Yes, it is a new initiative, only for PruValue Med and PruHealth. As long as the cash value is able to sustain the insurance charges until age 100.

For existing customers, it will be offered in stages, yet to be announced.

Extend to age 100 with no extra premium now and it will deduct from the cash value when the insurance charges is > the premium paid.

If there is no more cash value, then a top up or higher premium is required to be collected in order to sustain the policy.

Sorry bro, but there is no such thing as free upgrade

Whilst the insurer would want to give everything to the client, the hospitals/medical inflation keeps rising which impacts the claims highly. An angiogram that once costs RM2K in 2006 is now RM12K in 2017.

Rule of a thumb on insurance is there is no free lunch and everything comes at a cost, especially medical insurance.

Your agent might not like what I have to say in forum, therefore its better I PM you

Double

This post has been edited by roystevenung: Jul 6 2017, 11:47 PM

No such thing as draft out a plan to consider and payment is required.

The sales quote is given for free aka no need any deposit or up front payment for drafting out a plan for you to consider.

Once you had confirm on which plan to go for, only then the case is allowed to be deducted for payment.

It is more of a sales tactic to get you sign up faster...

Anyway you may request her to withdraw the application if you dont agree with the plan or exercise your right to withdraw within 15 days (free look period) you receive the policy.

Why is there a need for you to do medical checkup? Is there any health issue that warrants further investigation?

If yes, then you may send in the application form first and pay once Underwriting has confirmed the case to be accepted.

If there is no health issues and standard case then the case will be accepted within 5 working days.

Alternatively you may sign the credit/debit card form and inform the agent to only send in this form once the case is approve, but by doing so it may delay the case by 3-5 working days further pending the payment.

Do you know that once we had receive the payment (equivalent to the one month premium) and receipt is issued, even though the case is not approve yet, in the event of an accidental death, we will pay the sum insured?

This is why in our training, Prudential agents are trained to ask the nomination names during the proposal stage.

So its your choice, really.

This post has been edited by roystevenung: Jul 8 2017, 02:18 PM

If there are no major change in health based on the last policy, the agent may ask underwriting to refer the previous case with the same terms.

Therefore the ME may not be needed for this round

You need to inform your agent to do Alteration to the Proposal or NTU (not taken up) the case and resubmit under a new application.

Either way, you need your agent's help.

The latest plan is not PruHealth but PruValue Med. You may view the PruValue Med brochure << HERE >>

Anyway, the RM500/yr is offered for room RM400/day and is credited into your investment unit account if there is no claim for the policy year.

1.) Yes you may, but do note that PruHealth is based on co-insurance or deductible basis. If you have good company cover, you may opt for high deductible, say RM3K or RM10K. This will save you in terms of insurance charge but OTOH, you will need to standby RM3K or RM10K if the medical card needs to be utilized.

2.) It depends if you are doing an upgrade or downgrade. If Upgrade, then it will definitely cost more. How much more, you may ask your agent to provide you with a quote. For transfer of medical card, there is no waiting period. Any claims below 30 days, it will still be claimable under the old medical card.

3.) Please refer to the online PruHealth brochure (Page 6 of 13) << HERE >>

This post has been edited by roystevenung: Jul 9 2017, 05:16 PM

^ everything comes at a cost. Everyone also wants unlimited this, unlimited that, including myself.

But when it comes to premium payment, if there is no limit on the claims, the premium payment would be impossible to be calculated. After all we do not want unlimited PAYMENT, yes?

Additionally, for your info, one of the biggest issue with the medical insurance is that the insurance charges is NOT GUARANTEED and the insurer has the right to increase the charges as and when it sees fit.

The insurance contract and its benefits is to be read in its ENTIRETY, and not line by line, meaning some of the clauses, may cross references at some point.

Believe it or not, all medical insurance including the newest plans has some form of limit, if you know how to dissect the plan.

If there is no limit whatsoever, I fred to imagine how much I would be paying for the medical insurance when I am 80yo!

Therefore if the plan meets your needs and budget, that is all that matters. Just my 2 cents

It only takes 3-5 working days. You may need to check with the branch that you surrender.

The common issue that happens on surrendering the policy may include the signature differs (the signature on the surrender form <> the policy document) or a signature of an automatic trustee (if a person is single and nominate the parent, the signature of the parent) is required.

This post has been edited by roystevenung: Jul 18 2017, 09:10 PM

If there is any issues with the surrender, it will be communicated to your agent and your agent is supposed to update you.

You may also call Prudential Customer Service during normal working hours at 03-2116 0228 to inquire. No need to go to the office just to ask the status of the surrender.

This post has been edited by roystevenung: Jul 19 2017, 12:13 AM

Need to see whether you have any other riders such as accident income.

To be more accurate, it is best to refer to your policy details as there is no point for me to let you know about something that is not in your policy.

Please understand that I am not able to comment by just looking at the premium of RM200 and the medical card as there are many other factors that determines your premium payment.

