Same application for the older PruHealth Med plan?

Btw, does the PruValue Med & PruHealth Med (old plan) cover for hospitalisation primarily for investigatory purposes for any pre-diagnose illness?

Thanks Roy.

whaaaaatt?? it is so confusing

This post has been edited by arilrifter: Jun 4 2017, 08:36 PM

Only prudential or any insurance company can request like that? I think many agents do not tell their customers about it because it will influence their commission.

No, for PruHealth the Outpatient, it is subject to a minimum co-insurance of 10% and up to a maximum of RM2,000.

Hospitalization for investigation purpose is not covered for all medical cards.

Example 1:-

Client had a chest pain, near blackout, shortness of breath - admitted to ICU. Angiogram later reveals that she has 40% block artery.

Dr gave some meds and consultation. No further treatment or ballooning.

Claim under Guarantee Letter as angiogram cannot be done at home and the condition is medically necessary.

Example 2:-


Client went for routine blood test and health screen -> not claimable unless the blood test shows something that needs to be medically treated.

In simpler term, as long as the last treatment date (for the same illness) is not over the 90 days, you don't need to pay the RM300 (if you had opt for the Med Saver RM300).

If full claim, then you don't need to pay the RM300. However, having the RM300 Med Saver means that you are paying lesser premiums.

Example Plan with Med Saver may cost RM250/mth while a full claim plan will cost RM300/mth. That means you are saving RM600/year if you opt for Med Saver.

If 10 years no claim, that means a savings of RM6,000 and it is not always we get admitted. In fact, no one likes to be at the hospital.

For older medical cards, for Prudential, we normally encourage the agents to have a 10% slack.

Eg, if your premium is RM250/mth, RM25 slack is recommended.

However for newer medical cards like PruValue med, it is recommended to have at least 15% slack due to the higher insurance charge (due to higher coverage).

The purpose of the slack is to build up the cash value and it is not utilized for any insurance charges.

As you may already know, the insurance charges will increase as we grow older and the medical insurance charges is the highest of all the other riders.

I hope that you are being briefed that for PruValue Med, the insurance charges for the medical rider for (expiry age 80) can be as high as RM8.7K/annum at age 70?

When you are working, it is possible to save but when we are retired, to ask you for more money due to insufficient cash values would be very difficult, don't you agree?

Noted and thanks, Roy.

Is there any influence to my insurance policy if I am not managed to pay this month premium? I will pay both June and July premium next month. Is it okay for me to do so?

It will depend on whether the policy has accumulated sufficient cash value in order to maintain the policy. If it has, then there is no issue.

You may check the cash value by login to PruAccess, Customer Online Portal..

Usually you have a grace period of 1 month.

Assuming your policy is an ILP, so long the cash value is sufficient to service the COI you should be ok.

Best,
Jiansheng

well this is my case, I opt for Prudential investment link insurance plan.

my monthly premium is RM265, but i choose to pay RM300... extra 35MYR.

I wonder where the extra monies goes, go to investment or medical protection or......??

One more thing i dont understand.... abt investment linked insurance. I mean when i look my investment statement, i noticed the investment account is divided into Basic unit as well Protection unit. Mind to explain a little bit the difference btwn them?

That will be incorrect, the RM300 or even RM265, will be proportionate into the following

First, the amount will be used to deduct the cost of insurance/commission/fund manager fees etc, say RM200, therefore the remaining RM65 or RM100 will be spent on buying units on investment.

This will go on until the last day of your policy. The only difference is the agent draw commission for the first 6 years.

I think what you mention about Basic and Protection unit is the cost of insurance for
Basic plan = Sum assured
Protection Unit = Unit Deducting Riders (Add-ons like medical card, 36CI etc)

Its another rider.
the basic rider will still 60 and 40 allocation.
but the saver rider will only have less commission goes to agent.

Can someone tell me if 40 years old female, 300 per month can buy 90 years old medical card, minimum life insurance and waive premium or not? I mean prudential insurance

Yes

But the agent told me the balance too little. They are not encourage to do for customer to avoid next time the customer need to top up. Do u have any opinion?

Yes the agent is right as the slack (un-utilized premium) is about RM5.++ only.

For PruValue Med, since the insurance charges is higher than the rest of the medical card, it would be recommended to have at least 15% slack (of the total premium).

However, even by doing that it could not guarantee whether you need to top up in later years as the higher insurance charges at older age (eg at age 70, the medical insurance charges can be as high as RM10,887/year) may deplete your cash values. You may see the projected insurance charges from our online brochure << HERE >> and compare to the projected cash value that you'll accumulate at age 70.

Secondly, as you may already know the funds performance is not guaranteed.

If you want to have minimum slack now (which is not wrong if you have a investment vehicle that can get better/higher returns) then be prepared to top up more in later years.

This post has been edited by roystevenung: Jun 19 2017, 09:52 PM

Yes, Roy, you are right, my PRU agent told me the same thing, allocate more slack, thus it can help to reduce top up the premium in the near future.

Just wondering other insurance companies also having the same 'slack' arrangement?

Btw, can a PRU ILP with old PRUhealth med card gets upgrade to PRUvalue med card, the rest of the protection remains and just pay the differences of the cost of PRUhealrh and PRUvalue? Or better to surrender the old policy and buy brand new ILP + PRUvalue med -- the investment fee and charges starts all over again? Or better to buy a deductable PRUvalue med card on top of the PRUhealth med card?

Just would like to find out any other alternative for my current PRU ILP + PRUhealth med, before I commit a new med card policy.

Thanks.

This post has been edited by clickNsnap: Jun 20 2017, 07:47 AM

I am sure other insurer has the same arrangement to built up the cash values as the principle of how the insurance charges goes up as you grow older is the same.

The best scenario is to be able to upgrade the PruHealth directly to PruValue Med if no health complications existed during the upgrade. There is no waiting period for upgrade.

However, there may be cases that one may want to maintain the PruHealth and buy another Pruvalue med AND the health complication exist during the upgrade (eg, benign cyst, benign tumor, hypertension etc).

When we already have a pre exiting illness when we do the upgrade, a loading or exclusion may be imposed on the upgrade. This means that if your previous policy does not have any exclusion upgrading on the existing policy may impose a loading or exclusion.

That is why it is recommended to have a separate policy (with exclusion or loading) whilst maintaining the existing one.

That way if there are any claims that falls under the exclusion, it may still be claim under the old policy.

Buying a new plan to replace the existing one is not recommended as you start all over, even the waiting period.

-delete-

This post has been edited by firee818: Jun 27 2017, 07:54 AM