What is the Great Flexi Wealth?
The Great Flexi Wealth is a savings plan offered by Great Eastern Life. This is an effective plan that lets you save money and enjoy its growth. The universal life plan comes with a flexible and short-term payment term while offering you long-term protection and returns. This is a comprehensive plan that gives you better control over your savings and helps very much in your financial management for the future.
What is so good about the Great Flexi Wealth?
This plan is designed to give you guaranteed cash payment annually which makes it an ideal scheme to help you plan your finances better for the future.
What are the terms available with this plan?
This plan allows you to choose between 5 or 10 years premium payment terms. Subsequently, you will enjoy returns and protection for up to 20 years.
What are the key benefits of the Great Flexi Wealth?
Besides the short-term financial commitment, this plan is designed for your convenience where:
- There is no need for medical underwriting.
- GCP or Guaranteed Cash Payment annually.
- Protection and insurance.
What is the Guaranteed Cash Payment?
The GCP is where your savings in this plan grows. You will receive a percentage of returns at the end of the first policy year until it matures. This is based on your Basic Annualized Premium where:
- At the end of the first to the tenth policy year, you will receive 11% returns annually for 5 years payment terms and 17% returns for 10 years payment terms.
- From the eleventh year to maturity (up to 20), you will receive 20% and 33% returns annually for 5 and 10 years payment terms respectively.
- This means that in total, you will receive up to 310% and 500% returns for 5 and 10 years payment terms.
What protection does this plan come with?
This plan offers you protection in terms of:
- Death or TPD (Total and Permanent Disability) – 100% of the prevailing sum assured if the event occurred between the first and second policy years. 105% of the prevailing sum assured if occurring between the third year onwards.
- Accidental death – If before the age of 65, 210% of prevailing sum assured paid out and 315% for accidental death due to public conveyance. If on or after 65, 100% payout of prevailing sum assured between the first and second policy years and 105% from the third year onwards.
What do I get when the policy matures?
You will receive a Maturity Benefit where a lump sum will be paid to you in full which will be 105% of the total premium paid minus any GCP or the value you have in Account 1 plus Account 2.
Who is eligible for the Great Flexi Wealth?
This plan is catered for any individual between 30 days and 65 years of age. The minimum amount for the premium payment is RM6,000 for 5 years and RM3,600 for 10 years. The maximum amount that you can pay in premium is RM150,000