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Policy Servicing

Policy Servicing

Bonus statement 2016
  1. How will my policy be affected after bonus declaration?
    • Your policy’s current illustrated values will be the same as previous illustrated values.
    • The reversionary bonus rates remain unchanged for 2016.
    • The terminal bonus rates on death/TPD remain unchanged for 2016.
    • The terminal bonus rates on maturity or surrender remain unchanged for 2016.
    • 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.
       
  2. Since there are no revision in bonus rates, why are the previous “Illustrated Death Benefit” and “Illustrated Surrender Value” different from the current 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 2037 (20 years later from 2017). In the last year’s bonus statement, your age will be 46 and illustrated values are based on the year 2036 (20 years later from 2016).

  3. 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.

  4. How can I find out more about the bonus rates for my policies?
    We will be sending the Bonus Statement for 2016 to all our policyholders in batches over a one-month period from 12th June 2017. The statement will give you details of the bonus declared.

  5. a) My policy does not break-even even after the bonus declaration. Why should I continue my policy?
    b) The total premiums I have paid for my policy have exceeded the death benefit. How can you sell such a policy?

    The Benefit Illustration (BIPS)/ Policy Illustration (PIPS) you received was for the purpose of illustration and is 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.

  6. 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.

  7. What is the current investment portfolio of the Par Fund?
    We will be sending the Bonus Statement for 2016 to all our policyholders in batches over a one-month period from 12th June 2017. You will receive a Par Fund Update for 2016 together with your Bonus Statement. The Par Fund Update will give you details on the asset mix of the Par Fund, its performance, etc.

  8. 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 2016.

  9. 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 2037 (20 years later).
    • If LA’s age is above 79 – the illustrated values are based on the year that the LA turns 99.
       
  10. 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.

Duplicate Policy
  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.

Freelook
  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.

Premium Payment Guidelines
  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.

  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.


Reinstatement
  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.

Assignment
  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.

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Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd