I think the most important thing is 'what do you think', what other thinks may not seems logical to you as they have a different needs I'm sure.

Like C.o.o.l mentione, 150K life for a kid.. You have to put realistic thought into yourself. "Do you need that kind of amount if the children pass away" ? Do you really need it?
If answer is No, ask the agent to reduce the Life coverage. I believe for every $Ks that you have in the life, your units in your ILP will have to work extra hard to give you positive returns.
And are you already well verse with how ILP works? If not.. ask the agent to explain to you how your premium is allocated each year to buy the unit trusts funds; how is the cost of insurance is charged every year after you pay the premium.. You will get a better idea whether ILP suits you or not after this..

The title on my proposal states PruLink Assurance Plan.

No Enhanced PruParent, it is stated Enhanced Prupayor basic.

I agree with numbertwo, the SA is a bit highish for a child. I shall have ask him to reduce it min whilst maximizing the unit trust contribution.

Xuzen

PAP is same as PEP except for the things below:
- PAP expiry date up to age 100 while PEP up to age 25
- PEP can use for tax deduction
- Enhanced PruPayor insurance charges is abit higher for PAP as it is up to age 100

If you do not need to use it for tax deduction, then PAP is suitable for your child. You can still surrender your policy after your child reach around age 25 due to education fees, the cash value will still be the same(if the benefit is the same).
Even with PAP, you can still attached Enhanced PruParent inside for a child.

MCP is also a good option instead of Crisis shield plus as the insurance charges is very close.

Also, you have the option to put extra money into PRUSaver which is purely for investment. 95% of premium into PRUSaver will be use to buy units and the rest for charges and commission.

If you have anymore questions, you can consult your agent or ask here.

Okay guys, what is this type of insurance where you generally just show your medical card in order to get admittance to hospital freely?

actually most medical insurance have such privilege as long as u are admited in their panel hospitals,
if ur freely means cashless

Yes, cashless from the admission to discharge period. Totally cashless, is it possible?

yes it is possible if within annual/lifetime limit,
and without any co-insurance, or within co-insurance free amount,

xuzen,

i believe the plan you have offered only serves two purposes:

1) maximes the 3000 annual tax deductable. dont you have other edu/medical insurances that play into the game

2) maximise your agents comission.

i am 100% sure that you can do a lot better if you seperate the products and shop across the incurers. for your kids medical premium alone you can find a significantly better cover - or a similar for a lot less.

i) Basic Sum Assured - RM 150K, (Premium - RM 1,018.80 p.a.)

do you need this? 20k should be just fine. she is not posing a financial liability to you. all you want to cover is associated expenses.

ii) Crisis Shield Plus (Dread Disease Cover) - RM 150K (Premium - RM 1,183.50 p.a.)

150k crisis cover is nothing if you want to set her up for the future. this wont last long. get a good medical cover to pay for medical expenses. if you really need it - please get a dedicated CI plan or only attach CI to a basic life plan.

iii) Med Card (H&S) - Premium = RM 693.00 p.a. (RM 75K per annum, Life time = 750K, Daily bed = RM 200.00)

for 552 p.a. i can get you 500k annual, no lifetime, daily bed 500 (basic suite).

for 75k i offer 100k no lifetime limit, 150 r/b @ 264 p.a.

iv) Enhanced Prupayor basic - RM 104.70
Total premium p.a. = RM 3,000

unless you can really add to your tax savings, this structure is wasting your money. how much of the 3k can you still claim? how much taxes does this save you? the tax savings must exceed the additional costs you are facing for it to make any sense. even if you downscale the fixed costs to make it tax claimable is Enhanced Prupayor basic - RM 104.70 - so you need to save at least 104.71 to even consider this plan. compare the savings you can have when you split the insurances also. the medical insurance cost you can claim anyway as well. so no additonal savings from this anyway.

i hope i made some sense to you

Not sure what you trying to say here. Enhanced PruPayor basic is rider that will pay for the premium if he gets TPD/diagnosed critical illness.

Also, bear in mind that the policy he have is not able to make tax relief because it is not Prulink education plan which I already explain earlier.

ok thanks for the info. i was mislead by the convenient 3k payment. also under medical&life you cant claim this policy?

Since there is a medical component in this proposed plan, I can still get the RM 3K tax relief under medical right, even if the insured is my child and not myself?

Xuzen

I believe the only 'legal/correct' way is to deduct just the premium that is meant for the medical, not the whole lot - 3K.

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Added on July 24, 2009, 4:38 pmThis post has been edited by numbertwo: Jul 24 2009, 04:38 PM

You cannot use PAP for tax relief. For PEP, you will be the owner of the policy and your child is the life insured. Plus, you will need the PRUParent Payor rider in order to eligible to claim tax.

numbertwo is correct for the tax relief on the RM3k medical.
You can claim premium of PEP under the RM3k medical/education.

For PAP:
3k medical is for the protection part(medical card, waiver, ...)
6k life + EPF is for the life part(death, TPD, 36 Illness....)

This post has been edited by c.o.o.l: Sep 26 2009, 10:01 AM

guys, anyone experience about AIA insurance? how is it?

btw, is there really any Unlimited lifetime limit Medical Card in the market?

AFAIK, the only cards in the market with U.L.L is AIA's ECP+MCP and AXA's SmartCare Opt.

Yes, it does really exist...

i currently have AIA investment linked policy which was bought 6 - 7 years ago. I'm currently reevaluating the policy especially the medical plan coverage and found out that the coverage in the plan is not good enough now. I'm looking at alternative new policy from Allianz PowerLink now and wondering what i should do. Basically, I have a few options below:

A) Upgrade the medical plan in current policy to higher coverage - but the upgrade might be still subject to limitations that exist in the T & C specified in the policy 7 years ago.

B) Scrap the medical plan in the investment link and buy stand alone medical card - disadvantage: potential have to spend more $ per year for insurance and moreover, i have hypertension now, i.e. new medical card will be more expensive

C) terminate AIA policy and buy new Allianz PowerLink - disadvantage: losses $ to terminate insurance policy.

What is a good option to choose from? appreciate comments and critics.

AIA ECP + MCP+. All the benefits are easily better than most of the medical cards out there. LMK if you're planning to get one plan for yourself.

Yes, ING medical plan is having this cashless privilege, and also the only company that providing medical plan without co-insurance under any circumstances. Beside the RM 50 admission charge, that's all.

i got a call from maybank and offer me Takaful PA Plus product..

seems interesting.. rm20.50 a month.. ok or not?