OCBC, Great Eastern unveil protection reward scheme cardholders

A branch of OCBC in Singapore. Bank of America Merrill Lynch (BofA), HSBC and J.P. Morgan are sharing equal underwriting of the loan for OCBC's takeover of Hong Kong-based Wing Hang Bank - EPA Photo.

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd and Great Eastern Life Assurance (Malaysia) Bhd have teamed up to introduce the country's first life insurance protection reward scheme for credit cardholders.

In a statement, OCBC Bank said all Great Eastern Life Assurance policyholders were eligible to apply for the card.

It said the revamped OCBC-Great Eastern Credit Card offered a distinct RM100,000 insurance protection benefit against death or total permanent disability, replacing the existing rebates plan.

"The protection cover is valid automatically for the first year for principal cardholders only.

"To enjoy the coverage for the following years, the cardholder needs only to spend a minimum of RM10,000 during the preceding year," it added. - Bernama