GREAT Multi-Gen Wealth 2 | Look After Generations of Your Family with One Plan
GREAT Multi-Gen Wealth 2 | Look After Generations of Your Family with One Plan
Protect your financial legacy with the flexibility to customise your stream of income for generations to come
Every journey in life has a beginning and an ending. But by growing your wealth and protecting it for your loved ones, you can ensure that your legacy lives on for generations and continues to provide for your children and grandchildren to come.
GREAT Multi-Gen Wealth 2 is a limited pay whole life plan with investment booster and survival benefit option. It is designed to sustain and safeguard the wealth that you have built over the years – giving you and your family a future to look forward to. When the time is right, you can pass on your legacy through change of policy ownership and life coverage to your loved ones to support and protect their future.
The plan gives you the flexibility to choose your premium payment term from 5, 10 or 20 years for a coverage of up to 70 years, 80 years or 90 years old next birthday. Furthermore, the newly enhanced feature allows you to have the flexibility to choose to receive a regular stream of yearly income in the form of investment booster or survival benefit, or both. On top of the yearly income throughout the policy term, you can also celebrate at the end of your policy term with a lump sum maturity benefit!
Should the unfortunate occur, GREAT Multi-Gen Wealth 2 has you covered as well. You will be financially protected against death with no medical underwriting required.
Reach for GREAT Multi-Gen Wealth 2 today and grow a legacy that protects your loved ones for generations.
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Key benefits
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Long-term savings that are sustainable across generations
While GREAT Multi-Gen Wealth 2 may begin with you, it does not need to end with you. The plan’s unique feature gives you the option of appointing an Alternate Policyowner (APO)1 and a Secondary Life Assured (SLA)2 as well as Change of Life Assured (CLA)3.
With GREAT Multi-Gen Wealth 2, plan ahead and sustain your savings across generations, providing your loved ones with a lasting legacy for the future, with up to RM1 million annual premium 4.
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Limited premium commitment of 5, 10 or 20 years
When it comes to financial commitments, flexibility is important. GREAT Multi-Gen Wealth 2 lets you choose a premium payment term of 5 years, 10 years or 20 years, with coverage that lasts up to 70 years, 80 years or 90 years old next birthday4,5.
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Steady stream of yearly income with flexible choice to suit your financial needs
Watch your savings grow and add to your legacy every year. At the end of each policy year, a yearly income which is equivalent to a percentage of your Basic Annualised Premium6 will be available to grow your savings.
Enjoy the flexibility to decide on how to receive your regular stream of yearly income which is best suited to your financial needs, by way of investment booster or survival benefit, or both.
Additional benefits
To celebrate reaching the maturity date of your policy, you or your future generations may receive a lump sum payment upon maturity, less any amount of indebtedness4.
When you sign up for GREAT Multi-Gen Wealth 2, full coverage is provided with no health questions asked and no medical examinations required4.
Upon uncertainties happening in life, you can be certain that you will be financially protected with GREAT Multi-Gen Wealth 2. In the event of death, your loved ones will receive the benefit payout in one lump sum4.
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Understand the details before buying
(1)Policy owner and APO must be an individual for the appointment of APO, and is subject to the conditions determined by the Company. Each appointment of APO and each conversion of APO as the policy owner shall be subject to the Company’s approval, and is subject to the policy still being in force. Only the initial policy owner, or new policy owner who is also the life assured can appoint or amend the appointment of the APO.
(2)Policy owner must be an individual in order to appoint an SLA and such SLA is subject to the conditions determined by the Company. The initial life assured must be still alive at the time of appointment of the SLA. Each appointment of SLA and each conversion of SLA as the new life assured shall be subject to the Company’s approval, and is subject to the policy still being in force. Only the initial policy owner, or new policy owner who is also the life assured can appoint or amend the appointment of the SLA. Upon successful conversion of the SLA to the new life assured, the death benefit will not be paid out, and the policy will continue with the same terms and conditions.
(3)Policy owner must be an individual in order to exercise the option for CLA, and such CLA is subject to the conditions determined by the Company. The initial life assured must be still alive when the change of life assured takes place. Each change of life assured shall be subject to the Company’s approval, and is subject to the policy is still being in force. Only the initial policy owner, or new policy owner who is also the life assured can change the life assured. Upon successful change of life assured, the policy will continue with the same terms and conditions.
