As part of Great Eastern Takaful Berhad’s (GETB) commitment in the Race for Cover Towards Takaful 2020 (RfCTT 2020) by the Malaysian Takaful Association (MTA), the company is proudly presenting the i-Great Evo; an evolutionary protection plan for one’s evolving needs.
Take up rate for takaful plans among married individuals stand at 71% while for singles, it is significantly lower at 25%, our data reveals. The data also shows that the median marriage age is 26-28 years old, which testifies that most people prefer to wait until they are a little long in the tooth to participate in a Takaful -plan. Subscribing to a takaful plan at a later stage in life will result in higher contribution due to higher risks factors brought on by medical conditions, In this scenario, a takaful participant will opt for lower coverage due to affordability issues, and this will translate into having lower protection.
With these in mind, i-Great Evo was curated to allow customers the opportunity to address both the protection gap and coverage needs based on their individual requirements at different stages of life – a plan that grows with you. This is in line with the RfCTT 2020’s objectives, which are to reduce the protection gap as well as to increase takaful penetration rate by 25% of the population by year 2020.
Great Eastern Takaful Berhad Chief Executive Officer Shahrul Azlan Shahriman said: “Your protection needs are likely to change throughout your life cycle. First job, marriage, parenthood, kids’ education needs, retirement, this is why it is important to build a strong financial safety net from the onset We launched i-Great Evo with this evolution in mind, a plan that grows with every stage of your life.
He added, “i-Great Evo offers the flexibility in customising your plan with its unique riders to complement your coverage to suit your needs as you grow. It is also flexible enough to allow you to customise your protection plan by adding or reducing the coverage according to your affordability at any given time. The plan is divided into three phases; Phase 1 for when you’re single with no dependents and have less financial commitments, Phase 2 for when you have a dependent (spouse) and needs arise for basic medical and critical illness protection and Phase 3 for when you need comprehensive protection for your children. The plan is flexible and can be upgraded at any time. For children, 11-child critical illness coverage is provided on top of the 45 critical illness coverage. It’s all you need for you and your family in just one plan.
i-Great Evo is a regular contribution Term Family Takaful plan that pays the Basic Sum Covered upon Death and Total & Permanent Disability of the Person Covered as well as Compassionate Benefit of RM2,000 upon death of the Person Covered. It matures at age 25 or 80 years for child and adult Person Covered respectively. The i-Great Evo offers basic Term Takaful plan with 8 attachable riders that cover medical and hospitalisation, critical illness, accidental as well as waiver of contribution.
Benefits of i-Great Evo
We all know that medical and critical illness protection means higher contribution. That’s why building a strong financial foundation in your 20s and getting the right protection early is very important to ensure you are protected with an amount you can afford when you have just started your life. Participate in i-Great Evo by the time you reach the age 25 and get protected until age 80 years with Basic Sum Covered of RM100,000 as well as medical and hospitalisation of RM150 Room&Board. Protect yourself against accidental death by attaching i-Comprehensive Accident Benefits Xtra Term Rider into the plan and your next-of-kin would also receive the Compassionate Benefit of RM2,000 upon your passing. All these for only about RM200 a month, a decent amount you should put aside when you first started your career. Remember, the younger you participate in a Takaful protection plan, the cheaper the contribution would be.
As you grow older, you would embark on a new phase of life, so as your priorities would also change as you take up bigger responsibilities. For Phase 2 of i-Great Evo, you could participate in the plan for your spouse and increase your Basic Sum Covered to RM200,000 as you are now the head of the family who has a dependent (spouse) whom is depending on you should anything untoward happens to you. As your career progresses and your financial status becomes more stable, you would be able to increase your Room&Board to RM200 for yourself and RM150 Room&Board for your spouse. This is the best time for you to attach i-Lifetime Critical Illness Benefit Term Rider into the plan to protect yourself against 45 critical illnesses with Sum Covered of RM100,000.
The i-Great Evo continues to be with you going through your next phase in life, when you extend your family members. You may participate in i-Great Evo for your children, complete with medical protection of RM150 Room&Board and Basic Sum Covered of RM50,000. One unique feature of i-Great Evo is that you can protect your children against 11 child critical illness on top of the existing 45 critical illness coverage, making it one comprehensive Takaful protection plan for the whole family.
The i-Great Evo also ensures your spiritual obligation is fulfilled by an able body or organisation upon your passing with its Badal Hajj service. All you need to is to fill up the Hajj by Proxy Service Form. Another additional services offered by the plan are Waqf and Hibah services. With Waqf service, an amount as previously agreed by you from the Death Benefit, if applicable, will be channelled to a waqf body appointed by us upon your passing, whilst hibah service allows you to provide for your beneficiaries and/or your chosen charitable organisation. Just fill up the Waqf Services Form and Nomination or Assignment Form respectively when you sign up the i-Great Evo plan.
In conclusion, the i-Great Evo truly is An Evolutionary Takaful Protection for Your Evolving Needs as the tagline suggests. It is one of the most flexible, comprehensive plans that allows you to customise your protection plan to your liking by adding or reducing the coverage according to your affordability at certain point of time.
For more information about i-Great Evo, please visit www.greateasterntakaful.com or www.facebook.com/greateasterntakaful.