What is Great Term Direct?
Underwritten by Great Eastern Life Assurance, this is a non-participating term life insurance plan (no investment elements) that provides coverage in the event of death or Total and Permanent Disability (TPD) that comes with Bereavement benefit.
Tell me more about the coverage and benefits.
Within this plan, you will receive coverage and benefit for the following:
- Total and Permanent Disability (TPD)
|Coverage & Benefits||Payout|
|Bereavement||In an unfortunate event of your death during thiis policy's term, an upfront amount of RM5,000 from your basic sum assured will be given to your loved ones.|
|Death||The balance of the basic sum assured will be payable in one lump sum amount. This is after deducting from the Bereavement benefit.|
|Total and Permanent Disability (TPD)||In an unlikely event of Total and Permanent Disability (TPD) which occurs before the age of 65 years (on your next birthday), you will receive the basic sum assured in accordance with the provisions stated in your policy.|
In the event of TPD, the maximum basic sum assured is of RM10 million per life (excluding group policies).
This will be paid in 3 annual installments with the first being a lump sum of the basic sum assure or RM2 million (whichever is lesser). The balance (if any) will be payable in two (2) equal annual installments.
How much is the Basic Sum Assured can I purchase with this policy?
You can purchase from 5 Basic Sum Assured plans:
|Basic Sum Assured||RM100K||RM200K||RM300K||RM400K||RM500K|
You can choose to decrease your sum assured but only limited to the 5 options. Any decrease in sum assured will take effect from the next premium due date.
No increase in sum assured is allowed after the policy is activated.
How much premiums do I have to pay?
Based on your chosen Basic Sum Assured from the above, your premiums will vary. Premiums also varies by gender, smoker status and will increase as you age.
Great Term Direct policy's premiums are affordable and will be paid until you are 80 years old, on your next birthday. This means that you will get continuous protection for a very long time.
You have the flexibility to pay your premiums annually, half-yearly, quarterly or even monthly via your credit or debit card.
In terms of renewal, there's a 30-days grace period from the premium due date, after which the policy will lapse of the premium remains unpaid.
Am I eligible to apply?
The entry age for Great Term Direct is 18 to 60 years old (on your next birthday).
Furthermore, there is an eligibility checklist that you must fulfill upon application:
- A Malaysian citizen residing in Malaysia
- Have a valid email address
- Have a valid Malaysian mobile number
- Owns and/or has effective control over the policy
- No pre-existing medical conditions
The above list is non-exhaustive. For full eligibility checklist, please check out Great Eastern's website.
Where can I purchase this plan?
Great Term Direct can be purchased directly from Great Eastern Life via their website, without the need for an intermediary involved in its sales or marketing.
Application is easy, you'll only need to:
- Answer some simple health related questions
- Medical examinations are not required
Are there any exclusions I should be aware of?
Yes, the following would not be payable:
- Death during the policy's first year from commencement or reinstatement date (whichever is later), as a result of suicide, while sane or insane.
- Total and Permanent Disability resulting from self-inflicted injuries, while sane or insane.