender value reduced to rm578k. can i know what is the reason?
      tq

      • niam@hotmail.com

        he was cheated.

        • Low Kin Woh

          I was wonder did I been cheated for the pass 11 years?

      • greenprime

        maybe because yearly 42k income is cash out?

      • greenprime

        What happen to gross surrender value if
        (i) survival benefit is taken out each year form 11th year onward…will it reduce to negatif and lapse?
        (ii)survival benefit not cash out but keep it with company?

        Which better, take policy loan or cash out the survival benefit?

      • greenprime

        Got any latest Great Eastern product / insurance product with similar characteristic of GJA?
        If this GJA available again , will it be good policy to have for 2019 ?

    • tuek

      FD
      3.50%
      1 6,000.00 210.00 6,210.00
      2 12,210.00 427.35 12,637.35
      3 18,637.35 652.31 19,289.66
      4 25,289.66 885.14 26,174.80
      5 32,174.80 1,126.12 33,300.91
      6 39,300.91 1,375.53 40,676.45
      7 46,676.45 1,633.68 48,310.12
      8 54,310.12 1,900.85 56,210.97
      9 62,210.97 2,177.38 64,388.36
      10 70,388.36 2,463.59 72,851.95
      11 72,851.95 2,549.82 75,401.77 2,400 4.00%
      12 75,401.77 2,639.06 78,040.83 2,400
      13 78,040.83 2,731.43 80,772.26 2,400
      14 80,772.26 2,827.03 83,599.29 2,400
      15 83,599.29 2,925.98 86,525.27 2,400
      16 86,525.27 3,028.38 89,553.65 2,400
      17 89,553.65 3,134.38 92,688.03 2,400
      18 92,688.03 3,244.08 95,932.11 2,400
      19 95,932.11 3,357.62 99,289.73 2,400
      20 99,289.73 3,475.14 102,764.87 2,400
      21 102,764.87 3,596.77 106,361.64 2,400
      22 106,361.64 3,722.66 110,084.30 2,400
      23 110,084.30 3,852.95 113,937.25 2,400
      24 113,937.25 3,987.80 117,925.05 2,400
      25 117,925.05 4,127.38 122,052.43 2,400
      26 122,052.43 4,271.84 126,324.27 2,400
      27 126,324.27 4,421.35 130,745.62 2,400
      28 130,745.62 4,576.10 135,321.71 2,400
      29 135,321.71 4,736.26 140,057.97 2,400
      30 140,057.97 4,902.03 144,960.00 2,400
      60,000 = 108,000

      By normal FD return i able to get RM144,960 after 30years and with the plan i only able to get back RM108,000 i can’t see where is my benefit.
      It seem like my cash value return is very low.

    • KinWAwa

      For this year…the total SV dropped as compared to previous year!! Is that possible?? I thought with guaranteed 4.25%…it will only increase less and won’t drop….really surprised!

    • LL

      Hi Mr Lau,

      The last comment was in 2014, I’m wondering if this plan still available?

      Thank you.

      • KCLau

        It is no longer available

    • GPY

      Hi Mr Lau,

      I purchased this plan in 2010. Just wondering if you know if i can claim tax relief on the payment of premiums for this plan, i.e. under the deferred annuity column?

    • Chong Yan Jing

      Another question here Mr. KC~
      If i surrender at.. let’s say year 15 of my policy, shall I refer to the “Basic SV+SB” for how much I will get back?
      Or shall I add on the “TB on surrender (7%/5%)” value, or the “Total SV” value?
      Or add on the “CB+Int SB account” value?
      Thanks!

      • KCLau

        It is the total SV (surrender value) in the sales quotation.

    • Chong Yan Jing

      I would like to ask aout the SB per year after 10 years payment.
      My concern is that can we use the SB that is paid to us?
      The SB will be paid to us by cheque or put into our income plan account?

      I think I have the same problem as Chong Chee Voon~
      My 1st payment is at Feb 2010.
      My last payment should be Feb 2019.
      But according to my policy:
      At the same role of “Last premium paid at Beg of Yr 10”, End od Pol Yr=10, Age at Year End=36 (Year 2020!)
      That means I actually have to pay until Feb 2010?
      Is the first payment deposit? (As I read from the payment receipt, it said deposit)
      When can I get back my deposit?
      Thank you.

    • Chong Chee Voon

      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 ?

      • KCLau

        It should be total payment of 10 times only.

    • maggie

      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

    • Shirlynn

      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.

      • KCLau

        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.

    • TAN HUI LENG

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

    • Khamis

      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?

    • AH LEONG

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

    • Den

      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.

    • CWH

      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?

      • KCLau

        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.

    • John

      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

    • Scot

      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

      • KCLau

        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.

    • dev

      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

      • KCLau

        Hi Dev,

        The closing date is in fact 31st May.

