Great Eastern Life Insurance

National Management College

Department of Management Studies

Report on the study of Great Eastern Life Insurance

Represented by:

IVBM-45 Myat Nyein Su

IVBM-57 Khine Zar Thwe

IVBM-64 Bo Bo Zaw

IVBM-83 Khine Khine Nyein

IVBM-85 Hla HLa Win

IVBM-90 May Thu Kyaw

IVBM-114 May Thet Khine

Insurance

Insurance service offered by financial institutions (FIs) compensate individuals and corporations (policy holders) if a pre-specified adverse event occurs, in exchange for premium paid to the insurer by the policyholder. The insurance provider can act either as an insurance underwriter or an insurance broker. An insurance underwriter assesses the risk of an applicant for coverage or for a policy. An insurance broker simply sells insurance contracts for coverage or for a policy. A broker acts more as a middleman between the insurance underwriter and applicants. Insurance service classified into two major groups. (1) Life (2) property-casualty. Life insurance provides protection in the event of untimely death, illness, and retirement.

Life Insurance

Life insurance is a contract between an insured policy holder and an insurer. The insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Insurance is key to human being able to focus on the important things in life, because it will ensure financial security for people and their family should anything unfortunate happens. When large financial burdens like hospital bills or medical charges arise, insurance helps meet the costs, allowing pursuing dreams.

What is the best time to start thinking about insurance?

The sooner, the better! The moment you receive your first paycheck is the best time to start building your health and lifetime protection. Getting coverage earl will give you peace of mind for the lowest premiums possible. Choose the cover and premium that best suits your needs and budget, and you will be able to adjust the level of coverage that suits your needs as they change over time.

What type of insurance should I buy?

Safeguard your health and that of your family first, and then look of life insurance to protect the household finances in case something happens to you. Finally consider insurance that will give you and your family savings for the future.

Profile of Great Eastern Life Insurance Co , ltd

For over a century, Great Eastern has been at the forefront of Asia’s insurance industry, providing financial security and peace of mind to millions. It was founded in 1908 in Singapore by Alfred Hewton Fair. It is based in Singapore and the largest and the oldest life insurance company and the leader in Singapore and Malaysia with over S$ 60 billion in assets and around 4.7 million policyholders. Policyholder is a person who holds an insurance policy especially the person whose live is insured.

It is the first insurer in Singapore and the largest insurance company in South-east Asia in terms of assets and market capitalization. It also operates in Indonesia, Vietnam and Brunei and has a joint venture in China as well as the representative office in Myanmar. It also has 29 branches. In 2012, Great Eastern refreshed their brand propose to be a LIFE company, going beyond the traditional role of an insurance company to help customers live healthier, better and longer. This is supported by an integrated health and wellness Live Great programme, which provides wellness tools, mobile apps, health tips, workshops, and events as well as

exclusive privileges- that helps and rewards customers in their journey to better health.

It is wholly-owned subsidiary, Overseas Assurance Corporation ( OAC ) , founded in 1920 , is the oldest composite insurer in Singapore handling both life and general insurance. It is a subsidiary of CBC Bank, the second largest financial services group in South-east Asia by assets. Through an exclusive bancassurance partnership with OCBC Bank, OAC’s life insurance products been distributed through OCBC’s banking netwok throughout Singapore since 2000. It also distributes a wide range of commercial and personal general insurance products through brokers, agents, bancassurance and direct channels.

Great Eastern’ s asset management subsidiary, Lion Global investors Limited, is one of the largest private sector asset management companies in South-east Asia. Great Eastern has picked up a number of awards, one of which is the Singapore Brand Award organized by IE Singapore, which it has won for the fifth year running in 2006.It is also well regarded as Singapore’s 7th most Valuable Brand. They were also named Life Insurance Company of the Year at the Asia Insurance Industry Awards in 2011 and 2013 by Asia Insurance Review. As a trusted brand, they continue to go from strength to strength in an ever changing increasingly competitive landscape.

