Don't ever ever surrender your policy old policy, especially traditional plan. Below are a few points you should aware of.
1. 100% allocated, no contribution to agent’s commission
Most of the agent will recommend you to surrender and buy over a new policy in order to re-earn commission in another policy. Do you know that after six years, there will be no more commission to be paid to the agent. In other words, the premium you paid shall be 100% allocated for the use of your policy. A small portion of the money will be deducted for insurance costs, and the rest of the big chunk will contribute to your policy cash value.
2. Skip the probate
When a person dies, his/her heirs will inherit his/her assets. The first lump sum of money they will receive is the insurance claim plus all the policy cash value. The rest of the assets will be frozen and need to go through court’s order and estate administration. In short, when an asset skips the probate, your family will get it a lot faster. The time frame is within weeks, many times faster compared to normal estate administration that takes up to 6 months to several years.
3. Skip the waiting period
When a person diagnose with certain illness within a year, the company will reserve the right to investigate the claims before proceed. You don't want your policy to be investigate for any pre-existing illness for weeks aren't you? Most of the company Standard Operating Procedure is to investigate any claims within 2 policy years. Medical card upgrading from the same company will be able to preserve your waiting period.
4. Terminal Bonus - non-guarantee
Do you know that you have a terminal bonus as high as 60% of your total cash bonus on 20th policy years? Imagine your EPF declaring 60% additional cash into your EPF account when you didn't withdraw for 20th years.

What do you have now?
You are having a Investment Link with 2 Traditional Whole Life Participating Plan.
Supreme Multicare and Supreme Livin'Care are Traditional Whole Life Participating Policy(TWLPP)

What is Traditional Whole Life Participating Policy, it is damn confusing.
Both the above policies are Whole Life Living Assurance policy with Cash Bonus, maturing at the age of 87. After the policy has been in force for one year, a series of non-participating Deferred Whole Life as a percentage of Basic Sum Assured.
Your Supreme Livin'Care provides a lump sum payment if diagnose with one of the 36 critical illnesses/dread diseases. In layman term, Supreme Livin'Care provides a lump sum to policyholder who either suffered from 36 critical illness, Total Permanent Disability (TPD), or Death whichever comes first.
Total amount claimable = Basic Sum Assured + Deferred Whole Life Sum Assured + Accumulated Cash Bonus (if any) + terminal bonus (if any)
Besides getting the protection, policyholders are also entitled to have
Terminal Bonus on 3D for policies in force more than 20 years
Cash Bonus – Starting from the end of the first year, Cash Bonus will be declared at the discretion of the Company annually on the Basic Sum Assured but this bonus is kept by the Company and the policyholder has to continue paying premiums.

Okok, straight to the point, don't waste my time, what is so good for my plan compare to the plans that are available in the market nowadays? Since I can get protection in a cheaper way from Investment Link compare to Traditional Plan

Guaranteed protection increment – the deferred Sum Assured explained below provides guaranteed increase in sum assured. For example, when a policyholder bought TWLPP at age 25, he will get guaranteed 140% protection amount 10 years later at age 35. This features provides hedge against inflation. You still pay the same amount of premium, but get a higher protection at later stage of life.
Guaranteed premium – Unlike Investment link where the premium is non-guaranteed but is according to the market performance, the premium in TWLPP is guaranteed no matter aeroplane crash our KLCC for 10 times. This give the biggest disadvantage to the insurance company as the company not only absorbing physical risk, but also financial risk.
Option to Buyback – in the event of life assured is diagnosed to be suffering from any one of the 36 illnesses covered (except Terminal Illness or Full-blown AIDS), the life assured shall be given the option to buyback the death benefit up to the maximum of the basic sum assured. It is commonly understood that when a person suffers from any of the 36 diseases, he will not be eligible for any new insurance protection. In other words, if you got cancer, you can’t buy any more insurance. However, the buyback options of TWLPP provides you a second chance to buy another policy that covers death only. When death occurs later, your beneficiaries can still claim the death benefit. In my understanding, Supreme Livin'Care is the one and only plan in Malaysia that provides this advantage to policyholders.

Now, Let's look into the figure.

Your total Surrender value(highlighted in yellow), Death Benefit and 36 Critical Illness coverage will keep on increasing throughout the year. And have a look on the increasing effect after 6th years, which means there are no commission factorize in the formula. Your benefit increases quadruplet.

The increasing graph of your protection, including Critical Illness, this is not do-able in any Investment link plan.

Summary
Do not surrender your policy if
You are looking for a traditional plan that provides average protection with average cash values.
You don’t like the fluctuation of fund performance that ties to investment-linked policies
You are young and healthy
You like the guaranteed features: guaranteed premium and guaranteed deferred sum assured
You prefer conservative investment
You want a 3D protection until very old age (87)

If you do not have agent from Great Eastern who are servicing you, you may drop me a pm, I'll help you without any fees. It's okay if you are not buying from me

Additional Summary



Thanks Roy.

He has one medical card in his investment link, which is called ILHP(Investment link Health Protector).

Well, the above Traditional plan is not fully focus in saving, they are not endowment.
I would like to call them increasing critical illness protection plan, because we all know that investment link critical illness is stagnant and in most of the company the death benefit also stagnant(if not factorize the cash value).

Whole Life plan is totally different from endowment and investment link. There is no good or bad between plans, but there are only the most suitable plan for policyholder.
Whole life plan - relative high price for low coverage at early year, will increase at later age. Protect Life/TPD/36CI.
Endowment - high price for very low coverage, will have maturity cash. Protect Life/TPD
Investment link - low price for high coverage, no cash value because cash value will be use for increasing COI in future. Protect Life/TPD/36 CI/medical card.

3 of them are very different, it's like coupe vs 4WD vs hatchback car vs sedan. After all, all the cars can bring you from A to destination B.

Hi,

They are the same, due to the 36 Critical Illness definition has changed, the name of the product is changing too. For your information, the latest name of this plan is called Great Ideal Living. Same feature, different definition of Critical Illness.

Yes, short term of course Investment link will give a better protection.

I just generated a graph of investment link at later age.

Your protection after year 20 seems to drop, and god knows what will happen after 30 years since your cash value at the end of 30 years drop nearly to 0. Your protection might end after year 30, so does your RM500k protection goes into thin air.

Compare both the graph above and in my previous graph, we can make a conclusion that.
ILP -high coverage at entry age, might have the risk to lapse at the end of 30 years once the cash value touch zero or you have to do top up.
Traditional - low coverage at entry age, premium guaranteed and at the end of 30 years your protection will increases significantly.

In layman term, ILP is good to provide high coverage for a short term(kind of like term insurance). TWLPP is good to provide steadily increasing of protection for a long term period.

Welcome, you may drop me pm if you need someone to service your Great Eastern policy