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Retirement Benefits

Multiple Benefits Scheme (GMBS)- Investment-Linked

As we advance towards a financial planning era, consumers are becoming more discerning and aware for the need of financial protection and planning. According to recent Malaysian statistics, an average of two (2) in every three (3) Malaysians will contract heart diseases, stroke or cancer. This implies that anyone of us could be in this category. Fortunately, the innovation in technology and medical studies have paved the way for a majority of these illnesses to be cured provided we have sufficient funds.

So, how do we fund for high cost of medical treatment these days? Just save a few dollars with us a day and 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
a) 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% and up to a maximum of 90% in equities.
b) 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% to 100% of the portfolio. Dana Restu invests in Syariah-approved securities.
c) 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% to 60% of the fund) will preserve the long term purchasing power of assets.
d) Lion Fixed Income Fund
Invests in government securities, corporate bonds and money market securities. The fund allocates a minimum of 40% and a maximum of 95% to fixed income securities. The aim of the fund is to preserve the capital and it appeals to risk-averse investors.
 
BID-OFFER PRICE
i. Offer Price
The price at which the policyholder buys the units in a fund.
ii. Bid Price
The price at which the policyholder sells the units back to the fund.
iii. Bid-Offer Priced
The Bid Price is 95% of the Offer Price.
iv. Determination of Price
Bid and Offer Prices of each fund are determined daily, after the valuation of the assets of that fund.
 
CONTRIBUTION
1. Mode of contribution payment:
  • Monthly
  • Annually
    •  
    NUMBER OF UNITS
    Minimum : 4 units for number of members >= 500
    6 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 UNIT 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 twelve (12) months and who intends to remain an Assured Life is eligible to redeem a portion or the whole of this 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 maximum of 2% 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.
    Scheme Size(no. of lives) | Monthly Fee(RM)
    =300 | 5.00
    301-500 | 3.00
    501-1000 | 2.00
    1001- 5000 | 1.00
    5001-10000 | 0.50
    >10000 | 0.30
     
    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.
    •  
    Why is GMBS 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 due to accidental cause.
    		•
  • Offer can be extended to include spouse and children
  • Ease of payment of premiums through salary deduction or Financial Process Exchange (FPX).
  • 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 100 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 even after you leave the employment until maturity age.
    •  
    What Are The Benefits?
    For example, for a premium contribution of RM 50 per month, members are eligible to receive these protection:
    1. TERM INSURANCE
    RM 50,000 for loss of life or total & permanent disability.
    2. PERSONAL ACCIDENT
    RM 100,000 for accidental death or accidental total & permanent disability
    3. CRITICAL ILLNESS
    RM 50,000 if diagnosed of any of the 36 critical illnesses
    4. FUNERAL EXPENSES
    RM 5,000
    5. 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.
     
    GMBS Protection Benefits
  • Term assurance covers : Death and Total Permanent Disability (TPD) due to all causes. TPD is payable in 2 yearly instalments (10% and 90% respectively).
    		•
  • Funeral expenses covers a lump sum payment upon notification of death
    •   irrespective of the cause.
  • Personal accident covers :
    		•
      1. Death - 100% sum assured payable.
      2. TPD - 100% 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
  • Staffs/Members of Union/Association/Co-operative and spouse 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 only if the legal spouse/s of the member are participating and in the order from youngest to the eldest.
    •  
    Frequently Asked Questions

    1. Can the spouse/children continue participating in this scheme, if the member

      dies/disableds/contracted with critical illness before maturity age or the member attains maturity age?
      YES. They can participate until they themselves attain maturity and pay the premium through union/association/co-operative.
    2. 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.
    3. 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.
    4. 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 allowed in the first year of participation.
  • The withdrawal must be notified in advance; it will only be processed on the
    •   first working day of the following week.
  • Subject to a processing fee of RM10.
    		•
     
    EMPLOYEE BENEFIT RETIREMENT SCHEME

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

    Purposes:

  • 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 promise 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.
    		•
     
     
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