Dec 30 2022, 06:05 AM
QUOTE(Wedchar2912 @ Dec 29 2022, 02:54 PM)
From what I can understand from the insurance agent, it should be based on the pool of insureds (ie not on a single person). And the funds in the ILP should only be used to pay off the monthly "medical card" fee.
Put it this way:You have accumulated RM 6,000 in your ILP account, and you are hospitalized and the bill is RM 15,000;
The hospital bill of RM 15k will be paid from the 'pool' your RM 6k remains intact in your ILP account.
But your monthly insurance charges will be deducted from your ILP account balance; which you top up via your monthly premium payment.
The insurance charges is not only "monthly medical card fee" but also includes Sum Assured and all the Riders that you add-on.
A Top Up is required when there is insufficient balance in your ILP to pay for the increasing insurance charges. Insurance charges increases yearly as illustrated in policy book/Sales Illustration.
Hope gives a better understanding.
Enjoy a blessed new year too.
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