    • SH

      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

      • KCLau

        Hi SH,

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

    • Jeanne

      I already bought a medical card policy from Great Eastern. If I purchase this Great Income Advantage, can I claim both side if anything happen?

      • KCLau

        yes. Medical card only covers medical expenses paid to the hospital.
        Meanwhile, you can claim all life policies if your illnesses are covered. Those are lump sum paid to you.

    • phillo

      can we pay in one lump sum of the premium?means i wan straight away pay RMXXXK for 10yrs,wad benefits i can get n how many interest GE will pay me?

      • KCLau

        No GE provide the Advanced Premium Acount (APA). For example, you can pay RM100,000 in one shot.
        After the first time premium RM10k paid, there is remaining 90k. Those 90k will get interest paid counted daily rest with interest rate slightly higher than FD (if not mistaken it is 2.8% now).
        When it is time to pay the 2nd year premium, RM10k will be deducted from your APA (by then will have RM90k plus interest).

    • Pearly

      For a min of RM400 a month, how much will I get yearly after 10 years ?

      • Shereen

        Hi Pearly,

        Can i have your mobile no so that i can brief u more details. thanks.

      • KCLau

        around ~RM2400/year

    • Bryan

      1. To withdraw certain amount, it is called policy loan. You will need to pay 7% interest on daily basis

      Are you mean that 7 % daily basis? daily???mean a month means 7% x 30= 210%??????!!

      • Shereen

        hi Bryan.
        After vet through the acticle, the 7% is based on yearly and not daily.

        Am currently worked as broker in insurance industry and if you need further clarification for all the saving plan @ structure plan malaysia, pls feel free to call me at 016-716 0065.

        Thanks,
        Shereen

    • Lee

      Hi, if I paid the yearly 10k premium for GJA3 plan. After 15 years, is it high chance that I only can get back 60% of my money if surrender the policy? refer to the policy, the guarantee value is only 60k++ as at year 15. Of cource, if include non-guatantee interest, I can get about 130k at year no 15. please advice. I’m new agent & may start to sell to relative soon. worry that they only can get back 60% of money paid after 15 years…

      • KCLau

        Lee,

        It is better to ask your immediate officer for clarification.

    • Chris

      Hi KC,

      Is Great Junior Advantage Series 3 a new product? When was it launched?

      Thanks!

      • KCLau

        Series 3 is launched early this year (2009)

    • anon_t

      hi KC,

      few Qs here:
      1. can I convert the GJA2 plan to other plan? provide I have suffice money to pay up all the future required payment. then, can I cancel that plan and get back all my money paid?

      2. after paying the policy fully 10 years, can I surrender and get back all the money I paid? or I need to wait few years for “break even”? or it MUST continue till the policy maturity date (if I still alive at age 87)?

      there are so many uncertainties in our life, and I wish to know the risk of make such life time decision in GJA plan. (factor: job, migration, change of life style/planning)

      thanks 🙂

      • KCLau

        Hi Anon_t,

        1. I think you can convert.. but need to consult the customer service department. I’ve never done any conversion before.
        2. The break even point is around 13-14 years. You won’t get back your full premium paid at year 10th.

    • anand

      hi kC
      im a GE agent working as a part timer….
      recently i have proposed GJA series3 plan to 1of my client for basic sum assured 500K with annual premium rm100,464.00. itz including PBR plus rider….. but i have a competation with ING premiur income plus12 plan in the opponent side… my client nw comparing the guarentee return and the policy benefits… as i noe via searching in net ING performance getting worst nw… they lost about usd 3.1Billion in 4th quarter 2008, they cut operating cost usd1billion in 2009, ING-canada 2008 profit drop 75% about 64.1Million USD.. they asian private Bank on selling valued around 1.8B….

      can u advice me sume achievement of GE, about their performance….. oo any plus point to bid ING
      need ur respon asap…thx KC
      anan@GE

      • KCLau

        Most plans are compatible and competitive. I think when the customer wants to compare, they are actually comparing your relationship, not really on the plan itself.

        • Anand

          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:-

          • KCLau

            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.

    • Stephanie

      Hi KC,

      I will need some advise from you. Due to some reason, I am not able to continue my policy. Only paid first year, if I were to surrender now. do I get anything back?

      Please advise. Thanks in advance!

      • KCLau

        @Stephanie,
        It is better to ask GE directly to get the real figure.

    • annie

      Venti,

      Hi, this plan provide a good income stream until policy maturity at your age of 87. Don’t u thick this plan can help us create money that may help us in the year of future. Golden age with great life….

      Few of my friends are happy with this plan

    • Ron

      Venti,

      If u lapse the whole policy after 10 years,you wont receive any payment from GE and as said above,at 10th year you still wont get ur breakeven..

    • venti

      Well, please check if i am right……..

      After paying for 10 years (paid up policy)….i stop paying the premium and receive annual 4.25% of sum assured.

