Advantages And Disadvantages Of Great Eastern Tourism Essay
Great Treasure Wonder – is a vibrant bequest plan that is supreme for soaring achieving individuals. It comes with an amazing rewards and a regular payment. Apart from that, it also has partial sum terms, assured flow of cash all through policy term, rising fortification with extra amount guaranteed and finally cash bonuses.
Great Cash Wonder – an endowment plan especially intended for individuals who would like to witness their investments develop in the extensive term not including the obligation of an extended best imbursement term.
Great Income Plus – is a long-term monetary security and safeguard with restricted payment stage.
Great EduPlanner – is an education fund especially for children. It also offers the additional benefit of protection adjacent to life’s suspicions to ensure your child enjoys a more protected tomorrow.
Great Cash gain – offers a substitute technique to lay aside for your coming days and also gives you the benefit of protection against life’s uncertainties.
Elite Builder – guaranteed survival benefit even for a long term which is for the future.
SmartInvest Growth – Asset-linked assurance outline planned to do just with the purpose of by enhancing your protection and delicate safety net.
SmartInvest Premier – a plan that gives importance on investing money through higher portion rates and Loyalty Incentives.
(Great Eastern Life is Great, Product, 2012)
Life Protection
There are 2 types of Life protection at Great Eastern:-
Great Prime Protect – a term insurance plan premeditated particularly to provide you with reasonable life insurance coverage.
Great MaxiProtector – it’s an affordable entire life insurance plan that helps take care of future finances.
(Great Eastern Life is Great, Product, 2012)
Health Protection
There are 4 types of health protection:-
Smart Medic Enhancer – facilitates an individual to be better prepared in medical emergencies.
Smart Medic – the inclusive medical rider for investment-linked assurance policy. Smart Early Payout CriticalCare – investment-linked insurance rider, which pays upon premature analysis of a serious illness enclosed under this plan. Great MediCare 2 – an Overall Annual Limit that look after you adjacent to obnoxious bombshells.
(Great Eastern Life is Great, Product, 2012)
Life + Health Protection
There are 4 types of Life + Health Protection:-
Great Ideal Living – inclusive guardianship arrangement that accommodates guarantee.
Great Compare Care – proffer you living, vital infirmity and mishap protection for a supple coverage period.
Smart Educate Planner – so that your child may have enhanced edification chance.
SmartPortect Essential – Investment-linked assurance plan with the aim of adapting to your standard of living.
Supplementary Riders
To improve profit on your investment-linked plan, entire life plan, tenure plan or bequest plan.
Advantages and Disadvantages of Great Eastern
Mostly all the companies or organization has its advantages and disadvantages and Great Eastern is not excluded. There are many advantages that Great Eastern Company provides and it categorize in three different areas. Below are the three areas.
Advantages
1-Individual
2- Group
3-Bancassurance
1-Individual
Through individual, there are 3 different groups that provide advantages for the Great Eastern customers. Which is:-
> Savings
> Life Protection
> Health Protection
-Savings
Ultimately, a savings plan that will astonish you with its limited premium payment terms and possibly enormous total payouts. At this moment you can knowingly upsize your savings to reach better goals in life, have a regular income stream and get better protection for you and your loved ones. The commitment is of 5 years or 10 years. (Great Eastern Life is Great, Product, 2012)
(I)Great Treasure Wonder
It is a vibrant benefaction plan that is perfect for high achieving individuals like you.
Be satisfied with lavish survival profits paid out every 6 months, beginning from the end of the 1st policy year, yearly non-guaranteed cash bonuses, a growing simple sum guaranteed starting from the 2nd policy year onwards and maturity advantage of up to 160% of your basic sum assured.
