Key takeaways
- Only individuals registered with LIAM may promote and sell life insurance in Malaysia; check them on LIAM's Know Your Agent page or call 03-2691 6168.
- Great Eastern says its agents never ask customers to transfer money to any account over the phone; Great Eastern Life premiums go through JomPAY (biller code 90050), e-Connect, auto-debit or a crossed cheque payable to the company.
- If an insurer fails, PIDM's TIPS protects eligible benefits for free and automatically: up to RM500,000 each for death, disability, illness, maturity, surrender and income benefits, and 100% of healthcare benefits payable.
- PIDM does not protect foreign-currency policies, policies issued outside Malaysia, or the maturity, surrender and income benefits from the unit portion of an investment-linked policy.
- If you disagree with an insurer's final decision, FMOS handles disputes up to RM250,000 for free if you file within 6 months; BNMLINK (1-300-88-5465) takes matters outside FMOS.
- If money has gone to a suspicious account, call your bank and the National Scam Response Centre on 997 within 24 hours of finding out, then lodge a police report.
How do you spot a fake insurance agent or an insurance scam?
People often forward me messages from strangers and ask, "Is this really Great Eastern?" The tricks keep changing, but the goal is nearly always the same: to get you to send money to an account that does not belong to the insurer, or to hand over your password, OTP or IC details. These are the patterns Great Eastern and PIDM have publicly warned about, next to what genuine practice looks like.
| What you hear | What genuine practice looks like |
|---|---|
| "Transfer the premium to my account today and the policy starts right away." | Premiums go to the insurer only. Great Eastern says its agents never ask customers to transfer money to any account over the phone, and customers should follow Great Eastern's official letter or website on how to pay. |
| "Click this link to update your details or claim a rebate." | Great Eastern never asks for account details, user ID, PIN or OTP by SMS or email. Do not click links in messages; type www.greateasternlife.com yourself or use the official app. |
| "Send me your OTP and I'll settle it online for you." | Never share a password or OTP with anyone, including people who say they represent Great Eastern. |
| "Your loan is approved. Pay the insurance premium first and we'll release it." | Great Eastern's website warns that a "personal loan with insurance coverage" that needs a premium paid before the loan is released is a scam. |
| "I'm from Bank Negara. Your policy has a problem, so transfer the money to BNM." | Great Eastern agents never ask customers to transfer money to BNM and never call on BNM's behalf. |
| "This plan is protected by PIDM, so you can't lose." | PIDM protects policy benefits when a member insurer fails, not investment returns. PIDM warns that some entities falsely claim their products are protected by it. |
Fake agents tend to share a few habits too: no agent code you can check, cash only or transfers to a personal account, no proposal form or Product Disclosure Sheet (PDS) for you to read, and pressure to sign today. Any one of these is a reason to stop and verify before you decide.
How to protect your insurance personal data
- Keep passwords and OTPs to yourself: only you should know your e-Connect and app login. If you think it has leaked, call Great Eastern on 1300 1300 88 straight away.
- Use only official websites and apps: type the address yourself and do not tap links in SMS, email or social media messages.
- Give your IC and medical records only to people you have verified: applications and claims do need an IC copy and medical reports, but confirm who is asking and what it is for.
- Keep your contact details current: your mobile number and email are how the insurer reaches you. Great Eastern policyholders can update them in e-Connect, so important notices do not go to someone else.
- You have the right to see and correct your data: under the Personal Data Protection Act 2010 (Act 709), the Personal Data Protection Department lists your right to ask what data an organisation holds about you, to correct wrong data and to refuse direct marketing. Great Eastern's personal data notice says you can access your data through its careline or e-Connect, and complaints about data handling go to its Data Protection Officer (GELMDPO@greateasternlife.com).
How do you check an agent's identity and whether an insurer is licensed?
Before you buy, spend five minutes checking three things: is this person a registered agent, which insurer do they represent, and is that insurer licensed? For how to judge an agent's service, see how to choose a Great Eastern agent; here are just the quickest checks.
- Ask for the agent code and full name. A genuine agent will not mind you checking.
