Understand your bonus statement (PDF)

_{Bonus Declaration Exercise & How Policy Will be impacted}

How will my policy be affected after bonus declaration?

The bonus rates are maintained for 2024.

Once declared and vested, bonuses are guaranteed and payable in the event of a claim. Future bonuses, including maturity or terminal bonuses, are projected. The actual bonus rates declared in the future may be higher or lower, depending largely on the investment climate and economic conditions.

How are bonus rates determined?

Bonus rates declared are approved by the board of directors after a written recommendation from the appointed actuary. When making the recommendation for the amount of bonus to be declared for each policy, the appointed actuary has to take into consideration key factors that will affect the surplus available for distribution. These key factors include not only the investment performance and the outlook of the performance of the Par Fund in the medium to long term; they also include the claim experience, expenses, surrenders, and lapses. The cumulative effect of past investment performance would be different for different plans, depending on the year of issue and type of plan.

Can I withdraw the accumulated bonus?

Once declared, bonuses are guaranteed and are payable in the event of a claim. We do not encourage you to withdraw the accumulated bonus prematurely. This is because you will be paid only the surrender value of the accumulated bonus. If you have short-term financial needs, you may wish to consider taking a policy loan instead.

What information does the bonus statement contain?

The Annual Bonus Statement will give you details of the bonus declared, including the current and past three years’ reversionary bonus rates allocated. It will also provide details of the change in the illustrated values if the bonus rate of your policy has been adjusted.

The Annual Bonus Statement will be accompanied by the Participating Fund update for 2024. The Participating Fund update will inform you of the performance of our Par Fund in 2024, the asset mix, overview of the economic outlook and the allocation of annual bonuses to Par Policies for the year.

Why is the policy illustration projecting at higher values than what the company can achieve?

The policy illustration is meant to illustrate the potential level of policy benefits to policyholders, including the non-guaranteed elements, based on the prevailing outlook of the performance of the Par Fund. One of the key elements affecting the non-guaranteed policy benefits is investment returns which can vary from year to year.

The rates used in the illustration are not a reflection of the actual returns of both existing and future participating policies. The actual returns received for a participating policy will depend on the actual experience, including investment performance, of the Par Fund that will develop over the lifetime of the participating policy.

For policies where there is no revision in bonus rates, why are the "Illustrated Death Benefit" and "Illustrated Surrender Value" different from the illustrated values in my bonus statement last year?

The illustrated values will be different from the bonus statement last year if your policy is a whole life policy and the life assured’s age is between 45 to 79 as the illustrated values are based on the year that is 20 years after the current year.

For example:

If your age today is 47, illustrated values this year are based on the year 2045 (20 years later from 2025). In the bonus statement last year, your age was 46 and illustrated values are based on the year 2044 (20 years later from 2024).

Why is "Illustrated Maturity Value" shown for some policies, and "Illustrated Surrender Value" and "Illustrated Death Benefit" shown for others?

For endowment policies, we will show the “Illustrated Maturity Value”.

For whole life policies, we will show the “Illustrated Surrender Value” and “Illustrated Death Benefit” based on the life assured’s (LA) age today as follows:

If LA’s age is below 45 – the illustrated values are based on the year that the LA turns 65

If LA’s age is between 45 to 79 – the illustrated values are based on the year 2045 (20 years later)

If LA’s age is above 79 – the illustrated values are based on the year that the LA turns 99

For policies with survival benefit and/or cash bonus, the illustrated values exclude any survival benefit and/or cash bonus kept on deposit with Great Eastern.

You may refer to the original policy illustration for these values. 

How do I retrieve my bonus statement?

1. Sign in to the Great Eastern App using your Email Address (Great ID)

2. Tap More from the bottom menu.

3. Tap Documents.

4. You will see a list of your most recent eDocuments. Tap Statements at the top of the screen to view your statements.

5. Tap the statement you wish to view.

6. View your bonus statement.

I wish to receive hard copy communications. How can I update my preference?

