Actually in Malaysia, AIA is not affected as all insurance companies in M'sia are regulated by Bank Negara Msia. So dun worry at all.

So now it comes back to what you want actually.In ILP plans, the cash values will be eaten up when you the agents attach a lot of riders in it and most importantly the market sentiment la.

So now the decision for you is - RM 100K for life/TPD/C.I - is this what u want or the agent propose to you? N how did the proposal was done - you giving them the budget or they sit down n find your needs?

Frankly speaking, for medical card coverage, pls go for at least a RM200/day room and board as many of the hospitals are charging around RM 135 to RM 160 for a 2 bedded room (2009). What is the rate in 5 yrs? You do the calculation ok?

The other very important issue in the medical card where it shall cover outpaitent cancer and kidney dialysis treatment in full (as charged). As far as i'm concern, AIA calims for the above outpatient cancer and kidney dialysis is very limited. GE plans are as charged! So in my personal point of view, given RM 200 for AIA and GE, I go for GE.


Anyway i'm attached to ALLIANZ. Here's an ILP quote for RM200/mth.

Assuming female non smoker 30yrs old.

Life/TPD = RM100K
C.Illness = RM100K (critical illness and life are separate entities - meaning total claimable is RM200K)
Medical Card:
Room and Board RM300/day
Annual limit RM100K
Lifetime limit RM1M (10x)
Out-patient cancer treatment and kidney dialysis (as charged)
No co-insurance applicable
90 panel hospitals in whole M'sia

Do some shopping around and if you need my assistance, do pm or email chew_ronnie@hotmail.com

Cheers,
Ronnie

I seldom sell ILP to my propects because I know its weaknesses. If you are only care about protection, you can buy a plan like mine. I bought it when I am 24 years old.

My plan is as follows:
i) Whole life insurance RM 300,000. When I am 57 years old, I can surrender it at RM 120,512 (guaranteed). Or stop paying premium and still get the protection of RM 233,100, instead of RM 300,000, until I reach 100 years old.
ii) Medical card - annual limit RM 60,000, lifetime limit RM 200,000.
iii) Personal accident - RM 200,000 (death benefit) to RM 300,000 (serious disability benefit), RM 2,000 annually for each accident (medical reimbursement).
iv) Critical illness - RM 50,000.

My monthly premium is RM 306 only.

What do you think of my insurance plan? Just for sharing. I don't buy ILP because I can use the money to invest in gold, shares and others. So, my insurance plan is purely for protection only.

Hie~ Thanks for your info

Hosp - Yea, he din tell me about that bit.
CI - sorry, my mistake, it's RM 50k
In top up, I mean top up the amount that I have to pay monthly, not to top up the coverage.

Thanks for your honest words about AIA... I think insurance agents must be ethical like you. We should never say the other insurance companies are not good. In fact, we all are working in the same industry. So, it is pointless we say bad thing about one another...

Does your Insurance agent attach Waiver as well? Make sure you attach it.

Thank you for the info.

The AIA agent tried to match the details that I want (lady cancer, RM 200/mth budget, disability benefits, hospital daily cash etc. ect.) while the GE agent proposed me a plan based on my RM200/mth budget and lady cancer. If I have to choose, I'll say that the AIA agent takes time to understand my needs more.

I agree with you on the GE outpatient cancer & kidney dialysis as charged thing. Yes, the ones provided by AIA is quite low compared to GE. It's a plus point for GE frm me

The AIA agent told me that there's a need to monitor the market so that switching of funds could be done and he'll follow up with me to give advise wether to switch the funds or not and also to revise back my plan in the future when needed. The GE agent told me nothing about this...

lcl832002,

There is no right or wrong in ILP or Traditional plans as i've mentioned earlier in another post. To me, ILP plans are for pure protection, and i dont normally talk about returns. Returns please go for unit trust. There is no such thing as killing 2 birds with 1 hand in insurance policies i.e cant have high returns and high coverage.

Frankly speaking on your coverage, everything is ok except Critical Illness. Let me ask you this, what can you do with RM50K assuming once diagnosed with a cancer or stroke. I bet RM50K will be used up in just half a year buying supplementary food and paying for your installments. Do get some upgrade on this matter friend.

