It'll be covered as long as you're not gotten the covid 19.

Benefit wise depends on which company you're with

Medical benefit, critical illness and death caused by covid 19 is payable.

However do check with your insurer if it's extended to your policy benefit.

About RM500,000 each

Here is some community service announcement in regards to MXM since someone promote kao kao recently in here (or from time-to-time, last fella that came in here with it was 3 years ago).

For the benefit of any new comers or future readers:

Sos:
1. http://aididmuaddib.blogspot.com/2011/03/m...im-piramid.html
2. http://www.investlah.com/forum/index.php?topic=45830.0
3. https://forum.lowyat.net/topic/1146592/all

I would like to begin with some of the sources above so I'm not quoting out of no where.

The background of MXM is an MLM company which the members tries to get you to join them as a member to buy their insurance.

Do take note that the "members" may not have the license issued under LIAM / PIAM but are distributing the insurance plans via direct marketing.

Therefore as a potential consumer who is looking for insurance, take it with a pinch of salt that you may not get a professional advise from their members, they may not be liable as well for any mis-selling since they're not licensed under LIAM/PIAM as a member.

You may instead, go directly with the insurance company that they're partnering with instead of joining their MLM scheme in order to benefit on the medical plan (if you decided that their plans meet your requirements).

I do welcome any further info if the info above is inaccurate, do kindly provide sources / newspaper cutting / online article to substantiate your points.

The above is the list of members under PIAM, MXM is not enlisted.



As mentioned, MXM operates under the MDDA.

I understand that you are trying to relate that they are partnering with the insurance company. However, are the members licensed under PIAM and being regulated under the Code of Ethic?


Sos: http://www.mdda.org.my/faq.php

As per the definition and explanation on the difference between direct selling & direct marketing from MDDA.



What's the history about MDDA ? the above picture says it all, MLM.

As for whether the members are regulated by PIAM, it's best for MXM to furnish any evidence / letter showing their members are regulated by PIAM & requires any new/existing members to sit through the PIAM exam to be licensed before they are allowed to distribute the insurance plan. This will be good to provide confidence to the general public.

The thing is that, anyone who wishes to advise and to sell on insurance in Malaysia are required to license under LIAM/PIAM and undergo CPD training before they can officially engage and solicit for business with regards to insurance. I don't see how someone just pays a membership fee, get some brochure, and start selling a Financial products. If yes, I do wonder why ppl still need to get themselves licensed and be regulated by BNM if ppl can just join an MLM to start selling.



This post has been edited by lifebalance: Jan 16 2021, 04:25 PM

Hey Jacky,



Based on your info given, the license holder is under Pathlab Health Management Sdn Bhd (PHM) which is the corporate license holder for Lonpac & MPI General.

However, the program is "outsourced/managed" to MXM and runs it like a MLM scheme instead of the normal insurance structure.

I'm getting a pattern here whereby, what you've shown me is that.

A (License Holder) ---> B (MXM - 3rd party)
- A says to B - Hey I got this product, help me market it/refer me cases, B runs a MLM structure, but to stay legal, B refers to case back to A for any signing.
- However in return, A pays an incentive to B for giving them the business.

However, I am not sure to what extent the above regulation works as this is plucked from an insurance agreement contract under Life Insurance, I'm not sure if this is applicable to PIAM. But then again, since they are running as a corporate license holder, may not be applicable? Maybe an expert in this field can advise.

- B calls themselves "Advisor" - is this even legal to call yourself that if you're just a referee and you're not licensed under LIAM/PIAM?

- PHM doesn't run recruitment for agents, instead, their agents are the "referees" who joins under MXM to bring in the business.
- In this context, I'm sure the referees has cross some lines to introduce the insurance plan as part of soliciting without a license.


- Based on my findings, PHM is not a Insurance Broker as per http://www.mitba.org.my/EN/about.

Overall :-
I feel that there is something wrong / abuse in the system for this to get by without noticed by BNM for so many years..

Threads going back 10 years ago - https://forum.lowyat.net/topic/1146592/all


However, there was no longer follow up by mfikri77 after that.

