Within 3 days if it's verified

once you submitted all the documents, it takes averagely 3 working days to process. once processing is done (claims approved), it takes averagely 5 working days for the money to be credited to bank account

My current insurance have expired.
So im looking for something similar to start back.
After 20 yr, it has guarantee return, and some medical coverage like Critical Illness, no investment link plan, and i can less income tax life issurance portion.
Is this call a life insurance or endownment?

I dont have much knowledge on insurance, as previously my uncle was an agent, so he just recommend and we trust him and just buy.

Could anyone recommend me the name of product i should buy and from which insurance like aia, great eastern, allianz?
- Mainly just to maximized my income tax 2020.
- Somewhere around rm2-2.4k yearly.
- Guarantee lumpsum, the more the better.
- No investment link
- Include majority medical coverage even better

Tqvm

This post has been edited by Hoochygal: Jun 12 2020, 02:49 AM

What you're referring to are traditional policies. Most of them you find nowadays are tied to savings plan or just Life / Critical Illness, you won't be able to add on medical card coverage.

You will find that traditional policies offers limited coverage with a higher premium since there is an element of guaranteed return.

Depending on your thinking thoughts.

I would rather keep insurance as a coverage rather than a guaranteed surrender value which will only payout 100% back to you at age 80 or 100. If you surrender earlier, the value is definitely lesser than 100%.

If you're a 20 year old today, assuming sum assured 100k is guaranteed back to you at age 100, your money is only worth RM708.32 of today's value. Whereas you could have paid over 50k to 100k premium over the 80 years. (some policies nowadays do offer shorter payment term I.e 3 years, 5 years, 10 years, 20 years)

The importance of insurance is on payout in the present day and not when you are at the age of 100. If you need the insurance money today, how are you going to transport yourself to your future age 100 to take your money to use?

Whereas if you've opted for an investment link policy, easily you can get 3 - 10x of the coverage compared to a traditional policy for a similar premium depending on your age and the product that you have bought.

But if you've made up your mind on only traditional policies, I won't mind selling it to you after you know what is the pros and cons I've mentioned on the above so that you won't have any regrets/complaints in the future.

Hi Hoochygal,

There are products that have lumpsum payments but payout depends on the premium amount at entry age and when it matures. If you could provide more details eg age, nature of work, others might able to provide some solutions.

Thanks for ur reply
I have an existing medical and investment link bought from my uncle previously. Thats why i dont have faith in investment link.

Im interested in the traditional policy coz my main purpose is to max my life insurance portion in tax deduction but at the same time help me save some money and so long i get the guaranteed amount at same value of what i have paid or alitle bit more would b better. And yeah critical illness only should b ok. And 5, 10, 20 yrs sounds good to me, and depends which gv me a better return %.

Yeah could u recommend some traditional policy for me, prefer great eastern, aia, allianz, pru to compare with.

Age 38 f
Non smoker and no history of any medical issue
Office 9-5 white collar

Thanks

This post has been edited by Hoochygal: Jun 12 2020, 02:29 PM

Hi,

Age 38 f
Non smoker and no history of any medical issue
Office 9-5 white collar

Thanks

hmm strange but my case, 3months now still no result yet until today.

4th March - Submit all documents for claims
24th March - Ask for status, they replied currently under processing, when I ask what is the average time to process a claim, she reply me to give them 5 working days to process... ok I give them another 5 working days
2nd April - still no result or reply, I send in another email to ask the status... this time, she tells me that she forward my enquiry to department in charge, and said "if you not hear from us within 5 working days, please reply to this email", What the...................
6th April - Finally got reply on 6th April, asking for additional documents, one of it need letter from HR... MCO, all office closed, delayed
19th May - all additional documents ready, submit to insurance
28th May - Send email ask for claim status, auto acknowledgement said 5 working days to reply my email, but no reply
2nd June - Send another email ask for claim status, auto acknowledgment said 5 working days to reply, but also no reply
10th June - Send another email with all capital letter, only they reply my 28th May email. this time they reply to give them 7 working days, What the...... talk like I juz submit documents yesterday

until today, no reply at all... you said 3 days to know the result, in my case, already more than 3mths not yet know the result zzzz

And did your agent do anything for you to find out?