Available services

Life protection

1. DIRECT - Great Life

The direct purchase insurance plans can be purchased directly from Great Eastern. Great Life is an alternative way to purchase basic lifetime protection with savings elements. Additionally, coverage can be extended with various options for protection against 30 critical illnesses.

Whole Life Plans

There are two kinds of whole life plans that provide lifetime protection against death, total and permanent disability and terminal illness. The plans also accumulate cash value over time.

1. DIRECT – Great Life 70 Premiums can be paid up to the age of 70 next birthday while enjoying lifetime coverage. As a participating product, this plan accumulates cash value over time.

2. DIRECT – Great Life 85 Premiums can be paid up to the age of 85 next birthday while enjoying lifetime coverage. As a participating product, this plan also accumulates cash value over time.

Benefits

Basic lifetime protection with savings elements

Affordable premiums for essential coverage

Option to add critical illness rider for additional coverage

Enjoy bonuses accumulated from the participating policy 

Purchase a plan directly and allow our friendly customer service officers to assist you

 Critical Illness Benefit Riders

The critical illness benefit rider can be purchased and added to the whole life plan. It pays the amount covered in the basic plan in one lump sum when one of the 30 critical illnesses is diagnosed.

There are two non-participating riders available:

Great Critical Care 70 can be attached to DIRECT – Great Life 70. The premium is payable up to the age of 70 next birthday and lifetime protection against 30 critical illnesses is allowed to enjoy.

Great Critical Care 85 can be attached to DIRECT – Great Life 85. The premium is payable up to the age of 85 next birthday and lifetime protection against 30 critical illnesses is allowed to enjoy.

Premiums vary according to age at entry, gender and lifestyle choices, such as smoking. The premium charged is not guaranteed and may be revised in future at the Company’s discretion.

Requirements for purchasing this insurance

1. Direct purchase fact sheet (Given by Great Eastern Life)This sheet includes

Fact sheet (should be read carefully and it’s about details of the product)

Checklist (need to be completed and it shows whether the buyer understands the fact sheet or not).

Fact Sheet Supplementary Form (describes about definitions and requirements relating to “Selected Client” & “Trusted Individual”)

2. Direct purchase proposal form( https://www.greateasternlife.com/content/dam/great-eastern/sg/homepage/personal-insurance/find-the-right-plan/protect-yourself-and-your-family/life-protection/direct-great-term/direct-purchase-proposal-form.pdf )(has five pages)

3. Medical checkups ( it is not necessary but a letter from the company will be received if needed)

2. DIRECT - Great Term

DIRECT – Great Term is an alternative way to purchase basic and essential protection coverage. Additionally, the customers can extend their coverage with the optional riders to protect themselves against 30 critical illnesses.

Term Plans

Term plans are affordable insurance plans that provide essential protection, yet are easy on the customers' pocket. They provide protection against death, total and permanent disability1 and terminal illness2. There are two kinds of plan.

DIRECT – Great Term is a level-premium term plan, which means that the same premium throughout the policy term has to be paid. A policy term of 20 years or up to age 65 next birthday can be chosen.

DIRECT – Great 5yr Term is a five-year renewable term insurance plan. It is renewable for the same sum assured at the date of expiry – or any subsequent expiry dates – up to age 80 next birthday of the life assured. The term of such renewal will be five years.

Benefits

Basic cover that is straightforward and easy to understand Affordable premiums for essential coverage Option to add a critical illness rider for additional coverage Purchase a plan directly and allow the friendly customer service

officers to assist the customers.

Critical Illness Benefit Rider

The basic coverage can be enhanced with a critical illness benefit rider for all round protection. The critical illness benefit rider can be purchased and added to the term plan. It pays the amount covered in the basic plan when it is diagnosed with one of the 30 critical illnesses.

Premiums vary according to age at entry, gender and lifestyle choices, such as smoking. The premium charged is not guaranteed and may be revised in future at the Company's discretion.

Requirements are the same with DIRECT- Great Life.

