What my motive?

I fade up with GE, especially heard my friend story, warn me and show me those clauses. A life example in front of me...

I'm thinking what can I do before is too late??? I don't want to be one of the victim!!!

If that really happen, GE revise and cancel my medical card, I guess the agent had disappear already, else you think he/she will paid for my medical fees?

The main reason I wanna get medical card is to get away from heavy medical fees. Now telling me GE have right to increase the max cap and cancel the medical card, especially when I need it most.

If you in my shoe how would you think??

If I were in your shoe, I would call Simon to ask him about the clause in further details because he told anyone who need proof that GE will not cancel, to call him. Instead of doing that, you are making too much noise and disrupting a fine and fair discussion we are all having in this thread.

Your answer is right in front of you, but you don't seem to want to bite. That is all.

edit: I was questioning your motive because Simon above wrote the long explanation about the clause you are making the noise about, you didn't seem to read his explanation yet you quoted him and continued with your banter.

This post has been edited by wild_card_my: May 29 2014, 03:38 PM

The Company reserves the right to revise the maximum cap for co-insurance by giving at least 30 days prior written notice.
My Answer: GE has the right to revise the co-insurance cap in the near future should it deem necessary due to economic change, it applies to all Insurance company as it is governed by Bank Negara Malaysia. However, with GE's large portfolio capital in their company compared to other insurance company in the country, this is less likely to happen unless GE is bankrupt.

· Coordination of benefits - the Company will provide compensation on a proportionate basis if you have any other
hospitalisation coverage on reimbursement basis with our Company or others, or is receiving compensation from either
sources for injury or illness or disease.
My Answer: GE will provide payment to your hospitalisation or proportionately depending if you have other medical card. For example Prudential gives you 50k claim per annually but if your surgery is over 50k, say it cost you 70k. GE will pay for the remaining 20k.

· Portfolio withdrawal condition - the Company reserves the right to cancel the SM portfolio as a whole if it decides to
discontinue underwriting this rider.
My Answer: This reserve the right for GE to withdraw the Medical Plan in the future. This is applicable to all insurance company. However, GE is unlikely to do that, if GE does so, it means that they completely close down their medical card portfolio. Which is impossible, it would be like saying a motorbike shop not selling motorbikes or a General Insurance company not providing motor insurance.

Hey keith, glad to have a sensible person here.

What do you think about some companies that are mentioned here that have completely removed the clause to withdraw the policy in the future? How many of them are going that? GE seem to be the leader of the industry but here we have many people concerned about the clause. Are their concerns justified or made-up?

I'm sorry... What is the problem where I'm trying asking question and sharing what I see & told by my friend?

Anyway, thanks seem there is no clear solution for this. All term & condition set by company, same as bank, at the end just mention we didn't read the T&C. But actually the agent keep avoid and hide it.

Thanks for all the trustful explaination and attempted to help.

Just my bad luck listen to the agent and sign with GE. Nothing to be argue anymore, I have enough for this.

But wait. On that note, which insurance company does not have this term? If I heard correctly, Allianz have remove the clause from their own T&C?

Only certain companies such as Prudential still holds the non-cancellable agreement clause however, to negate risk, the insurance company would have to charge higher premium to their customer or in the policy in order to keep afloat . However, GE being the market leader will be able to sustain their business for a long time though they have come out with such clause that might be worrying to its client. However, a lot of customers mistaken that this clause is a disadvantage which is why Prudential would use such point to attack to gain the market share.

However, I would like to rest assure all policy holder of any insurance company that such thing would not happen in terms of your medical card being cancelled for no particular reason unless the insurance company is bankrupt or they are going into a merger.

Thanks keith. Your explanation is very sound. I have a lot to learn. Good luck with your consulatations.

I understand all Insurance and bank all are based on black and white.

If the case, why GE don't remove the clause as Allianz?

I'm a risk advese person. I was wrong... now I rather believe what it written in the contract then just listen without written proof.

This post has been edited by carboost: May 29 2014, 03:56 PM

Noted. But there is some risk in life correct. According to Keith, only prudential has removed all of that term, but due to this.. the premium is a little higher? Or perhaps the medical card doesnt have as high protection as others?

