Browsed through the AAM website.

It's a good plan, except that it's only up to age 65. Nevertheless, it's far cheaper compare to any CI plan.

However, still do not know the t&c of the plan.

raph,

seems the same. but the AIG one is for business only

yes I used to pay RM 1,800 for Public Mutual Life+CI covers, now its RM 2,375

and yes, I have no agent to scold, every time I want to feedback ( release tension ), big companies who take my calls will say if I am not dead and don't have heart attack, then there is nothing else to do

... thats group term insurance ... I have been having this plan for more than 10 years now. If anyone found a similar but more cost effective choice, do PM me. I want to change too

Public Mutual's Medical Plan is RM 1,156 for the whole family, covering father, mother and all the kids. Damn cheap but terribly under feature. I am thinking to buy one just to cover everybody, then buy extra standalone plans as and when needed ....

---

Added on July 21, 2009, 12:41 pmlooks like This one is not a medical plan, not the normal hospital and surgical plans, this one is more like supplementing with extra income during problems, if that is correct then the premium isn't exactly cheap.

The CI part is interesting only for those below age 46 ...

this is like a group term insurance so AIG will not sell it direct, u go through AAM.

---

Added on July 21, 2009, 12:47 pmYes, the comparison list will be very useful !! but I would seperate out CI and H&S.

I thought there is already a comparative list of all H&S plans in the market in this forum, but after searching for a while I couldn't find any ....

This post has been edited by mtsen: Jul 21 2009, 12:47 PM

mtsen,

i agree we should split it. CI is different from H&S. H&S should also be grouped: guaranteed / non-guaranteed and then split again in categories:

insurable until 65-70

insurable until 71-80

insurable above 81

we could list benefits, premium shedule and pros and cons of each plan. this would allow better comparison.

I wonder why all of you don't believe the AIG's 36CI is good for individual too, did anyone even make an effort to call AIG? I got the form from the agent and I'm not associating myself with my co. either... So, it's definately good for individual.

numbertwo,

basically since the plan is only listed under the business section. but if they dont mind to insure individual then that is good. do you have the premium shedule & T&Cs?

The one listed under 'business', I'm not even sure that's plan I'm talking about.. I've just called AIG with the number posted in my previous link, 'Save&Smart' plan is opened for individual, premium on yearly only and you can view the premium bands on the AAM website. Sorry I don't have any detailed T&C except what you see in the AAM website because I've yet to purchase.

More FAQs are here:
http://www.aam.org.my/insurance/insurance_safeFAQ2.asp

Sorry guys, that's all I can help.

yup, but you can try AIG's safe & smart which design for individual (according to my branch manager) or you also can try AIA's critical illness shield
which is a stand alone plan for individual. can u give me your email so that i can send to u a specimen contract of critical illness shield?

with RM2034 AIA provide medical plan for whole family which R&B150 (120 days), annual limit RM22,000 and lifetime RM300,000
but with RM 2652, AIA u can have additional feature which include unlimited lifetime limit.

can u give your email so that i can send to you the table of benefit?

yes, the safe & smart is provided by AIG.

edit: grammar

This post has been edited by raph: Jul 21 2009, 03:31 PM

I believe it's available.

Just from my experience in life insurance(aware, not general insurance), general insurance they do not have actuaries to calculate the premium.

So, basically their premium is based on past experience.

IOne thing is, the premium is not guaranteed. Means, they can raise the premium and this is a yearly renewal product(with guaranteed renewal of course) and you have no choice but to pay or the policy cancelled.

Coverage attached to Life insurance is premium guaranteed (not on all plans), means the premium will be at that amount until maybe age 87, 99, or 100 depending on company.

Vitorbarbosa,

i'm quite certain that no general insurer is basing their premiums on past experience alone. that would be very bad business practise. risk assesment is a highly complex thing that eventually leads to premiums - tons of statistical averages from various groups as well as econometric projections will flow into the general structure. this also holds for future adjustments. into the adjustments also the claims history will flow in but from what i know the claims history is more or less an adjustment factor only unless your group is very small. in such a case the claims history becomes progressively more important and overshadows other factors. in a broadly spread product with several 10s of thousands or more insured many other factors help significantly better setting future premiums.

this is most likely the same as it is done for life insurance - with actuaries, statisticians and the like.

life insurance cannot adjust if the premium is guaranteed and will have to factor in claims as an estimation only. also all of the other factors can not be adjusted and need to estimated far into the future. the result is more uncertain numbers and this usually leads to higher premiums than with general insurance since nobody wants to underestimate and consequentially suffer a loss.

based on this logic premiums guaranteed should on average be higher than with general insurance as those are based upon harder figures and allow for a more competive pricing strategy.

but it's true. fixed premium has an advantage - you know what you will have to pay. even though you should also assume you are paying more than you would with a broadly spread general insurance product.

