![]() ![]() This gift will give your spouse more than momentary joy, and it will secure their future. ![]() Roses, chocolates and movie tickets are great, but here’s a truly long-lasting gift for your spouse – term insurance. ![]() This policy will pay out a lump sum and/or income to satisfy their children’s expenses, in the event of any mishap of the parent(s). Parents must ensure that this scenario does not come to pass, by purchasing a term insurance policy. An unfortunate event with a parent can jeopardise their future and deprive children of life’s opportunities. The needs of children extend from school fees and living expenses to hefty university fees, later on in life. Parents are generally the sole source of financial support for their children. The three significant benefits are – life protection, tax-saving and affordable premiums. Hence, individuals who derive any of the three significant benefits associated with term insurance should consider buying such policies. Term Insurance also has among the lowest premiums compared to the different types of insurance policies. The amount (maturity value) received under a term insurance plan is also tax-exempt subject to conditions under Section 10(10D) ^^ of the Income Tax Act, 1961 ^^. Life insurance premiums paid are deductible from taxable income under Section 80C ^^ and hence carry a double benefit for taxpayers – protection and tax-saving. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees. Information correct as of 16 November 2017.Anyone with financial dependents should buy a Term Insurance Policy. The terms “Great Eastern Life” and “the Company” shall refer to Great Eastern Life Assurance (Malaysia) Berhad. If there is any discrepancy between the English and Bahasa Malaysia versions of this brochure, the English version shall prevail. For further information, reference shall be made to the terms and conditions specified in the policy issued by Great Eastern Life. The exclusions and limitations of benefits highlighted above are not exhaustive. You are advised to refer to the Product Disclosure Sheet and sample policy documents for detailed important features and benefits of the plan before purchasing the plan. The above is for general information only. Great Eastern Life reserves the right to revise the premiums of Great Term Direct by giving at least 3 months’ notice. If you switch your policy from one company to another or if you exchange your current policy with another policy within the same company, you may be required to submit an application where acceptance of your proposal will be subject to the terms and conditions to be imposed at the time of policy switching or replacement.Ĭessation of premium payment before the end of the premium payment term may lead to early termination of coverage. If the policy is returned to the Company during this period, the full premium would be refunded to the policy owner minus the expenses incurred for the medical examination, if any. A free-look period of 15 days is given for you to review the suitability of the plan. 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. Great Term Direct is a non-participating term plan with guaranteed renewal until 80 years next birthday. ![]()
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