Best 10 Medical Protection Plans AIA Malaysia Offers!

AIA Malaysia Medical Insurance Review

AIA Group Limited is the leading life insurance group which has been offering insurance and financial services, accident and health insurance, retirement planning, general insurance, mortgage, and family takaful products to millions of customers in the Asia-Pacific region for over 90 years. It is present in 18 markets across the Asia-Pacific including Malaysia, with its headquarter being in HongKong.

AIA Medical Card

AIA has several medical protection plans with different benefits and coverage which customers can choose from according to their needs and financial strength. These plans include:

  • A-Plus Health,
  • A-Life Medik Famili,
  • A-Plus Med Booster,
  • A-Plus Med Booster- i
  • A-Life Med Regular
  • A-Plus Med
  • A-Plus Med-i
  • A-Plus HospitalIncome & A-Plus HospitalIncome Extra
  • A-Plus HospitalIncome Extra-i
  • A-Plus Babycare-i
  • A-Plus Babycare

AIA A-Plus Health

This is a comprehensive health plan that offers a complete medical coverage for your whole healthcare journey.

Coverage Period: Up to 100 years old

Entry Age: 14 days to 70 years old

Link to the product: A-Plus Health

Features

  • A comprehensive medical protection where your medical expenses were taken care of up to the age of 100 years old.
  • A health wallet where you will receive rewards for every year you go without making a claim. You will also receive some additional benefits illness prevention, extra coverage for 3 top critical illnesses, and medical equipment for mobility and hearing in case of disability.
  • You can also reduce your premium payments by choosing a deductible amount of RM300. This amount is, however, only available for In-Patient services.
  • There are also some Health Rewards which you will receive for staying healthy. These will include waivers on deductible amounts upon admission, upgrade to your room and board limit, or a boost to your Health Wallet.

A-Life Medik Famili

This medical plan is quite affordable and takes care of you and your family’s medical needs.

Coverage Period: Up to 100years old

Entry Age: 14days to 70 years old

Link to the product: A-Life Medik Famili

Features:

  • You can extend the coverage to your spouse and children with the Family Plan
  • You receive medical protection until you are 100 years
  • There is no set limit on how much you can claim in a lifetime
  • Any excess from the Takaful Risk Fund at the end of every year is shared equally with the eligible participants.

A-Plus Med Booster

This is a medical protection that compliments A-Plus Med and A-Life Med Regular to help boost your medical coverage.

Coverage Period: Up to 100 years old

Entry Age: 14 days to 70 years old

Link: A-Plus Med Booster

Features:

  • A high annual limit of medical protection of up to RM 1.5 Million.  
  • There is no limit to your lifetime claim.
  • There is an option of up to six medical plans to choose from.
  • In the first 10 years of your plan, your room and board limit may increase by 20% every two years.
  • You receive a double lifetime limit for outpatient cancer treatment and kidney dialysis of A-Plus Med and A-life Med Regular.
  • In case you get hospitalized or treatment in Singapore, you will receive reimbursement for the cost you incur while converting to local currency.
  • You also get reimbursement for your out-patient treatment for dengue fever.

A-Plus Med Booster-i(Takaful)

This health plan compliments A-Plus Med-i to increase your medical coverage.

Coverage Period: Up to 100 years old

Entry Age: 14 days-70 years old

Product link: A-Plus Med Booster-i

Features:

  • Has an annual high limit of up to RM 1.5 Million of medical protection.
  • Have six different medical options to choose from.
  • There is no lifetime claim limit.
  • For the first 10 years of your plan, your hospital room and board limit may increase for up to 20% every two years.
  • You also get a double lifetime limit for outpatient cancer treatment and kidney dialysis of A-Plus Med-i.
  • You will get reimbursement for your treatment of dengue fever.
  • In case you receive treatment or get hospitalized in Singapore, you shall receive reimbursement for the cost incurred in converting to local currency.   

A-Life Med Regular

This health plan has no lifetime limit and helps to cover you and your entire family’s medical needs.