3. FlexiLife

Flexilife is a whole life insurance plan that allows the customers to customize the protection, and also lets them choose when and how they pay for coverage that can grow over time.

Key Benefits

Lifetime protection against death, presumptive total and permanent disability and terminal illness.

FlexiLife comes with presumptive total and permanent disability benefit which protects the customers against total and permanent disability throughout their lifetime. And if they are diagnosed with a terminal illness, FlexiLife has got they covered. This benefit that they will receive can provide their family with funds to cope with any loss of income, pay unexpected expenses, or even serve as their financial legacy for their loved ones.

Flexible payment terms.

FlexiLife gives customers the flexibility to decide a payment term that best suits them. As customers, they can choose to pay their premiums in one lump sum or opt to pay over a 20-year payment term or up to age 80 next birthday.

Enjoy a protection level that grows.

Protection that grows with the customers with FlexiLife, their protection level can potentially increase over the years. That’s because this whole life participating insurance plan accumulates cash value over time.

Enhance the protection with supplementary benefits such as critical illness and disability income coverage.

There are two supplementary benefits that customers could consider for their FlexiLife plan.

1. Financial backup against critical illness.

Protection with a critical illness cover provides a lump sum payout upon diagnosis of any of the 37 covered critical illnesses such as major cancers, stroke, heart attack and kidney failure. The benefit that extends coverage to early stage critical illnesses can be chosen. The financial payout will be helpful to defray costly surgery, nursing care expenses and rehabilitation treatments.

2. Continued income upon disability

It extends their coverage with a disability income benefit that provides a continuous source of income during the period of a disability. It also supplements their income if they suffer a salary reduction when they return to work in a reduced capacity.

4. FlexiLife Multiplier

FlexiLife Multiplier offers the customers lifelong coverage against death, critical or terminal illness, and total and permanent disability. Plus, in the years when it matters most, the customers will enjoy the reassurance of up to three times the sum assured – so that they and their loved ones have even greater protection against the unexpected.

Key Benefits Instant upsize coverage of up to three times the sum assured.

FlexiLife Multiplier gives customers the guaranteed extra boost to their coverage of up to three times their sum assured until the age of 65. What’s more, the plan provides a cash-accumulating feature that can potentially grow their policy’s cash value over time, as they enjoy lifetime protection.

Lifetime protection against death, 37 critical illnesses, terminal illness and presumptive total and permanent disability.

FlexiLife Multiplier, together with the Critical Illness Protector Multiplier rider, fully covers the customers throughout their lifetime against death, 37 critical illnesses, terminal illness, and presumptive total and permanent disability. The multiplier benefit from the plan will be the useful source of funds to help their family overcome the loss of the breadwinner, or support them with unexpected medical expenses. Even though the multiplier benefit stops at age 65, their coverage including the critical illness benefit continues to last for life.

Choice of payment terms that suit the customers' budget and preferences.

Customers can select the premium payment term that best suits their financial priorities – 15 years, 20 years or up to age 65 next birthday.

Personalize the customers' coverage with supplementary benefits.

It can strengthen customers' coverage with just what they need and enjoy the additional supplementary benefits that provide financial stability through life-changing events such as accidents, loss of income due to disability, critical illness or hospitalization.

MortgageCare

MortgageCare is a home loan insurance plan that covers the

customers' remaining mortgage payments, so that their loved ones will

continue to have a roof over their heads. Plus, unchanging premiums will

be paid only for limited years, while protection continues right through the

plan term.

Key Benefits

Mortgage settlement.

In the event of death – or disability before the buyers reach 65 years of

age, their family will receive a lump sum amount that’ll help pay off the

mortgage.

Enjoy joint coverage as a co-owner.

If buyer and the spouse are co-owners of the house, a joint-life

Mortgage Care plan will ensure mortgage settlement if anything

happens to either of them.

Get add-on cover for illnesses too.

For even greater assurance, the buyer can opt to also be covered

against 37 critical illnesses with the MortgageCare (Living Assurance)

plan.

Pay the same premium for limited years.