With all of it, you are being protected against the unexpected now.(Great Eastern Life is Great, Product, 2012)
Limited premium payment terms(Great Eastern Life is Great, Product, 2012)
Compromises partial premium payment terms to meet your financial obligations while you advantage from long term cash investments and security. You can select the subsequent premium payment terms and procedure terms subject on your desires and goals.(Great Eastern Life is Great, Product, 2012)
Guaranteed stream of cash throughout policy term(Great Eastern Life is Great, Product, 2012)
Increase your savings more with survival paybacks paid out every 6 months, beginning from the end of the 1st policy year. Depending on your selected procedure term, you could obtain up to 145% of your basic amount guaranteed as survival paybacks. You can choose to cash out your survival paybacks or add them with the Company for even greater savings. .(Great Eastern Life is Great, Product, 2012)
Cash bonuses
You get to increase your savings even more with annual non-guaranteed cash bonuses from the end of the first policy year. With survival benefits, you can pick to cash out the cash bonuses or add them with the Company to have a superior payment upon development of the policy.(Great Eastern Life is Great, Product, 2012)
Great Cash Wonder
Less commitment and big return in rewards.
An investment strategy specially intended for those who need to see their savings cultivate in the long term without the obligation of an extended premium payment term.(Great Eastern Life is Great, Product, 2012)
This vibrant savings plan pays you the basic sum assured, annually assured survival paybacks and also annual non-guaranteed cash bonuses to meet your financial obligations in lifetime. Ahead of that, it growths your sum guaranteed up to 150% for an even larger savings growth. Besides all that, you can also enjoy security against the unexpected. (Great Eastern Life is Great, Product, 2012)
Short-term premium payments, long-term savings and coverage. (Great Eastern Life is Great, Product, 2012)
With Great Cash Wonder, you merely pay premiums for a short time, but still you will enjoy security and get your savings store to satisfy your desires in life. Choose your personal policy term, which best suits you in improving your financial safety. (Great Eastern Life is Great, Product, 2012)
Obtain guaranteed survival paybacks of up to 145% of the basic sum guaranteed.
Beginning from the end of the first policy year, Great Cash Wonder pays you a yearly guaranteed survival advantage adding to the basic sum guaranteed. On top of that, you can get up to 145% of the basic sum guaranteed reliant on the policy term selected. You can take out this cash profit to endowment your direct objectives or add it with the Company. (Great Eastern Life is Great, Product, 2012)
Cash bonuses to enhancement your savings more.
Great Cash Wonder also supports to cultivate your investments with an annual non-guaranteed cash bonus beginning from the end of the first policy year. You can choose to use it on yourself and your loved ones, or leave it with the Company to produce a larger outgoing at the development of the plan. This additional money will make it even easier for you to encounter your desires. (Great Eastern Life is Great, Product, 2012)
Up to 150% of basic sum assured for more financial security.(Great Eastern Life is Great, Product, 2012)
From the second policy year onwards, your sum guaranteed will produce incrementally, up to 150% of the basic sum guaranteed at no additional charge to you. This will upsurge your savings by the time your policy matures.(Great Eastern Life is Great, Product, 2012)
Great EDUPLANNER
Give your child the greatest of gift (the education fund)
A child is the utmost gift in life. As a and caring parent, a worthy education is one of the utmost gifts you can ever provide your children as it supports to confirm that your child will adore a smoother ride through lifetime. (Great Eastern Life is Great, Product, 2012)
Although the price of education is increasing, it will never be too late to start saving to achieve your visions for your child. Great EduPlanner comforts you by presenting how much you care for your child’s upcoming by helping to shape an education fund. Besides that, it offers the extra advantage of security contrary to life’s qualms to guarantee your child a protected future. (Great Eastern Life is Great, Product, 2012)
Bonuses to boost your child’s education fund(Great Eastern Life is Great, Product, 2012)
Great EduPlanner is a benefaction strategy that lets you to join in Great Eastern’s extra in the form of compound reversionary bonus (CRB) and terminal bonus. This means that you may obtain extra lump sum of cash at the end of the policy term for your child’s education expenditures. (Great Eastern Life is Great, Product, 2012)