Coverage Period: Up to 100 years old

Entry Age: 14 days-70 years old

Product Link: A-Life Med Regular

Features:

  • Life-long medical protection until you reaches the age of 100 years old.
  • There is no limit to how much you claim in a lifetime.
  • There is an option of three coverage plans to choose from according to your needs.
  • You will not pay for any portion of your treatment charges
  • You can also include your spouse and children to your plan.

A-Plus Med

This is a comprehensive health plan with an increasing annual limit.

Coverage Period: Up to 100 years

Entry Age: 14 days to 70 years old

Product Link: A-Plus Med

Features:

  • Medical protection until the age of 100 years.
  • Increasing the annual limit for the first 20 years of your plan every two years.
  • There is no limit to how much you claim in a lifetime.
  • Seven plans to choose from according to your needs.
  • You will not pay any part of your medical expenses.
  • You can include your children and spouse to your plan.

A-Plus Med-i (Takaful)

This is also a comprehensive medical plan that offers an increasing annual limit.

Coverage Period: Up to 100 years old

Entry Age: 14 days to 70 years Old

Product Link: A-Plus Med-i

Features:

  • Medical protection until you are 100 years old.
  • No limit to how much you can claim in a lifetime.
  • Increasing the annual limit for the first 20 years of your plan every two years.
  • Seven coverage plans to choose from according to your needs.
  • No co-takaful or deductible charges
  • A medical card that offers you easy admission to over 98 hospitals
  • You can also include your spouse and children to your plan

A-Plus HospitalIncome &A-Plus HospitalIncome Extra

This offers you financial support for the time you are hospitalized due to an illness or injury.

Coverage Period: Up to 100 years old

Entry Age: 14 days to 65 years old

Product Link: A-Plus HospitalIncome& A-Plus HospitalIncome Extra

Features:

  • In case you get hospitalized, you will receive a fixed daily income for up to 365 days to cater for your financial needs with A-Plus HospitalIncome.
  • If you are hospitalized due to a disability, A-Plus HospitalIncome Extra offers you a fixed daily income to cover for your stay in the hospital for up to 1000 days.
  • There are various daily income levels that you can choose from in accordance to your needs.
  • A-Plus HospitalIncome Extra also provides you with three times your daily income benefit if you get treatment in the Intensive Care Unit.

A-Plus HospitalIncome Extra-i(Takaful)

This product offers you financial support when you get hospitalized.

Coverage Period: Up to 100 years old

Entry Age: 14 days to 65 years old

Product link: A-Plus HospitalIncome Extra-i

Features:

  • You get a daily income for 1000 days to cover your hospital stay if your admission is due to disability.
  • There are various income options to choose from
  • You receive three times your daily income amount benefit if you require Intensive Care treatment.

A-Plus BabyCare

You can buy this add-on policy to increase your coverage during pregnancy and for your baby’s early years.

Coverage Period: Up to 5 years

Entry Age: ≤ 35 weeks of gestation

Product Link: A-Plus Baby Care

Features:

  • Provides cover if your baby gets admitted in the Neonatal Intensive Care Unit, ICU, or high dependency Unit.
  • It is the first product in Malaysia to provide coverage for Attention Deficit Hyperactivity Disorder and Autism Spectrum Disorder.
  • It also offers you coverage for pregnancy complications and loss of the baby while in the womb.

A-Plus BabyCare-i(Takaful)

This is the Takaful version of A-Plus BabyCare. It is an optional rider that you can buy to increase your coverage during pregnancy and early years of your child.

Coverage Period: Up to 5 years

Entry Age: ≤ 35 weeks of gestation

Product link: A-Plus BabyCare-i

Features:

  • Provides coverage for pregnancy complication and the ultimate loss of the baby before it’s born
  • Has a child care benefit which offers coverage if the baby is admitted in the Neonatal Intensive Care Unit, ICU, or High Dependency Unit.
  • It also provides coverage for Attention Deficit Hyperactivity Disorder and Autism Spectrum Disorder.
  • Any excess from the Takaful Risk Fund at the end of the year is shared equally with the eligible participants.

