What is Great Eastern SmartProtect Max?
SmartProtect Max is a term life insurance policy by Great Eastern which also doubles up as an investment plan - great for your child's future college fees, expensive medical expenses, and family emergency savings.
Unlike regular term life insurance policies which makes sure you get back only your original sum assured amount in the event of death or total and permanent disability, an additional 1% will be added each year to the sum assured.
With that said, imagine how much more you'll be guaranteed to receive when you're loyal to Great Eastern!
Tell me more about my yearly bonus?
Here's an example. Sally, who is 35 years old, bought this Great Eastern term life insurance policy for a sum assured of RM500,000.
Now at 40 years old, she would've accumulated an additional RM25,000 on top of her original amount over only 5 years! It'll be great to have that added layer of security on top of an active savings account or FD investment.
But much will I be covered for death or permanent disability?
You can get started with this Great Eastern term life policy at a basic sum assured of RM500,000.
Should you die or become handicapped because of an ongoing injury or sickness, SmartProtect Max can guarantee that you or your family will get a lump-sum cash payment of your total sum assured or your total investment value, whichever is higher.
How do I invest with SmartProtect Max?
A portion of your insurance premiums will go towards unit funds which you can pick and choose to fit your risk preferences and investment style. You’ll be able to choose from a list of attractive unit funds such as Lion Enchanced Equity Fund, Lion Strategic Fund, Diana Sejati, and Dana Gemilang.
To top that off, this plan offers No-Lapse Guarantee in the first 6 policy years. It simply means that your policy is still valid even when your total investment value becomes zero. However, this feature is applicable only if you pay the premiums consistently before the due date or during the grace period with no cash withdrawals within the first 6 years.
How long will I be covered for?
Depending on your needs, you can choose from terms up to 30 years where you can choose your premium payment term ranging from 5, 10 or 20 years to suit your family's lifestyle and budget. The premiums rate is guaranteed throughout the coverage period - no surprises!
Who can buy this insurance policy?
Individuals as young as 19 years old are eligible to be enrolled in Great Eastern SmartProtect Max, while the maximum entry age being 69 years old.
Can I convert the SmartProtect Max to a permanent whole-life plan?
Yes, you are allowed to convert your current SmartProtect Max policy to a permanent whole life or endowment plan at maturity, but you must do so not later than age of 80 years.
Any other fees and charges I should be aware of?
There's a monthly policy fee of RM6 while the fund management charge can range from 0.5% to 1.5% a year depending on your choice of investment fund - choose wisely!