You get what you pay for correct? If all you want is for the T&C to be removed, then Prudential may be your only choice?

Very good sales talk, but please keep Prudential out of the discussion especially on the part that Prudential would use such point to attack to gain the market share.

Bro calm down.
we are explaining to you slowly.
according to TCPKeith is correct
This reserve the right for GE to withdraw the Medical Plan in the future. This is applicable to ALL INSURANCE COMPANY,approve by BANK NEGARA MALAYSIA is not a LIE by the AGENT.IS BEEN APPROVE.
Only Prudential have that guarantee renewal clause in their policy so far.
for this Question,i did ask management of GE and they say IT IS not compulsory for Company to put this clause.
same goes to Co-insurance,if future bank negara malaysia said THERE IS A MUST CO-insurance then all company will apply this too or all apply no CO-insurance. there is why u see why some company no Co-insurance some have co-insurance.

But Great Eastern as a leading insurance company in Malaysia their main business income is from selling medical card which like TCPKeith said
Which is impossible, it would be like saying a motorbike shop not selling motorbikes or a General Insurance company not providing motor insurance.
Great Eastern is achieving Gold Award from the Reader Digest mean the vote from the public opinion,GE had 106 years of history and be the largest and eldest insurance company in malaysia.u can google it.

For your friend case,we cant say guarantee what is the problem.because we duno which plan he buying.is general or life insurance and what happen in between.
If he did pay premium promtly and no lapse,there is no way company will cancel your medical card UNLESS that is general insurance medical card which have to renew EVERY YEAR based on health condition.
There is a clause in policy which mention the policy wont be lapse as long the client paid premium/the annual limit havent finish yet.
and if u found the clause and it againts the clause
bro write in letter to bank negara malaysia and complaints,it will take action.
anything u can call me 0173072095-simon

sorry abang roy.

What's the point of telling GE is the leading or the eldest or largest? I thought all insurance company being guaranteed by BNM. If yes, means all claims will be based on the contract. All claims do not violated the contract are claimable. How big a company doesnt mean it wont go down. Citybank US? lehman brothers? what's the guarantee? I just wondering...

I understand your eagerness to help him resolve his concern, but please do not bash on generalisation that all agents use that to gain market share. It makes you sound like a pasar malam salesman!

Back to his concern, when talking about Portfolio renewal, the company can withdraw the medical card from the market, but it is also bounded to provide coverage UNTIL THE END OF THE TERM. It cannot simply withdraw and leave the policy holder in the dark.

Hence it all boils down to HOW LONG IS THE MEDICAL CARD TERM.

If the medical card term is annually renewed, no longer in the market and the product is port folio renewal, of course that would mean the next year, renewal is not possible (if diabetic) but the client is required to buy into a new plan, subjected to medical underwriting.

If the plan is port folio renewal with a term up to age 80, and if the insurer withdraws the port folio from the market, it still need to provide coverage till age 80!

This post has been edited by roystevenung: May 29 2014, 05:12 PM

i just wanna let him know that GE had his own reputation in d market.just like Eu Yan Sang in the market.
not just simply say GE is bad because of that clause,because it apply to all company anyway other than Prudential.
No matter what plan u buy even the lower coverage or highest coverage
if the agent not servicing you,is no point.
for me Agent come 1st.anyway different people different.

why GE always come out with new medical card plan and at the same time withdraw the old plan from market?

why not they learn from other company? Just upgrade it not withdraw it from market

maybe its easier to overhaul the whole thing than to add and remove items from the medical card? I bet it isnt easy to launch a new product, especially with the bank negara's scrutiny on the products. But they do it anyway.

AIA no lifetime limit.

Buy together with investment link are better, in terms of agent's profit margin. But for you, you may get something, like this year they target to make rm10 billion net profit from your money, even if they already rm9.99 billion also they will declare lost. So you won't get any return from that policy.
rm3000 per annum are wasting most of the agent's time, so is right for that AIA agent and your Etiqa friend did by not entertaining you.
BTW, medical card they are only making few % commission, so you do the maths.