Wonder why insurance agent come and go?

The same reason why some business open and close.

Why the can't make this long term career

No continuation business is the main reason I suppose.

Hi,

I am currently on Pruhealth 400,should I upgrade it to PruValue Med?
1) What are the main thing to consider shud or shud not upgrade?
2) Pro & Cons of upgrade?
3) Does my NCB will still continue after upgrade to PruValueMed or it will start all over again?
4) Does the upgrade will involved increase in premium?Is it able to be done without paying extra premium?

Thanks

1. The PruHealth (PH) comes with an annual limit and lifetime limit of Rm150K/Rm1,560,000 while the PruValue Med (PVM) comes with MedValue Point (MVP) Rm1M to Rm2M and no lifetime limit. If the total cumulative bills exceeds the MVP, Prudential will still pay 80% of the bill.

PH comes with a co insurance plan min Rm300 or 10%, maximum Rm1k (inpatient) and 10% up to a maximum of Rm2k for outpatient.

PVM comes with the option of full claim, Rm300 deductibles.

* For PVM, for Cancer Treatment and Kidney Dialysis, it do cover Take Home Drugs, Long Term Medication and Consultation Charges" while PH does not as it is an older plan.

Plans aside, if you are not worried of getting ICU or cancer for a prolonged period of time then there is no need to upgrade as of yet.

* Ps. A 30 days ICU due to Stroke or coma due to a major accident can costs > Rm120k at a private hospital. If the bill is Rm250K then for PH, you are required to settle the Rm100K with the hospital

2.
Pros: Covers Take Home Drugs, Long Term Meds and Consultation Charges and will be able to take care of larger bills in one go.

For PVM plans with Rm300 Room, for every 2 years of no claim, the MVP will be increased by 2%, eg MVP Rm1m will be Rm1,020,000 after 2 years of no claim, irrespective of the medical condition.

Cons: Naturally PVM comes with a higher insurance charge as compared to PH as the sum at risk is only Rm150k, while PVM Rm1m

No NCB for PVM

3. No, the NCB will be dropped since PVM does not have this feature of the NCB.

4. Most likely it will, and how much higher will it cost will depend on the types of riders you have in the plan. If you only drop PH and get PVM, do expect the premium to increase 20%-30%.

That is why for some of my clients, i do advice them to drop some of the add ons benefits such as "Hospital Income" and concentrate on the bigger hospital bills.

You may ask your servicing agent to generate a quote for you as simulation for upgrade.

PruHealth 400 Annual limit Rm150k, lifetime limit Rm1,560,000

Having said the above, it is best to sit down and review with your servicing agent to understand what add on riders you have and whether it is necessary to have them.

This post has been edited by roystevenung: Mar 13 2017, 10:03 AM

Appreciate the info.

1) For PVM,after exceeding the MVP,Prudential still pay 80%,is there max cap for this 80% portion?
2) Is there any possibility/method to increase the PH AL from 150K to let's say 500K?

Thanks

I would also like to ask regarding the Basic,Investment and Protection Account appear in the Annual Statement.

1) Currently,premium only goes into Basic and Protection account.Nothing into Investment,is this normal?
2) Can the policy holder request the specific allocation % into each account?
3) Incase there is extra cash value in Basic and Protection,can I request to transfer some cash value into Investment account?Any Pro or Cons by doing this?
4) The extra cash value stay in which account has any significant difference?
5) The insurance charges is 1 lumpsum figure,how can I know the breakdown for COI and rider cost?
6) My premium is paid monthly,and I would assume the unit is purchased on monthly basis based on dollar averaging concept.But statement only show lumpsum unit purchased yearly.Anyway to know the purchase price and unit bought in each month?If not,we just blindly assume everything in the statement is correct and have no way to counter check?

Thanks

This post has been edited by warren11: Mar 14 2017, 05:41 AM

1. No, there is no limit or max cap, no lifetime limit per se

2. No, as the maximum plan is only up to Rm250k for PruHealth plans (Room Rm600/day) which comes with a NCB of Rm700/year

1. Yes it is normal unless you add on PruSaver of which 95% of it will be going to purchase units which will be reflected in the Investment Unit Account ( IUA), 3% agent comm, 2% admin fee

2. No, it is fixed allocation and it also depends on the policy year. For example the 1st year allocation for BUA and PUA is 40% and will only be 100%'after 7 years. The allocation table is being illustrated in the Sales Quotation.