- For life insurance, check LIAM. The Life Insurance Association of Malaysia says only individuals registered with LIAM are authorised to promote, market and distribute life insurance. Its Know Your Agent page lets you check online; if you cannot find the person, call 03-2691 6168 during office hours. You can also report anyone selling life insurance without registration on that number.
- Call the insurer. For general insurance such as car or fire cover, or if the online check is unclear, ask the insurer directly. Great Eastern's careline is 1300 1300 88; you can also call +603 4813 3738 for life insurance and +603 4259 7828 for general insurance. Find numbers on the official website yourself, not from the person contacting you.
- Check that the insurer is licensed. Bank Negara's scam FAQ says licensed institutions are listed in its Financial Sector Participants (FSP) Directory, and its Financial Consumer Alert List names reported companies and websites that BNM has not authorised. BNM also cautions that not being on the alert list does not mean an entity is licensed.
- Check the account or phone number. The police Semak Mule portal lets you check whether a phone number, bank account or company name is linked to fraud reports (MyGOV explains it here). If the account you are asked to pay into has reports against it, do not pay.
Who regulates insurance companies in Malaysia?
Insurance companies are regulated by Bank Negara Malaysia. Section 8 of the Financial Services Act 2013 (FSA) says no one may carry on insurance business without a licence, granted by the Minister of Finance on BNM's recommendation; breaking this rule can mean up to 10 years in prison, a fine of up to RM50 million, or both. Takaful operators are licensed under the Islamic Financial Services Act 2013 (IFSA). So be very careful with any "insurance plan" whose seller cannot tell you which licensed insurer stands behind it.
Can you pay your premium into an agent's personal account?
No, and you should not. The premium is payment under your contract with the insurer, so it goes straight to the insurer. Great Eastern states clearly that its agents never ask customers to transfer money to any account over the phone. Great Eastern Life's payment page lists these official channels:
| Channel | How | Good to know |
|---|---|---|
| JomPAY (internet banking, mobile banking or ATM) | Biller code 90050 for Great Eastern Life policies; your 10-digit policy number in Ref-1 and your mobile number in Ref-2 | The e-receipt usually appears in e-Connect within 3 days of the payment reaching Great Eastern |
| e-PAY in e-Connect | Log in to e-Connect and pay by credit or debit card | No paper receipt; the SMS and email payment confirmation is your record |
| Auto-debit | Easi-Pay on a credit or debit card, set up in e-Connect (the card must be yours or an immediate family member's), or a standing instruction from your bank account using a form your bank verifies first | If a card deduction fails, you and your servicing agent both get an SMS; check your statements for any deduction you do not recognise |
| Cheque | Crossed cheque payable to Great Eastern Life Assurance (Malaysia) Berhad, with the policyholder's name, policy number and phone number on the back | Never made out to a person |
| General insurance (policy number starts with a letter other than G, H or J) | Pay at the cashier at Great Eastern General's head office or a branch, or post a crossed cheque payable to Great Eastern General Insurance (Malaysia) Berhad | Again, paid to the company only |
An agent's job is to help you choose a plan, fill in forms, explain the terms and help with claims; the money goes through official channels. I suggest clients pay the insurer directly by JomPAY or auto-debit, so every payment leaves a bank record. If someone insists on a transfer to a personal account, however reasonable the excuse sounds ("the company system is down", "I'll pay first for you", "it's faster through me"), call the insurer's hotline first.
After paying, check for yourself: log in to e-Connect a few days later and see whether the policy and payment record have been updated. If no policy number arrives, or the policy details differ from what you signed, ask the insurer at once.
An agent promises guaranteed investment returns, every illness covered and premiums that never rise: can you trust that?
