my wife just got a increase of medical insurance premium for Pru, anybody from other insurance also affected?

err, so beside Pru, there is no increase of premium for other insurance company currently?

I thought that the increase of premium is across all insurance company

why your informative post was deleted, this is discrimination.

I am a Pru holder for life + medical insurance base on ILP, for the past 3 years, I've received 2 times of premium hike.
But upon asking AIA insurance holders, they rarely have it.
Is the premium hike not across all insurance company?

So it means that the performance of my PRU ILP is very bad, not just it can't make money, it keep on losing so much that I have to top up.
For a large company like PRU, it sound fishy!

any allianz insurance agent here, want to buy medical insurance for daughters

2-4 agents per company is a lot for you to cover every company in m'sia, i am just thinking of choosing 1 for each

This is my premium hike from PRU, which an ILP based medical/life plan, it does not say that my investment is doing poorly but instead blame the increase of medical cost as the reason for the hike.
And since I am already here, should I take up the option to reduce the hike?

LETTER FROM PRU

Dear Sir/Madam,
Policy Number :
Life Assured :
Assured :
Subject : PRUValue Med New Insurance Charges and Premium
Thank you for choosing PRUValue Med as your health and medical
protection solution.
Healthcare costs have been consistently rising with increased
demand for healthcare services, and better medical treatment
with advancement in technology. As such, we continuously strive
to reduce the impact of medical inflation by working closely with
our healthcare providers to maintain high-quality care and
preferred rates.
Yet, the average medical inflation for PRUValue Med for the past 3
years is still rising at 14.30% per year. 65 out of 1,000 policy
owners made a claim compared to 67 out of 1,000 policy owners
3 years ago. Each claim on average has increased from RM
9,120.00 to RM 14,233.00.
As your long-term medical protection is important, we regularly
review our medical plans to ensure you are protected when you
need it. Having carefully considered the rise in healthcare costs,
we will be revising the insurance charges of your medical plan
effective 01-01-2024*.
With this revision of the insurance charges, your premium will be
revised as below:

Current Premium
RM 463.00
Monthly

New Premium**
RM 546.00
Effective Date 01-01-2024
Monthly

Note: The increase in premiums is to cater for the increase in medical insurance
charges. Payor coverage (if applicable) will increase correspondingly, and
additional insurance charges will be deducted from your policy account value. We
advise you to refer to your annual statement and discuss with your Prudential
Wealth Planner or Bank Representative to review your policy’s sustainability
regularly to ensure continuity of your coverage.

Option to Convert
For lower insurance charges, you have an option to change your current medical plan to include a higher Med Saver Plan. This means you will need to pay the selected Med Saver amount to the hospital before your insurance plan starts to pay out any eligible claim. If you opt for the higher Med Saver Plan, your current Room & Board (R&B) Plan will also be revised from R&B RM100 Plan to R&B RM150 Plan.

Below is the new premium comparison of your current plan based on PRUValue Med Plan RM300 Med Saver with R&B RM100 Plan.

Your current plan
RM300 Med
Saver with R&B RM100 Plan
RM 546.00 Monthly

Optional plan
RM1000 Med
Saver with R&B RM150 Plan
RM 505.00 Monthly

To opt for the higher Med
Saver with R&B RM150 Plan,
please complete and return to
us the enclosed "Option to
Convert" form by 31-12-2023.

my daughter has underwent operation for her spine due to scoliosis 2 years ago and is doing ok but since she will be considered as riskier than healthy person, i want to try to apply to a few insurance company to see their proposals, is this a right move?

Just applied to GE medical card insurance with ILP for my 10 y.o daughter and was informed that during the free look period, although I could try to cancel the policy by writing in but the final decision solely lies with GE itself, they can refuse the cancellation. Is this rule not contradicting our consumer protection? Though I do not have any evident that there is this kind of consumer protection in our country.
https://www.greateasternlife.com/my/en/pers...s.html#freelook

This post has been edited by gedebe: Jan 13 2024, 02:15 AM

thanks, it looks like insurance need to refund back minus any expenditure

You are Allianz agent but promote Aia?

Can even quote from the act, awesome! Unfortunately he told me verbally but ironically he said that GE will bear the cost of health insurance even if I reject the propose policy on whatsapp.
Btw, do you think I can get an official document stating the history of premium hike, percentage and date for the past 10 years from agent.
Like investment, the historical pattern does not represent the future premium hike, but sure it is a valuable info more so if I could gather the same from a few insurances for comparison

This post has been edited by gedebe: Jan 14 2024, 02:08 AM

this actually gave me an idea where if we could poll the data from internet users for their medical insurance premium hike for the past few years then we could present it as a comparison table. This will be a valuable info especially for people that is shopping for one. Of course, there might be a few caveats like the age or the insured person, pre existing condition etc. might affect the quantum of the premium hike.
From the info also, we could know which insurance is managing the investment better for their ILP products and which one is the outright greedy!

Here again the question which might been asked before, do all the insurance companies practise increase of premium due to inflation and more importantly is there a company that has the least increase in the past. This is for ILP medical policy.

This post has been edited by gedebe: Jan 27 2024, 11:13 PM

I've just learned that for medical insurance, there is this premium increase due to age group ie, my father in law who happened to become 67Y0 suddenly has his premium increase from rm6589 - 6994 because of older age and because of inflation another increase again to rm7694, refer pdf


Attached File(s)
 CamScanner_01_27_2024_20.11_1_.pdf ( 439.68k ) Number of downloads: 26

can we list down which factors can make the premium of ILP medical insurance increase:
1. inflation
2. age group, the older you are, the higher the price increase
3. too many people claim
4. investment has poor return,
5. please add

This post has been edited by gedebe: Jan 28 2024, 12:36 AM

It does seem that at least to me, i am at the receiving end of the insurance companies when come to premium increase, they have a list of reasons which are even acceptable/agreeable to other paying customers.
Am I the only complaining?

it does seem to defeat the purpose of having insurance even though you think you have prepared yourself by buying it at an early age.
And I've yet to start talking on agents, some claim that ILP insurance can last till 100 YO!

This post has been edited by gedebe: Jan 28 2024, 01:23 AM