You are on page 1of 9

i-Great Ameen

MARKETING
Marketing Name:
Plan Code:
Plan Abbreviation:
Distribution Channel:
Target Launch Date:
Offer Period:

i-Great Ameen
0709
T AMEEN
Agency
st
1 October 2015
st
Valid until 31 December 2015

PLAN DESCRIPTION
(a)
(b)
(c)
(d)

This product is a regular contribution term Takaful plan that provides coverage until age 85 years
next birthday.
This plan provides Death Benefit and Accidental Death Benefit.
This plan does not require medical underwriting.
Upon maturity, any amount left in Participants Individual Account (PIA) will be made payable.

UNDERWRITING SURPLUS AND INVESTMENT PROFIT


Underwriting Surplus

The Underwriting Surplus, if any, will be calculated and distributed annually.


The participant is entitled to receive the Underwriting Surplus (if any) arising from the Tabarru
Fund. The Underwriting Surplus will first be allocated for contingency purposes as deemed fit
by the Takaful Operator before it is shared between the participants and Takaful Operator in
the proportion of 50% and 50% respectively. The allocated amount will be credited into the PIA
after each financial year.
When there is deficit, there will be no surplus distribution for that year. Any deficit in
underwriting surplus will be funded in the following order:(i) Amount allocated for contingency purposes;
(ii) Qard Hasan (Benevolent Loan)
The Qard Hasan will be carried forward to the following financial year and any surplus emerging
in the future will be used to pay off the Qard Hasan first before it is distributed to the participant
(again net of amount allocated for contingency purposes) in the form of Underwriting Surplus.
Note: Should the Qard Hasan cannot be recovered, the Takaful Operator will determine
whether the Qard Hasan will be written off and become an outright transfer after certain years.

Investment Profit

The Investment Profit, if any, will be calculated and distributed annually.


100% of the Investment Profit arising (net of tax) from the Tabarru Fund, if any, after each
financial year will be received by the participant which will be credited into the PIA.
When there is a loss, there will be no profit distribution for that year. The losses will remain in
Tabarru Fund and to be accounted before arriving at Underwriting Surplus or deficit in the
following year.
The investment profit which comes from the PIA will be given back 100% to the participant and
credited back to the PIA.

1 of 9

i-Great Ameen
BENEFITS
Death Benefit

Upon death of the Person Covered, the following will be payable in one lump sum:
Certificate
Year
1&2
3 & above

Death due to accidental


Death due to non-accidental
cause
cause
(a) 100% of the Basic Sum
Refund of contribution (ROC)
Covered; and
paid-to-date*.
(b) any amount left in PIA.
(a) 100% of Basic Sum Covered; and
(b) any amount left in PIA.

* To return to participants:
i.
Wakalah Fee (including agent and leaders commission and bonuses);
ii.
amount left in PIA (including Investment Profit earned from PIA, Investment
Profit earned from Tabarru Fund and Surplus Sharing from Tabarru Fund, if
any);
iii.
Tabarru charged.
Accidental
Death Benefit
(ADB)

Maturity
Benefit

st

Beginning from the 1 certificate year, upon accidental death before maturity and
prior to age 76 years next birthday, an additional amount of percentage of the Basic
Sum Covered is payable based on the age next birthday of the Person Covered at
the Certificate Anniversary preceding death, as follows:
Age next birthday of the Person
Covered at the Certificate
Anniversary preceding Death

ADB

50 to 64

300% of the Basic Sum Covered

65 to 75

150% of Basic Sum Covered

76 and above

0% of the Basic Sum Covered

Upon survival of the Person Covered to the maturity date, any amount left in PIA will
be made payable.

Note:
1. Basic Sum Covered will be payable from the Tabarru Fund.
2. Amount left in PIA will be payable together with Investment Profit from PIA and Tabarru Fund, if
any, and Underwriting Surplus from Tabarru Fund, if any. If theres any Investment Loss to the
PIA, the amount left in PIA will reflect the loss.

CHARGES
i.