No. All three promises clash with the rules or the policy terms. Paragraph 11 of Schedule 9 of the FSA bars insurers and agents from making misleading, false or deceptive statements to get you to take up a policy, and bars agents from using sales brochures or illustrations the insurer has not authorised. If you were induced to buy by such a statement, the contract is voidable and you are entitled to rescind it.
| The promise | What the rules actually say |
|---|---|
| "This investment-linked plan always makes money, a few percent a year for sure." | Bank Negara's policy document on investment-linked business requires any mention of past performance to carry a warning that past performance does not indicate future performance and fund performance is not guaranteed (para 25.5). Insurers must not create undue expectations from projected returns (para 25.7), and must not present an investment-linked policy as whole life, because there is no guarantee the cover lasts to old age (para 25.10). |
| "You can claim for any illness, and you can use it right away." | Medical cards have waiting periods and exclusions. BNM's medical and health insurance policy document (para 9.6) allows a general waiting period of up to 30 days and up to 120 days for specified illnesses, and conditions that existed before cover started, which you knew or should reasonably have known about, can be excluded. Whether a claim is paid depends on the terms, your health declaration and underwriting. |
| "The premium on this medical card will never go up." | The same document (paras 8.13 and 8.14) lets insurers revise premiums on the policy anniversary or at renewal, based on claims experience, with at least 30 days' written notice to you. |
Savings and investment-linked plans usually have guaranteed and non-guaranteed parts. The non-guaranteed parts, such as bonuses and fund returns, can come in higher or lower than the illustration; they are not promises. To see which parts are guaranteed, compare the insurer's sales illustration and PDS, or read my investment-linked policy explainer. If the seller only shows you their own spreadsheet, screenshots or handwritten numbers instead of the insurer's documents, treat that as a warning sign.
If you only realise afterwards that you were misled, there is still a way out early on. A new life policy can be returned within 15 days of delivery for a refund of premiums, less only medical examination costs (FSA Schedule 8, para 2), and medical policies also come with a 15-day free-look period. After that, follow the complaint steps in the next section.
The agent took my money but there is no policy: what now, and where do I complain?
- Confirm whether a policy exists. Call Great Eastern on 1300 1300 88, or log in to e-Connect and check the policies and payments under your name.
- Keep the evidence. Screenshot and save transfer records, receipts, WhatsApp chats, a copy of the proposal form, and the person's name, agent code and business card.
- If the money has just gone and you suspect a scam: call your bank and the National Scam Response Centre (NSRC) on 997 at once. MyGOV says to call within 24 hours of finding out, so the authorities can block accounts and transactions, then lodge a report at the nearest police station.
- Complain to the insurer in writing. Great Eastern Life's complaint unit: +603 4813 3738 (Monday to Friday, 8.30am to 5.15pm), email feedback@greateasternlife.com. Give the person's name, agent code, payment dates and amounts. Allegations of fraud or market misconduct need extra investigation and fall outside the usual reply times, but you get regular progress updates.
- If the person was never a registered agent: report them to LIAM as well (03-2691 6168).
- If you disagree with the insurer's final decision: within 6 months of receiving it, take a dispute of up to RM250,000 to FMOS for free; if the insurer has not replied within 60 days, you can go to FMOS directly. My FMOS guide walks through the full process.
| Situation | Who to contact | How |
|---|---|---|
| A message or call that may be an impersonation | The insurer's hotline | Great Eastern 1300 1300 88 |
| Money just sent to a suspicious account | Your bank and the NSRC, then the police | 997 (within 24 hours of finding out) |
| Someone selling life insurance without registration | LIAM | 03-2691 6168 |
| Service or sales problems with an agent or the insurer | Great Eastern Life complaint unit | +603 4813 3738, feedback@greateasternlife.com |
| You disagree with a final decision on a claim or mis-selling, up to RM250,000 | FMOS (free) | 03-2272 2811 |
| Matters outside FMOS, quality of service | Bank Negara's BNMLINK | 1-300-88-5465 (Monday to Friday, 9am to 5pm) |
| Misuse of your personal data | Personal Data Protection Commissioner | aduan@pdp.gov.my, 03-7456 3888 |
| Someone misusing PIDM's name | PIDM | 1-800-88-1266 |
FMOS's FAQ says it does not handle disputes about how an investment performed, except where mis-selling, misrepresentation or non-disclosure is alleged. It also does not take disputes involving a member that a court has ordered to be wound up; for an insurer in that position, PIDM's protection, explained below, is what applies.
