There are two types of insurance.

Indemnity
This type of plan compensate you based on the receipt or total lost have occurred.
Example: Medical card
For medical coverage, you may claim leftover bill from your company's medical card to your personal medical card. For example: If the bill is RM100,000 and your company is covering RM10,000, you may claim RM90,000 under your personal insurance.

Benefits
This type of plan compensate you based on the amount of sum assured you have bought.
Example: Life, TPD, 36 Critical Illness
For life coverage, you may claim from as many party or insurance company as the policies are inforce. Example: company bought RM20,000 life protection for you, you have bought RM100,000 for yourself. The family may claim total RM120,000 total life coverage upon death.

If can double triple x4 claim.. Then getting sick is a good job to do

haha how you wish right?

Buy 10 medical cards from each different company.

Each you send in to claim 100k for hospitalization and hopefully you get RM1 mil. It doesn't work that way.

I can tell you from start to now, he is bull sheeting and it never happened to him.
Because he used to tell insurance / insurance agent cheat, he continue to stand by his claim to make it consistent with his believe. But the true fact is it is not existence at all.

cheated 3 times? Hahaha.. I am wondering, either he is dump, using life coverage to claim medical insurance or wad?

Dun listen to him or even trust wad he say.. He dun have insurance policy at all, and dunno how the claim works at all.

If he want to redeem his dignity..

Come and tell us which company he bought and his policy number / IC number and we go and check.. else, all are bs from him.

I had done claim, and it is easy like pea... just give receipt and bank statement/bank book, sign a form, money come back

This post has been edited by Bonescythe: Mar 14 2016, 01:53 PM

Thanks guys for the info.

aia

Just tell the doctor that you would like to claim for insurance for some problem related to your knee. The doctor will try their best to assist you.

Hi,

Wonder any one can help me. I'm having a investment link life and medical plan with AIA that I bought more than 10 years ago.

Back then the medical plan has co insurance and lifetime limit.

I found out recently that the new medical
Plan do not have co insurance and life limit any more so I approach another agent from AIA asking whether I'm able to upgrade my existing medical plan.

However, I'm being told by this new agent that even if I upgrade the exciting plan, the medical plan will still follow the old coverage which still has lifetime limit and co insurance. The only way that I could get the new medical plan without co insurance and lifetim limit is to buy a new plan.

Anyone can advise me whether this is true ? I feel that I have been paying for the last 10 year plus and it's quite a waste just throwing it away and have to start again with cool off period and the need to declare my health status again.

Thanks

it is normal. ur old medical plan is it standalone one?

if yes, then is normal that what u have been paying for feel like 'wasted'.. just like u buy a new umbrella every mth but it never rain..

so would then suggest to get new one, after waiting period, then only cancel old one.

Hi Sitting Duck

You may upgrade the policy anytime, no issue on that part. You don't have to cancel the plan that you bought for 10 years.

However, when you upgrade, you have to go through the same thing again for the cooling off period and declare ur health again.

Feel free to ask me anything about AIA.

Hi guys,i hope someone can answer my question,
I want to withdraw some money from my Life insurance,to pay my study fee,so i go to their branch to ask if i can withdraw some,and he give me 3 option:
1)Loan some money rm1,xxx
2)Bonus rm4,xxx
3)close account rm7,xxx

I thought to choose close account,because,i can more.

Not much though,so i ask my mon opinion,because this,insurance from my mom,she say,dont close my account,because it will increase to RM150,000 ,when i 55 years,
Is it true?

Hi InabaKai

Regards to ur question,

Your insurance policy is there to provide you protection in misfortune events.

Should you choose to "close account", you will not be covered anymore. As the company will completely withdraw your surrender amount and give you the RM7xxx.

However, you have the option to take a loan from ur account and withdraw partially instead of fully closing ur account. However, you will need to top back the amount later on once you're financially more stable.

When you keep your insurance policy until you're 55 years old, It's projected to gain as much as RM150k. But might be higher or lower than the amount as it's just a projection.

You will need to decide whether this RM7000 is really what you urgently need at the moment. But don't do it out of compulsion for a short term goal. You need to figure out whether are there any other ways other than taking out this insurance money.

Even though im not pay anymore?

If you don't plan to continue to pay for ur premium on a regular basis anymore, your policy is deemed to be on "premium holiday" where the insurance company will be using your cash value accumulated in your insurance account to pay off the premium.

Please correct me as I am not sure your question is pointing to which.

This account have been more than 20 years old,i would say its finish contract or some thing...

I do think you are able to upgrade your medical plan under the same investment link policy, if it's standalone medical plan, then perhaps you need to buy a new policy.

If you are under Great Eastern, you will be able to upgrade your investment linked policy without buying a new one and there will be a conditional waiting period of 1 month. Which means that anything within the first 30 days you will be able to claim under the old medical benefit. If anything happen after 31 days, then you will claim under the new medical card benefit. That's how Great Eastern repay to the loyal client.

It depends on your current financial status, if you are still able to survive without closing the account and only take out the bonus, I would suggest you to do so.

Take out RM4k from the bonus, ask the company to use the future bonus to pay for your premium and you should able to enjoy more bonuses in the future.

If you are not paying, the company will still declare bonus to you, and your policy will use the bonus to pay for the insurance premium. Of course the maturity benefit might not be RM150,000 at 55 years old but it's still a big amount considering you are not paying the premium.

Sounds like an endowment plan that your mom bought for you and it had been finish paying the yearly premium and now it needs time to mature.

It would be quite a waste to close the account. You should just take out the bonus and leave the account open

The account won't suddenly become 150K when reached 55 yo.
You need to pay every year premium and hope everything goes well according what had been projected in the first place.

The cash value came from your accumulated premium paid + bonuses/survival benefit, not dropping from sky out of nothing, like hitting jackpot when 55 yo, then suddenly 150K windfall out of nothing.

You should use the word : "may", instead "will"


I doubt that if current surrender value only has RM7k that already running 20 yo (as mentioned by the forumer), can have 150K when it maturity.

This post has been edited by cherroy: Mar 15 2016, 02:59 PM

Maybe that account is a unit link account, and surrendering now will put the surrender value based on Unit Value at the moment.