Summary

Just like other medical insurance plans, AIA medical does not cover certain medical conditions, often referred to as major exclusions. These are mainly pre-existing illness, cosmetic surgeries, or treatment certain illnesses within 120 days of the plan.

Prudential Savings Plan Malaysia Review – Understanding Prudential’s Concept

Prudential Savings Plan Malaysia Review

Having a savings plan is important whether you are planning a dream holiday, saving for rainy days, saving for your children’s education, etc. A savings plan ensures that your money is able to grow and is secure for future use. It is a good way to grow your wealth and ensure that your future and that of your family is secured.

Savings help grow wealth within a period of time

Prudential Savings Plan

Prudential savings plan is one of the many products being offered by Prudential Assurance Malaysia Berhad. It is a type of With-profit investment plan which is designed to provide potential capital growth on your investments while allowing you to take regular or one-off withdrawals.

You can invest by making a single payment or regular payments on a monthly basis. If you choose to make a single payment, you will have to wait for a period of five years to be able to withdraw from your account. If on the other hand, you choose the regular payments method, you will be required to pay for a minimum of five years and wait for at least ten years to be able to withdraw from your account.

You can invest up to a maximum amount of £500,000.

Prudential Assurance Infographic in Malay
Source: https://pruejamzura.wordpress.com/2014/12/03/sudahkah-anda-bersedia-di-saat-persaraan-kelak/

How Prudential Savings Works

Prudential savings account and investment bonds are long-term to medium investments that allow a mix of regular and single investments. Your money is invested in the Prudential With-Profit Fund after applying the allocation rate and deducting the initial charge.

This investment helps smooth the return of your money for the period of time that you hold the account. Your money is pooled with those of the other Prudential investors to create a fund that is then invested in several investment options including government bonds, company shares, properties etc. You will then receive your share of the bonuses depending on your share of profits. These plans also offer a small amount on terminal illness and life insurance cover.

There are two types of bonuses: Regular bonus which may be added regularly every year, and the final bonus which may be added when you withdraw money from your account. The amount of bonus you get will depend on how much is in your account. Accounts with an amount less than £6000 receive a reduced bonus rate.

Note that the value of an investment may increase or reduce with time which means that the bonuses are not guaranteed and you may not be able to get back the amount you had invested.

Types of Savings Plans at Prudential

There are six types of savings product available at Prudential that you can choose from. These include PRUgrowth, PRUcash, PRUcash double reward, PRUcash premier, PRUlink investor, and PRUlink global investor account. Here is a summary of these different savings products; for more details on the products, we recommend that you contact Prudential Assurance Malaysia Berhad (PAMB).

PRUgrowth Account

This plan has a short premium payment term of 5 or 10 years. It helps you grow and secure your savings by offering you yearly entitlement of Annual Boosters and at the same time providing an insurance coverage of death or total and permanent disability. A 100% of sum assured together with any other benefits that you are entitled to are payable upon death, total and permanent disability, policy maturity or when you surrender the policy.

PRUcash Plan

This plan offers a guaranteed payout of 6% of the sum assured every two years before the policy matures to give you some liquidity. A 100% of the sum assured and all the other guaranteed and non-guaranteed benefits (if any) are paid upon the death or permanent and total disablement of the policyholder or upon surrender or maturity of the policy. The minimum sum assured that you can get from this policy is RM 10,000, while the maximum sum assured for children under the age of 16 is RM 500,000.

There are several optional riders that you can buy with this policy including cash boosters (for your savings), crisis cover benefits (in case you become critically ill) and others.

PRUcash double reward

In this plan, you are able to save and receive a double annual guaranteed payout of 3% from the first to the fifth year of the policy and 6% from the sixth policy year onwards. The sum assured will then double the initial sum assured (200%) from policy year six for death, total and permanent disability coverage. Upon maturity of the policy, you are entitled to a lump sum maturity benefits which include the 100%of the initial sum assured together with all the first year survival benefits and all other applicable bonuses.

PRUcash premier   

With premium payment term of 10 years, this policy offers a guaranteed annual payout of 4% of the sum assured from the end of the 10th policy year onwards except for the final policy year. A 100% of the sum assured plus total bonuses (if any) are payable upon death, total and permanent disability, and policy maturity or upon surrender of the policy.

