Great Eastern Takaful rolls out country's first universal takaful plan with a high guaranteed cash payout
OCBC Al-Amin Bank Berhad (OCBC Al-Amin) has been appointed exclusive distributor of the country’s first universal takaful plan offering a high guaranteed cash payout.
Encik Shahrul Azlan Shahriman, Chief Executive Officer of Great Eastern Takaful Berhad and OCBC Al-Amin Bank Berhad Chief Executive Officer, Tuan Syed Abdull Aziz Syed Kechik marking the launch of Supreme-i, the country’s first universal takaful plan offering a high guaranteed cash payout.
Supreme-i, developed by Great Eastern Takaful Berhad (GETB), allows certificate holders to receive greater regular income in a market dominated by high coverage and protection-based plans. They can also choose to make contribution payments for 5 or 7 years and enjoy takaful protection coverage for 13 years.
GETB is a joint venture company between i-Great Capital Holdings Sdn Bhd (iGreat), a subsidiary of Great Eastern Holdings Limited and Koperasi Angkatan Tentera (M) Berhad.
Encik Shahrul Azlan Shahriman, Chief Executive Officer of GETB, said Supreme-i is the ideal financial solution for those seeking a guaranteed cash payout, as it offers customers the option of either accumulating their returns or receiving a regular cash payout annually.
“The flexibility offered by Supreme-i allows customers to plan according to their lifestyle and financial needs. They can enjoy 15% to 20% of the annual contribution, which is payable at the end of every certificate year. This gives them the opportunity to cover those smaller expenses they might incur, such as their children’s school fees, car down payment or travel expenses.
“What’s unique about Supreme-i is that although it is also a takaful protection plan, it does not require any medical underwriting as we want to make the application process as seamless as possible,” Encik Shahrul Azlan said.
OCBC Al-Amin Chief Executive Officer, Tuan Syed Abdull Aziz Syed Kechik, said the offering is timely in light of the Bank’s quest to meet the growing demand from customers to reap the benefits of new bancatakaful innovations that mesh with the principles of the Bank’s OCBC Life Goals platform.
“In line with our strategic plan to provide a greater number of wealth solutions to our customers, we introduced the OCBC Life Goals platform at OCBC Al-Amin branches recently to help customers plan for their top two life goals – retirement and children’s education. With the aid of the OCBC Life Goals Calculators there, we are able to better understand the customer’s needs first, before proposing the right solutions.
“We see the introduction of Supreme-i as an integral cog in our journey toward customer education and provision of a solid array of financial planning tools. And we are confident Supreme-i will be well-received,” he said.
Bancatakaful is founded on the principle of a strategic alliance between takaful operators and financial institutions whereby takaful products and financial products are distributed to the financial market via a common channel.
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