Hi Sifus,

I have an old insurance, where the payor is my parent.

I wonder do we have to do a transfer to order for tax relief for myself?

Thanks,

medical benefit is consider good. so long you know the estimated sustainability for the policy then you are good to go.
policyowner is your parent right? if yes, then need the policy to be assigned back to you for you to entitle tax relief for yourself.

I have the premium statement pdf, which insured people is my name, only the billing address belongs to my father, I wonder if this proof is enough for tax relief. I'm using AIA

The name just above the address is whose?

I hv a premium statement from aia too....
The address n name is mine.....
The insured name is my son
I am paying for it and claim tax reduction with it

googled and found this....

Medical insurance comes in two forms – a no-frills standalone medical plan, and a medical rider attached to a life policy such as an investment-linked plan (ILP).
The former covers hospitalisation and surgical expenses, while the latter also does that, in addition to paying a lump sum in the event of death and/or total and permanent disablement.

How to decide
So what should a policyholder do? When choosing between a standalone medical plan and a medical rider, one way is to assess your financial habits. FA Advisory’s Liau points out that premiums for both plans are not fixed as they are subject to reviews and increments in future.
“If a person has proper financial planning, and the discipline to invest the premium difference between a standalone medical plan and an ILP with medical rider, then a standalone medical plan may be more suitable,” he says. By contrast, if a person doesn’t have the discipline to save and invest regularly, an ILP may be a better option as it is a form of forced savings/investment. The plan, he adds, could help the person invest the additional premium to offset future increment in health premiums.

http://www.focusmalaysia.my/Income/when-to...ne-medical-plan

https://www.google.com/search?source=hp&ei=...i21.OekAqEtEP-0

i think many had mentioned that in normal economic sense....standalone is better than ILP.....

but many had complaint too, that standalone insurance premium can / will increase termendously especailly at/after retirement age brackets....when that is the time we usually needed both of them (insurance) and money most

ILP is cheaper overtime as the cost of insurance charges is lower than pure standalone.
XD email GE and tell them that la, they don't read Lowyat forum

I have the premium statement pdf, which insured people is my name, only the billing address belongs to my father, I wonder if this proof is enough for tax relief. I'm using AIA

The name just above the address is whose?

I hv a premium statement from aia too....
The address n name is mine.....
The insured name is my son
I am paying for it and claim tax reduction with it

is ILP the annual payment is fix the same yearly? Bcs like my just medical package the annual payment will increase every 5 years and ya after 50 years and older the price you have to pay yearly is very high.

Same as you, but my father has fully claimed the tax relief using other insurances. Since this is extra, I wonder if I'm able to use it for myself.

Just check who is the policy owner.

Best,
Jiansheng

is ILP the annual payment is fix the same yearly? Bcs like my just medical package the annual payment will increase every 5 years and ya after 50 years and older the price you have to pay yearly is very high.

googled and found this...
thus depends on what you ILP bought
and also the "true' understanding of the "policy account"....
if policy account has not enough $$ to sustain the payment of COI as mentioned by (HOLOCENE at post above), then how?

https://www.aia.com.my/content/dam/my/en/do...ld-brochure.pdf

is ILP the annual payment is fix the same yearly? Bcs like my just medical package the annual payment will increase every 5 years and ya after 50 years and older the price you have to pay yearly is very high.

did you notice the premium increment in the payment slip before you go to make payment? have to check the details of the payment slip. and also did she mentioned anything about the premium change or did you ask the her about it?

Premium for ILP are NOT fix, in a sense.

As the COI is not fix and could out grow the premium and cash value, there is a chance you will need to pay more than your premium in the future.

Best,
Jiansheng

googled and found this...
thus depends on what you ILP bought
and also the "true' understanding of the "policy account"....
if policy account has not enough $$ to sustain the payment of COI as mentioned by (HOLOCENE at post above), then how?

https://www.aia.com.my/content/dam/my/en/do...ld-brochure.pdf

ILP annual payment is fixed the same yearly.

What you signed up for currently is a term insurance medical card which increases every 5 years.

However, not all ILP policy are designed the same as the agent can quote you a cheaper ILP version which makes you think you are paying a lower premium compared to another insurance company but the contribution made may not be able to sustain for a long term before the insurance company sends you a notice for you to top up on your ILP premium.

Go with an honest agent when it comes to buying ILP policies who will tell you up front on what you're signing up for.

So the amount you end up paying for ilp and standalone medical plan are about the same?

So the amount you end up paying for ilp and standalone medical plan are about the same?

So the amount you end up paying for ilp and standalone medical plan are about the same?