PRUlink Investor  

This plan is a single premium investment-linked insurance that allows you to manage your investment and also keeps you protected. You are able to invest in various local funds and also get life insurance coverage of 125% of your single premium or the total value of your units from RM 5000- whichever is higher. The minimum premium that you can invest is RM 4000 and you can switch between local funds whenever you want.

PRUlink global investor  

This is also a single premium investment-linked insurance that allows you to manage your investment and also get protected. Just like the PRUlink Investor above, this plan offers you life insurance coverage of 125% of your premium or the total value of your units from a minimum of RM 5000. You are able to invest in the global funds of your choosing from a minimum single premium amount of RM 4000.

Making Payments to your Prudential Account  

You can choose to either be making regular monthly payments or a single payment. For regular payment, you can make monthly payments from a minimum of £20 and you or at least one of you (for a joint account) should be under the age of 80 years when you register the account. For single payments, you are able to make one or more single payments from a minimum of £300. You can switch from single to regular payments and vice versa any time you want.

You can pay through pay on phone, online payment, ATMs and Credit cards (for renewal payment). Contact Prudential official website for more information.

Stopping or Reducing your Premium

You can reduce your regular premium amount or take a break from paying your premium at any time and still be able to have your bonuses and benefit deposited in your account. This will, however, affect your account and reduce the amount that you will get after maturity of your policy.

You have an option to:

  • Stop paying the premium but not cash in your policy. In this case, you can start paying at a later date through regular or one-off payment. This is subject to certain conditions.
  • Reduce your regular premium to the one you can afford.

Withdrawal of Funds from your Prudential Savings Account

There are two ways that you can access your money from your Prudential Savings without having to cash in your entire savings.

Regular withdrawals:-

  • If you invested a single payment, you can opt to take a regular withdrawal from your account.
  • Every withdrawal should at least be £50
  • You may have to pay Income Tax on any profit you make when you cash in the policy
  • You are not able to make regular withdrawals from your account while you are still paying regular savings
  • Market Value Reduction may be applied on your withdrawals which will reduce the value of each unit you cash in thereby lowering the value of your account.
  •  Every withdrawal will lower the value of your account

One-off withdrawal:-

  • The minimum amount you can withdraw is £200
  • Your account should remain with a minimum balance of £1000
  • A market value reduction may also be applied therefore reducing the value of your account.

What you will get back.

If you do decide to cash in your account, you will get back the value of your bond which has no guaranteed amount. The amount you will get will be determined by the following factors:

  • The amount that will have been paid into your bond
  • How long each amount of money had been invested
  • The bonuses and benefits that will be added
  • The amount and timing of charges that will have been taken
  • If you have taken any withdrawals
  • Market Value Reduction amount that will have been applied to the value of your bond

What happens to your Prudential Savings if you die or become critically ill?

In the unfortunate event of your death or if you become terminally ill, Prudential Assurance has an obligation to pay out at least 101% of the value of your account. A terminal illness, in this case, means that you are expected to die within 12 months after being diagnosed.    

If you have a single life account, the payment will be done when you die or are diagnosed with a terminal illness. On the other hand, if you have a joint life account, the account is passed on to the surviving policyholder and payment will be done only after the second person dies or becomes terminally ill.

Cancellation of Policy

If you change your mind about taking the policy and decide to cancel it, we recommend that you do so within 30 days in order to get back all your money. Cancellations done after 30 days will incur several charges and therefore you will not be able to get all your money back.

When your application is accepted, you will receive a cancellation notice which you can fill in and send back to the company if you want to cancel. Where a policy is held in joint names, any of the policyholders can cancel the policy.

Benefits of Having a Prudential Savings Account

When you have a savings account at Prudential, you will be able to enjoy the following benefits:

  • You are able to get Critical illness/temporary life insurance coverage  
  • You are able to withdraw your money anytime you want. You may, however, incur some charges and a Market Value Reduction on certain withdrawals.
  • If you encounter some financial difficulties, you are able to adjust your premium amount to the one you can afford. You are also allowed to switch between funds depending on your risk appetite.
  • You can access and view the latest With-Profit Bonus Declaration
  • You get smooth returns from your investments
  • You enjoy some basic tax relief from your profits.