Broader security with inadequate premium payment term(Great Eastern Life is Great, Product, 2012)
With Great EduPlanner, you can delight in extended exposure with a smaller premium payment term. Depending on your needs, you have the option to choose a plan of 15 or 20 years to boost your rainy-day funds for your child’s education. (Great Eastern Life is Great, Product, 2012)
-Life Protection
(I) GREAT PRIME PROTECT
Affordable protection with guaranteed refund of premiums
It is vital that you and your loved ones are effectively secured alongside life’s qualms and threats.(Great Eastern Life is Great, Product, 2012)
Great Prime Protect, a term insurance plan aimed specially to provide you with affordable life insurance coverage from as low as RM1.12 a day. (Great Eastern Life is Great, Product, 2012)
Great Prime Protect gives you the flexibility to meet your varying desires and numerous other value-added benefits, letting you to enjoy life security while you emphasis on comprehending your aims and desires in life. (Great Eastern Life is Great, Product, 2012)
Guaranteed 100% premium refund
The plan guarantees that 100% of the total annual basic premium excluding basic extra premium paid-to-date will be returned upon maturity. (Great Eastern Life is Great, Product, 2012)
The advantage that gives the security you need throughout the policy term and all your money back when you reach the end of the period. (Great Eastern Life is Great, Product, 2012)
Premium waiver for life-threatening illness
If you diagnosed with any of the life-threatening illness covered except for Angioplasty And Other Invasive Treatments For Major Coronary Artery Disease (Great Eastern Life is Great, Product, 2012)
Flexible policy terms
You can select from a varied option of policy term:
*15years
*20 years
*25 years,
*or which ever ensemble your way of life and requirements.
-Health Protection
GREAT MEDICARE 2
Medical insurance that retains up with life’s many possibilities. (Great Eastern Life is Great, Product, 2012)
Great Medicare 2 is a wide-ranging medical insurance plan that provides you the medical security you need and removes your qualms. (Great Eastern Life is Great, Product, 2012)
Great Medicare 2 even safeguards you against nasty revelations with an Overall Lifetime Limit of up to RM800, 000 and an Overall Annual Limit of up to RM200, 000, reliant on your chosen plan. (Great Eastern Life is Great, Product, 2012)
Outpatient cancer and kidney dialysis treatments. (Great Eastern Life is Great, Product, 2012)
Great Medicare 2 covers you for Outpatient Cancer Treatment and Outpatient Kidney Dialysis Treatment. (Great Eastern Life is Great, Product, 2012)
24-hour assistance and hassle-free hospital admission. (Great Eastern Life is Great, Product, 2012)
Dismiss yourself of the problem of administrative procedures. With Great Medicare 2, you can just walk into any of the hospitals section and you will be taken care off. (Great Eastern Life is Great, Product, 2012)
Coverage to all over the place.
Travel the world with wide-ranging self-confidence. Great Medicare 2 gives you emergency medical assist anyplace in the world. (Great Eastern Life is Great, Product, 2012)
Security for everyone in your family.
Be happy for protecting your family. When you sign up two or more of your loved ones, you’ll receive a 5% discount on your premiums. (Great Eastern Life is Great, Product, 2012)
2-Group
> Employee Benefits
> Retirement Benefits
> Property Reward Scheme
> Claims
3- BANCASSURANCE
Our products are generally designed and established to ensemble a wide range of financial requirements. This covers:
Single Premium Universal Life
Whole Life Plans
Endowment Plans
Term Plans
Mortgage Loan/Outstanding Credit Protection Plans
Corporate and Business Banking Plans
Disadvantages
There is no any disadvantage at Great Eastern Company because they are the Number One leading company.
Distinctiveness
The distinctiveness of Great Eastern Company is that a customer easily identifies GE products in the market because of their popularity and the high demand of the products. Apart from that, Great Eastern is also No.1 in the market share and their objective is to give much importance to the customers more than anything.
Price
Determining the price
As we mentioned earlier, Great Eastern is a company which provides insurance policy services to the people and it is also enjoying the leading position in the market. Therefore, it is understandable that the price of their policies will be a little expensive compared to other organizations that provide the same kind of service.