(4)The coverage term will remain unchanged if there is conversion of life assured or change of life assured during the policy term.
(5)Basic annualised premium is the basic plan’s premium paid for a policy year, excluding rider’s premium.
(6)Basic Premium is the basic plan’s premium excluding any rider’s premium and advance premium paid.
GREAT Multi-Gen Wealth 2 is a whole life plan with limited premium payment term without participation in profits. The investment booster will be credited into the total investment value by purchasing units in the chosen unit fund(s) while the survival benefit will be paid to you. Some of the choices of funds invest in Shariah-approved securities. However, this is not a Shariah-compliant product. The total investment value is tied to the performance of the underlying assets, and is not a pure investment product such as unit trusts. Premiums are payable until the end of the premium payment term, or until death or termination of the policy, whichever occurs first. Premium will remain the same throughout the premium payment term.
You should satisfy yourself that this plan will best serve your needs and that the premium payable under the policy is an amount you can afford. A free-look period of 15 days is given for you to review the suitability of the plan. If the policy is returned to the Company during this period, the Company shall refund an amount equal to the sum of:
a. the basic premium paid without interest plus rider(s) premium (minus the expenses incurred for medical examinations, if any); and
b. the unallocated premiums (if any) and the value of the units that have been allocated (if any) at unit price at the next valuation date.
Net asset value is the single price at which the policy owner buys the units in a unit fund and sells the units back to the unit fund. If you switch over your policy from one insurance company to another or if you exchange your current policy with another policy within the same insurance company, you may be required to submit an application where the acceptance of your proposal will be subject to the terms and conditions to be imposed at the time of the policy switching or replacement.
The policy does not have a guaranteed minimum cash value on termination until after you have paid premiums for two years. An early termination of the policy involves high costs and the withdrawal value of the total investment value is dependent on the prevailing market value of the underlying assets of the unit fund(s). Therefore, if you surrender your policy early, you may get back less than the amount you have paid. The total investment value may rise or fall, based on the underlying performance of the fund(s). The performance of the fund is not guaranteed. The investment risk will be borne solely by the policy owner. Past actual performance is not a guide to future performance, which may be different.
If you stop paying premiums before the end of the premium payment term, an automatic premium loan will be effected under your policy to pay future premiums so long as the cash value and/or total investment value are more than the total indebtedness. The Company shall charge interest on the above loans at interest rates to be determined by the Company from time to time. The prevailing interest rate is available on the Company’s official website. Cessation of premium payment before the end of the premium payment term may lead to an early termination of coverage.
You have the option of boosting the investment value of your policy via single premium top-ups, subject to a minimum of RM1,000 per top up, provided all premiums due and any indebtedness have been paid.
95% of the Single premium top ups will be utilised to purchase units of investment. The remaining 5% of the single premium top-ups that has not been allocated to purchase units is used to meet the payment of commissions to intermediaries and general expenses of the Company. The Company reserves the right, in circumstances it considers exceptional, to suspend issuance or redemption of units.
The above is for general information only. It is not a contract of insurance. You are advised to refer to the Sales Illustration, Fund Fact Sheet, Product Disclosure Sheet and sample policy documents for detailed important features and benefits of the plan before purchasing the plan. The exclusions and limitations of benefits highlighted above are not exhaustive. For further information, reference shall be made to the terms and conditions specified in the policy issued by Great Eastern Life.
The terms “Great Eastern Life” and “the Company” shall refer to Great Eastern Life Assurance (Malaysia) Berhad.
The benefit(s) payable under eligible policy/product is(are) protected by PIDM up to limits. PROTECTION BY PIDM ON BENEFITS PAYABLE FROM THE UNIT PORTION OF THIS POLICY/PRODUCT IS SUBJECT TO LIMITATIONS. Please refer to PIDM’s TIPS Brochure or contact Great Eastern Life Assurance (Malaysia) Berhad or PIDM (visit www.pidm.gov.my).
Information correct as on 3 May 2024.