Terms & Conditions of Great Eastern Group Multiple Benefits Insurance Scheme (GMBIS) Credit Card Service

In consideration of Great Eastern Life Assurance (Malaysia) Berhad agreeing to accept this authorization, I/We agree to the following terms and conditions:-

1. I/We shall accept full responsibility for all transactions arising from the use of this credit card in payment of premium(s).

2. Great Eastern Life Assurance (Malaysia) Berhad shall not be held responsible or liable for any claims, loss, damage, costs and expenses arising from the successful processing or the unsuccessful processing of the debit due to exceeding credit limit, malfunction of the system, electricity failure and/or any other factors beyond the control of the Great Eastern Life Assurance (Malaysia) Berhad.

3. Great Eastern Life Assurance (Malaysia) Berhad is only responsible for making arrangements to debit my/our credit card account through the Card Center as authorized by me/us. I/We acknowledge and agree that the GMBIS Credit Card Service is provided by Great Eastern Life Assurance (Malaysia) Berhad solely for my/our convenience and benefit. Therefore, for any problem or dispute arising from the processing/debiting it will be my/our own responsibility to resolve it with my/our credit card company (including but not limited to any problems due to a breakdown or malfunction or mechanical defect of the computer system or equipment of the credit card company).

4. I/We hereby agree to jointly and severally indemnify and keep you indemnified in full against any claims, loss, damage, costs and expenses which Great Eastern Life Assurance (Malaysia) Berhad may suffer or incur arising from my/our authorization to debit my/our credit card account as aforesaid.

5. Premium payments will be considered as paid only upon successful processing of the debit by the credit card company, and the actual receipt in full of the premium payment, as the case may be, by Great Eastern Life Assurance (Malaysia) Berhad.

6. I/We will ensure that Great Eastern Life Assurance (Malaysia) Berhad is notified in writing of any changes, loss or replacement of my/our credit card, or cancellation of this authorization at least one month before the next premium(s) is due. Such changes or cancellation will become effective only after Great Eastern Life Assurance (Malaysia) Berhad has duly acknowledged receipt of such notification.

7. Great Eastern Life Assurance (Malaysia) Berhad may at its sole and absolute discretion terminate this GMBIS Credit Card Service at any time without assigning any reason by giving the policy owner a notice in writing.

8. Payment date – As long as the policy is inforce, all outstanding premiums will be deducted from my/our credit card account on the deduction date.

9. Notice of unsuccessful payment – Great Eastern Life Assurance (Malaysia) Berhad or its appointed agent will write to inform the Policy Owner if an attempt to deduct the premium payment is unsuccessful. Great Eastern Life Assurance (Malaysia) Berhad shall be entitled to levy such fee as may be prescribed by them from time to time and recover from me/us such fee together with such costs and expenses as may have been incurred by them as a result of such unsuccessful attempt. A fresh application is required should I/we wish to continue using the GMBIS Credit Card Service.

10. Amendments – The premium amount to be deducted will be amended automatically when policy contractual terms change or where the policy change is requested by the Policy Owner and the deduction amount is affected.

11. Cancellation – To discontinue the GMBIS Credit Card Service and terminate this authorization, the Policy Owner or the Credit Card Holder must inform Great Eastern Life Assurance (Malaysia) Berhad in writing at least 1 month from the deduction date for the next premium due date.

12. Receipts – Receipts will not be issued for premium payments made through the GMBIS Credit Card Service. I/We shall refer to my/our credit card statement for confirmation of payments.

13. In the event that any money charged to or debited from the above credit card account is refundable by Great Eastern Life Assurance (Malaysia) Berhad for any reason, Great Eastern Life Assurance (Malaysia) Berhad is authorized to refund the same to either the Policy Owner or the Credit Card Holder and shall thereafter be fully discharged from all obligations pertaining to the same. Should any dispute or issue arise regarding any payment or refund of moneys paid pursuant to this authorization, both the Policy Owner and Credit Card Holder shall refer only to each other for remedies and resolutions.

14. The Personal Data Protection Act 2010 (hereinafter referred to as the “PDPA”), which regulates the processing of personal data in commercial transactions, applies to this scheme.

