Like the title said, as a fresh grad and just secure my first job, I currently need to plan my life and searching for best takaful which is cheap and just enough for me. My plan is just to get a medical card that can cover my needs. I am 25 y/o non smoker and not having any medical issue. Do you guys have any opinion or experience for what is the best for me?

consider SSPN I

up to 65 y.o.

20 insurance

80 in saving with 4% p.a

Always allocate 10% of your salary to insurance/saving/investments. get a basic plan with life/Critical illness/medical card. is doable with rm 300++
*PS, I am insurance agent. But i am not licensed for takaful.

This post has been edited by JK-Rai: Oct 3 2018, 11:21 AM

What difference between takaful insurance and non takaful?

Conventional insurance assigns a fund manager to invest in shares and bond.
In short, this is considered gambling(al-maisir) and profit on interest(riba) which is illegal in shariah law.

Also, they can use this money to be invested in all kind of company including Genting/Heineken and so on. From here I think you what it means.

While Takaful, make sure of the fund in a way that it is shariah compliant and they profit by using the concept of pooling and profit sharing.

In a sense where person A put in 10k into the pool and person B also put in 10k. If person B needs 12k there are allowed to take 2k from person A temporary. So it is syariah compliant because person A is helping person B.

All in all, this is all overly simplistic. Please find a takaful agent for more details.
Also from what I know takaful insurance a slightly more expensive depending on what you get.

if u r looking for only medical card with no other rider/coverage...i suggest medica 2015 by zurich takaful

i am not an agent

just an opinion;

get a medical card with good coverage since you don't have any dependants. OR your parents are depends on you? if yes, u need life insurance as well.

HI,

You have a very good financial planning because you have thought to buy takaful plan when you have started working.

Most important you are comfortable with the premium payment when you are committing the plan to avoid policy lapsed due to cant afford the plan.

Any basic medical card will do. Typically for your age, you can get one for about RM120 a month, more or less, for the most basic coverage. This obviously depends on:

1. you needs and wants (do you want to be covered with a higher limit?)
2. your budget.

Can't really design a plan for anyone without getting to know the person's needs and wants. But put it this way, the agents' self-service interest is to sell you a product that carry as high a premium, sometimes more than what you can afford and need. So always stick to caveat emptor (the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made - Google) before purchasing ANY financial products, be it investments or insurances

Great Eastern Takaful
Zurich Takaful

is one of the most affordable insurans.
Just take the insurance without savings.
Monthly about RM80.

Affordable medical card
-------------------------
RM 585.12 per year

Benefits
Annual Limit - RM 50,000
Lifetime Limit - RM 200,000
Critical Illness -RM 50,000

PM 019-3399039 (WhatsApp only) for online medical insurance renewal.

Can insurance takaful revise the premium with notice? And what is the allowable % of increase?

My zurich medical card (stand alone) last time RM 130 now increase to RM 260..that is 100% increase.

I haven't meet my agent yet to get explanation..just wanna ask here first.

Yes due to COT. Cost of Takaful.

It will be revised over some period of time and it depends on participants to participants basis.

The fund cant sustain the amount of claims hence the contributions need to be increase.

Although the numbers of participants increase, it is hard for the fund to maintain its contribution amount for such a long period.

Who can verify whether the fund can sustain or not? Got independent body or the insurance Co. itself?

the takaful concept itself is like that. The participants make monthly contributions and yhe amount contributed will be pooled in a funds. So, the money will be use by those unfortunate.

Medical cost keep rising daily so the agreed amount of contribution cant sustain for a long period. So the company will revised the contribution amount. It is allowed by BNM (can open the company’s report) because if they keep the same amount of contributions, the fund will soon depleted and may not help the participants who in need. Thats why need to increase amount of the contribution and need to make more people to participate in the fund.

—-

My takaful also revised from 290 to 319 due to this COT. But my % of increment lower because mine is ILP. My accumulated funds helped me a bit in terms of sustainability.

This post has been edited by hafiez: Mar 10 2019, 10:01 PM

Is it the same for normal medical card (non-takaful)? The thing is none if the agent i met ever explain about this. They only mention that i only have to pay the agreed amount for certain year and then the amount will increase with increase of age.

Having similar situation as you now. My stand alone medical card for my son increased from 882 last year to 2200+ this year which I think is ridiculous. Similarly, no update or advise from the agent on this.

Nasib baik PruBSN Takaful hanya ada kenaikan sidikt saja ... sekitar 10 -20%...

Standalone should not be increased so much. 2,200 is a 50+ Years old premium standalone medical card. 2,200 u better swift to investment flunked package.

berapa tahun sekali ia akan naik lagi?
sejak 15 tahun dari dulu, berapa kali ia pernah naik?
jumlah berapa peratus % ia sudah naik?


This post has been edited by yklooi: Sep 22 2019, 06:04 PM

Now a day min rm150. Got medical card live. And investment

Mine Zurich takaful medica2015 increase 100%. My agen ask me to switch investment link plan. Only 15% incremental

how bout try this neew concept guys. Rm 1 million medical protection, 200+ panel hospitals across Malaysia and RM0 to RM50 monthly

Life Engineering Medical Cost Crowd Sharing

FB

This post has been edited by icyd: Sep 27 2019, 11:45 AM

there was a lyn thread on this......
do join/read to explore more.....
https://forum.lowyat.net/topic/4636224/all

Thanks

Maybe you can try Takaful Ikhlas for your insurance protection.
get more info at the websites

So is the premium for takaful lower or much different from conventional insurance for similar coverage?

While waiting for his responses, (since that post was abt 40 mths old).
I Googled and found this, hope it can provide you with some info while you wait.

"Is Takaful or Conventional Insurance Cheaper?
One isn’t necessarily cheaper than the other, but in terms of ‘extra risk premiums’, takaful insurance may be better in terms of cost."

more,....
https://ringgitplus.com/en/blog/insurance/t...rms%20of%20cost.

You quoting someone who posted 4 years ago.

I only have one simple answer for you. Same same but different.

I buy etiqa takaful for my car and house insurance. Same price. Takaful can give surplus out. Conventional insurance dont.

I have been receiving surplus yearly from etiqa.

This post has been edited by adele123: Apr 26 2022, 09:16 AM

May I ask, what are the estimated surplus like in % terms in relation to the yearly premium paid?

This post has been edited by yklooi: Apr 26 2022, 10:05 AM

Hi uncle looi, sorry can't remember exactly. cause can't remember what we paid for the previous year car insurance. definitely less than 10%.

but i think ~4% to 5% conservatively.

Fyi, I received the surplus of 3.7% on Feb 2022 for the transaction of 2020.

Refer ur request why don’t u join Hong Leong Msig Takaful with high protect wand cash value u can withdrawn whenn need time
Contact me if u more interest this package
011.53609684