Firstly, the policy is decided to suit the customer mainly based on their health condition. After a health screening done on the respective customer a policy will be decided to be suit him or her according to the results of the health screening. The price of the policy will be varying according to the results. If the result says that the health of the customer is relatively good then the customer will need to pay a high price to enable the policy have coverage for the illnesses that may affect them in the future. Whereas, customers with number of illnesses will have to pay a less amount compared to the healthy customer because there will be no coverage for the existing illnesses in the policy.
Apart form that, the price also determined according to the age of customer. The older the customer is the less they have to pay for it. Yet, this is not possible in everyone’s case. The reason the older person need to pay less is mainly because going by their age there are less chances for them to be affected by any diseases. In the cases of youngsters, they will live longer and there are chances for them to be affected by diseases or the need for them to insure some of their possessions are higher. Nevertheless, the price cannot be solely considered to determine the price of the policy one chooses. Other factors like stated above should be considered too in deciding the price.
Place
Where the company located
Great Eastern Company has many branches on its own. As we know, branch office is a place, excluding the central office, where business is conducted. Most branch offices are consisting of smaller divisions of different phase of the company. As for Great Eastern Company, there are many branches all over Malaysia. Below are the branch networks.
Alor Setar
Batu Pahat
Bintulu
Ipoh
Johor Bahru
Klang
Kluang
Kota Bharu
Kota Kinabalu
Kuala Terengganu
Kuantan
Kuching
Lahad Datu
Melaka
Miri
What is the advantages and disadvantages of their place
Place refers to the direct supply of the product. The place chosen by Company should be convenient for the customers and available as wide as possible. As for Great Eastern, it has 21 branches around Malaysia and they sell their products through their agents. Being a worldwide Company, Great Eastern has expanded their operational units and customer service all around the world (4P’S of International Marketing, 2012).
Besides that, the location of the Great Eastern headquarter, which is situated in the Great Eastern Mall in Jalan Ampang, is a strategic place and the main reason for it because it is easy for customers to come and visit the place by using the public transportation which is provided to the place. Furthermore, the price of taking a public transportation is very reasonable and people would not have any difficulties on it.
Moreover, the place of the Great Eastern headquarter is also very convenient for the customers as it is in a busy area where all the customers can easily pay a visit. Being located at a busy area, it is easier for working customers to stop by after their work.
Lastly are the facilities. The parking facilities in the Great Eastern Mall are wide. They have five levels of basement car parks with 1600 bays, which is a good advantage especially for working people. Other than that, they also have Valet parking services and 24 hours security with Closed Circuit Television (CCTV) (Great Eastern Mall, Ampang Hilir, 2012). Plus, the headquarters is located in a mall. The customers can later spend some time in the mall.
Although it is situated in a strategic place, there is always a negative part on it. As it is situated in a busy area in the city, there will always be traffic jams around that area which will contribute to road congestion. Having said that, people who use the Light Rail Transit (LRT) to Great Eastern would not be facing many problems. A sight from the traffic jams, the location of the Great Eastern headquarter is convenient for the customers and as it is situated in a Mall which means people can spare their time and have a visit to the office.
Promotion
What type of promotion they prefer
Conclusion
Great Eastern Holdings is an organization that provides insurance services to the public to insure their health and valuable possessions in their life. As we have mentioned throughout this research paper, Great Eastern is having strong grip in the market as an insurance company.
Unlike many other companies in the insurance field, which will approach it’s customers when their health or any other insured possessions challenged, Great Eastern as they term it Life Company tries to make their customer stay healthy by providing many health activities. They want to ensure that their customers stay healthy. This shows that the company’s sole goal is not making money but also to teach the people to live a healthy lifestyle.
Apart from that, marketing strategies conducted by the Great Eastern company is also laudable. They are left almost no stones unturned in their aim to maintain their numero uno position in the insurance company. They are being in this leading position for very long which is very appreciable yet they must be well prepared with new and innovative marketing strategies to face the challenges from their competitors in the future.
In short, Great Eastern is the leading insurance company in the market which provides many benefits to their customers and also providing many activities that lead their customers to learn how to live a healthy lifestyle. Considering the manpower and marketing team they have it is safe to say that this company able to withstand the competitions and proof to be successor in the field for very long time.
