5 Reasons Why i-Great Wawasan Is Good For Your Post-Retirement Plan

Retirement is something that requires early preparation.

Consider this – over two thirds of private sector employees aged 54 have less than RM50,000 in their Employee Provident Fund savings; 70% of EPF members who withdraw their funds at age 55 use up their savings in less than a decade. Public sector statistics are even more discouraging – a dismal average monthly pension of RM2,100.

Given the circumstances, it’s in your best interest to supplement your EPF with other retirement planning options. Which is where Great Eastern Takaful’s i-Great Wawasan answers your multi-layered financial needs, if you:

• Have substantial financial commitments
• Need large coverage to protect the wellbeing of your family OR for debt and liability settlement
• Want to save in an alternative pension fund / create a retirement backup fund
• Want to leave a legacy
• Want to preserve your lifestyle after retirement

Flexible

With a high sum covered – from RM500,000 – that offers benefit payout up to 400% of the Basic Sum Covered (BSC) and the ability to choose contribution payment terms from 5, 10 and 20 years or full term, i-Great Wawasan offers maximum flexibility to suit your lifestyle and protection needs.

It is well suited for those whose income depends on the gig-economy, or is project, fee or commission-based. Choose to contribute for the amount of time that suits your financial plans – allowing you to find a solution that fits your budget.

You can also choose when to retrieve your Maturity Benefit, for instance, a 35-year old signing up for the plan today can choose to receive the benefit when they retire (maturity at age 60), to top up the retirement fund, or choose maturity at age 80 for retirement backup fund and for legacy planning.

There is also an option of three funds, Dana i-Mekar (equity fund), Dana i-Majmuk (balanced fund) and Dana i-Makmur (fixed income), depending on your risk appetite. Fund switching is free, fast and easy.

Auto Extension

If you do not have immediate needs for the Maturity Benefit and want to continue with the protection and savings, the certificate will auto-extend the coverage for an additional 20 years.
This can happen multiple times. For instance, you could decline to withdraw the benefits at age 60 and instead get protection up to the age of 80, or even up to 100. Naturally, additional contributions will be required during the extended term of coverage.

Critical Coverage

For added protection, this plan also comes with riders that cover up to 45 Critical Illnesses and a waiver of contribution rider in the event of total permanent disability or CI diagnosis. Namely, the i-Critical Illness Benefit Rider, i-Provider on Dread Disease Rider and the i-Contributor Benefit Plus Rider. Your certificate will not lapse even if your account value is zero as long as you continue paying your contributions on time within the first six certificate years.

Additional coverage

It also offers additional coverage for accidents in Malaysia , accidents on public conveyance in Malaysia (at twice the BSC), accidents outside Malaysia, which is an added protection for those who travel frequently (triple BSC).

Should you pass away from natural causes while performing the Hajj or Umrah, an additional amount of 100% of BSC will be payable on top of the Death Benefit.

Hibah

Hibah is a gift of protection to your loved ones – it is the ultimate portrayal of care and love – to ensure that when you pass on, your family is not burdened with debt, instead, they would be able to continue to live according to their existing lifestyle well into the future.

Through Hibah, there will not be any difficult legal process as Hibah nominations cannot be contested in court and does not fall under Faraid law. All you need to do is to fill up the nomination form and remember to review and update it as and when needed. From the comforts of your home or office, you can make or change your nomination through the online customer portal i-Get in Touch.

i-Great Wawasan is a highly flexible plan, offering high coverage, long term protection and created to give you the peace of mind you deserve when you retire and for legacy planning. All to ensure your needs and that of your loved ones are taken care of.

For more information on i-Great Wawasan, please visit the website or make an appointment with a Great Eastern Takaful Advisor for a consultation.