Upfront Charge (Wakalah Fee)


Upfront Charge is the unallocated contributions which consist of agents commission and
distribution related expenses under the Takaful Operators Fund.
The Upfront Charge is 100% minus the contribution allocation rates. Please refer to the
section on Contribution Allocation for the respective contribution allocation rates.

2 of 9

i-Great Ameen
Contribution
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20-35

10
55%
45%
40%
25%
15%
10%
10%
10%
10%
10%

11
55%
45%
40%
25%
15%
10%
10%
10%
10%
10%
10%

12
55%
45%
40%
25%
15%
10%
10%
10%
10%
10%
10%
10%

13
55%
45%
40%
25%
15%
10%
10%
10%
10%
10%
10%
10%
10%

14
55%
45%
40%
25%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%

Term
15
55%
45%
40%
30%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

16
55%
45%
40%
30%
20%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

17
55%
45%
45%
30%
20%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

18
60%
45%
45%
30%
20%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

19
60%
50%
45%
30%
20%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

20-35
65%
55%
45%
30%
20%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

Tabarru
(a)
Tabarru rates vary by the attained age next birthday and gender of the Person
Covered.
(b)
Tabarru is deducted monthly at the beginning of each certificate month.

ii.

ALLOWANCE TO VARY CHARGES


Tabarru rates are subject to revision. The Takaful Operator reserves the right to revise the charges
by giving 3 months advance written notice.

CONTRIBUTION
i.

Contribution
Contribution is fixed at RM50.00 per unit per month.

ii.

Contribution Term
Until maturity of the certificate.

iii.

Contribution payment mode


Contribution can be made annually, half-yearly, quarterly or monthly contribution instalments.

iv.

Contribution mode factors (Frequency of Contribution Payments)


Modal contribution is determined before annual contribution if the annual contribution is M
times of the modal contribution.
Mode of Modal Contribution
Annually
Half-yearly
Quarterly
Monthly

M
1
2
4
12
3 of 9

i-Great Ameen
v.

Contribution payment method


(a) GIRO/Autodebit, FPX, Bankers Order and credit card are allowed for all modes of
contribution payments.
(b) Cheque and cash is allowed for yearly modes ONLY.
(However, in cases e.g. credit card deduction cannot be done due to any reasons etc,
customers can walk in to HQ or branches and make the payments in cash but to ensure
the subsequent payment to go through the auto billing.)
(c) Salary Saving Scheme (SSS) is allowed for monthly modes ONLY (minimum requirement
of 5 certificates per scheme).

vi.

Female Rates / Non-smoker Discount


Not applicable.

vii.

Contribution Allocation
The Takaful Contributions are allocated based on this prescribed Allocation Rate:

Contribution
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20-35

10
45%
55%
60%
75%
85%
90%
90%
90%
90%
90%

11
45%
55%
60%
75%
85%
90%
90%
90%
90%
90%
90%

12
45%
55%
60%
75%
85%
90%
90%
90%
90%
90%
90%
90%

13
45%
55%
60%
75%
85%
90%
90%
90%
90%
90%
90%
90%
90%

14
45%
55%
60%
75%
85%
90%
90%
90%
90%
90%
90%
90%
90%
90%

Term
15
45%
55%
60%
70%
85%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

16
45%
55%
60%
70%
80%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

17
45%
55%
55%
70%
80%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

18
40%
55%
55%
70%
80%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

19
40%
50%
55%
70%
80%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

20-35
35%
45%
55%
70%
80%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

UNDERWRITING GUIDELINES
i.

Age at Entry
Minimum
Maximum

50 years age next birthday


75 years age next birthday

ii.

Benefit Term
85 minus age next birthday at entry.

iii.

Basic Sum Covered


The Sum Covered is expressed in number of units. A unit is defined as the Sum Covered that
a Person Covered can get with a monthly contribution of RM50.00.

4 of 9

i-Great Ameen
Minimum and maximum units:
Minimum
1

Maximum
8

The Sum Covered per unit varies according to the age and gender:

iv.