---

Added on March 12, 2009, 12:01 amNo worries at all cos AIG can face this issue, I believe there is a tendancy for other insurance companies to face the same issue, just a matter of timing and management. So good luck

This post has been edited by chew_ronnie: Mar 12 2009, 12:01 AM

Maybe I am a conservative person. So, I prefer whole life and endowment plans as they give me something that is practical, realistic and not influenced by the performance of the market. As I am still young and healthy, I just bought RM 50,000 last time when my income was not stable yet. I will increase the critical illness coverage soon.

May I know what's the name of your plan? My budget is RM 200 only. Can't afford to spend more..

I also want a protection ONLY plan. However, I'm given the choice of the ILP or the traditional plan ONLY from AIA. The traditional plan does not include hospitalization. If I want hospitalization, I have to buy it separately and it's burned every year. So, I thought why not put it in ILP since I'll get to claim more when I'm alive. Other + points are such as CI is extended to 100 years, compared to 88 years in traditional plan and I'll get straight RM 100k for diagnosis of CI instead of RM 30k for traditional plan. The agents from GE and Prudential straight proposed me ILP.

Yes, there's waiver

I'll just put both plan that I've been proposed here

Both are ILP plans & premium is RM200/mth:-

AIA
CI (100 yrs) (*Waiver till 100 yrs, free hosp till 100 yrs, remaining coverage continues) - RM 100k + inv return
Upon disability (65 yrs) (*) - RM 100k + inv return, after 2nd yr till 65 yrs - RM 10k/yr (only limited by age)
Female cancer (60 yrs) (*) - additional RM 50k
Hosp (100 yrs) RM 300k lifetime, RM90k annual limit, RM 150 room, outpatient kidney dialysis-RM40k, Outpatient cancer treatment-RM12.5k, 10% co-insurance, max RM3k, RM 50 daily cash
Death-RM100k + inv return

GE
CI (99 yrs) (Waiver of premium till age 70 yrs) - RM 50k
Disability (65 yrs) (Waiver of premium till age 70 yrs) - RM 5k/yr, max 10 years
Female cancer (75 yrs) - I'll just summarize it cz there's alot of branches such as skin grafting, lumpectomy and breast reconstructive surgery on top of the normal femal cancers, max claim RM 32,500; there's a limit on the claim for each branch starting from as low as a maximum of RM2.5k for breast lumpectomy-unilateral
Hosp (80 yrs)-RM 720k lifetime. RM90k annual limit, RM150 room, outpatient cancer treatment & kidney dialysis-as charged up to RM 90k/yr, 10% co-insurance, max RM 500, RM 50 daily cash
Death (99 yrs) - RM 50k - 100k (sum assured to grow 5% every yr up to 20yrs)

Btw, I'm more comfortable with the AIA agent as he takes the time to understand my needs and really justify the plan that he proposed to me very well.

This post has been edited by rednails: Mar 12 2009, 12:41 AM

You're attaching too many riders to your ILP for 200/month
How old are you? Married? Plan to marry soon?

This post has been edited by bbjslee: Mar 12 2009, 12:42 AM

24, non-smoker, plan to get a car soon

OK. I assume you're not planning to get married soon.

My suggestion (based on GE plan)

- 3D coverage ~ 50k
- Hospitalization - RM200 R&B
- Waiver attached
- Get PA coverage via general insurance. 200/yr can get you 100k coverage

Don't get the Ladies plan yet. Get it when:
- you're settling (planning to marry)
- you plan to stay single for a very long time
- you have much extra cash.

Get the Traditional Plan for Ladies from GE. I find it more worth it than ILP plan.
- If you nvr claim, you'll get back the premiums you've paid (you'll still lose out due to inflation)
- It is a participating plan. You'll get cash bonus yearly from GE.

We call it as Wholelife Plus Non Par (WLNPP).

If you are 24 years old, non-smoker, male and working in office (insurance budget, RM 200 per month):

your plan can be as follows:
i) Whole life insurance RM 100,000.
ii) Medical card - annual limit RM 90,000, lifetime limit RM 300,000.
iii) Personal accident - RM 200,000 (death benefit) or RM 300,000 (serious disability benefit), RM 2,000 annually for each accident (medical reimbursement). This plan is an offer. So, you may not be able to buy it in the future.
iv) Critical illness - RM 50,000.

Your monthly premium is RM 164 only. It is adjustable to suit your insurance needs and monthly budget.

If the coverage for critical illness is changed to RM 100,000, instead of RM 50,000 which you think is not enough, the monthly premium is RM 193.

