Takaful policy is compliance with the shariah law as per the Islam practice in this country.

Where as conventional policy is the normal life insurance that is not compliance with Shariah law.

There is a lot of difference offered in terms of benefits which is quite lengthy to explain in here.

However if you’re a Muslim, it’s always advisable to take up a Takaful policy to utilize the Hibah distribution.

Cheers

I’m not Muslim but I got promoted a Takaful product by a friend’s friend.

So I wanted to find out more to compare between the two.

One of the key benefit would be the nomination of the policy whereby if a conventional policy, it's subject to the FSA Act 2013, therefore you'll need to appoint a trustee into your nomination, any changes of nomination, policy benefit, or withdrawal will need the consent of your trustee.

Whereas a takaful policy doesn't need you to appoint a trustee, as you can simply change your nomination to anyone else at your convenience

hi
I am on a ILP + medical with predential which bought >10 yrs ago
and planning to upgrade the old medical plan to PVM

https://www.prudential.com.my/export/sites/...PDF/PVM_COI.pdf
https://www.prudential.com.my/export/sites/...nhanced_Eng.pdf

1.there is 2 tables i found .. but premium paid is different
Let say Plan100 (cover till age 70 with medsaver, 1mil) , first link shows 779.66 and another shows 1787 ... how do I interpret it ?

2. PRUvalue-med-enhanced & PRUvalue-med , is it different ?
3. where can I find all the rider plan that I can subscribe under my ILP
4. the second link above does not show premium for 71-75, 76-80, where can i check the current premium rate
5. My purpose is to pay the bare minimum for investment/saving. For the slack (un-utilise premium) , what is the minimum investment portion I can do ? How do I know what is my slack each year after COI & fees. deduction.. I know AIA has a Summary Illustration inside the quotation, how about Prudential ?

thanks

any advice, sifuz roystevenung & Colaboy

1. The insurance charges stated in the brochure acts as a guide and may vary from the actual due to the cost of insurance (especially for medical insurance is not guaranteed and subject to change).

Do ask your servicing agent to generate a Sales Illustration of the current COI for the medical based on your current profile.

2. Only the PVM Enhanced is available for upgrade. Since the PVM (without the enhanced) is no longer available, let's not confuse you with the older version I suppose

3. Get your servicing agent to generate for a person age 70 so that you can see the projected COI in the Sales Illustration.

As for the available riders, there is Accidental, Critical Illness, Total Permanent Disability riders. It is best to consult your servicing agent on what is your needs rather than adding it for the sake of adding.

Eg, To some people, getting paid a few hundred ringgit for getting involved in an accident means a lot, but for some, it means nothing to them, therefore adding these unnecessary riders, jacks up the insurance premium.

4. Slack can be very minimal to the point of few ringgit based on the minimum sum insured. Once the slack hit certain threshold, the sum insured (or other riders needs to be increased or you need to move the slack to add on the riders).

i'm 27 years old , married. current plan

prudential Medical Card with 20k life + 50k CI
Great estern - CI/Life 100k
Prudential saving plan - 15k life.

My wife policy.

prudential Medical Card with 20k life + 50k CI
AIA Life - 500k life ,pay 20 coverage 70 years old

can sifu advise, shall we top up ? what need to add ?

It would be best to sit down to review what you have versus your current/future needs of what you want the insurance to do for you.

Without knowing in more details it is like giving you a product just for the sake of buying.

It’s advisable to sit down with your life planner to understand your financial standing and from there, they will be able to propose you a plan that will suit your need.

Insurance is no longer just buying over the shelf. Which is why a good insurance agent is important to make sure your insurance is sufficient enough to cover you

Guys, just to check if pay premium using credit card charge yearly, is there any discount of sort?
I remember long long time ago (>10 years) agent say got discount.

Im having PruWealth and also medical card.

roystevenung

This post has been edited by WaCKy-Angel: Apr 17 2018, 01:43 PM

Both are ILP policy, therefore there is no discount even if pay yearly as it is used to buy units based on the current NAV.

If traditional policies, then yes there is discount if pay other than mthly.

tq boss

what medical card plan suitable for a 10 yrs old boy ? how much per month.

bought a 10 yrs savings plan with AIA 9 yrs ago and will be mature next year and getting min 1k per year. yearly payment was RM3k.

I plan to get a new savings plan. which insurance company should i get ? any sharing ?

None. Don't buy insurance for savings purpose. Buy insurance for Protection, not saving. You pay yearly RM3K just to get annually RM1k? Sorry but I don't see the logic here.

Yes some agents will say that you buy the savings plan with parent waiver (if anything happens to the paying parent, that insurance will be waived till child is age 25).

In that respect, the paying parent might as well consider buying a life/CI that covers for that duration, which would be cheaper and giving you maximum results. Example, a RM500K lump sum to the trustee/surviving parent would be better off than a mere RM3K/annum innit?

Maybe Wong Sifu can enlighten you on how to 'grow' your money, wongmunkeong please guide our friend the investment forum.

Prince is an investor kaki la - in SGREITs, SGStocks, MREITs, FSM, AU, etc.
unless it's an "out" to avoid certain stuff due to religion or special circumstances , i'm sure he knows to separate insurance & investing

I have a medical card too.

the AIA savings plan - buy 9 yrs ago.

May I know what is the plan name?

Any idea when the Annual Bonus statement would be out? last year end of May,now already end of May still havent release

This year onwards it is via electronically, no more paper.

You can download the statement by registering for << Prudential Customer Portal PruAccess Plus >>.

Alternatively you may contact your servicing agent or walk in directly to any Prudential branch for assistance.

This post has been edited by roystevenung: May 31 2018, 06:50 AM