You may wish to update your preference via the following:

Log on to eConnect > Click View Profile > Correspondence Preference > Select Hardcopy

OR

Call our Customer Service on +673 2233118 or email us at wecare-bn@greateasternlife.com

I have other policies that are not reflected in this bonus statement. Why is this so?

This bonus statement is an annual statement applicable for participating policies which were in force at the end of 2023.

Updates for policies without Participating Funds will be reflected in a separate statement, and not together in the statement for policies with Participating Funds.

1. I have lost my policy. How do I get a replacement?
   Come personally to Great Eastern Life’s Head Office with your identification card/passport. Our address is No. 17 & 18, Block B, Bangunan Habza, Simpang 150, Kampong Kiarong, Bandar Seri Begawan, Brunei Darussalam. You will need to complete a Declaration and Indemnity for Loss of Policy Form in the presence of our Customer Care Officer.
   
   A policy replacement charge of $20 will be imposed and the duplicate policy document will be sent to you within 10 working days.
   
   
2. I am residing overseas and have lost my policy. How do I get a replacement?
   You can request for a duplicate policy document by completing a Statutory Declaration for Loss of Policy form.
   
   You have to bring this form to a Justice of the Peace, Notary Public or other officer empowered by law to administer oaths, affirmations or affidavits to make a statutory declaration that your policy document is lost. Then submit this duly signed and witnessed Statutory Declaration for Loss of Policy form to us for processing.
   
   A policy replacement charge of $20 will be imposed and the duplicate policy document will be sent to you within 10 working days.

1. What is Freelook?
   A freelook clause is provided in the policy terms and conditions. It states that the policyholder can cancel the policy under the freelook period within 14 days from receipt of the policy document.
   
   
2. How will I be affected if I cancel my policy during the freelook period?
   Cancelling your policy under Freelook means that the whole policy is cancelled and there is no insurance coverage. If you have gone for a medical examination for the policy, any medical cost incurred will be borne by you.
   
   For Investment-Linked policies, market adjustments will be made and any losses will be borne by you.
   
   
3. What is the procedure for cancelling a policy under Freelook?
   You need to give us a written request and submit it together with the original policy document.

1. At Great Eastern Life Brunei, we advocate a cashless mode of payment and encourage all our Customers to make payments electronically using approved payment methods. Cashless payments offer safe and secured payment alternatives to Customers.
   
   
2. Great Eastern Life Brunei offers you multiple payment methods for your premiums, policy loans repayment which are safe, convenient and hassle-free. Available payment channels include Internet Banking, Cash Deposit Machine, Automatic Teller Machine, Cheque Deposit Machine / Dropbox and Telegraphic Transfer. For details on payment methods available, please refer to the Table: Payment Channels in ANNEX 1 of the guidelines.
   
   

   Bank Payment Channels	SCB	Baiduri	Information Required
   Cash Deposit Machine	✓	X	Policy Number and Amount
   Automatic Teller Machine	✓	X	Policy Number and Amount
   Cheque Dropbox (SCB & Baiduri) Cheque Depositing Machine (Baiduri)	✓	✓	Policy Number, Policyholder Name and Purpose of Payment
   Internet Banking Add A New Biller (SCB) Make A One Time Payment (SCB)	✓	X	Policy Number, Policyholder Name and Purpose of Payment
   Bank Counter	X	✓	Policy Number, Policyholder Name and Purpose of Payment PH can do an Account Transfer to transfer from PH to GE account at SCB or Baiduri counter.
   Standing Instruction (To be set up at bank counter)	✓	✓	Policy Number, Policyholder Name and Purpose of Payment Standing Instruction set up fee is waived for Baiduri account holders.
   Telegraphic Transfer	✓	✓	Policy Number, Policyholder Name and Purpose of Payment

   
   
3. Cash Payment at Great Eastern Service Counters
   
   If you wish to make payments using cash or cheque at Great Eastern service counters, our operating hours are from:
   
   Monday to Thursday (excluding public holidays)
   8.30am to 4.30pm
   
   Friday (excluding public holidays)
   8.30am to 12.00pm
   2.00pm to 4.30pm
   
   Great Eastern Life Assurance Company Limited
   No 17 & 18, Block B, Bangunan Habza
   Simpang 150, Kampong Kiarong
   Bandar Seri Begawan BE1318
   Negara Brunei Darussalam

APPENDIX 1: TABLE- Payment Channels

We encourage all our Customers to use cashless payment methods which are Safe, Secure, Convenient and Hassle-free.