This post has been edited by lcl832002: Mar 12 2009, 01:56 AM

hi this plan the critical illness is a rider ?
so will expire right?

i saw AIA quote critical illness can be extended to 100 ?
please explain ?
interesting leh

Generally, there are 2 critical illness riders called PCLR and CLR. What is the difference?

For PCLR, its coverage is until 70 years old. For CLR, its coverage is until 100 years old.

Let say you buy a life insurance with sum assured of RM 100,000.
a) If you buy PCLR with sum assured of RM 100,000 and attach it to the life insurance, once you claim RM 100,000 from PCLR, you life insurance RM 100,000 is still there to protect you. In this case, the premium for PCLR is higher than CLR.
b) If you buy CLR with sum assured of RM 100,000 and attach it to the life insurance, once you claim RM 100,000 from CLR, you life insurance RM 100,000 will become RM 0. In this case, the premium for CLR is lower than PCLR.

Can you see the difference? So, if you want to buy CLR, when you buy life insurance, you must make sure that the life insurance covers you until 100 years old. Why? There are several life plans from AIA that cover us until 85 or 88 years old. Let say you are very healthy and you can live until 100 years old. By the time you reach 85 or 88 years old, your life insurance will be surrendered automatically by AIA. Your CLR attaching to it will also terminated by AIA as well.

There is one fact you must know when you buy critical illness. For details, please read A CLAUSE TO WHICH WE HAVE TO PAY ATTENTION WHEN BUYING A 36 CRITICAL ILLNESSES PLAN.

If you are interested to know more, please pm me or leave a post here. Thanks...

i google and got this from http://www.georgedevan.com/products.htm

Critical Life Rider (CLR)
A unique rider that advances a lump sum from your basic sum assured should you undergo specific surgical operations/procedures or be diagnosed with critical illness. This money promises you the comfort to see you through the devastating illness.

CLR covers you up to age 100 ; or up to the expiry of the basic policy, whichever is earlier. Its premium is payable during the premium paring period of the basic policy, or up to age 100, whichever is earlier.


PCLR covers you up to age 100; or up to the expiry of the basic policy, whichever is earlier.

An insurance charge which varies with your attained age will be levied for PCLR uo to age 100, or prior termination of the rider, whichever is earlier. PCLR is attachable to only Investment-linked plans.

slightly different version ? please enlighten

Different? You mean the age 100 for PCLR? The information is already outdated. From the website itself, you will know because it is still using the old AIA logo.
Based on my AIA Sales Illustration System (SIS), PCLR covers us until 70 years old. I am sure about that as I have this plan myself. PCLR can be attached to whole life insurance, not only ILP.

I will not provide wrong facts and figures to you as I have no reason to do so, right... If consumers can understand and get the latest information from website, insurance agents should look for other jobs already...

This post has been edited by lcl832002: Mar 12 2009, 03:32 PM

a) If you buy PCLR with sum assured of RM 100,000 and attach it to the life insurance, once you claim RM 100,000 from PCLR, you life insurance RM 100,000 is still there to protect you. In this case, the premium for PCLR is higher than CLR.

So in this case if i buy a PCLR and claim RM100,000 for critical illness. When i die i get another RM 100,000 from the life insurance. After I claim the PCLR do i need to still pay the premium ?

thanks

Yes, you are right. Let say person A buys PCLR and life insurance each with sum assured of RM 100,000. If he is diagnosed with one of the 36 critical illnesses and dies several months later, his family will get RM 200,000 (RM 100,000 [PCLR] + RM 100,000 [life]).

After you claim the PCLR, you still need to pay the premium for your life insurance unless you add a rider called WP/PCLR to your life insurance. It is a waiver of premium. With this rider, after you claim PCLR, you don't have to pay any more the premium of the life insurance.

Remember, PCLR covers us until 70 years old only, unlike CLR...

This post has been edited by lcl832002: Mar 12 2009, 06:12 PM

thank you for the explanation

another question
let say if i diagnosed with the 36 critical illness and get paid of RM 100,000.00

in few month later i lost the use of my body due to the same illness for two hand or two leg which cause me to total disable.
will i get the balance of the RM 100,000.00 (my agent said the life insurance cover total disable as well)

btw does AIA policy cover suicide ?

thanks

This post has been edited by ivanswk: Mar 13 2009, 11:07 AM