The deferred whole life sum, additional sum, cash

The two policies I am comparing are from company Great Easterns Life Assurance Malaysia Berhad and Allianz Life Assurance Malaysia Berhad. For Great Easterns Life, it was established in Malaysia since 1908 and it was known as “The Oldest and Largest Insurer” stated in The Malaysia Book of Records in 1998. Today, Great Eastern Life possesses 21 operational branch offices and products comprising life insurance plans, investment-linked plans, medical insurance and group health benefit schemes, mortgage protection, business protection as well as employee benefits. Whereas for Allianz, it was set up in Malaysia since 1983. Allianz provides comprehensive life insurance, health insurance, investment-linked products as well as medical and critical illness insurance. The main business line of Allianz is to underwrite life insurance.For Great Easterns, for instance, if the term coverage is 41 years, the premium required to pay respectively will be RM3272 for annually, RM1668.75 for half yearly, RM842.55 for quarterly and RM286.35 for monthly. All premium payable by a business organization other than Great Easterns Life Assurance (Malaysia) Berhad are subjected to the prevailing Government Service Tax (GST). Whereas for Allianz, The total premium that an insured has to pay and the policy terms may vary depending on its underwriting requirements.Assume that the term coverage is 58 years, then the estimated total premium that the insured has to pay based on standard risks will be RM4800 for annually, RM2400 For half yearly, RM1200 for quarterly and RM400 for monthly.For Great Easterns, while the policy is in force and subjects to its terms and condition, in the event of death of the life assured, the death benefits included basic sum, deferred whole life sum, additional sum, cash bonus, terminal sum are payable. However, they have to less any limited advance benefit paid. For Allianz, a level sum assured plus account value is payable in one lump sum upon death. For Great Easterns, while the policy is in force and subjects to its terms and conditions, if Total and Permanent Disability (TPD) occurs, future premiums will be waived up to a maximum basic sum assured of RM2,000,000 per life and the company shall pay the basic sum assured not exceeding RM2,000,000 in 3 annual installments with the first being a lump sum of the basic sum assured or RM1,000,000 whichever is lesser, and the balance of the basic sum assured will be payable in two equal annual installments up to a maximum RM500,000 each. In addition, accumulated cash bonus will be payable in one lump sum whereas additional sum assured, deferred whole life sum assured and terminal bonus shall be advanced in the same manner, interval and duration as the basic sum assured. For Allianz, a level sum assured of up to a maximum of RM 4 million (per life assured) plus account value is payable in one lump sum on TPD prior to age 65 if there is no unit cancellation rider attached to the policy at the date of the commencement of TPD.For Great Easterns, upon survival of the life assured to the maturity date of the policy, basic sum, deferred whole life sum, cash bonus, terminal bonus on maturity are payable. However, any limited advance benefit paid must be deducted. For Allianz, a full balance of account value is payable in one lump sum upon policy maturity.

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