- How will my policy be affected after bonus declaration?
Your policy’s current illustrated values will be the same as previous illustrated values.
o The reversionary bonus rates remain unchanged for 2018.
o The terminal bonus rates on death/TPD remain unchanged for 2018.
o The terminal bonus rates on maturity or surrender remain unchanged for 2018.
o Cash bonus for cash bonus policies remains unchanged
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.
- Since there are no revision in bonus rates, why are the “Illustrated Death Benefit” and “Illustrated Surrender Value” different from the illustrated values in my last year’s bonus statement?
The illustrated values will be different from last year’s bonus statement 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 later from current year.
For example:
If your age today is 47, illustrated values this year are based on the year 2039 (20 years later from 2019). In the last year’s bonus statement, your age will be 46 and illustrated values are based on the year 2038 (20 years later from 2018).
- How are bonus rates determined?
Bonus rates declared are approved by the Board of Directors after written recommendation from the Appointed Actuary. When making 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.
- How can I find out more about the bonus rates for my policies?
We will be sending the Bonus Statement for 2018 to all our policyholders in batches over a one-month period from 21st June 2019. . The statement will give you details of the bonus declared, including the current and past three years’ reversionary bonus rates allocated.
- a) My policy does not break-even even after the bonus declaration.
b) The total premiums I have paid for my policy have exceeded the death benefit. Why should I continue my policy?
The Benefit Illustration (BIPS)/ Policy Illustration (PIPS) you received were for the purpose of illustration and are not guaranteed. The actual amount payable either at maturity or upon surrender will depend on the declared bonus rate and maturity / terminal bonus rate. The assumptions used in the calculation of the values are stated on the BIPS/ PIPS.
Insurance is primarily aimed at meeting protection needs. Depending on factors such as age of entry, health loading, plan type and sum assured, some policies may not break-even.
For example:
If you buy a policy (e.g. Living Assurance Policy Plus with CRB) at an older age of, say 55, the cost of protection against death, TPD and major illnesses not only increases with age, but also increases at an increasing rate. Hence, for a life assured who is older, a large portion of the premium is utilised to pay for the cost of protection, leaving a smaller portion of the premium for savings purpose. As a result, the surrender value/death benefit of the policy would not be able to “catch up” with the total premiums paid and the policy does not break-even.
- 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. You can contact our Customer Service Officers at 2233118 for more information on policy loan.
- What is the current investment portfolio of the Par Fund?
We will be sending the Bonus Statement for 2018 to all our policyholders in batches over a two-week period from 21st June 2019. You will receive a Par Fund Update for 2018 together with your Bonus Statement. The Par Fund Update will give you details on the asset mix of the Par Fund, fund performance and economic outlook.
- I have other participating policies that are not reflected in this Bonus Statement. Why is this so?
This Bonus Statement only reflects applicable participating policies that are accorded reversionary bonuses yearly. Participating policies that only have terminal bonuses and non-participating policies are not included.
For the former, a separate communication will be sent to customers to share on the Par Fund Update for 2018.
- 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 2039 (20 years later).
- If LA’s age is above 79 – the illustrated values are based on the year that the LA turns 99.
- Why is the column under “Illustrated Values” blank for certain policies?
There are various reasons as to why the “Illustrated Values” are blank. If you need the values, please contact our Customer Service Officers at 2233118 to request for a quotation and we will get back to you within 14 business days.
Note: The PPF Scheme protects life insurance policies (including riders) issued by licensed life insurers which are PPF Scheme members. The Scheme covers policies issued in Singapore by a licensed life insurer to both residents and non- residents of Singapore. It does not cover policies issued by overseas branches of a licensed life insurer incorporated in Singapore.
- 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.
- 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
|
- 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.
|
BY |
PAYMENT CHANNELS |
---|
1. |
Payment At SCB Bank
Internet Banking |
- This service is available to SCB bank accountholders.
- Clients can select the following “Add A New Biller” and “Make a One Time Payment” (SCB) when making payment.
- Please key in the Payment Description section if payment is for “Premium”, “APL” or “Policy Loan”.
|
Cash Deposit Machine /
Automatic Teller Machine |
- Payment for Great Eastern Life policies can be made only at SCB Cash Deposit Machines (CDM) and Automatic Teller Machines (ATM)
- Enter policy number and amount to be paid.
|
Cheque Dropbox / Cheque Deposit Machine |
- This service is available for all Great Eastern Life policies payments at SCB and Baiduri.
- Cheque should be crossed and made payable to “The Great Eastern Life Assurance Co. Ltd”, for Great Eastern Life policy.
Please do not transfer premiums to your Representative's bank account. This is to prevent the mixing of Customer's monies with the Representative's own funds, and to ensure clear segregation of monies belonging to the Customers and the Representative.
|
2. |
Payment at GELB Counter |
- You may pay by cash or cheque personally at Great Eastern Life Office.
- Cheque should be crossed and made payable to “The Great Eastern Life Assurance Co. Ltd”, for Great Eastern Life policy.
- Policyholders are reminded to write their policy numbers and names on the back of the cheque.
- Our counter servicing hours are: 8.30am to 4.30pm, Monday to Thursday and Friday, 8.30am to 12.00pm and 2.00pm to 4.30pm (excluding Saturday, Sunday and Public Holidays).
- Please do not send cash through the mail.
|
3. |
Telegraphic Transfer |
- For policyholder residing overseas, they may pay their premium via telegraphic transfer. The details of our bank account are as follows:
i. Name & Address of Bank:
Standard Chartered Bank
G01-02 Wisma Haji Mohd Taha Building
Jalan Gadong, BSB BE4119
Swift code: SCBLBNBB
Baiduri Bank Berhad
Block A, Unit 1-4
Kiarong Complex
Lebuhraya, Sultan Hassanal Bolkiah BE1318
Brunei Darussalam
Swift code: BAIDBNBB
ii. Great Eastern Life Bank Account Number with SCB:
01-001-029883-00
Great Eastern Life Bank Account Number with Baiduri:
08-00-110-434717
iii. Name of Payee: The Great Eastern Life Assurance Co. Ltd
iv. Other information required: Policy number, Name of policyholder, purpose of payment (Premium, APL or Loan) when remitting payment to us.
- Please note that all bank charges related to the remittance will be borne by the policyholder.
|
NOTE: An Official Receipt will be mailed to you directly once your payment has been received and processed by Great Eastern.