My prudential medical ILP bought 5 years ago the reprice will happen this year from 132 per month to 150 per month about 13% increase seems reasonable right?

Medical inflation keep increasing, if insurance company don't keep up with the inflation, how to pay for all the claims?


Seems pretty normal to me adjusted to the inflation.

does their this T&C gives them the sole power to increase at what ever rate and at what ever frequency or interval they seem to liked?
(since it was a signed contract that any premature cancellation will definitely be subjected to losses,.....since the policyholders got no choice,...they can do whatever they wanted?)

your medical card,...if you don't agree,...can...but will it impact the sustain ability of the coverage??

It's a standalone medical policy, the premium rates are fixed based on the age group, the sustainability of the coverage is based on the pool of customers claim ratio, every 3 years the r&b and per disability illnesses annual limit will automatically increased to combat inflation. Most importantly, the insurer won't discontinue the plan or force customers to upgrade to another new plan then the price will most likely increase to help boost the insurer's sales.

for that .....      

That’s why I hate ILP because the contract never address medical cost increase.
My friend who is an actuarial scientist for an insurance company says they only can assume 15% cost increase for the first 3-6 years, and from there they work out the premium charge. Which mean they are assuming zero increase from 6th year onwards, which is not going to happen.
But what’s certain is that the projection schedule that your lovely insurance agent shows you is fundamentally flawed and does take into consideration of a massive medical cost review.

The selling point of buy young to be safe is completely flawed.


U mean d insurance charges as shown at d projected schedule isn’t d medical cost increase ? It shows 20+% every 5 years n within 5% yearly as shown in d table attached ... pls advise , tq

That’s why I hate ILP because the contract never address medical cost increase.
My friend who is an actuarial scientist for an insurance company says they only can assume 15% cost increase for the first 3-6 years, and from there they work out the premium charge. Which mean they are assuming zero increase from 6th year onwards, which is not going to happen.
But what’s certain is that the projection schedule that your lovely insurance agent shows you is fundamentally flawed and does take into consideration of a massive medical cost review.

The selling point of buy young to be safe is completely flawed.


U mean d insurance charges as shown at d projected schedule isn’t d medical cost increase ? It shows 20+% every 5 years n within 5% yearly as shown in d table attached ... pls advise , tq

Having said all this, the fact still remains that we still need insurance coverage. Taking into consideration the OP premium commitment increase, better start looking into existing plan in comparison with others n decide if its still worth staying with the current provider or not. Something similar happened to me in the past and prompted me to re-evaluate my existing policy n ultimately migrate.

what was your factor of consideration before you migrate

any suggestions on non-investment link health insurance w annual limit of rm500k ,no life limit w deductible ? Wondering how’s d coverage n premium looks like ?

It also depends on ur age, gender, occupation & smoker or not.

54yo female accountant,non-smoker

Start about 225 monthly

ILP or standalone?

For argument sake, say they say the below:

31-50 years old: RM1,000 pa
51-70 years old: RM2,000 pa

They show you 51-70 years old is more expensive, but that's based on medical costs today in 2021.
5 years later the medical cost can go up to RM3,000 and that's when they revise the medical premium.

So your insurance agents tells you "ILP help you to save money that you can withdraw when you are 60 years old". BS, it gets eaten up by inflation,