Risks of having a Prudential Savings Account

  • The value of your account can increase or decrease at any time and is therefore not guaranteed.
  • There are several charges which you may incur when you cash in your account.
  • If you top up your account and then cancel after 30 days, you will not get your full refund
  • Tax rules change may change at any time
  • If the charges you incur are more than the overall growth of your investment, you value of your plan will reduce to even less than you had invested.

Important Terms that You Should Know

Allocation rate: – is the percentage applied to your payments before the charge is deducted and the rest of the money invested. This rate changes from time to time and is therefore not guaranteed.

Market Value Reduction (MVR):- refers to the deduction that is made whenever you withdraw from With-Profit Funds. It is meant to protect investors who are not withdrawing by making sure that every investor gets a fair return from their With-Profit Funds.

Initial charge: – this is a 6% charge that is deducted from every regular or single payment you make to your account.

Annual charge: – this is the charge that is deducted from your account every year

Reason You’ll Never Know Why Insurance Are Important To You

Why is Insurance Important?

Life does not always go as planned. There are certain unexpected events which may arise to set us back from our plans. Some of these events are too expensive for us to cover alone; which is where insurance comes in.

Insurance offers us protection from financial loss. It pays the expenses that may arise from unexpected events in your life so that you don’t have to. It is a form of risk management plan which is commonly used to protect people and businesses from risks of certain loss.

Insurance is provided by an establishment known as an insurance carrier, insurance company, insurer, or an underwriter. An insured or policyholder is the person who buys insurance. The transaction happens when the insured pays a regular certain amount of money known as premiums to the insurer in exchange for the insurer offering compensation to the insured in case of a covered loss. The insured receives a contract called an insurance policy which contains the entire details on the claims which the insurer is legally obligated to pay.  

Functions of Insurance

Insurance functions can be divided into two categories- primary and secondary functions.

Primary function:

  • Provides protection

The main function of insurance is to provide protection against future risks, unfortunate events, and uncertainties. It guarantees compensation in an event of loss ensuring that the person does not suffer a major financial crisis.   

  • Ensures certainty

No one knows what the future holds. Unfortunate events can happen at any time of our lives without a warning. Insurance provides certainty of payment in the uncertain event of a loss.

  • Evaluate and shares risk

Just as the risk is uncertain, the loss is also unpredictable. Insurance assesses and evaluates the possible volume of risk and shares the financial loss with the insured through premiums.

Secondary functions:

  • Prevents losses

By joining hands with institutions that are involved in loss prevention such as fire brigade, hospitals, education institutions, and others, insurance ensures that the assured is safe from loss. This increases savings while reducing the number of premiums which then stimulates more businesses.

  • Provides capital

Insurance contributes to the growth of the economy by providing capital to the society. It invents the accumulated funds in various productive channels and also offers loans to businesses and individuals.

  • Helps in economic development

By providing protection against huge losses, damages, and death, insurance ensures that people continue working hard for the betterment of the society. It also provides a cushion for individuals and businesses so that they don’t lose much in an event of a disaster which means that there is progress.

  • Improves Efficiency

Insurance also reduces the grief and misery brought about by a loss at death and property distraction. This allows people to be less destructed and focus their attention on improving their lives.

Types of Insurance

There are many types of insurance covers available in Malaysia today- even more than you would think. Every insurance company has its fair share of insurance products that it is offering to its customers. Almost every possible risk has been assessed and covered by insurance companies.

However, there are three common types of insurance in Malaysia. These are:

Medical and Health

This is the most basic and important type of insurance that everyone should have. It covers all or part of your medical and hospitalization expenses if you fall ill or get into an accident. There are many types of medical and health insurance covers in Malaysia. They include a Medical Card or Hospitalization cover, critical illness plan, and hospital income insurance.

