Great Eastern Takaful

INTRODUCTION TO GREAT EASTERN TAKAFUL
Great Eastern Takaful Bhd
• Great Eastern Takaful Berhad was officially launched on 10 December 2010 being the first to be
launched among the 4 new Family Takaful licenses announced by BNM in the same year.
• It is a joint venture between two strong financial institutions, i-Great Capital Holdings Sdn Bhd, a
subsidiary of Great Eastern Holdings Limited and Koperasi Angkatan Tentera Malaysia Berhad,Great
Eastern Takaful Berhada large an established cooperative in Malaysia.
Incorporation
29 September 2010
Operational Launching
10 December 2010
Registered Office
Level 20 Menara Great Eastern, 303 Jalan Ampang , 50450 Kuala Lumpur
Authorised Share Capital
RM200,000,000 divided into 200,000,000 ordinary shares of RM1.00 each
Paid-up Share Capital
RM120,000,000 ordinary shares of RM1.00 each
Financial year end
31 December
Auditors
Messrs Ernst & Young
Shareholders
• I Great Capital Holdings Sdn Bhd (70%)
• Koperasi Angkatan Tentera Malaysia Berhad (30%)
• Although being relatively a new Takaful Operator, Great Eastern Takaful is able to leverage on over 105
years of experience of insurance management in Malaysia from its Group company, Great Eastern.
2
Great Eastern Takaful Berhad
70%
30%
Koperasi Angkatan Tentera Malaysia Berhad
(KATMB) is a co-operative established in 1960
with a wide geographical coverage and more than
140,000 members. Its functions and structure has
evolved into a multi-purpose co-operative as it
ventured into new business programs and
investments in line with the nation's economic
agenda.
i-Great Capital Holdings Sdn Bhd (i-Great) is a
shariah compliant holding company incorporated
in Malaysia. Its parent company Great Eastern
Holdings Limited has more than 105 years
experience in managing insurance in Malaysia.
3
Board of Directors
Great Eastern Takaful’s direction is steered by prominent and experienced individuals with diversified
backgrounds.
Datuk Kamaruddin Taib
Chairman
Mej Jen (B) Dato’ Che Hasni
Che Ahmad
Non-Executive Director
4
VACANT
Tn Hj Jamaluddin Masrin
Non-Executive Director
VACANT
Dato Koh Yaw Hui
Executive Director
Shariah Committee
Great Eastern Takaful’s Shariah Committee consist of Shariah scholars who are well versed in Shariah
and Islamic finance equipped with relevant Takaful experiences.
UIAM
KUISAS
5
Dr. Ahmad Basri Ibrahim
Chairman
Head, Fiqh & Usul Fiqh, IIUM
Assistant Professor, IIUM
Dr. Wan Sabri Wan Yusuf
Member
Deputy Rector, KUISAS
Associate Professor, IIUM
Dr. Mohamad Sabri Zakaria
Member
Assistant Professor, IIUM
Dr. Mahamad Arifin
Member
Associate Professor, IIUM
Dr. Siti Salwani Razali
Member
Associate Professor, IIUM
Dr. Akhtarzaite Abdul Aziz
Member
Assistant Professor, IIUM
: Universiti Islam Antarabangsa Malaysia
: Kolej universiti Islam Sultan Azlan Shah
Senior Management Team
The senior management team consist of a mixture
of experienced and dynamic individuals, who are
well versed in their respective areas.
1
2
Zafri Ab Halim
Chief Executive Officer
Allen Tan Chee Keong
Head, Operations
7
6
3
5 4
2
1
3
Ariff Azhan Abdul Ghani
Head, Agency Distribution
4
Shizal Fisham Ramli
Head, Actuarial & Product Development
5
Mohd Hanafi Mohd Isa
Head, Partnership Distribution
6
Wan Ahmad Najib Wan Ahmad Lotfi
Head, Strategic Management & Shariah
7
Rozita Ali
Head, Finance
6
Awards
2011
Islamic Business & Finance
‘Best New Takaful Operator’ 2011 Award
Anugerah ‘Pengendali Takaful Baru Terbaik’ 2011
Within 3 years in operations, Great Eastern
Takaful has been awarded with two (3)
internationally recognized and prestigious
awards in the Global Islamic Finance industry.
2012
2013
Islamic Business & Finance
‘Best New Islamic Institution’ 2012 Award
Anugerah ‘Institusi Islam Baru Terbaik’ 2012
7
Islamic Business & Finance
‘Best New Takaful Operator’ 2013 Award
Anugerah ‘Pengendali Takaful Baru Terbaik’ 2013
GROUP MULTIPLE BENEFITS TAKAFUL
SCHEME
GREAT EASTERN TAKAFUL BERHAD
(formerly known as Great Eastern Takaful Sdn Bhd)
Group Multiple Benefits Takaful
Scheme GMBTS is an investmentlinked product which consist of
compulsory and optional benefits.
COMPREHENSIVE COVER
GMBTS is a comprehensive 5-in-1
protection with retirement benefits plan
covering the following:a) Term Takaful(All Causes)
b) 36 Critical Illnesses
c) Personal Accident
d) Funeral Expenses
