Great Eastern Smart Legacy Max Plan

Great Eastern in early 2018 has launched a new life insurance plan focused on legacy protection with flexible payment terms.

 

Smart Legacy Max Benefits

  1. Protection with flexible payment term of 5 / 10 / 20 years
  2. Additional 1% on sum assured each year (up to max 30%)
  3. Booster reward of 12% basic sum assured
  4. High coverage for Death and Total Permanent Disability (TPD)
  5. No-Lapse Guarantee security
  6. Additional protection for accidental death
  7. Flexible protection and investments levels
  8. Extra protection with additional riders

 

Smart Legacy Max Protection

  • Coverage: RM500k upwards
  • Large sum Cost of Insurance 30% discount
  • Coverage Age: Up to age 100 next birthday
  • No medical limit (no medical checkup required for standard health): up to RM4m coverage
    • Age 30 days to 16 next birthday: 1.5m
    • Age 17 – 50 next birthday: 4m (Promotional campaign until Mar 31, 2018 with limit at 8m)
    • Age 51 – 60 next birthday: 3m
    • Age 61 – 70 next birthday: 500k
  • High total payout: Basic Sum Assured + Additional Sum Assured + Total Investment Value
  • No-Lapse Guarantee for first 3 policy years
  • Premium payment period of 5, 10 or 20 years (selected at start of policy)
  • Minimum annual premium
    • 5 years and 10 year pay: 1,500
    • 20 years pay: 1,200

 

(Source: greateasternlife.com)

Boosted Protection

  • Bonus Coverage: 1% Additional Sum Assured every year (without amount capping) up to 30% additional
  • Booster Reward: 12% of Basic Sum Assured credited into your Total Investment Value after 30 years (or age 70 whichever is later)
  • 200% payout (BSA + ASA) for accidental death, up to age 70
  • 300% payout (BSA + ASA) for accidental death on public conveyancing
  • Option to boost investment value via top-ups (min RM1k per top-up)
  • Extra protection with additional riders include Critical Illness Benefit Rider and Premium Waivers upon occurrence of TPD/CI

 

Optional Riders

  • Payer Benefit Rider / Extra Rider
  • Premium waiver on TPD / CI / Extra Rider
  • Critical Illness Benefit Rider

 

Details

  • Life Assured age (at time of entry): 30 days to 70 next birthday
  • Coverage up to age 100 years next birthday
  • No backdating of policy
  • Exclusions: Pre-existing conditions, death in 1st year from suicide, TPD from self-inflicted injuries
  • Fund choices include funds invested in Shariah-approved securities but itself is a conventional insurance plan
  • Maximum TPD benefit of RM10m across all policies and riders on same life
  • Download: Smart Legacy Max – Brochure

 

Smart Legacy Max Example

Mr Alvin Lee wants to leave RM500k to his son and daughter. Instead of setting aside RM1m, Alvin decides to get Smart Legacy Max paying for only 5 years as he knows that his business is profitable for at least the next 5 years. This allows Alvin to be able to spend comfortably without worrying, while ensuring that his children are provided for.

  • Initial Basic Sum Assured: RM1m
  • Additional Sum Assured: RM1m x 1% x 30 = RM300k
  • Total Death Benefit: RM1.3m + Total investment Value
  • Payment period: 5 years only (no more payments after the 5th year!)

 

Overall

Smart Legacy Max by Great Eastern offers the benefits of the Smart Legacy plan while offering the flexibility of a shorter payment period of 5, 10 or 20 years. It is surprisingly affordable with a large sum assurance discount and offering a sizeable amount of protection that makes a difference for yourself and your family.

E&OE. For information sharing purposes only.

 

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