Here is a detailed review of medical and health insurance in Malaysia.

General Insurance

This type of insurance covers some of our most prized possessions such as our homes, properties and cars and others.  The most popular covers under general insurance include:

  • Car insurance:-It is compulsory to have a Third Party Liability Motor (TPL) Insurance if you own a car in Malaysia. Car insurance protects you as the policyholder from any financial liability if you injure someone in an accident with your car. The insurance company pays the injured third party so you don’t have to worry about it. In addition to this, you can pay for theft, fire, or own body protection to extend the coverage to your car. For better coverage, most people opt for a comprehensive insurance cover which ensures repairs to your car even if the accident was not your fault.
  • Travel insurance:-This insurance makes sure that you are protected from any travel related risks such as travel delays and cancellation, medical emergencies, lost baggage, loss of passport and others. It is important to have travel insurance if you are a frequent traveler.  
  • Personal accident insurance: – In this type of insurance, the insurance company pays a fixed amount of money if you suffer temporary/partial/permanent injury, disability or death caused by an accident.

Life Insurance

When you have a life insurance policy, an agreed sum of money (sum assured) is paid to your beneficiaries upon your death, critical illness, or permanent disability. The common types of life insurance plans are:

  • Whole life insurance:-which provides lifetime coverage against risks in life. You pay periodic payments monthly or yearly up until a set maturity date which is usually 10 to 20 years, or until you retire. When you die, your beneficiaries receive a lump sum amount of money as a payout.
  • Term Insurance:-this also provides coverage for you against life risk but the payment period is usually shorter than that of whole life. Your beneficiaries will only receive a big lump sum payment if you die within the policy period. If no death occurs, there will be no payment to be made.

Advantages of Insurance

  • Provides economic protection: – it guarantees compensation against major financial losses in exchange for a little premium.  It also offers financial security to beneficiaries in case of death or permanent disablement of the insured.
  • Encourages savings and investing: – the insured person is required to pay a set amount of money at a regular basis on time in exchange for compensation in case of a probable loss in the future, during retirement, or upon death. This encourages disciplined saving and unnecessary money usage.
  • Reduces risks:-We are all exposed to life’s uncertainties and risks that may lead to major losses. The risks and uncertainties are impossible to entirely get rid of, but it becomes easier if they are shared. Insurance helps the insured to share the risks which in turn reduces them to a manageable level.
  • Grants loans: – An insured person can acquire the facility of a loan from his insurer or even take a loan from any other financial institution using his insurance policy as security.
  • Provides employment opportunities:-Insurance companies offer employment opportunities to thousands of people either directly or indirectly. With the steady growth of the insurance industry, more and more people are getting involved in this line of work.
  • Ensures smooth running of businesses: – There are many risks involved in the running of a business including theft, loss of stock and damaging of properties, insurance has managed to reduce the risks by offering financial compensation to business and their employees.
  • Helps secure future goals:-Buying a house, higher education abroad, dream wedding, traveling, etc. Whatever your future plans are, insurance helps to make them a reality. By saving and investing in an insurance plan of your choice, you will be able to reap the fruits of your savings in the future. You can also secure the future of your family through a life insurance policy that will ensure that they will be taken care of even when you are no more.
  • Peace of mind: – By managing your risks, you will be more at peace and will be able to enjoy life. With the rising medical cost, it is mandatory to have a health cover for you and your family. A life insurance plan will also make you rest easy without worrying about what will happen to your loved ones when you are not there.

Disadvantages of Insurance

  • Insurance does not offer compensation to all types of losses
  • Cash surrender value of a policy is usually less than the premiums you had paid.
  • It may take some time to receive compensation due to lengthy legal formalities.
  • Buying Insurance can be expensive for some people
  • Claims are not always paid out

Conclusion

Having insurance should be more of a necessity than a luxury. It doesn’t matter how careful you are, calamities are unavoidable and can happen to anyone at any time so it’s better to be prepared. You don’t have to buy all the insurance covers, but make sure that you at least have a health cover for you and your family members then later you can consider getting a life insurance to protect your family in case something happens to you.