Entry Age

Term

Male

Female

50
51
52
53

35
34
33
32

10,684
10,246
9,823
9,416

16,129
15,528
14,970
14,409

54

31

9,042

13,889

55

30

8,681

13,369

56

29

8,347

12,887

57

28

8,039

12,407

58

27

7,728

11,933

59

26

7,440

11,468

60
61
62
63
64
65

25
24
23
22
21
20

7,163
6,887
6,614
6,353
6,090
5,834

11,013
10,571
10,142
9,709
9,311
8,913

66

19

5,624

8,591

67

18

5,400

8,251

68

17

5,181

7,937

69

16

4,975

7,622

70

15

4,771

7,331

71

14

4,583

7,062

72

13

4,382

6,766

73
74

12
11

4,195
4,019

6,502
6,250

75

10

3,858

6,017

Underwriting Requirement
Underwriting Guidelines / Non-Medical Limits / Underwriting for Substandard Person
(a) There will be no medical underwriting for this plan.
(b) Financial underwriting will be subjected to AML/FATCA/Compliance guidelines.
(c) This plan is applicable for Malaysian, Permanent Resident in Malaysia, Singaporean and
Bruneian.
(d) Documents required for new business registration are as follows:
Proposal Form
Risk Assessment Statement Submission is via e-sub together with proposal form.
Documentary Proof of Age e.g copy of identity card.
For Singaporean and Bruneian valid entry documents e.g copy of valid passport.

5 of 9

i-Great Ameen
RIDERS / SUPPLEMENTARY BENEFITS
Not allowed.

OTHER PRODUCT FEATURES


i.

Increase in Sum Covered


Not allowed.

ii.

Decrease in Sum Covered


Sum Covered may be decreased at anytime by decreasing the number of units taken (only
whole units and not part of the units), subject to the minimum unit. Decrease in Sum Covered
can only take effect from next contribution due date.
Note: The age basis used during decreasing in Sum Covered is the age at entry.

iii.

Cash Surrender Value


Any amount left in PIA.

iv.

Assignment/Trustee/Nomination
Allowed

v.

Third Party Certificate


Allowed

vi.

Free Look Period


Participant is allowed to cancel the certificate within 15 days from its delivery. Under such
circumstances, total contribution paid minus the expenses incurred for medical examination
(if any) will be refunded and commissions will be clawed back.

vii.

Reinstatement
Allowed within three (3) months from the date of lapse. No Health Warranty required.

viii.

Backdating
Not allowed.

ix.

Paid-up Values / Extended Term Assurance/ Premium Loans / Bonus Rate / Option to
Participate In New Certificate
Not applicable.

x.

Replacement of Certificate (ROC)


Subject to ROC guidelines.
For replacement of conventional plan to takaful plan under Great Eastern, the agents will be
penalized if the replacement of certificates occurs.

xi.

Multiple Certificates
A Person Covered is allowed to participate in multiple certificates, as long as the total units of
Sum Covered owned under this and other certificates are not more than 8 units.

6 of 9

i-Great Ameen
AGENCY COMPENSATION
Agent and leaders commission and bonuses will be clawed back in the event of natural (nonaccidental) death within the first 2 certificate years.
1) Basic Commission
Year of
Contribution
Paid

10

11

12

13

14

15

16

17

18

19

20-35

7.50%

8.25%

9.00%

9.75%

10.50%

11.25%

12.00%

12.75%

13.50%

14.25%

15.00%

5.00%

5.50%

6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

2.50%

2.75%

3.00%

3.25%

3.50%

3.75%

4.00%

4.25%

4.50%

4.75%

5.00%

4-35

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Term

2) Overriding Commission
Term

Year of Contribution
Paid

10

11

12

13

14

15

16

17

18

19

20-35

3.00%

3.30%

3.60%

3.90%

4.20%

4.50%

4.80%

5.10%

5.40%

5.70%

6.00%

1.50%

1.65%

1.80%

1.95%

2.10%

2.25%

2.40%

2.55%

2.70%

2.85%

3.00%

3-35

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

3) Production, Persistency & ARE


Certificate Year
1

4-35

Total

Production Bonus

5.0%

0.0%

0.0%

0.0%

5.0%

Persistency Bonus

0.0%

2.5%

2.5%

0.0%

5.0%

Agency Related Expenses (ARE)


st
1 Certificate Year: 2.27%
nd
2 Certificate Year onwards: 3%

7 of 9

i-Great Ameen
EXCLUSIONS
(In the event of discrepancies, please refer to sample certificate).

