Live your golden years with financial ease
What would be your ideal retirement lifestyle? Working hard all your life, retirement is the time to live your dreams; be it travelling around the world, spending quality time with your loved ones or doing the things that you love the most.
Without prudent planning, coupled with the effects of inflation; your savings may not be enough to secure your ideal retirement lifestyle. Great Retirement Plan will provide you a stream of guaranteed income to supplement your retirement fund. Furthermore, you can enjoy yearly annuity tax relief of up to RM3,000. There is no better time to start saving early to help you achieve your ideal retirement lifestyle.
By providing you guaranteed yearly income for 10 years1, 2, this plan helps you retire with better peace of mind.
You may qualify for up to RM3,000 tax relief yearly for premiums paid from 2012 - 2021, subject to the approval of the Inland Revenue Board2.
In the event of death, TPD or diagnosis of critical illnesses, you or your loved ones will receive a lump sum payment of the policy’s cash value2.
We’ve made it easy for you to take up the plan with a simple application process where no medical underwriting is required2.
Talk to your Great Eastern life planning advisor to see which insurance solutions are right for you. No representative yet? Simply browse through our list of life planning advisors.
Menara Great Eastern
303 Jalan Ampang
50450 Kuala Lumpur
1 The Guaranteed Income is payable every year for 10 years starting from the end of policy year of age 60 years next birthday or at the end of your premium payment term, whichever is later, depending on your choice of premium payment term and entry age.
2 Terms and conditions apply.
Great Retirement Plan is a traditional regular premium nonparticipating deferred annuity certain plan. Premiums are payable until the end of the premium payment term, or until diagnosis of any of the critical illnesses (except for Angioplasty And Other Invasive Treatments For Major Coronary Artery Disease), or until Death or TPD of the Life Assured, whichever occurs first. Premium will remain the same throughout the premium payment term.
In the event of death, TPD or being diagnosed with any one of the critical illnesses (except for Angioplasty And Other Invasive Treatments For Major Coronary Artery Disease), the cash value payable to you may be less than the total premiums paid.
You should satisfy yourself that this plan will best serve your needs and that the premium payable under the policy is an amount you can afford. A free-look period of 15 days is given for you to review the suitability of the plan. If the policy is returned to the Company during this period, the full premium would be refunded to the policy owner.
It is important to note that an annuity plan may not be suitable for you if you need to withdraw money regularly before you retire or if you wish to receive a lump sum payment as soon as you retire. You should be aware that this plan does not provide you an income stream for as long as you live. Thus, you may need to rely on other sources of income after the 10 years payout period for guaranteed income.
The policy may not have a guaranteed minimum cash value on termination until after you have paid premiums for one year. If you surrender your policy early, you may get back less than the amount you paid. If you fully surrender your policy before the payout period for Guaranteed Income, the Inland Revenue Board will impose a tax penalty of 8% on the cash value. Such tax penalty will be deducted from the cash value and be paid to the Inland Revenue Board by the Company. If partial surrender is exercised before the payout period for Guaranteed Income, the Inland Revenue Board will impose a tax penalty of 8% on the partial cash value. Such tax penalty will be deducted from the partial cash value and be paid to the Inland Revenue Board by the Company. If you stop paying premiums before the end of the premium payment term, an automatic premium loan will be effected under your policy to pay future premiums so long as the cash value is more than the total indebtedness. Cessation of premium payment before the end of the premium payment term may lead to early termination of the policy.
The above is for general information only. It is not a contract of insurance. You are advised to refer to the Sales Illustration, Product Disclosure Sheet, consumer education booklet on Medical and Health Insurance product (MHI) and sample policy documents for detailed important features and benefits of the plan before purchasing the plan. The exclusions and limitations of benefits highlighted above are not exhaustive. For further information, reference shall be made to the terms and conditions specified in the policy issued by Great Eastern Life.
The terms "Great Eastern Life" and "the Company" shall refer to Great Eastern Life Assurance (Malaysia) Berhad.
Information correct as on 1 February 2015.