If the above can be abused, any company can simply set up a MLM company, ride under a company/agent who has an insurance license. Get their friends/customers to refer cases and give them an incentive and get them to keep asking more ppl to refer and soon enough, the MLM pyramid scheme comes out. (Now look back at MXM, isn't that what it is?) - Food for thought.

This post has been edited by lifebalance: Jan 18 2021, 09:31 AM

Don't worry, there are plenty of other available screenshot, I've replaced it with an even detailed version.

I don't think it'll help much to discuss this further, I'll bring the case to BNM

Their previous insurer were MCIS Zurich and Pacific Insurance but seems to have dropped out and replaced with Lonpac and MPI General.

Sorry was busy typing the mail, just sent out to BNM.

No ill-intention, just seeking clarification from the authorities.

200 monthly
Room 200
Annual Limit 1.5m
No lifetime.

A snippet from the statement from LIAM.

Pretty clear cut, if the insurer does pay you for some benefits pertaining to the pandemic, consider yourself blessed.

What sort of quote you're looking for?

What are the areas of concern?

What is your existing coverage amount?

What's your budget?

RM1,000 monthly or yearly ?

Haha well have to clarify, with that budget, there are definitely options available , however I’d advise you to get a financial health check to get plans that are tailored to you without overspending on insurance.

Which plan are you registered with ? You can refer to the policy handbook

It’s applicable when you have claims within the first 2 years whereby the insurance company have the right to deny your claim and investigate if it’s found it be a fraud due to non disclosure, however this may not be limited to only the first 2 years as the insurance company may check even beyond the 2 years.

An example, you found out that you had diabetes and didn’t disclose it upon applying your insurance and there is a claim on the 4th year, the insurance company may find out and deny your claim.

This post has been edited by lifebalance: Jan 19 2021, 06:51 PM

It’s been there all these while, just not disclosed by the insurance company in writing (sustainability). Now they’re just being transparent about it.

What made you think traditional plan is better thereafter?

why would someone with a sound mind would surrender his insurance policy every 120 days

No need unless required within the application

Some plans requires to answer at least 1 question in the application, and no, it's not a medical question. So you need not to worry about it.

¯\_(ツ)_/¯ if you think that such plan is still ambiguous and you're not confident with the plan & the insurance company even with such write up. Don't sign up for it.

As mentioned based on my reply earlier, the clause is a safe guard for the Insurance company in the event of non-disclosure fraud claims.

Honestly, you shouldn't even worry about this if you have done your part on disclosing your health status to the insurance company.

And yes, it kicks in within a new policy that you've bought.

What I've gathered from the old database is as followed:

This is a Whole Life Assurance policy with cash bonus, maturing at the age of 87. After the policy has been in force for 10 years, a guaranteed cash payment of 4.25% of the Basic Sum Assured will be payable every year until the maturity or death of the Life Assured.

Example 1:
Let’s say you buy a GJA policy with basic sum assured of RM100,000 in 2007 at age 25. When you reach age 35 (after 10 full years), you will get a payment check from Great Eastern for the amount of RM4250 (4.25% of RM100k). You don’t have to pay the policy anymore after 10 years, and you will be guaranteed a constant income of RM4250 every year until the day you pass away or reach age 87 whichever is earlier.

Survival Benefit which is the guaranteed cash payment of 4.25% of the Basic Sum Assured will be payable from the end of the 10th year, until maturity or death of the life assured, whichever is earlier.

Cash Bonus (Non-Guaranteed) – Starting from the end of the 2nd year, Cash Bonus will be declared annually on the Basic Sum Assured. Thereafter annual Cash Bonus will become payable on each policy anniversary, provided
the Life Assured is alive and the policy is still in force.

As for the Nett Surrender Value, it's best to check with GE whether they've lump in the figure from the Survival Benefit + Cash Bonus into the Nett Surrender Value.

Then probably the Nett Surrender Value is the total amount you'll get.

This post has been edited by lifebalance: Jan 23 2021, 11:46 AM