---

Added on July 21, 2009, 5:04 pmraph,

can you post the CI and also the entire health plan for all of us? the website is very silent about details and it would help us all to evaluate options.

thanks!

This post has been edited by PJusa: Jul 21 2009, 05:04 PM

ok this one is benefit of AIA critical illness shield. the safe & smart u can refer to AAM website.

thanks

since this thread also for medical, i post the benefit of new medical plan from AIA. enjoy!!


 MCP_table_of_benefit.pdf ( 49.84k ) Number of downloads: 72

Very true PJusa.

You pay more to life insurance company now compared to general insurance.

---

Added on July 22, 2009, 11:08 amBtw, they are basing on past experience on different age band. I can't tell you excatly how they are doing it but that's what I learnt from my seniors.



This post has been edited by Vitorbarbosa: Jul 22 2009, 11:08 AM

raph,

benefits are not too bad. care to share the policy jacket and premium schedule too?

Vitorbarbosa,

i am sure they are basing also on experience and age band. i would be surprised though if that is the sole base. i know that for example AXA is offering the same policies throughout asia with slight modifications. their risk assesment is done partially by the local branches and partially by the asia HQ. they probably also take into account the overall data they have collected. if i would be an insurer i'd get as much information base as possible and then cook it all up using the local claims and local differences as adjustment factors. and if i can think of it... mni insurer surely also can

this is the specimen contract (just knew that this forum can attached file )

 CI_Shield_specimen_contract.pdf ( 604.93k ) Number of downloads: 46


edit: i dun have a softcopy of premium schedule but i'll try my best

This post has been edited by raph: Jul 22 2009, 12:26 PM

After following this thread for a while, I also am looking for upgrades on H&S / medical now

For CI, I am still happy with the rate of Public Mutual Life Plus 2. RM 2375 for 500k upon death, tpd or ci. If anyone has one that is more cost effective than that or equivalent, please do let me know. I have been thinking to change long ago but couldn't get a better alternative.

For my recent H&S needs, I have got quotes from eIns(Allianz?), Prudential, Public Mutual, Pacific Insurance Medi Pac, InsOnline. My general findings are as follow.

Public Mutual has the cheapest plan especially the family package but coverage is low and even there are limits on surgical/anaesthetist, transplant etc. like those 20 years ago plans. $1,156 cover both parents and all kids for annual limit 125k.

Prudential is the most expensive, ie. $1,470 for myself alone 150k annual limit. but it seems like the easiest to understand coz no complicated limits or rules.

eInsuran(allianz?) has the best plan for male, $751.20 for 150k annual limit. features quite typically ok.

InsuraneOnline has the best plan for female, $815 to cover 120k annual limit. co-insurance 10%

I am sure this is not the verdict yet. This has to be one of the toughest personal finance journey I am walking through now .... but the 1st part is done, check out below link to see how a Malaysian would probably die ...

http://malaysiapersonalfinance.blogspot.co...-would-die.html

In short, ~50% chance is that your Heart or Lung will fail you. Then ~20% may be your cell will mutate and lastly if you have Health on your side, then you may be crashed on a road accident (5%).

This post has been edited by mtsen: Jul 22 2009, 02:48 PM

i am in the process of compiling a list of all H&S plans available. this is complicated but worth the effors. if you have a plan's details plase notify me or even better send me the schedule. eventually we might be abe to even add all premiums so one can truely compare.
as of now i am done with axa general plan. allianz is next.

reason why Pru is expensive is perhaps their medic card is always attached to a life policy?!

when we are comparing H&S plans, is better to put the Big guys (aia, pru, ge, ? who else) at one side , their Med card is usually at a premium.

This post has been edited by numbertwo: Jul 22 2009, 03:43 PM

Also new PRUHealth insurance charges is abit higher than the previous PMM5 due to the NCB thingy.
However, if you do not make claim on the year, it will be worth of it.
PRUHealth is not good for people who always make claim compare to the old PMM5.

I just get quote from AXA, straight away move up to my top choice now

what details do you want to collect ? to avoid myself getting dizzy, I only focus on these now ...

annual limit,
no or less co-insurance, or ease of calculation
less limits, less rules on claims