      But assuming after 10 years(paid up policy),i decide to take everything out . This means i wont receive any payments from GE after that?

      • weikian

        you will still get some money back as the survival benefits start from year 2 to 10 with 0-4.25% of sum assured.

    • venti

      Assume paying for 10 years (rm 400 per month), can i take out the principal amount that i invested?
      rm400 x 120 months = rm48000

      and continue to receive yearly contributions by GE?

      • KCLau

        @Venti
        When you decide to withdraw all your saving, you must need to surrender the policy.
        When policy is surrendered, you won’t be able to receive the yearly income anymore.

    • eugene

      1. What’s the different between GJ/IA Series 2 compare to GJA Series 3, and is series 3 is better than previous series?
      2. Is it GJ/IA series a investment-linked policy?

      • KCLau

        @ Eugene,

        1. the series 3 is more expensive for the same sum assured. However, the payout is about the same. Overall, both series have their own advantage.
        2. GJA is not an investment-linked policy.

    • Hong

      Hi KC,

      Could you help to elaborate the latest Great Junior Advantage Series 3 Plan ?
      What are the differences with this Series-3 & Series-2 ? Increased of premiums ?

      Thanks in advance

    • chrysan

      As your answer above:-
      ‘You can put in lump sum of RM50k. Now GE provides Advanced Premium Account (APA) that gives 4% interest.
      You can put RM50k in APA, gaining 4% interest a year. The money will be deducted for the premium due annually.’

      Please give me a proof on 4% interest.

    • Rachel

      If I can only afford RM 100 per month, after 10 yrs, how much yearly income I can on the 11th year? I am 27 this year.

      • KCLau

        Hi Rachel,

        The minimum premium for this plan is about RM400/month.

    • HJN

      As I know that, we have to save money for 10 years. The amount/year to save is fixed which is RM5000/year. In another words, I’ll have to pay RM416.67 per month and I’ll save RM50,000 in 10 years time.

      As we won’t know what will happen in 10 years time. If there is situation which made us fail to pay up RM416.67 per month, can I put in RM50,000 in one time (if I had RM50,000 now), and then wait until 10 years passed?

      • KCLau

        @HJN,

        You can put in lump sum of RM50k. Now GE provides Advanced Premium Account (APA) that gives 4% interest.
        You can put RM50k in APA, gaining 4% interest a year. The money will be deducted for the premium due annually.

    • eugene

      1.Is it really need to pay for 10 years only?
      (cos my friend policy state that the payable/due date premium is 20 years )
      2.Will i get back the premium that i pay?
      3.If I pay RM500 monthly, how much annually I get after 10 years?

      Thanks

      • KCLau

        @Eugene,

        1. Yes .. only payable 10 years. Technically, after 10 years, the policy will be converted to paid up policy (which means no longer payable). As you stated your friend’s policy, I am not sure if you are referring to exactly GJA or similar plan from other companies?
        2. Will you get back the premium paid? That depends on “when” you want to get it back. If you lapse it at 10th year.. it might not break even still.
        3. For RM500/month, it is roughly RM6000/year. On the 11th years onward you will get back yearly income about half of RM6000, which is around RM3000.

    • wong

      What can I get : –
      (1).if I have to withdraw a certain amount in the 5th year instalment for emergency use.
      (2). if I found that this policy not worth value and wish to stop & withdraw all the amount in the 5th year

      Kindly calculate the amount I can get after 20 years (for yearly saving of RM5,000)or provide calculation table (from 1st year to 20th year)

      Thank you.

      • KCLau

        1. To withdraw certain amount, it is called policy loan. You will need to pay 7% interest on daily basis
        2. You can surrender the policy and the value will be less the amount you put in. You can get back about 60% of the total premium paid for 5 years.

        For the table calculation, it takes a lot of work. If you are really interested to know about the plan, kindly email me with your birth date, occupation, gender and mobile phone no.
        Use the contact form at “contact” page on the tab below the header.

    • Sam

      With reference to this plan, what is the min monthly premium payable ?

      If I pay RM300 monthly, how much annually I get after 10 years?

      What happened if < 10 years I lose my job and have no money to pay the monthly premium, will this plan automatically forfeitted by the insurance company? Or I can pause and continue later?

      What is the disadvantage of this plan?

    • […] They can’t qualify for health insurance if they are born in 1948 or earlier (over 60 years old). The most common annuity product in Malaysia is something like Great Income Advantage. […]

    • KCLau

      can claim the total death benefit
      or don't do anything and still receive the yearly payment

    • crane

      how about after 10 years tpd happen?

      thankyou!

    • KCLau

      the beneficiary will get the sum assured, which is always higher than the total premium paid.

    • andree

      This policy would be great for those who can live till 87 years old. How abt someone death within the 5th – 10 th years of premium. They will lost compare to wht they gave?

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