Customers don’t need to worry about rising costs – their premium

remains unchanged throughout the limited payment term, while the

protection continues right though the plan term.

5. Prestige Harvest

Customers have worked hard to build their wealth – and they want to ensure that it’ll keep customers and their family in comfort, for any case in the future. Customers can safeguard with Prestige Harvest, a US dollar plan that helps with estate and retirement planning.

Key benefits

Ensure customers’ loved ones are looked afterSet aside a portion of their wealth with a single investment to enjoy the reassurance of a high sum assured.

Watch their plan grow in valueTheir plan's cash value keeps growing over time – at a crediting rate determined by Great Eastern – helping them build their wealth.

Build customers’ nest egg for retirementHaving secured the future of their family, they’ll have freed up funds that’ll make their older years financially comfortable.

Enjoy the reassurance of ready cash for emergenciesWhen customers need extra cash, they can make a partial withdrawal, surrender their plan, or take out a loan against it.

6. Prestige Life Gold (High lifelong coverage that helps customers safeguard their properties)

With just a one-time investment, Prestige Life Gold offers customers lifelong coverage for legacy planning. They'll also enjoy the financial security of up to three times the sum assured against death, terminal illness, and total and permanent disability, all the way till they turn 81.

Plus, the plan's cash value keeps growing over customers’ lifetime, helping them build their wealth.

Key benefits

Get up to three times the protectionWith just a one-time payment, customers will enjoy the reassurance of up to three times the sum assured, if the unexpected happens before they turn 81.

Enjoy coverage that grows over timeWith increasing cash value that boosts customers’ coverage, this plan ensures that their family will always be well looked after.

Get extra payout upon accidental deathIf accidental death occurs before customers turn 76, their loved ones will receive a payout of up to six times the sum assured.

7. Smart Life Advantage

As customers’ goals and financial commitments evolve with life’s growing possibilities, Smart Life Advantage provides extra flexibility to adjust customers’ protection – so they can meet many cases in life with confidence.

With this whole-life investment-linked plan, customers can also manage their investments in a wide range of professionally managed funds for their savings or retirement goals in the dedicated Accumulation Account.

Key benefits

Adjust customers’ protection anytimeWith Smart Life Guarantee, they can enjoy guaranteed step up cover and option to increase Critical Illness (CI) coverage at five key milestones.

All in one – Protect and AccumulateExercise greater control over customers’ protection and accumulation needs through two separate accounts – all within one policy.

Secure comprehensive protectionAdd exclusive supplementary benefits (riders) for enhanced protection against early, intermediate and critical stage CIs and Personal Accident.

8. Supreme Protect (Lifelong protection that customers can strengthen at key stages in life)

As customers celebrate life’s many milestones, they want to ensure that their protection grows to keep pace with their new financial priorities and goals.

Providing lifelong coverage against death, terminal and critical illness, and total and permanent disability, Supreme Protect also lets customers increase customers’ coverage at key milestones in life, without any further medical check-ups.

The plan’s guaranteed insurability feature offers you the freedom to buy more coverage at any two of the insurance: when clients turn 21, get married, have a child, or adopt a child.

And, if customers are diagnosed with one of five advanced-stage critical illnesses, they’ll receive double the sum assured, to help pay for treatment costs.

Key benefits

Get more coverage at key life stagesClients will be able to buy additional coverage - including against critical illness - at two of life’s key milestones, without any further medical check-ups.

Be well-protected all through lifeThe plan offers customers comprehensive lifelong coverage against death, terminal and critical illness, and total and permanent disability.

Get double the payoutIf clients are diagnosed with any of five advanced-stage critical illnesses, they’ll receive twice the sum assured.

Health protection

1. Critical Care Advantage

Be covered across three stages of illness-early, intermediate and critical

Critical illnesses such as cancer, heart attack and stroke may,

unfortunately, strike at any time. But early treatment and care gives

customers a better chance of recovery.

