Which Plan Is Entitle Buyback Option
Great VantageCare 2
Great Early VantageCare 2
Smart Early Payout CriticalCareRider
Great Essential Living
Great VantageCare Select
Great VantageCare
Great Early VantageCare
Great Early Living Care 2
Great Early Living Care
Great Ideal Living
Great Enhanced Living Care
Supreme Livin’Care Plus
Supreme Livin’Care Series3
Procedures
Servicing Agent:
1. Living Assurance Claim Settlement Letter with BuyBack Option Eligibility issued by Claims Department
2. Complete Notification Form to Exercise BuyBack Option
3. MPOS quotation for Whole Life Non-Participating Plan (Great MaxiProtector, Plan Code: 0272) with yearly pay mode and age next birthday of the Life Assured as at the Option Date not exceeding the maximum allowable Basic Sum Assured or Amount of Benefits
4. Full payment of first year premium under old policy number (Cash or Cheque only) – Life Assured may opt to change the pay method in the subsequent year through the normal procedure
5. Latest Appointment/ Change of Nominee(s)/ Tustee(s) (optional) – strongly advisable to smoothen the claims process in the future
Remark
Within sixty (60) days after the admission of a claim on Covered Event to the Life Assured by the Company
Branch/ Customer Service Department:
1. Date of application for Option to BuyBack is within the stipulated time frame as per Living Assurance Claim Settlement Letter
2. New Sum Assured is up to the Basic Sum Assured or Amount of Benefits (Smart Early Payout CriticalCare, Annexure U86)
New Business Department:
1. Register the BuyBack Option application manually under Origin Code 7 with a new policy number
2. Transfer of first year premium from the suspense account of old Policy Number into the newly created Policy Number
3. Acceptance of case (without further evidence of assurability of the Life Assured)
(The total sum assured purchased on the same Life Assured under this or similar options on all policies shall not exceed RM 1,000,000)
New Policy Sum Assured can’t over previous policy sum assured.
Servicing Agent:
1. Status checking through e-Partner (by entering the Agent ID and to search under Life Assured’s name)
(e-Partner > Applications > New Business > New Business Status Enquiry > Proposal Status
Enquiry List
Servicing Agent:
1. Delivery of new policy contract with special Endorsement No. 304 once the policy is inforced and issued
Remark
– New buyback policy sum assured can’t more than existing policy sum assured.
– If life assured pass away within first policy year, premium paid will be refund.