3. No unless you specifically put it to PruSaver.

4. If the policy is over 7 years then no as 100% of it will be used to buy you units and insurance charges is being charged by cancelling units.

5. I am afraid that it is only available during the Sales Quotation. It is a very good question.

However I dont see any system that is currently available on the agent panel that is able to view this info.

Perhaps you may email to Customer Service if you need this info to be included in the PruAccess Customer Portal.

PruAccess Online Customer Portal

6. Pls see answer 5.

Thanks

1) Meaning PruSaver charges are 5% from total amount that goes into IUA?And the 5% charges is forever as long as premium goes into IUA?

2) After 7years,100% into PUA and BUA.Can policy holder arrange the % allocation into PUA and BUA?

3) Does it mean there is not much point to activate PruSaver incase policy is already more than 7years?

Thanks

1. Yes

2. No, unless you increase or decrease the BUA or PUA protection.

3. Even if the BUA/PUA allocation is 100%, since there are riders in the BUA/PUA, units will still be cancel to pay for the insurance charges of these riders to provide you with the coverage.

PruSaver OTOH does not have any insurance cover (other than the 5%) therefore it goes directly to your cash value.

1) In that case,after 7years,how Prudential determine how many % goes into BUA vs PUA?
2) Does extra cash value in PruSaver (IUA) is able to transfer to either BUA/PUA without admin charge?
3) Can policy holder ownself perform fund switching through online?
4) Any switching fee/admin fee involved?
5) How frequent can the fund switching be done?
6) Any term or conditions/extra cost/factor to take note before considering to switch fund?

Thanks

This post has been edited by warren11: Mar 16 2017, 02:37 AM

Can I ask of the GST able to claim back when doing tax filling;
The Medical + GST or just the Medical exclude GST

1. It depends on the riders amount in both BUA and PUA. If you buy more on BUA, then the % will be higher for BUA.

2. No it is not able to be transferred freely. However, assuming that at older age and that the insurance charges is now more than premium paid, the cash value accumulated in BUA+PUA+IUA can be utilized to help pay for the insurance charges hike.

Once the cash values has been exhausted, the policy holder is required to do top up or pay extra premium to sustain the policy.

This is why the cash values accumulated should not be withdrawn (especially if you don't have PruSaver) unnecessarily as at older age, the consequences can be brutal.

3. Not at this moment. Everything needs to be fill up with a form and signed for verification. Furthermore the online customer portal is relatively new - new features may be added from time to time, so stay tune.

4. There are 4 free switch in a year. Beyond that 4 free switch there is a Switching Fee of 1% of the total amount to be switch, maximum of Rm50.00 will be charged for each application. No carry forward of 'unused' switching.

5. See Q4

6. Extra cost: Switching fee (if more than 4 switch in a year),

T&C: The minimum amount that can be switched is RM 1,000.00 and it may be varied from time to time

Factor - depends on market condition/economic factor/timing and do study the fund portfolio to know whether you are going in at a high or low side.

Not trying to be rude, but are you able to claim back the GST from the mamak stall? Tabouli right?

For Tax filling, just refer to the Annual Statement (you may download this statement from the PruAccess Customer Online Portal --> << Click Here for PruAccess - Prudential Online Customer Portal >> )

Life insurance + EPF = RM6K, Education Savings+Medical = RM3K, Deferred Anuity = RM3K, (please refer to the LHDN website for a more accurate amount)

AND medical premiums go up..........

My expat friend bought for whole family 2+1 Global Medical coverage for Rm24,000 per year covering up to USD1mil...excld USA

In Malaysia, you can't buy that.....premiums feed agents.

My friend bought on line.

HMmmmmm

manulife seem better than other. Able to claim medical checkup fee.

Currently my dad has a medical card that covers up to 70 years old. Any good plan to introduce since he will be 70 soon?

Better apply one fast because the last entry age for most medical card is 70 years old!

Best,
Jiansheng

AIA has packages for expatriates as well that is not shown in our website.

How much is the reimbursement?

Yes there is. They cover up to 100 yr old subject to your father's health now