I am currently a Prudential policy holder, bought from my cousin brother who has been an agent for nearly one year but recently a friend of mine that has been in Allianz approached me and started comparing my existing Prudential policy to the Allianz and I was surprised with the RM200 premium that I am currently paying made such a big difference.

I did consider surrender my Prudential to start with Allianz but my colleagues and close friends asked me not to because it sounds to good to be true, as in Allianz might give everything right now but will increase premium in the future. I am so confused right now, then friend from AXA then introduced me the AXA medical card that is unlimited lifetime limit and I can spend up to RM500,000 per year.

AXA i think its a small company and they would do anything to gain market share and as I did my own research, I realized Allianz is kind of new too in Malaysia but Prudential has been in the market for quite some time.

Please help me out here as I am quite confused after reading the posts from Forum and I do not intend to start any arguments here because I know how agents would defend their company. Please advise, I do not want to make a mistake like a relative of mine that didn't get to claim from a particular company.

Sifus advise here would be much appreciated!

Nowadays AIA and ING already merged together and they had become a big company...i just know that for prudential and great eastern the medical card information that i got is they just pay 90% of the operation fees and i know for AIA is 100% and you just need to pay RM50 for the service fees/others...this is real because my girlfriend just finish her operation 2 days ago..this is my own real research

Thanks but my cousin told me no need to pay any money, maybe government tax or service charge from the government

There are different rider for medical card for prudential, one of it does not need the co-insurance but of course with higher insurance cost. I think this newer rider (PRUflexi med.


If your medical rider is PRUflexi med, then there is no need to pay for the co-insurance (unless the rider is with 300 deductible).

I had no choice...was on ING Life insurance, Medical Card and Income Investment.....suddenly taken over by AIA.......lucky at this point of time no major changes to the policy

Prudential also keeps increasing in their cost of insurance, even more often than others.



This post has been edited by Lacersan: Dec 18 2014, 01:44 AM

there is no guarantee in medical insurance charges in the industry. any company can offer u something very attractive now but once they cant afford to cover the claims, they will adjust the charges and indirectly u r paying more premium... once u think the premium n charges are not reasonable and u quit, no lost to them..
the idea is to insure with more reliable insurers.. they r experienced n stronger in their control in the claim ratio

AXA and Allianzs is a big company and with high ranking under general insurance,not life

about RM500K/year , i have seen this plan,but is under general insurance not life ,

My advise is dont simply cancel policy since u have bought.if you feel under insured you always can ask your agent increase sum insured.rather than cancel policy .

the reason to buy medical plan is for future use and easier for claim.so far ,the company easier claim is AIA,ING(merge with AIA), Prudential,other than that no confident

This post has been edited by kennethchang: Oct 3 2013, 01:28 PM

u'll definitely in the losing side if u surrender ur policy. my advice is to see what else u can top up on top of ur prudential policy.

i never trust any salesperson who keep on criticize ppl's product in order to praise his own. if i were u, i'll trust my own cousin. do u think ur friend will still be so responsible when it comes to claim? only family members will be attach to u even though u dont buy from them

Allianz Cost of insurance is lower than most other Life Insurer out there.... maybe they want to capture market share. With regards to increase in premium, yes it is suckish but it is something that is beyond our control. How do we not know that Prudential will not increase their premium in future?

Be careful with AXA medical card, it is cheap but the do consider the two caveat below:

I) The underwriting for AXA is very strict. If you got little bit of medical history, they'll reject you.

II) AXA is a general insurance and they will view you as an event, whereas Life insurance will view you as a person. This means that once an event occur, general insurance will kiasu-kiasu not renew you. Life insurance will take you in until you surrender the policy or die. That is why the premium paid is higher for life insurer vis-à-vis General insurer.

Xuzen

+1

Very good explanation.

For the claim part, I would said it really case to case basis, whether the documents are complete during submission of claim or they is some dispute in between. I could said most the insurance company have their SLA and everything is in the policy. Maybe you be surprise, customer may claim faster then agent, this is because company put customers in priority then agent.

Of cause is not advisable to surrender a policy. But what if the previous policy is really not enough and too many limitation & exclusion?
Sometime you be surprise when you review your policy to current available policy in the market. Such as a policy from P company I see before, for monthly premium of RM200 for age 20+, the Medical annual limit is RM50k, worst the lifetime limit is only RM150k.

Cost of insurance will increase over the time due to age, inflation and increase of medical cost. And whether to revise is base on the insurance company itself.

mine is 70K per year, 1.4 Million whole life

the lifetime limit of 150K is the one where my parents is holding back in the days, i think Prudential has already changed it for them both 200K yearly basis and 4 million whole life

Allianz quoted me with 100K per year and 1 million that can be used up until wor.. but there is co-insurance

that is why I am so confused right now

thanks for the info tho

Yes, the 150k lifetime limit policy is years ago and never upgrade till now.

Seen you have Policy with Prudential, you need to have deep consideration before change to another company.

Agent serve as giving advise & support with all the pros & cons for the policy, the decision maker are the policy holder. And agent will respect client decision.

We all understand, it is important to get enough/reasonable medical insurance while we still young and healthy. Once we diagnose with anything, that is it, we gonna stick with current policy for rest of life.

Yes, it is common people change to other company better policy. But personally, I will advise you to get more info & advise before you surrender your current policy.

Companies like Prudential and Manulife pricing is known to be relatively expensive. So it is no surprise if you can get better comparable deals from other insurers. Whether if you want to surrender your policy will depend on if you are ok to burn the premium paid todate and your non contestable period will start afresh.

