Group Insurance Scheme for Members
GROUP MULTIPLE BENEFITS INSURANCE SCHEME (GMBIS)
SME Association of Malaysia (SME Malaysia) had a group insurance scheme for members of SME Malaysia and their affiliated companies back in 2001.
SME Malaysia is collaborating with Great Eastern Life Assurance (M) Berhad (GE) again to launch a new GMBIS Scheme for members of SME Malaysia and their affiliated companies.
With this collaboration, employees of SME Malaysia’s members and their affiliated companies can now get Comprehensive Coverages such as 45 Critical illnesses / Death / Total Permanent Disability / Personal Accident with an affordable premium. This Scheme comes with Investment Returns as well and the investment fund chosen is Lion Fixed Income Fund, a fund which invests in fixed income securities, for example government and corporate bonds as well as cash and cash equivalents. This fund seeks to provide consistent return at low levels of volatility. The maturity value / investment returns for individual applicants will very much dependent on:
- SME Malaysia GMBIS Scheme participants’ average age
- Fund performance
- Prompt payment of premium
- Total accumulated cash value
- Claim experience of this new Scheme
Please note that GE has excluded Construction, Heavy Manufacturing, Mining, Quarrying and Oil & Gas related sectors from participating in this GMBIS Scheme.
During the promotional period, a company with minimum 5 participating employees OR minimum 10 proposals (consisting of employees, spouse and children) may participate in the Scheme where Acceptance / Approval is Guaranteed, i.e. No Health Declarations required. Applicants from member companies not able to fulfil the minimum proposals requirement as above, will be subjected to underwriting with health declarations required. As this Scheme is Portable, employees can continue the coverage even after leaving the employment or upon retirement.
Kindly be informed this Special promotion ends on 30 April 2021. Participation after this Special promotion period will be subjected underwriting unless a new Special promotion period is arranged subsequently.
For participating companies agreeing to undertake the work to remit the monthly premium to Great Eastern Life such as monthly salary deduction, a service fee (1% x premium paid) is payable to cover the additional administrative works involved.
Please note that this GMBIS Scheme shall take effect upon SME Malaysia securing an overall minimum of 500 proposals / applications in total.
Ms Chum shall be the authorised employee of SME Malaysia to provide assistance to companies interested in this Scheme. We hereby attach the relevant documents for your consideration.