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Group Multiple Benefits Insurance Scheme

Great Eastern Life provides a wide range of Employee Benefit solutions to help companies attract, retain and keep their employees healthy.

According to recent Malaysian statistics, an average of two in every three Malaysians will contract heart disease, stroke or cancer. Fortunately, innovations in technology and recent medical studies have paved the way for the majority of these illnesses to be cured, provided we have sufficient funds.

So, how do we prepare for the high cost of medical treatment? For just a few ringgit a day Great Eastern’s GMBIS will take care of your medical bills. GMBIS is an affordable insurance plan with comprehensive protection against loss of life, total permanent disability, accident and the 36 critical illnesses. Hospital benefit can also be included in this plan. In addition, the plan offers investment benefits payable either upon permanent disability, loss of life, maturity or diagnosis of any of the 36 critical illnesses. The total investment value depends on the performance of the unit funds and the total number of years of contribution.
 

Unit Fund

Lion Progressive Fund
This fund seeks to maximise capital appreciation over the medium to long term while reducing risk through a diversified portfolio of investments comprising equities and fixed income securities. In general, the fund invests in a minimum of 50 per cent and up to a maximum of 90 per cent in equities.

Dana Restu
This is a growth fund which invests in companies with good prospects and seeks to maximise capital appreciation over the medium to long term. Allocation to equity investment is between 70 per cent and 100 per cent of the portfolio. Dana Restu invests in  Shariah - approved securities.

Note: Although Dana Restu invest in Shariah-approved securities, the investment-linked insurance plan that utilises these funds is not classified as a Shariah-compliant product.

Lion Balanced Fund
A balanced fund which invest in a mixture of equity and fixed income securities comprising convertible debt securities, redeemable debt securities and government-backed bonds/securities. The fund's exposure to equities (between 40 per cent and 60 per cent of the fund) will preserve the long-term purchasing power of assets.

Lion Fixed Income Fund
Invests in government securities, corporate bonds and money market securities. The fund allocates a minimum of 40 per cent and a maximum of 95 per cent to fixed income securities. The aim of the fund is to preserve the capital and it appeals to risk-averse investors.

Bid offer price

  1. Offer Price
    The price at which the policyholder buys the units in a fund.

  2. Bid Price
    The price at which the policyholder sells the units back to the fund.

  3. Bid-Offer Priced
    Bid price is 95 per cent of the offer price.

  4. Determination of Price
    Bid and offer prices of each fund are determined daily, after the valuation of the assets of that fund.
     

Contribution

Mode of contribution payment:

  • Monthly
  • Annually

Number of units

Minimum: Four units for number of members >= 500
Six units for number of members <= 499
Maximum: No limit

 

Cash Surrender Value

The cash surrender value is based on the value of the accumulated investment units at the prevailing unit bid price. Please note the fund unit redemption conditions below.
 

Fund Management Charges

A fund management charge will be deducted at each asset valuation before determining the bid and offer prices. Unit prices will reflect the deduction.

Fund Management charge as % of fund value
Dana Restu

1.50

Lion Progressive Fund

1.35

Lion Balanced Fund

1.00

Lion Fixed Income Fund

0.50

 

Fund Redemption

A member may withdraw from the scheme by redeeming all his fund units at the bid price.

An assured life whose assurance has been in force for at least 12 months and who intends to remain an assured life is eligible to redeem a portion or all of the current fund units subject to a minimum redemption of fund units with a value of RM200. Each redemption is subject to a processing fee of RM10.
 

Number of lives

Minimum: 100
Maximum: No limit

No scheme will be issued if the number of lives within the scheme is less than 100.
 

Service Fee

Varies by group, but subject to a maximun of two per cent of contribution.

Policy Fee

A monthly administration fee will be deducted by cancelling units already allocated to the Policy from the policyholder's funds, at the bid price at the next valuation date, at the beginning of each policy month based on the following table.

Exclusions

Death/TPD/Other Disabilities

  • Resulting from self-inflicted injuries while sane and insane.
  • Sustained as result of flight except as a fare-paying passenger on a regularly scheduled flight.
  • Existed before the effective date.
  • Resulting from war, whether declared or not.
  • Resulting from assault, drugs, motor racing, scuba diving, hunting, mountaineering and winter sport.
  • Driving under the influence of drugs or alcohol.
  • Any form of radioactivity or radiation.

Critical Illnesses

  • Existed before the effective date of cover.
  • Related or caused by existing disability/illness.
  • Diagnosed in the first 60 days from the day of first payment received.

Hospitalisation Benefit

  • Hospitalisation due to illnesses that existed before the effective date.
  • Hospitalisation in the first 6 weeks of coverage.
     
GMBIS benefits for families– Great Eastern Life

Why is GMBIS so attractive?