With large lump sum payouts right from the start, the Critical Care

Advantage plan enables them to seek treatment earlier. Customers’ll enjoy

coverage for as many as 37 illnesses, across three stages-early,

intermediate and critical.

Key benefits

Get the reassurance of high payouts

Be covered for 92 medical conditions

Pay no more premiums after a claim

2. ElderShieldComparehensive & ElderShield Value Plus

Supplement your ElderShield plan to enjoy even greater protection

As a Singapore Citizen or PR, customers’re automatically covered under

ElderShield when they celebrate your 40th birthday. If they suffer disability

and be left unable to perform at least three out of six Activities of Daily

Living (ADLs), this insurance plan offers them a payout of up to $400* per

month, for up to 72 months.

Key Benefits

Receive two payouts upon first claim

Extend coverage or enjoy it for life

Pay premiums through MediSave

3. Flexi Maternity Cover

Great is double the assurance for both mother and baby

Flexi Maternity Cover is a comprehensive, standalone plan for

mothers and her child. From as early as 13 weeks into her term, it offers

reassuring cover in the event of pregnancy complications or congenital

illness.

Key benefits

Immediate cover for both

Assurance for both mother and child

A lasting gift of love

4. LifeSecure

Enjoy lifelong coverage against disability

Ensure that customers’ savings are protected against the unforeseen.

If customers are disabled because of injury or illness, LifeSecure offers

them the reassurance of a monthly income, throughout their life.

These monthly payouts will help provide for daily expenses,

specialized care, rehabilitation and home tuition (for children unable to

attend school- the plan also covers children as young as one year old).

Key benefits

Receive monthly payouts for life

Receive up to six times the payout

Pay no premium when receiving payouts

5. Pay Assure

It protects customers’ salary with a financial lifeline. For example,

their family depends on their salary. And customers have the bills to pay

every month. If a sudden illness or injury leaves customers unable to work,

customers will difficult to pay for everyday expenses and meet their regular

financial commitments.

Pay Assure is made for such situation and provides for customers

and for their family. If the illness or injury keeps customers away from work,

customers will receive a monthly income of up to 75% of their monthly

salary. This income protection plan helps customers focus on getting well,

rather than worrying about money.

Key Benefits

Receive income until customers retire

Get partial income if customers pay drops.

Enjoy a rehabilitation benefit

o Pay no premiums when receiving benefit

o Choose when their benefits begins

6. Supreme MediCash

Customers receive guaranteed income even while customers are

hospitalized. Supreme MediCash pays a daily cash benefit for each day

spend in hospital. It can use the money to pay for alternative treatments,

supplement lost income or pay for anything.

Key Benefits

Collect a daily hospital cash pacustomerst

Receive a lump sum recovery payment

Renew – even if customers have claimed before

o Stay covered even when customers are abroad.

o Enjoy renewal discount on premium

7. Supreme Health

It is a health insurance solution that covers customers’ hospitalization

expenses, all through life. And this protection continues even after

customers make a claim.

Key Benefits

Get high reimbursements, lifelong

Enjoy comprehensive coverage

Be free of pre-admission hassles

o Enjoy greater protection as a women

o Be covered for psychiatric care, too

8. Total Shield

It fully covers against the costs of hospitalization. And add-on to

Supreme Health hospitalization plan, Total Shield completes all around

protection. It takes care of the deductible and co-insurance portions of

hospital bill, both of which are payment required by regulation to bear when

claiming reimbursement under Supreme Health plan.

Key Benefits

Complement Supreme Health coverage

Get post-hospital Traditional Chinese Medicine ( TCM ) treatment

cover

Enjoy benefits as accompanying parent

o Receive cash incentive while in hospital

o Enjoy hospice care benefit

o Stretch hospital coverage worldwide

Personal accident protection

1. AccidentCare Plus II

AccidentCare Plus is tailored to meet individual needs. Offering year-round coverage against accident across the globe, this fully customizable personal accident insurance plan lets you choose protection to suit both customers’ needs as well as budget.

