Hi Plumberly,

You have to buy an extension to cover the other regions for comprehensive insurance but if you are on third party then u would need to check with your insurance provider .

Thanks.

Hi Gurus, not sure if this is relevant question, no intention to compare different provider, but there's been one single question that troubling me.... Just comparison sake let say between medical plan from GE and Prudential e.g. Smartmedic + Smartmedic Extender vs PruValue Med, let say taking example of non-smoking male, NB 41, R&B 300, expiry age 80, Class 2 ..... When consider in-par plan e.g. GE with SM300 + SE300K while Prudential with Med Point 1.5 mil & med saver 300, just comparing the premium for ONLY medical card portion, what is the reason that difference could go way beyond two or even three fold.

My limited insurance knowledge, but could all insurance guru out there enlighten me what's the catch / distinct difference to look out for in considering such plan with hefty premium differences. Two plans looks almost identical (main benefit per say) from my limited knowledge.

Thank you so much.

Difference in premium charges will be due to the following
1. Different packages offered within the medical card
2. Deductible offered within the package meaning the higher the deductible the premium charges are cheaper but you'll have to chip in by paying part of the hospital cost depending on how much deductible required by the plan.
3. Different insurance company incur different charges based on their own cost control and performance
4. The amount of rider being put alongside within the policy.

Instead of worrying about the cost because end of the day all cost will change depending on the economy. Best to get the right coverage for the amount of money that you have. It's called an opportunity cost.

=)

For the benefit of all layman out there, the premium for an investment linked product really boils down to 3 things:

1) Cost of Insurance;
2) Cash Value;
3) Basic Sum Assured

1) Obviously the more protection your plan have the premium is going to go up. Other than that, as lifebalance has correctly pointed out, the cost differs between company. Why is this so? Well you'd have to ask the finance guys over there.

2) Assuming you have 2 identical product however 1 cost RM2k while the other cost RM3k. Well what this means is that your cash value will have a higher value. What this means more you is that if one day you do not have the budget to pay your premium, you'd be able to use the cash value to offset the premium due. Well that's one way to look at it. You can even try to ask 2 identical quotes from 2 different agents of the same comoany, you might get a different premium quotes and you can let them explain to you why so.

3) For Allianz at least, all our medical product comes with a life assured and this life assured has a Basic Sum Assured meaning for a X amount insured a Y amount of premium is required.

Hopefully it's not too technical for everybody to understand 🤓

Best,
Jiansheng

I'd excluded other charges or investment/riders etc, this is only pertaining to annual insurance charges for the medical card only (the one with step premium every 5 years).. GE is RM808+RM102.82 while Prudential is already RM4415.28 per annum (range of age 41-45).

Yes, definitely need to measure how "comfortable" is my wallet to fork out this "premium" year-in-year-out and the stepping every 5 years thereafter, not to mention any upcoming inflation that could further cause the insurance cost to fluctuate further (increasing trend).

My concern is still why the distinct different of premium between 910.82 vs 4415.28, is there some catch / hidden things that separate the hefty difference of two company providing "almost equivalent" medical card coverage. I understand good things don't usually comes cheap, but is really expensive price determine really good things in such context - pricing different.

It would be very productive if you can share the sales illustration here of the 2 quotation otherwise it'd best you have the agent's that provided the quote to you explain the difference.

Best,
Jiansheng

GE - refer to SM300 + SE300K column in image attachment
Prudential - refer to pvm benefit image attachment

Insurance cost for medical card is FIXED prices per age range (smoker/non-smoker, gender, coverage years - don't even get into price increase etc, at least for now, this is the price costing per age-band), I'm not to compare anything else aside from insurance cost for medical card alone, not even which company does better with their investment portfolio etc, just strictly on medical card cost of insurance vs the premium annually on medical card portion.


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bro, this is the schedule of benefits.

Please provide the COI table, that would be more accurate.

I believe you have been comparing the cost of insurance and premium. I could be wrong but then again... 🤓

You should get prudential agent to provide you with the cost of insurance for a fair comparison and also an GE agent to quote you the premium.

If you are comparing cost of insurance against premium you will definitely see a huge difference.

There is a GE agent here, his handle is ck denion or something like that and Prudential is Roy, the thread starter.

Best,
Jiansheng

Hi, I currently have 3 insurance plans (medical card, ILP-CI coverage, savings) and paying a hefty premium of up to 24% of my take home salary (including the savings). Just want to know if I have over-committed as I might consider cancelling one of the plan.

GE - COI as per attached for SM300 + SE300K
Prudential - COI in their website not applicable for the plan discussed, the quoted premium (monthly x 12) will be the COI annually for 41-45 age , per attached


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Well it's time to do a policy review and get a financial health check with your agent. I can't comment on your current situation without first understanding your financial background as I'm not your servicing agent.

Your agent should review your need from time to time.

In this case, I can't know the prudential's real COI because the quoted premium is already inclusive of the cost of insurance + investment return. So it would be tough to give a good comparison example. Best to get them to quote you and get the COI table. You may get the agent to give it to you.

Refer to my other reply, I'd attached both COI and Benefits table for both product. I'm not into sales illustration difference as I just want to find out why two company can offer devastating difference in COI (premium charge) for two "almost similar" product offering..... I'm not insurance expert, so , just wanted some pointer to aid my understanding why differences (vast amount of $$$) for two product. It's like buying Perodua vs BMW

Refer to Lifebalance's and my earlier reply.

Premium DOES NOT EQUAL to cost of insurance/annual insurance charge (in this case)

Hi, I understand that, I just want to tackle the part on charges for medical card , for the case of Prudential quotation, total premium (monthly) is RM460, this is made up of basic account ILP (rm16.68) and CI (rm13.00) ; protection account PVM (rm367.94) and waiver (rm62.38). So, I just want to compare only the RM367.94 part (which total to RM4415.28 yearly as opposed to GE with only RM910.82 yearly).

PVM or SmartMedic + SM Extender, this should be the comparison part that I'm interested in, while each product comes with its own COI, I'm more keen to understand what makes the vast amount of differences which is 4.8 times higher for PVM. Assuming these medical card as car for analogy comparison, then I need an answer why Perodua cost only 60K while a BMW cost 288K, each still a car but bearing different price tag, so what exactly more superior of BMW vs Perodua to worth the additional 4.8 times higher price tag to facilitate consumer like me to decide which is better car to take up.

I'm getting long-winded , sorry about that.

Checking in! Quite some time didnt come in to lyn insurance thread.

Is there any insurance plan for protection against fire or theft for which the premium can be paid via AMEX card during the weekend ?

This post has been edited by drbone: Mar 20 2017, 09:40 AM

can someone suggest investment link insurance for
36
male
non smoker

~monthly rm250
my current policy been very long time and i think i should update it with the current latest offer.