Insurance Talk V6!, Everything about Insurance
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 Mar 30 2020, 01:46 PM
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#1
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All Stars
12,387 posts Joined: Feb 2020 
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All insurance provider will offer this too right?
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Oct 29 2020, 10:49 AM
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#2
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All Stars
12,387 posts Joined: Feb 2020
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I just submitted a return letter for premium increase.
Authorization letter for premium increase citing the reason of up-revision of insurance charge.  |
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Oct 29 2020, 07:47 PM
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#3
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(ckdenion @ Oct 29 2020, 07:34 PM) hi GTA5, one of my clients also need to increase RM40/month to his plan. perhaps its better to know clearly why the increase. The reason behind the increased of premium is because of the medical card charges adjustment starting 1st June 2020. The charges increased (you will see the table of increment in the letter) caused more deduction from your insurance account, thus over the long run, the value in the account will deplete earlier compared to when you took up previously. so whether you choose to accept/reject the increment, it won't affect the policy benefits, it will affect the policy sustainability. meaning to say, if you choose not to increase your premium, your policy will lapse earlier compared to before. if RM40/month is ok for you, then it's better to increase now. GE hi GrumpyNooby, which insurance company?  This post has been edited by GrumpyNooby: Oct 29 2020, 07:47 PM |
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Oct 30 2020, 01:12 PM
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#4
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(coolguy_0925 @ Oct 30 2020, 01:11 PM) If I change my premium payment frequency from annually to monthly, is there any significant impact or is there even affecting my policy? From what I had been told for, the premium will be slightly more expensive. |
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Oct 30 2020, 01:16 PM
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#5
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(lifebalance @ Oct 30 2020, 01:15 PM) No such thing, that is only applicable to term policies. So I change the payment term frequency as I like without any penalty?This post has been edited by GrumpyNooby: Oct 30 2020, 01:16 PM |
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Oct 30 2020, 01:26 PM
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#6
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(lifebalance @ Oct 30 2020, 01:17 PM) Of course not, it can only be done on the policy's anniversary / renewal I'm confused:QUOTE *If you have changed your payment frequency to a higher frequency mode, please take note that the revised premium may range from 2-3% higher than the yearly premium. For an accurate amount on your revised premium, please refer to the Benefit Illustration and Product Summary in your policy contract before completing this transaction. |
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Oct 30 2020, 01:34 PM
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#7
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(GrumpyNooby @ Oct 30 2020, 01:26 PM) I'm confused: From e-Connect.Mine is a ILP. |
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Oct 31 2020, 06:02 PM
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#8
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(Leo the Lion @ Oct 31 2020, 02:56 PM) Insurance companies in Malaysia are not LGBTQ friendly... People who didn't go under the knife (surgery) but ongoing transition (HRT) also can't apply/claim for insurance. Or am I wrong here? You planned to undergo sex change operation?  |
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Dec 19 2020, 03:08 PM
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#9
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All Stars
12,387 posts Joined: Feb 2020
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I received a SMS regarding this:
QUOTE Revision of Insurance Charges/Premium Communication for Policy 00XXXXXXXX GELM eConnect: Your E-Document have been generated. E-Document Type: Revision of Insurance Charges/Premium Communication Policy no: 00XXXXXXXX What is this all about? And there's an article in RinggitPlus: Industry Stakeholders: Untimely To Increase Insurance Premiums Now Several parties and industry stakeholders have spoken out against insurance companies for increasing insurance premium payments during the present challenging period, saying that the hike has come at the wrong time. For context, several major insurance companies had announced earlier this year that there will be an “inevitable” hike in medical insurance premiums in 2020. In fact, some have already sent notices to inform their customers of the expected increase in premium prices. The president of the Malaysian Medical Association (MMA), Datuk Dr M. Subramaniam said that instead of raising premiums, insurance companies should find ways to make medical insurance more affordable. He also said that the increase will affect the B40 and M40 groups the most as they are among those worst affected by Covid-19. https://ringgitplus.com/en/blog/insurance/i...dBOTsQDUgW94vbs |
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Dec 19 2020, 07:40 PM
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#10
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(ckdenion @ Dec 19 2020, 07:39 PM) hi GrumpyNooby, you receive a notification to inform you regarding the latest premium revision for the policy. you need to log in eConnect to view the letter then only we know the exact details. is that your medical plan btw? ILP |
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Dec 19 2020, 07:45 PM
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#11
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All Stars
12,387 posts Joined: Feb 2020
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QUOTE(ckdenion @ Dec 19 2020, 07:44 PM) with medical card rider attached? Yes, you're right. |
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