Another suggestion is to walk in branch to find out what's causing the delay

yes, my agent got call the customer service line to ask also, and they hold his call on line for 2hours

the claim all is centralized in KL HQ right? i think if i go branch here also no use, waste of time coz they are not the one to process the claim... correct me if i were wrong

Edit: today my agent call twice to the customer service, same answer given, still in process, and ask to expedite the process

This post has been edited by 0601430: Jun 12 2020, 05:09 PM

Hi, want to ask about car insurance since cant find answer anywhere

If buy comprehensive car insurance for said 30k for a Proton Saga

There is accident happened and total lost for the car + serious injury for other party

That 30k just cover for the car only right to compensate the bank, how about the other party compensation ?

How much coverage insurer to pay for them if death ??

For traditional life policies, some are leveled premium (fixed throughout the coverage), and some will increase according to age bands, so you will have to take note of this. I believe traditional policies will cover up to age 80 as long as you continue to pay. When you feel that you do not need the coverage anymore, you only have to simply stop paying and the policy will terminate on its own.

As for investment-linked life policies, you can choose the length of coverage, and upon maturity you will get cash value based on the performance of the investment.

When you submitted a claim, your agent supposed to received an email and also any request for more documentation. And you dont need to submit claim yourself since you paid him commission.

your agent is not doing his work.

I submitted my claim on 19th Feb and did all the follow up myselves. And get the payment back in March.

The only thing I dont like is insurance company is sending us normal post letter to request additional document but send email to the agent.

When exploring options for insurance for female 35 years (next birthday) non smoker, I spoke to both a GE agent and an AIA agent.

GE agent said RM220 monthly for 990k annual limit room&board 150 (with minimal 12k life protection)

AIA agent said RM300 for their 150 package (500k annual limit, 20k life protection).

Seems like a huge difference for reduced coverage, which means I must be missing something, but I also dunno how to ask further as they seem directly comparable to me. Can the insurance agents here suggest what the possible differences could be to cause the huge difference in cost?

Thanks for all who offered to meet me to draw up a plan, but I very much prefer posting publicly in LYN for everyone's benefit (if that's okay with you).

No idea what was discussed for them to come up that plan for you.

Based on the available info, sustainability will be the main impact as a higher budget wil likely result to that. Cost of insurance as well as certain company will charge higher than others.

Replies that you will get here will be basic info. End of the day, you decide who you want to engage their expertise and live with their advise.

'Sustainability' means the ability to maintain premium price without increase for X number of years?

No, it means that estimated years the policy may last provided no increase in price. If there is a revision, then the premium payable will need to be increased as well. Meaning your 300 monthly may not stay as 300 over 10 years if there is an increase then maybe you need to top up to 350 for example

Probably AIA quoted you a longer sustainability age?

Even with investment linked, you can get tax deduction.

Between investment linked (IL) and traditional type of policies, both has its own pro and cons. Hope you get what matches what you have. The slight downside is that the critical illness and medical plans designed for IL plans tend to have more variety.

Try to get them to send you the sales illustration and PDS, then it will be more transparent.

Aside from coverage term (sustainability) mentioned, could be other optional benefit that your agent may have added to the packaged.

For GE quotation, it's possible that CI and waiver rider has been added in the quotation above. There is still some small room to increase benefits if you want to. Here's what I quoted based on age 35, female.

Life: 12k
CI: 12k
Room: RM150
Annual Limit: RM990,000
Lifetime Limit: No Limit
Waiver Rider for TPD and CI

Monthly Premium: RM220 (Sustainability up to age 76)