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Common Reporting Standard (CRS) Declaration (Member and Life(s) to be Assured)

 

Common Reporting Standard (CRS)

The Company is required to collect information regarding the tax residency status of each Account Holder in order to comply with the Income Tax Act 9947 and the Income Tax (Automatic Exchange of Financial Account Information) Rules 2016 (“collectively referred to as Malaysian Laws on International Tax Compliance”). The Malaysian Laws on International Tax Compliance implement the standard for automatic exchange of financial account information in tax matters, commonly known as Common Reporting Standard (“CRS”), developed by the Organisation for Economic Co-operation and Development (“OECD”).

Pursuant to the Malaysian Laws on International Tax Compliance, the Company may be legally obliged to share the information provided by an Account Holder and other financial information with respect to the financial accounts of an Account Holder with the Inland Revenue Board of Malaysia (“IRBM”). IRBM may exchange such information with the tax authorities of another jurisdiction or jurisdictions in which the Account Holder may be tax resident pursuant to an intergovernmental agreement to exchange financial account information.

Each jurisdiction has its own rules for defining tax residence. If you have any questions on how to determine your tax residency status, you should consult your tax adviser or the information could be obtained at the OECD automatic exchange of information portal [http://www.oecd.org/tax/transparency/automatic exchangeof information.htm]. The Company will not be in a position to provide assistance beyond the information set out herein.

Note: In the case of a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the benficiary of the contract. If no person can access the Cash Value or change the beneficiary, the Account Holder is any person named as the owner in the contract and any person with a vested entitlement to payment under the terms of the contract. Upon the maturity of a Cash Value Insurance Contract or an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder.

Common Reporting Standard (CRS) Declaration

I certify that I am the account holder (or I am authorised to sign for the account holder) in respect of this policy.

I acknowledge that the information contained in this form, including information regarding the Account Holder and any reportable account(s) may be reported to IRBM and exchanged with the tax authorities of another country or countries in which the Account Holder may be tax resident, pursuant to intergovernmental agreements to exchange financial account information.

I declare that all statements made in this form are, to the best of my knowledge and belief, correct and complete. I undertake to inform the company within 30 days if there is a change in circumstances that affects the tax residency status of the Account Holder or causes the information in this form to be incorrect or incomplete. I shall provide the Company with an updated self-certification form within 90 days of such change in circumstances.

I understand that any person who provided any incorrect information required to be provided under the Malaysian laws on International Tax Compliance shall (unless he can show that he provided such incorrect information in good faith) be guilty of an offence and is punishable in accordance with the prevailing Common Reporting Standard Rules and Regulations.

I agree to complete and sign such documents and do such things for purposes reasonably required by the Company to evaluate my proposal and to provide the products or services which I am applying for.

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FATCA (US Foreign Account Tax Compliance Act) Declaration

FATCA (US Foreign Account Tax Compliance Act) FATCA

Foreign Account Tax Compliance Act (FATCA) is a United States of America (US) law, which affects Financial Institutions worldwide, aims at reducing tax evasion by US persons. FATCA requires Financial Institutions outside the US to provide information regarding their customers who are US persons to the US Inland Revenue Service (US IRS). In compliance with the above, Great Eastern Life Assurance (Malaysia) Berhad (the “Company”) is required to obtain information pertaining to the tax residency of each account holder pursuant to FATCA.

FATCA (US Foreign Account Tax Compliance Act) Declaration

I/We agree that I/we will update the Company promptly of any change or addition to the information provided herein about me/us, the life assured, the beneficiary named in this proposal or of the policy and any other relevant persons (if any, and collectively with the life assured and the beneficiary the “Relevant Persons”) as the Company may reasonably require. I/We further agree, and represent to the Company that each Relevant Person has agreed when information about him is provided to the Company, that the Company may disclose such information for the purpose of its compliance with any applicable rules, laws and regulations, codes of practice or guidelines or to assist in law enforcement and investigations by relevant authorities. I/We understand that the Company will not be liable for any costs or losses that may be incurred to me/us or any of the Relevant Persons due to actions of the Company permitted herein. In this connection, I/we agree to indemnify the Company against all claims of the Relevant Persons for the aforesaid costs or losses. I/We further understand that my/our failure to fulfill any of the obligations herein, or any of untrue or inaccurate representations given herein, will entitle the Company to deduct or withhold such amount from any payment payable under the relevant policy, and/or to terminate the policy without being held liable, to the extent permitted by law, and I/ we will indemnify the Company against all costs and losses that may be incurred to it therefrom. I/We agree to complete and sign such documents and do such things for purposes reasonably required by the Company to evaluate my/our proposal and to provide the products or services which I am/we are applying for.

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