KUALA LUMPUR, Dec 18 — Great Eastern Takaful Bhd (GETB) has launched i-Great Evo in support of the Race for Cover Towards Takaful 2020 (RfCTT 2020) by the Malaysian Takaful Association (MTA).
In a statement today, GETB said 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 per cent of the population by year 2020.
GETB data revealed that the take-up rate for takaful plans among married individuals stood at 71 per cent while for singles, it is significantly lower at 25 per cent.
“The data also show 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,” it noted.
GETB chief executive officer Shahrul Azlan Shahriman said i-Great Evo offers the flexibility in customising plan to complement coverage to suit customers needs as they grow and allow 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,” he said.
The plan is flexible and can also be upgraded at any time. For children, 11-child critical illness coverage is provided on top of the 45 critical illness coverage.
Shahrul said 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 also offers basic Term Takaful plan with eight attachable riders that cover medical and hospitalisation, critical illness, accidental as well as waiver of contribution.
“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,” he said.
For Phase 2 of i-Great Evo, customers could participate in the plan for their spouse and increase Basic Sum Covered to RM200,000.
As customers career progresses and financial status becomes more stable, they would be able to increase their Room&Board to RM200 for themselves and RM150 Room&Board for their spouses.
“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,” he said.
He said customers may participate in i-Great Evo for their children, complete with medical protection of RM150 Room & Board and Basic Sum Covered of RM50,000.
“The i-Great Evo also ensures your spiritual obligation is fulfilled by an able body or organisation upon your passing with its Badal Haj (haj by proxy) service.
“All you need to is to fill up the Haj by Proxy Service Form. Another additional services offered by the plan are Waqf (endowment) and Hibah (bequest) services,” he said. – BERNAMA