1. Exclusion for the Death Benefit


No benefit will be payable in the event of suicide, while sane or insane, within the first year of
Takaful coverage.
2. Exclusions for the Accidental Death Benefit
Accidental Death Benefit is not payable if the death of the Person Covered does not occur within
ninety (90) days from the date of accident; and any Injury resulting in loss suffered, as a result of,
including any of the following whether directly or indirectly:
(a) suicide, attempted suicide or self-inflicted injuries, while sane or insane; or
(b) bodily infirmity, or mental or functional disorder, or illness or disease of any kind, or any
infections, other than infections occurring simultaneously with and in consequence of an
accidental cut or wound; or
(c) mosquito bite which leads to any illness including but not limited to dengue fever, malaria,
viral encephalitis or worm infestations such as Hookworms and allergic reaction to insect
bites; or
(d) war or any act of war, declared or undeclared, criminal activities, active duty in any armed
forces, direct participation in strike, riots and civil commotion or insurrection; or
(e) from the action of any armed forces, or from Accident or violence arising by reason of the
existence of a state of armed conflict; or
(f) engaging in aerial flights other than as a crew member or as a fare-paying passenger of a
licensed commercial airline operating on a regular scheduled route; or
(g) as a result of the Person Covered committing, attempting or provoking an assault or a felony,
or from any violation or attempted violation of law by the Person Covered or resistance to
arrest; or
(h) while under the influence of alcohol or drugs unless taken as prescribed by a Physician. For
the avoidance of doubt, a person is considered as under the influence of alcohol if the breath,
blood or urine test result is over the following limit:
i.
35 mcg of alcohol per 100ml of breath
ii.
80mg of alcohol per 100ml of blood
iii.
107 mg alcohol per 100ml of urine; or
(i) Injury arising from racing of any kind (except for foot racing), hazardous sports or activities
that involve speed, height, high level of physical exertion, highly specialized gear or
spectacular stunts such as but not limited to bungee jumping, parachuting, scuba diving, skydiving, water skiing, underwater activities requiring breathing apparatus, winter sports,
Professional Sports and illegal activities. For the avoidance of doubt, Professional Sports
means engaging in any physical activity in a professional capacity or where the Person
Covered would or could earn income or remuneration from engaging in such activity; or
(j) from childbirth, pregnancy and/or any complications thereof; or
(k) ionising radiation or contamination by radioactivity from any nuclear fuel or nuclear waste
from process of nuclear fission or from any nuclear weapons material; or
(l) from the Person Covered engaging in commando or bomb disposal duties/training.
Note: The exclusion list is not exhaustive. For full list of exclusions, please refer to the certificate.

8 of 9

i-Great Ameen
Appendix: Takaful Model
Participant

Lump Sum payable


upon death, TPD,
surrender or maturity

Payable upon claim

Total Contribution
50%
Surplus

Upfront
charge

Participants Individual Account


(PIA)
100%
Investment
Profit

Wakalah
bi al-Ujrah
100%
Investment
Profit
Operating
Fees

Operator

Tabarru Fund

Investment Profit
From
PIA

From
Tabarru
Fund

Benevolent Loan (Qard Hasan)

Contribution
Tabarru & Charges

Tabarru

Claims payable
Benevolent Loan

Surplus & Investment Profit

9 of 9

UW
Surplus

Unallocated
surplus for
Contigency
Purposes

U/W Surplus

50%
Surplus