e) Total Investment Benefit
TAKAFUL COVERAGE
When You Contribute RM 30 A Month, Your Coverage
36 Critical Illness
RM 30,000
Natural Death
RM 30,000
Accidental Death
RM 60,000
Total Permanent Disability ( Natural)
RM 30,000
Total Permanent Disability
( Accidental)
RM 60,000
Funeral Expenses
RM 2,000
Total Account Value/ Investment
Minimum monthly contribution RM 30/ month
Maximum monthly contribution RM 250/ month
Base on Nett Assets value (NAV)
36 CRITICAL ILLNESS COVERS
36 TYPES of CRITICAL ILLNESS
1. Heart Attack
2. Stroke
3. Coronary Artery By-Pass
Surgery
4. Cancer
5. End Stage Kidney Failure
6. Fulminant Viral Hepatitis
7. Major Organ/Bone Marrow
Transplant
8. Paralysis/Paraplegia
9. Multiple Sclerosis
10. Primary Pulmonary Arterial
Hypertension
11. Blindness/Total Loss of Sight
12. Heart Valve Surgery
13. Deafness / Total Loss Of Hearing
14. Aorta Surgery
15. Loss of Speech
16. Alzheimer’s Disease
17. Major Burns
18. Coma
19. Terminal Illness
20. Motor Neurone Disease
21. AIDS Due To Blood Transfusion
22. Parkinson’s Disease
36 TYPES of CRITICAL ILLNESS
23. End Stage Liver Failure
24. End Stage Lung Disease
25. Accidental Head Injury
Resulting In Major Head Trauma
26. Chronic Aplastic Anemia
27. Muscular Dystrophy
28. Benign Brain Tumour
29. Encephalitis
30. Multiple Sclerosis
31. Brain Surgery
32. Bacterial Meningitis
33. Other Serious Coronary Artery
34. Apallic Syndrome
35. AIDS Cover of Medical Staff
36. End Stage Lung Disease
EXCLUSION:
Critical Illness which :
• existed before the effective date of cover-DURING NORMAL UNDERWRITING PERIOD
• was diagnosed in the first 60 days from the effective date (first salary deduction)
• was related to existing specific illnesses
TERM TAKAFUL covers:
Loss of life and TPD due to all causes
TPD payable in 1 lump sum payment (100%)
FUNERAL EXPENSES covers:
A LUMP SUM payment upon death
Personal Accident covers:
Loss of Life
Total Permanent Disablement
Other Permanent Disablement
SCHEDULE OF COMPENSATION
Example
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Loss of both hands
Loss of both feet
Complete and irrecoverable loss of sight in both eyes
Loss of one hand and one foot
Complete and incurable insanity
Injuries resulting in permanently being bedridden
Any other injuries causing permanent total disablement
Complete and incurable paralysis
100%
100%
100%
100%
100%
100%
100%
100%
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
Loss of arm at shoulder
Loss of arm between shoulder and elbow
Loss of arm at elbow
Loss of arm between elbow and wrist
Loss of hand at wrist
Loss of leg at hip
Loss of leg between knee and hip
Loss of leg below knee
Loss of eye - whole
Loss of eye - sight of
Complete and irrecoverable loss of sight in one eye except
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
50%
GMBTS BENEFIT: Investment Value : Fund Types
Choices of 3 investment-linked funds under GMBTS
The Fund’s Performance are as follows:
Dana i-Mekar
Year
Dana i-Majmuk
Benchmark Return
Fund Return
(market
Fund Return
performance)
Dana i-Makmur
Benchmark
Return (market
performance)
Fund Return
Benchmark
Return (market
performance)
2011
-0.70%
2.41%
-1.80%
2.41%
5.89%
3.09%
2012
12.71%
11.85%
8.67%
11.85%
7.36%
3.21%
2013
28.20%
13.29%
20.94%
8.25%
3.34%
3.21%
DANA
1. Dana Mekar
2. Dana Makmur
3. Dana Majmuk
COMPONENT
: Equity
: Sukuk
: combination
GMBTS BENEFIT: Investment Value Weighted
Age of 35 ANB with RM 30 Month
End
Total
Certificate Contribution
Year
Non-Guaranteed
Projected Investment
Value of Fund : 8%
Projected Investment
Value of Fund : 3%
Cash Value
Death
Benefit
Cash
Value
Death
Benefit
3
1,080
487
30,487
442
30,442
6
2,160
1,081
31,081
889
30,889
10
3,600
2,080
32,080
1,493
31,493
15
5,400
3,764
33,764
2,262
32,262
20
7,200
6,273
36,273
3,191
33,191
Exclusivity
Individual Certificate-Co. ABC
GMBTS – Great Eastern Takaful
Anyone can participate
Require an entity with group of
minimum 100 members (sp)
Comparison of GMBTS Vs Individual Certificate
Individual Certificate (Co. ABC)
Benefits
• Term Takaful
• 36 CI
• PA
•Total Investment Value
Contribution
RM 1,200
per year
or
RM 100 per mth
GMBTS (Great Eastern Takaful)
Benefits
• Term Takaful
• 36 CI
• PA
• Funeral
Expenses
• Total Investment
Value
Contribution
RM 360
per year
or
RM 30 per mth
GMBTS is approximately 3 times cheaper than an individual Certificate