On the legal side, paragraph 12 of Schedule 9 of the FSA says that statements made and acts done by an insurer's authorised agent when arranging or changing a policy are treated as the insurer's own, except where there was collusion, or where the agent had left and the insurer had taken reasonable steps to tell policyholders. So if a genuine agent went wrong, complain to the insurer, not just to the agent. This is general information, not legal advice.
What happens to your policy if an insurance company fails, and what does PIDM cover?
PIDM (Perbadanan Insurans Deposit Malaysia) runs the Takaful and Insurance Benefits Protection System (TIPS), which the government set up to protect your eligible policy benefits if a member insurer fails and cannot pay. You do not apply and you do not pay for it. PIDM says every insurer licensed to carry on life or general insurance business in Malaysia must be a member, and Great Eastern Life and Great Eastern General are both on its member list.
If an insurer can no longer operate, PIDM's advice is to do nothing: it acts to keep your cover going. If the insurer has already closed and you have a claim, PIDM pays the protected benefits to you, and it announces the deadline for claims in writing and by advertisement.
| Protected benefit | PIDM protection limit |
|---|---|
| Death and related benefits | RM500,000 |
| Disability and related benefits | RM500,000 |
| Illness (such as critical illness) and related benefits | RM500,000 |
| Maturity, surrender and income benefits | RM500,000 each |
| Healthcare (medical) benefits | 100% of the amount payable |
| Refund of prepaid premium on medical policies, and on policies required under the Road Transport Act 1987 and Workmen's Compensation Act 1952 | 100% of the amount prepaid |
| Refund of prepaid premium on other policies | RM500,000 per policy |
| Loss of or damage to property (for example fire insurance) | RM500,000 for each property |
| Third-party death, disability, illness or injury | RM500,000 (third-party healthcare 100%) |
What PIDM does not protect
- Policies in foreign currency, and policies issued outside Malaysia. To qualify, a policy must be issued in Malaysia by a member and be in ringgit.
- Maturity, surrender and income benefits paid from the unit portion of an investment-linked policy; death and other misfortune benefits from the unit portion are still protected (PIDM FAQ).
- Policies from non-members: reinsurers, offshore insurers, financial guarantee insurers and international takaful operators.
- Anything beyond your own policy's terms and limits. PIDM protects what your policy would have paid.
Example: several policies with one insurer
This is PIDM's own example, not a real case. Mr Lim has, with the same insurer, a group term life policy of RM200,000 bought by his employer, plus a whole life policy and an endowment policy of RM300,000 each that he owns himself. He dies in an accident.
| Policy | Policy owner | Sum insured | Protected by PIDM |
|---|---|---|---|
| Group term life | Employer | RM200,000 | RM200,000 (different owner, counted separately) |
| Whole life + endowment | Mr Lim | RM300,000 + RM300,000 | Added together, capped at RM500,000 |
The rule: benefits are added together only when it is the same insurer, the same risk event, the same life insured and the same policy owner. Policies with different insurers are protected separately, and individual and group policies are counted separately too. PIDM protection comes from the government and cannot be bought as extra cover; to check yours, call PIDM's toll-free line on 1-800-88-1266.
Check first, pay later: how I can help
If you have received a suspicious message, been offered a plan that sounds too good to be true, or paid a premium and are not sure a policy exists, send me the details first.
- Send a screenshot, the agent code you were given or the plan details, and I will tell you which official number to call and what to ask.
- For a Great Eastern policy, I can go through the policy and payment records in e-Connect with you, or help you put together what the complaint unit needs.
- If someone has promised "sure profit" or "everything is covered", I can go through the PDS with you and show which parts are guaranteed and which are not.
- If the policy was bought elsewhere, that is fine too. I will help you understand the terms and the next step, without pushing you to switch.
I am a Great Eastern Sales Manager and Life Planning Advisor based in Seri Kembangan, serving Kuala Lumpur and Selangor, including Serdang, Puchong and Cheras, in English, Mandarin or Cantonese, in person or online. You can start with a free policy review, with no hard selling.
This guide is general information, not legal advice. Actual cover, terms and complaint outcomes depend on your policy contract and the decisions of the bodies involved.