  • Maximum protection at minimum cost i.e. from as low as RM1.00 per day.
  • Double indemnity of coverage if death or permanent disability is due to accidental cause.
  • Offer can be extended to include spouse and children.
  • Ease of payment of premiums through salary deduction or Direct Debit Authorisation (DDA) deduction.
  • Premiums paid are eligible for income tax relief.
  • This exclusive offer is only given to groups of people/members of associations, unions or companies with at least 500 members.
  • "Free of underwriting" offer to proposers during special promotion periods (to be approved by GMBS Marketing).
  • Premium is fixed irrespective of age.
  • Coverage continues until maturity age, even after you leave employment.
     

What Are The Benefits?
For example, for a premium contribution of RM 50 per month, members are eligible to receive this protection:

Term Insurance
RM 50,000 for loss of life or total and permanent disability.

Personal Accident
RM 100,000 for accidental death or accidental total and permanent disability.

Critical Illness
RM 50,000 if diagnosed with any of the 36 critical illnesses.

Funeral Expenses
RM 5,000.

Investment Benefit
Total Investment Value (TIV).
 

Summary of Benefits

A monthly administration fee will be deducted by cancelling units already allocated to the policy from the policyholder's funds, at the bid price at the next valuation date, at the beginning of each policy month based on the following table:

Monthly Premium

TERM (natural) Death/TPD

PERSONAL ACCIDENT Death/TPD

36 Critical Illness

Funeral Expenses

Maturity Benefit

RM 50

RM 50,000 + TIV

RM 250,000 + TIV

RM 50,000 + TIV

RM 5,000

TIV

RM 100

RM 100,000 + TIV

RM 200,000 + TIV

RM 100,000 + TIV

RM 5,000

TIV

RM 150

RM 150,000 + TIV

RM 300,000 + TIV

RM 150,000 + TIV

RM 5,000

TIV

RM 200

RM 200,000 + TIV

RM 400,000 + TIV

RM 200,000 + TIV

RM 5,000

TIV

RM 250

RM 250,000 + TIV

RM 500,000 + TIV

RM 250,000 + TIV

RM 5,000

TIV

TIV - If the member decides to stop contributing the premium before maturity, cash surrender value, which is based on the value of the accumulated investment units at the prevailing unit bid price.
 

GMBIS Protection Benefits

  • Term assurance covers: death and total permanent disability (TPD) due to all causes. TPD is payable in two yearly instalments (10 per cent and 90 per cent respectively).

  • Funeral expenses covers: a lump sum payment upon notification of death irrespective of the cause.

  • Personal accident covers :
    1. Death - 100 per cent sum assured payable
    2. TPD - 100 per cent sum assured payable
    3. Other permanent disablement - payable according to Schedule of Compensation (Appendix A).

  • Critical illnesses: advanced payment of death benefit upon diagnosis of one of the 36 critical illnesses.

  • Cover is terminated upon full payment of sum assured under death, total permanent disability, personal accident or critical illnesses whichever occurs first.
     

Eligibility

  • Staff/Members of Union/Association/Co-operative and their spouse/s who are between the age of 17 and 55 years (next birthday) can participate.

  • The member must participate to enable the spouse to participate.

  • Children between the age of 15 days and 19 years old and up to 23 years old if still studying. The child can only participate if the legal spouse/s of the member participates and in the order from youngest to the eldest.

Frequently Asked Questions

Q. Can the spouse/children continue participating in this scheme, if the member dies/ is disabled /has contracted a critical illness before maturity age or the member attains maturity age?
YES. They can participate until they attain maturity and pay the premium through union/association/co-operative.

Q. Can the member/spouse/children apply to contribute more?
YES. The member/spouse/children needs to apply again by completing a normal group proposal form for approval by Great Eastern and up to the maximum benefit allowed.

Q. Will Great Eastern pay full death benefit if the member dies of suicide?
Great Eastern will pay full death benefit due to suicide after 12 months of policy coverage.

Q. Can a member withdraw the unit from Dana Restu?
A member may withdraw all or part of his current unit holdings and still continue to be insured provided that:

  • The minimum amount withdrawn each time is not less than RM200.00.
  • No withdrawal is made in the first year of participation.
  • The withdrawal is notified in advance; it will only be processed on the first working day of the following week.
     

Employee Benefits Retirement Scheme

Additional employee benefits, normally set-up as tax-approved schemes.

Purpose:

  • To provide a retirement gratuity with an element of life protection, in addition to the EPF which is usually fully funded by the employer.
  • Fund the employer's promised agreement to pay employee retirement gratuity in a cost-effective and tax-efficient manner.
  • Can be tailor-made to suit your special needs, including withholding of benefits for employees who resign early.

If you wish to get a quotation, please click here.
 

Disclaimer:
The product information above is for general information only. It is not a contract of insurance. You are advised to refer to the Product Brochure, Sales Illustration, Product Disclosure Sheet and sample policy documents for detailed important features and benefits of the plan before purchasing the plan. The exclusions and limitations of benefits highlighted are not exhaustive. For further information, reference shall be made to the terms and conditions specified in the policy issued by Great Eastern Life Assurance (Malaysia) Berhad.

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