This post has been edited by Chigme: Oct 3 2013, 09:34 PM

First, Insurance is for protection and not return. Get your perspective right.
Second. All insurance company under bank negara control, all rules and regualation must follow strictly from them. It means whichever insurance company go bankrupt , bank negara will take over, but mostly others insurance company will take over or to put in nice words called merging.

Any claim to any insurance company is ok regardless yours from branded or not famous company. All company can do fast drawdown if all documents needed well prepared. As for medical insurance, I personally prefer Insurance company pay direct to the hospital rather than agents. No agents can serve me 24 hours.

For medical protection, 3 things must get it right, and it's differ from each individual needs.

1. Room and board rate.
2. Annual limits
3. 24 hours emergency evacuation worldwide and domestic.

1. Do check the rate of specific hospital you might admitted. Do notice that all this rate will increase through out the years. Make sure you do review every 4-5 yrs.
2. Annual limits important than lifetime limits. If let say your annual limits are 100k, and you having 2 sickness or accident in a year and used 150k, then you have to pay for the extra 50k. once you think of paying, then u will end up in government hospital. If you did go to government hospital, then why you paying for the medical protection. In real life, most of the time is emergency.
3. During emergency, your family will arrange you to hospital, not yourself. If all your money can manage by them will not be an issue. Most of them will send you to government hospital instead of private hospital. They send you to government hospital, no need deposit, but private 1 need. who pay? I am not saying government hospital not good. Most patient from private hospital to government hospital main reason is annual limit and room rate not enough to cover.
Most of these ppl 100% scolding the agents, but most agents will reply you like Policy is with u, u dint read it urself? U said your monthly contribution is only xxx amount, then this is what u get.

So to avoid all this make sure, you request agents to give you a sample proposal of the policy and asked them to explain to u all clause especially few which i suggested here.

1. guarantee renewal. only few company stated in the policy that they have no right to amend any term and condition or terminate insured person policy and so on.
2. if investment link, ask them to show you the break down of your premium paid including your cash value, insurance charges as age and their commission. All must stated in the policy as bank negara regulation.
3, if some have deduction with no claim or no claim bonus.

As I think of so far. You can pm me if you really wanta understand how medical protection or medical card works. Thanks

I agree with freewisefly.

Each plan has its own feature, it depends on individual's budget & the age of coverage.

The longer the medical card coverage, the higher the premium.

Study and understand your existing policy before buying your medical card.

If your existing life insurance have sufficient death/ TPD coverage, you can choose to reduce your medical card premium by reducing the life coverage.

It is your "plan", please ask for details to get the best plan for yourself.

I am Hong Leong Assurance agent.
If you need quotation, please feel free to contact me.
Thank you.

May Yong
012-521 3368

It is good that you did your own research and I am sure if you were to meet up with different companies you would get mixed view and have second doubts on your insurance plans.

This is because agents are also being trained to know exactly what to say to the client if they meet up with clients holding the competitor product. What makes an agent stand out and be different from the pack of wolves is thru his or her professional advice. If Prudential policy is not able to do the job for my client, I will refer him or her to some other that is able to.

I would say that agents who influence you to cancel your policy to get a new policy is an IRRESPONSIBLE agent and is only looking out for their commission, and not putting you as priority. To TS, what if few years later your BESTEST buddy joins another insurance company with even more best product, would you cancel the policy again?

It is no surprise other agents are trying going after Prudential as we has been in Malaysia for a long time. We have grown to expect how the insurance hike will be at the hospitals and its kind of funny new players appears to throw policy by offering low insurance charges with high coverage in order to capture the market.

The question is how long can they sustain and its just a matter of time they show their true colors. As a matter of fact one of the new players had just increase the insurance charges. Its no surprise considering how the hospitals are charging.

It is a known fact that whenever a plan sounds too good, it will definitely have a catch somewhere, of which it is most of the time being conveniently left out. Hence you need to look at the plan in a holistic view, not only from the benefits point of view, but rather the claims history, the contract, the overall insurance charges, whether it is one sided to the insurer and so forth. Some of the brochures if you look at it, yes the insurance charges are low to attract customers, but there is a clause that says insurance charges are not guaranteed. As per /k KO NAMPAK PERMAINAN DIA?

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Plans that comes with co insurance means lower insurance charges, and thus it is easier to maintain in a long run. Lets not forget if the medical needs to take care of you till age 70, or 80 that is how long you need to plan to pay for the insurance charges.

Do you know that the insurance charges for a full claim plan that covers you till age 80, can be as high as Rm10k per annum at age 70?

Do note of the insurance charges hike at older age, especially when you are > 60. The insurance charges may tripple when you are > 70 as compared to when you are in your 20s

Hence, do look at the plan based on your needs and affordability. Of course, knowing what and how the hospitals are charging helps and take the necessary steps to have a plan.

Of course if you were to transfer more risk to the insurer, you will be expected to pay higher premium. Let us also not forget, if today, someone had to suddenly use RM300k within a year for hospital bills, do you agree that he or she is beyond the hope of saving?

Buy insurance by your needs and not by the agents scare tactic.

Allianz medical COI just raised but it come with additional annual limit and lifetime limit.

The price is still reasonable if compare to PRU

Haha, thanks... But I think I am sticking with Prudential, the price may be reasonable now but the amount that went up from the so called "repricing" from my colleague is just silly, I am introducing my colleague to my cousin... Thanks to all the sifus here for the help! thanks so much!

I am looking for medical card for both of my parents.. Age 50 and 51

I am looking for MEDICAL card only... SO don't offer me Investment link, Unless you able to come out with IL with monthly RM100 (if not stick with medical card only..

I am looking for AIA and Alliance...

Please whatapps me at 013-4X175X530 <<---ignore the X
Do not call... i am working most of the time..