Key benefits

Be reimbursed for medical expenses. Customers will be paid back for accident related medical expenses including physiotherapy, Traditional Chinese Medicine (TCM) and chiropractic treatments.

Receive payout upon disability

If customers were unable to work because of accident, they will receive a weekly cash benefit for up to 104 weeks.

Get evacuation and repatriation cover

The plan covers customers for overseas evacuation expenses upon accidental injury as well as repatriation upon accidental death.

Get a daily hospitalization payout

Customers will a cash benefit if they are hospitalized because of an accident.

Get help with recovery

Reimbursement for mobility aids is covered- so customers can concentrate on getting better.

Get extra coverage as a woman

The plan offers more to women: an additional 20% on the hospitalization benefits as well as the sum assured for accidental death and permanent disablement.

Enjoy full benefits as a motorcyclist

Good news for motorcycle riders- this accident plan offers customers full benefits with just an additional 15% on the standard premium of each occupational class.

2. Essential Protector Plus (comprehensive coverage against accidents)

Accidents can happen anytime, anywhere and could mean huge bills for treatment and recovery. Essential protector plus reimburses customers for medical expenses incurred due to accidents, anywhere in the world. And if the accident occurs while customers are overseas and they seek treatment in that country- their medical expenses reimbursement limit will be doubled.

Moreover, if they are hospitalized due to an accident, Dengue Hemorrhagic Fever(DHF) or food poisoning, Essential Protector Plus also offers a daily hospital income benefit which will help make up for loss of income while they recover. Plus, the plan offers lump sum payouts for permanent disablement or death from accidents.

Key benefits

Be reimbursed for medical expenses Receive daily income when in hospital Enjoy easy, guaranteed sign-up

3. Golden Protector Plus

Customer can get cover against accidents in their older years. In customers’ mature years, customers have more time to do the things they’ve always wanted to do: take up a new hobby, go on their dream holiday, or simply take it easy. However, this age is also a time when they’re more vulnerable to accidents – which could mean injuries that take longer to heal, and huge medical bills for treatment and recovery.

Golden Protector Plus is a personal accident plan that provides essential coverage against accidental injuries – anytime, anywhere. The plan reimburses customers for medical expenses resulting from accidents, and also offers hospitalization benefits that help pay for alternative treatments. And, if accidental death occurs, the plan also offers a lump sum payout.

Key benefits

Be reimbursed for customers’ expenses Receive hospitalization benefits Get payouts upon disability or death

4. Junior Protector Plus

Junior Protector Plus covers customers’ children against accidents, anywhere in the world. Wherever learning and play may take their children, give customers the reassurance of Junior Protector Plus. This comprehensive accident insurance plan for children covers them – worldwide – against accidents, as well as illnesses such as Hand, Foot and Mouth Disease (HFMD), Dengue Haemorrhagic Fever (DHF) and food poisoning.

Key benefits

Be reimbursed for medical expenses Receive hospitalisation benefits Cover customers’ child against common injuries

5. PA Supreme

Customers enjoy 24-hour insurance coverage for them and their family anywhere around the world. They want the family to enjoy life to the full, but accidents never have good timing. Medical expenses can easily send customers best-laid plans to a grinding halt. That’s why PA Supreme provides 24-hour insurance coverage for customers and their family anywhere around the world. So they are able to rest easy and enjoy what life has to offer.

Key benefits

Up to S$500,000 for death/long-term disablement S$500/week allowance for temporary disablement

Up to S$50,000 for emergency medical evacuation

6. Prestige PACare (coverage of up to S$3.5 million against accidents)

A premium personal accident plan designed to provide the greatest peace of mind, Prestige PACare offers the ultimate coverage of up to S$3.5 million for permanent disability or death due to an accident – this assurance of high financial security lets customers focus on the more important things in life. The plan also offers them optional reimbursement of medical expenses of up to S$20,000 per accident, and round-the-clock emergency assistance, worldwide.

Key benefits

Be assured of up to S$3.5 million Be reimbursed for medical expenses Get 24-hour emergency help,

worldwide