As you've been informed, there is a 90k deductible on the Smart Extender , which is handled by the SMX 90k annual limit.

What you've been quoted effectively has 990k annual limit, with lifetime no limit.

The basic summary of the SMX and SE can be seen below.

Hope this helps.

Cheers.

Medical Card with annual limit but no lifetime limit... like a highway with no speed limit but your car is limited to certain horsepower... is there any terms and condition mentioned that the insurance company can never terminate the policy or increase premium once a substantial claim has been made, I.e annual renewal... I understand guarantee renewal but is this guarantee extended to policy that have made out claim?

There is no longer such thing as guarantee renewal anymore, that clause had been taken out.

As for increase of premium, the insurance company has the right to increase it as they see fit based on the overall claim experience and claim history. Inflation also plays a part.

So, I have 1 mil annual limit, assume my inpatient cost a lot ... and coming year may still have need to use the annual 1 mil (no fully) ... so the companies has the right to terminate? Is my understanding correct?

That will be incorrect on the terminate part, Its time you go back to your policy book to read it line by line. Because this doesn't happen within AIA policy. I can't say for the rest.

The only time your policy claim is no longer honored is in the event you lapse the policy or did not provide full disclosure of your health when taking up the policy.

I left out one sentence, the inpatient cost a lot, the insurance has approve my claim, but will still need a lot in future...

From company point of view, do they reserve the right to not renew the policy looking at this is a loss-making policy.

For consumer point of view, what assurance we have, provided did not breach the two condition you mention?

If you have an ILP medical card and make payment to your premium on time without having a lapse occur the Insurance company cannot "reserve the right not to renew the policy". Also assuming this particular illness is not a pre-existing illness that was undeclared and no exclusion was given upon application.

If for some reason your policy is lapsed and needs to be reinstated then there is a chance that the insurance company might then exclude certain coverage hence it's always important to make payment of your premium.

Additional information for others, if you are looking to purchase a medical card from a general insurance company, always be on the look out for a withdrawal clause.

Best,
Jiansheng

Insurance company cannot "reserve the right not to renew the policy". ....This apply to ILP medical card, does this apply to non-ILP, standalone medical card from life insurance companies, such as Prudential, GE and AIA?

Will the life insurance company gives priority to ILP medical card than standalone medical card customers, if both medical card plan is the same product?

This post has been edited by clickNsnap: Jul 6 2017, 07:47 AM

It's more about how the mechanics for ILP is designed. As you guys know, ILP tend to have cash value which is ensures that if premium is not paid, the COI is still covered if the cash value is sufficient. If for some reason the ILP lapses there is chance during reinstatement that exclusion will be included.

You will have to check with the respective insurance company on their standalone medical card terms and conditions.

Best,
Jiansheng

Assuming no lapses for the standalone policy...

Insurance company cannot "reserve the right not to renew the policy". ....This apply to ILP medical card, does this apply to non-ILP, standalone medical card from life insurance companies, such as Prudential, GE and AIA?

Just would like to find out same application for standalone policy.

Btw, will the insurance company add loading to the premium in the next due date, once we made claim with the medical card?

This post has been edited by clickNsnap: Jul 6 2017, 07:46 AM

The life insurance company will continue to insure you as long as your policy does not lapse based on the first day you sign up as an insured, it doesn't matter what happen in the future whether you're no longer insurable or not, that's called an insurance in the first place.

Which is why it's always important to apply for insurance when you're still healthy.

Whereas for general insurance company, some of them will have withdrawal clauses and guarantee renewal keywords. So make sure you double check on it before signing up with them.

As I know for AIA, whether it's ILP or non-ILP, there is no such thing as withdrawing clauses whatsoever. Both are treated the same.

No, premium will not get loading, as I mentioned however, insurance company have the right to notify you if there is an increase in premium in the near future.

Let's get the respective agents from those companies to comment as Allianz Life does not provide any standalone

Whereas to if loading is added subsequently, NO. Hence there is always a judgement call to be made whether to get a high limit medical card now or later on.

Best,
Jiansheng

1) Smart Medic Xtra SMX150 which gives a 90k Annual Limit, No lifetime limit
CONFIRMED NO LIFETIME limit!

Same as outpatient follow annual and lifetime LIMIT!

General insurance have withdrawal clause, ILP will be safe? assume i pay on time, on pre existing, never lapsed. Any written clause?

Thanks for the info.

Btw, The life insurance company will continue to insure you as long as your policy does not lapse based on the first day you sign up as an insured, it doesn't matter what happen in the future whether you're no longer insurable or not, that's called an insurance in the first place. does this means guarantee renewable?

Thank you.

No loading, after claimed due to critical illness, just the premium increase accordingly over time (same premium as other with same age group without any claims), right?

Again, please refer back to your policy book because I do not know what policy you bought or how long you bought it ago or which company it belongs to.

No one can advise you accurately on this. It's best to get ur agent to advise you.

I won't use the word "Guarantee Renewable", not sure there is any word to describe it. The context I've given explained it.



Correct.

Anyone heard before Insurance 101/ Insurance Wrapper?

Nope

This post has been edited by ganaesan: Jul 7 2017, 03:16 AM

abang, get your fact right please...

otherwise you might sound really unprofessional here

every year there will be 990000 available, tak pakai then burn, the next year renew again. there will be some small 10% increment to annual limit every 3 years if no claim made within that 3 years.

"guarantee renewable" is not put in the policy clause, but they do not have the rights to reject you

Ini boleh refer BNM guidelines - Financial Services Act

financial services acthttp://www.bnm.gov.my/documents/act/en_fsa.pdf

go to pg 164, "non contestability for life insurance contract" :-

EVEN if you do not disclose your health and financial statement fully and the policy is inforce for 2 years, the insurance company have no GROUNDS to reject your claim unless they can provide PROOF that you intentionally/unintentionally deceives the insurance company into entering a contract

So what to worry on renewability IF you pay your premium ON TIME?

"Trust ONLY the professionals!!!"

non ILP medical card will lapse if it is a standalone medical card.

Some medical cards are bundled into a main plan (traditional plan), therefore you need to check the availability of surrender value. If the surrender value is sufficient to cover your cost of insurance, then it might go on for a few years.

That is the rational most insurance company design the best medical card to be included into ILP policies, to avoid the policies getting lapsed. In another word, as u said, give priority to ILP medical cards