GREAT Wealth Enhancer | Limited Pay Endowment Insurance
GREAT Wealth Enhancer | Limited Pay Endowment Insurance
Investment booster and maturity benefit to aid you in your wealth accumulation dreams
Life is full of excitement – whether it involves your dream career, owning your first home, starting a family or funding for your child’s education. Regardless of your goals, let your aspiration soar with the decision you make today. Look no further than the GREAT Wealth Enhancer– a limited-pay endowment plan that covers you for 15 or 20 years depending on your selected premium payment term, with a myriad of benefits throughout your policy term.
The plan bolsters you financially, with a high payout from its investment booster feature that can be withdrawn to meet your financial needs, and maturity benefit at the end of your policy term. Providing you with the resources you need to stay on track, the plan similarly prepares you and your loved ones for the obstacles ahead with a lump sum payout should death or total and permanent disability (TPD) occur and additional coverage up to 300% for accidental deaths outside Malaysia.
Reach for Great life aspirations and lessen your worries by signing up for GREAT Wealth Enhancer today.
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Key benefits
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Short financial commitment with choices of 15 or 20 years of coverage
GREAT Wealth Enhancer comes with the premium payment term options of 6 years with insurance coverage of 15 years premium payment term options of 10 years with insurance coverage of 15 and 20 years1.
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Yearly investment booster feature payable from end of 1st policy year onwards
At the end of each policy year, the GREAT Wealth Enhancer’s investment booster feature provides you with an additional pool of money which can be withdrawn to meet your financial needs, or retained with the Company for the potential of a larger payout at maturity.
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Maturity benefit at the end of policy term1
To celebrate your plan’s maturity, you’ll receive 680% or 1150% of your total annualised premium2, minus total investment booster credited into the TIV, plus TIV3 with potential investment upside (if any)1.
Additional benefits
This plan carries a no medical underwriting feature, allowing you to sign up with no health questions and medical examinations1.
Life carries an abundance of uncertainty, which is why it is always better to plan ahead for unexpected events of death or TPD. With GREAT Wealth Enhancer, your loved ones will receive a lump sum payout4 should such events occur1.
In the event of accidental death5, we provide your family with an extra payout6 on top of the death benefit1.
GREAT Wealth Enhancer Payer ensures your savings objective such as child education will stay uninterrupted in the event of TPD7 prior to age 70 years next birthday or death7 of the payer, whereby all future premiums under your basic plan will be waived1.
Your questions answered
1. What are the benefits of an endowment plan?
An endowment plan which offers two key benefits of protection and savings can help to ensure continued protection and savings for the loved one in the event of premature death/TPD. Regular incomes and/or maturity benefit can also help to meet medium-term and long-term financial goals.
1. Who can apply?
The minimum entry age is 14 days attained age and the maximum entry age is 65 years next birthday.
1. What is the minimum and maximum total annual premium for this plan?
The minimum total annual premium for the GREAT Wealth Accumulation plan is RM3,000 for a 10-year payment term or RM6,000 for a 6-year payment term.
The maximum total annual premium is RM100,000, regardless of whether you choose a 6-year or 10-year payment term¹.
1. What are some of the exclusions under the plan?
No benefit is payable under the following circumstances:
- Death during the first policy year from the risk commencement date or from the date of any reinstatement of the policy, whichever is later as a result of suicide, while sane or insane.
- TPD caused directly or indirectly by self-inflicted injuries, while sane or insane.
- TPD existed prior to the risk commencement date of the policy or the date of any reinstatement, whichever is later.
- Accidental death benefit if death of the life assured does not occur within 90 days from the date of accident.
Note: The exclusions highlighted here are not exhaustive. Full details are available in the policy document.
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Understand the details before buying
1 Terms and conditions apply.
2 Total annualised premium is the total basic plan’s premium paid for a policy year, excluding rider’s premium.
3 Total Investment Value.
4 The amount payable for the death and TPD benefits is subject to the cause and year of death or TPD, and will be payable in accordance with the provisions stated in the policy contract.
5 Only applicable for accidental death that occurs prior to the policy anniversary of attained age 80 years next birthday.
6 Accidental Death - Additional 100% of guaranteed death benefit;
Accidental Death (Public Conveyance) - Additional 200% of guaranteed death benefit;
Accidental Death (Outside Malaysia) - Additional 300% of guaranteed death benefit
7 If death or TPD is due to non-accidental cause occurs within the 1st 2 policy years, the Company will only refund the total rider’s premium paid.
GREAT Wealth Enhancer is a limited pay endowment plan without participation in profits with investment-linked features, where investment booster will be credited into the total investment value by purchasing units in the chosen investment-linked fund(s), and GREAT Wealth Enhancer Payer is an optional non-participating rider attachable to the GREAT Wealth Enhancer. 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 TPD 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 total 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 at 1 June 2024.