NOTE: An Official Receipt will be mailed to you directly once your payment has been received and processed by Great Eastern.

1. In what circumstances would a policy lapse? 
       o Premium not paid within grace period
          When the premium is not paid for the policy, and the policy has not acquired any cash value, the
          policy will lapse 30 days after the premium due date.
   
       o If the policy has acquired cash value, an Automatic Premium Loan (APL) will be set up after a 30-day
          grace period. This is provided for in the policy terms and conditions. APL will continue to pay for the
          premiums for as long as there is cash value.
          When the outstanding indebtedness (i.e. APL and APL interest) exceeds the cash value, the policy
          will lapse.
   
       o Taking policy loans against the policy and not making loan repayments may also cause the policy
          to lapse, despite regular premium payment. When the outstanding indebtedness
          (i.e. policy loan and loan interest) exceeds the cash value, the policy will also lapse.
   
   
2. What is Reinstatement?
   Reinstatement is provided for in the policy terms and conditions. It allows the policyholder to continue with the policy, subject to certain terms after the policy has lapsed.
   
   
3. How long from the lapsed date can I still reinstate my policy?
   The reinstatement period depends on the type of policy.
       o For Regular premium policies, reinstatement is within three years from the lapsed date
       o For Term policies, reinstatement is within six months from the lapsed date
       o For Single premium policies, reinstatement is within six months from the lapsed date
   
   
4. What are the requirements for reinstating my policy?
   You need to fill up a Reinstatement Form. Policy reinstatement is subject to satisfactory health underwriting and payment of premiums and interest outstanding from the date of lapse to reinstatement.
   
   Additional form(s) is/are required if your policy has lapsed for more than six months and/or your application for assurance was accepted at other than normal terms. Please attach the Declaration of Health form.

1. What is an Absolute Assignment?
   An absolute Assignment is a transfer of ownership from the Assured (Assignor) to another person or institution (Assignee).
   
   The assignee becomes the new owner of the policy and assumes full legal right over the policy. All proceeds, be it surrender, maturity or claims will be payable to the assignee.
   
   
2. When can I assign my policy?
   You can assign your policy if
   
   1. the policy
      • is allowed to be assigned under the plan
         
   2. both assignor and assignee are
      • at least 21 years old
      • of sound mind
      • not bankrupt
      • not under duress
        
        
3. How can I effect an assignment?
   Both the assignor and assignee must come to our office at No. 17 & 18, Block B, Bangunan Habza, Simpang 150, Kampong Kiarong, Bandar Seri Begawan, Brunei Darussalam, with their Identification Card.
   
   If the assignment is done between spouses, or parent and child, and relationship can be established by producing the marriage certificate or birth certificate, they need not be present at our office.
   
   Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.
   
   
4. Can I assign to a company or institution?
   Yes, you can assign to a company or institution.
   
   Both the assignor and assignee must come to our office at No. 17 & 18, Block B, Bangunan Habza, Simpang 150, Kampong Kiarong, Bandar Seri Begawan, Brunei Darussalam, with their Identification Card.
   
   Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.
   
   For an assignment to a company or institution, a company stamp is required on the assignment form.
   
   
5. Can I cancel/revoke the assignment?
   No. Once absolutely assigned, the policy ownership will belong to the assignee. However, the policy ownership can be transferred back to you provided the assignee agrees to it. A new assignment will need to be done.