May 23 2008, 02:07 PM
QUOTE(sily22 @ May 23 2008, 09:53 AM)
Thanks for your offer to assist.
1. My first choice, i do not wish to terminate but i demand some compensation from AIA. they responsible for this. They need to make it up so that I have confident again with AIA medical card.
2. If this cant be done, according to bank negara people, most likely i wont get back anything. I know that my premium is the minimal one and cant be reduce even i terminate only the medical part because this premium is the RIDER and the montly payment are still the same. (I dont understand what "rider" mean until lately people told me that Rider mean, medical is not the main product. Even after terminate the medical, the premium remain the same. Then no point to terminate it. Or Maybe I should terminate the medical only and get another one only medical?
3.Cancel the policy is my last choice if the explaination from AIA does not convince me. But i would like to know how much i will get back after cancel the policy?
I Really need some assistance. What should i do... I dont really know which is the best choice
Sily22, i understand your dissapointment with AIA. In respect of your item above, my comments are as follows:1. My first choice, i do not wish to terminate but i demand some compensation from AIA. they responsible for this. They need to make it up so that I have confident again with AIA medical card.
2. If this cant be done, according to bank negara people, most likely i wont get back anything. I know that my premium is the minimal one and cant be reduce even i terminate only the medical part because this premium is the RIDER and the montly payment are still the same. (I dont understand what "rider" mean until lately people told me that Rider mean, medical is not the main product. Even after terminate the medical, the premium remain the same. Then no point to terminate it. Or Maybe I should terminate the medical only and get another one only medical?
3.Cancel the policy is my last choice if the explaination from AIA does not convince me. But i would like to know how much i will get back after cancel the policy?
I Really need some assistance. What should i do... I dont really know which is the best choice
1. Doubt AIA will give you any compensation if what they have "done" is in accordance to company policy. Even Bank Negara have told you so.
2. If you have no confidence with AIA medical card, just cancel that rider and the balance money can go into the investment portion or increase your life amount or whatever. However to get another good medical card with auto renewal, you will have to get another insurance policy and that will cost you another RM150 if you do not cancel your AIA.
3. Go check your latest AIA statement, there is a cash back/surrender value. That's the amount you will get. My advise is just visit their office and check with the Customer Relation Officer on the actual amount you'll get back if you terminate the policy immediately and the procedures.
My suggestions are as follows:
1. Go get other quotations from ING and Prudential and this time ask lot of questions about the medical i.e. what can claim and what cannot and what are the procudures for admitting into hospitals, which hospitals are in their panel, etc etc.
2. If you can find a product that gives you the same protection as your AIA from ING or Prudential for the same monthly premium then your problem solved. However i believe you won't as you bought the AIA policy when you were younger. Even if you can get same protection from other companies, do note that the first 4 years your coverage will be less.
Having said above, go check with AIA office now and check with the Customer Relation Officer how much cash you will get if you terminate your current policy. Since you have been paying for 6 years, that about RM10,800 in premium burned. What's the difference between premium paid and your surrender value? If not much just terminate AIA and go get a new medical policy. But do check with AIA your cash value in another 14 years time (policy reached 20 years) if you get any "bonus" (increase in cash value) especially if your policy is not unit trust link invesment, don't know how to explain this, maybe insurance agent can help on this bonus thing.
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