Reduce cost of Takaful as
employer only needs to provide
supplement coverage.

Employees retention/ increase
loyalty among employees

Service fee – 2%

•
Affordable / low contribution
36 Critical Illness, death, TPD and PA Protection
with retirement fund at as low as RM 1.00 per
day (1 :1000)

High protection with Critical illnesses coverage

Force saving – with Investment value

Contribution are fixed for all ages

Contribution are tax deductible - Under Family
Takaful/Medical (subject to income tax rules)
•
Partial withdrawal of funds anytime - After 1
year certificate is in force (minimum RM200)
•
GMBTS can be extended to Spouse & Children
•
The Takaful coverage for accident is DOUBLED
•
Contribution is through - salary deduction or
DDA (Direct Debit Authorization)
PAYMENT METHODS
SALARY DEDUCTION
Through Biro Perkhidmatan
Angkasa (BPA – Public Servant)
PAYMENT METHOD
DDA
( Direct Debit Application)
13 participating Banks
WHO CAN JOIN THIS SCHEME
• Employees
• Spouse
• Children
 Employee/spouse
(19 – 55 next birthday)
 Children (in the order of youngest to eldest)
 30 days – 19 next birthday ( unmarried & not
working)
 30 days – 23 next birthday ( full time student)
BENEFITS IN SUMMARY :Affordable contribution with comprehensive protection
Common and fixed contribution regardless of age
A source of retirement benefit
Encourage employees/members to save for rainy day
Provide financial protection in the event of members’ death or
disability
Contribution is entitled for tax relief under Family /medical
Takaful (subject to income tax rules)
Member can opt to continue even after leaving the company
Partial withdrawal of funds
TYPES OF PARTICIPATION
GMBTS can be offered under several alternatives
•
•
Voluntary basis – members Contribute for their
contribute
100% participation and contribute by the company
How To Participate?
i)
Special Promotion (minimum 100 person covered*)
Free of underwriting
No medical examination
* For Corporate Client
ii) Normal (minimum 10 person covered*)
Medical examination is required, the fee will be borne
by proposer
* For Corporate Client
Marketing Support
•
•
•
•
Briefing to staff
Training to HR Managers & Executives
Promotion campaign
Assist in submission process
Servicing Support
• Easy payment through file uploading
• Monthly contribution notice
• Monthly lapsation notice
• Claims – 14 days
For Any Enquiries Please Contact
Partnership Distribution
Careline
Email
: 1300 13 8338
: [email protected]
Marzuk Hashim
Alternative Business Channel
TEL No: 03-4259 8330
E-mail: [email protected]
Muhammad Taufiq Yacob
TEL No
: 03-4259 8181 Ext 7727
Email
: [email protected]
Mohd Rahmat Mat Isa
TEL No
: 03-4259 8181 Ext 7336
E-mail
: [email protected]