If you want me to comment on whether your policy do include such benefits, you may login to our customer online portal and snap shot the list of coverage in your policy and PM to me.

<< PRUAccess Plus >>

The premium is not fixed as claimed by the agent. It is never guaranteed especially when there is a medical card attached to it.

Even the sales quotation has a bold text that reads the insurance charges is not guaranteed.

The letter is to inform you officially when the increase will take place.

Unfortunately the increase is mandatory.

This post has been edited by roystevenung: Jul 31 2017, 06:57 AM

Before going to BNM, you may lodge an official complain with Ombudsman (Financial Services Bureau)

http://www.ofs.org.my/en/how_to_lodge_a_dispute

I believe the delay is due to bank and insurance company inter communication.

This is also why generally people go directly to the insurer to buy insurance and banks for loans/banking related services..

Hopefully you can get it resolved asap.

Ya no issue, two agents are better than one right? If can't reach the initial agent got another backup agent to call.

Anyway, your cover is with the insurer, not the agent. Agent can die/get sick, you can change agent if that happens.

Best to explain with examples.

Example 1 Mthly premium Rm200 ILP
Death/TPD Cover Rm100k
Crisis Shield Rm100K
No other riders

Scenario A death occurs first:
Rm100k is payable from Death/TPD to beneficiary and policy terminates

Scenario B 36 CI occurs first and then after 3 moths death
Rm100k Crisis Shield is payable and the death benefit is "accelerated", therefore upon death, no benefit will be paid out from the death/TPD.

Example 2 Mthly premium Rm250 ILP
Death/TPD Cover Rm100k
Crisis Shield Plus Rm150K
No other riders

Scenario A death occurs first:
Rm100k is payable from Death/TPD & Rm150k from Crisis Shield Plus to beneficiary and policy terminates

Scenario B 36 CI occurs first and then after 3 moths death
Rm150k Crisis Shield Plus is payable. The Policy premium is still to be paid as there is still death/TPD benefit in the policy. However the premium may be reduced as the Crisis Shield Plus insurance charges has been taken out from the policy.

Upon death 3 months later, the death/TPD benefit Rm100k will be paid out.

Example 3 Mthly premium Rm280 ILP
Death/TPD Cover Rm100k
Crisis Shield Plus Rm150K
Enhanced Prupayor Basic

Scenario A death occurs first:
Rm100k is payable from Death/TPD & Rm150k from Crisis Shield Plus to beneficiary and policy terminates

Scenario B 36 CI occurs first and then after 3 moths death
Rm150k Crisis Shield Plus (CSP) is payable. The Policy premium is payment is then taken over by Prudential, paid by the Enhanced Prupayor Basic (Rm280/mth).

Since the CSP has been claimed, the benefit is terminated and there is no more insurance charges on this benefit. Therefore the CSP insurance charges portion will be going straight to the buying of units, generating more cash values for the policy.

Upon death 3 months later, the death/TPD benefit Rm100k will be paid out.

Summary
As to whether to include Enhanced Prupayor Basic (EPB) or not is highly dependent on what you have in the policy.

If the policy has a medical card attached to it or high death/TPD benefit, it is best to attached with EPB as once a person is diagnosed with any of the 36 CI/TPD, if he is unable to work to generate an income, the policy may be at risk of lapse if there is no premium payment.

This post has been edited by roystevenung: Sep 20 2017, 03:37 PM

I have no comment on Tokio Marine Policy as I do not represent it. The only way to know is to read the policy document and possibly ask around a few hospitals on their claim.

However, it could be challenging for a layman to read an insurance contract as some clauses co-relates with one another. The insurance contract is to be read as a whole, rather than part by part.

Whenever a new policy is started, there is a 120 days Waiting Period for illness that falls under "Specified Illnesses", e.g., kidney stones, slip disc etc. In addition there is a 2 years of "Incontestibility Period" that prevents the insurer from null and void the policy (unless there is clear evidence of misrepresentation of material fact)"

With that being said, let us SWITCH ROLES, shall we? You become the insurer and I become the client. I cancel my old policy (due to "better benefits") and buy a new one from you. I pay you Rm150/mth x 4 mths = Rm 600.

Immediately after the 120 days I want to claim for Slip Disc and the cost is Rm40,000. Will you pay without any form of investigation? No investigation? Sure?

For upgrade, there is no Waiting Period. Any claims below 30 days from the upgrade, it is still claimable under the old policy.

Of course you are required to disclose all material fact that may impact how the poicy is being underwritten before the coverage can be granted.

I believe the only person that can answer your question is your agent as he knows your age/occupation/cash values and how much is being charged for the insurance charges based on the coverage that you had purchased.

If you have lots of 'saver' that generates cash values in the policy (or if the fund outperforms) then there is no harm to withdraw the cash value to pay for the policy. At least by doing this you are not required to fork out cash.

Just remember that if you were to withdraw from your cash values, as you grow older and the higher insurance charges is applied, you may be required to do top ups.