What you Need to Know about AIA Public Takaful

 

AIA Public Takaful provides Shariah-compliant insurance products for its Muslim and other interested clients. It was formed as a joint venture of AIA Co Ltd(AIA), Public Bank Berhad(PBB), and Public Islamic Berhad on March 2011.

The company distributes its family Takaful products in Malaysia through its 17,000 insurance agents (known as Life Planners) and also through Public Bank’s branches.

It offers protection, savings, education, and investment Takaful products, and also provides investment advisory and wealth management services.

What is Takaful and how does it Work?

Takaful is a type of Islamic insurance where members contribute money into a mutual pool system so as to protect each other against loss or damages. Takaful insurance products were introduced as an option to commercial insurance which was seen to infringe on Islamic principles that are against interests, and gambling.

The Takaful fund is operated and managed by a Takaful operator on behalf of the participants and charges a set fee for operation costs. The claims from the participants are paid from the Takaful fund and the surplus is determined and declared once a year by the Takaful Operator. If there is any surplus left after all the costs have been deducted, it is then shared between the Takaful Operator and the eligible participants at 50:50 ratio. Each participant will get the share in accordance with their actual Tabarru allocation.

AIA Public Takaful Products

  • Life Protection
  • Medical Protection
  • Critical Illness Protection
  • Savings and Investment
  • Accident Protection

Life Protection Takaful

There are a number of life protection takaful products that are designed to fit different individual clients. The plans vary in terms of the coverage period, entry age, protection level, and benefits. The various Life protection options at AIA Public Takaful include:

A-Life Fleksi which allows you to protect your loved ones and invest at the same time. With this plan, you will get protection on death and Total and Permanent Disablement and also invest to grow your money at the same time.

 A-Life Signature-i&A-Life Signature-i PlusOne is also flexible investment-linked plans that allow you to protect the lifestyle of your loved ones when you are no longer there. Your family gets a payout of 200% of your coverage amount if you die from an accident or 300% if the accident happens in public transportation.

A-Plus Payor i & A-Plus PayorCI-i, ensure that your children are well taken care of when you are no longer around. It covers children of up to 25 years and makes sure that their future is protected in case you die or suffer a critical illness.

A-Plus Disability Cash-i offers you protection if you are unable to work due to a disability. If you become totally and permanently disabled before the age of 70 years, you will receive an annual payment up until you reach 75 years.

A-LifeLink-i also offers a flexible investment-linked plan that allows you to invest and protect your loved ones at the same time.

A-Plus Hajj is a uniquely designed add-on plan meant to complement the A-LifeLink-i Plan. It offers you protection should anything happen to you during your Hajj or Umrah.

A-Life Kasih Famili is a plan that is designed to protect the needs of your family who will receive the basic coverage amount if you pass away.

AIA i-Starter Plan is a simple one year plan that provides financial security to your family in case of your demise. It is available to anyone between the ages of 16- 55 years. You can choose a coverage option from RM10, 000 to RM30, 000. Your loved ones will get 100% of the coverage amount if you pass away during the certificate’s term.

Medical Protection Takaful

AIA has various options of medical takaful products that their client can choose from depending on their needs. These include:

A-Plus Health-i which is a comprehensive medical plan that provides you with coverage up until you reach the age of 100 years. The plan will also reward you for staying healthy.

A-Life Medik Famili takes care of you and your family’s medical needs and there is no limit on how much you can claim each year and in a lifetime.

A-Plus Med-i is a comprehensive medical plan that has an increasing annual limit. It offers you lifelong protection up to the age of 100 years.

A-Plus Med Booster-i complements A-Plus Med-i to increase your medical level coverage and help you cope with the ever-increasing medical costs.

A-Plus Hospital Income Extra-i provides you with a daily income while you are hospitalized due to an injury or an illness.

A-Plus Baby Care-i is an optional rider that you can use to increase protection during pregnancy and the baby’s early years. The plan covers the baby until the age of 5 years.

Critical Illness Takaful Protection

Under Critical illness protection, AIA Public Takaful offers several plans which include:

A-Life Cancer360-i which offers complete cancer protection from early to advanced stages. It provides coverage up to when you are 80 years old.

A-Plus Critical Care-i provides financial support for you and your loved ones while you are undergoing treatment.

A-Life Lady360-i is a comprehensive plan designed to provide protection for women.

A Plus Waiver-i ensures you enjoy the protection of your Takaful certificate without making any further contribution if you get diagnosed with a critical illness.

A-Plus Junior Critical Care-i offers you financial support coverage if your child gets diagnosed with a juvenile-specific critical illness

A-Plus Venuz-i &A-Plus Venuz Extra-i provides coverage for women. It offers financial support that you need if you get diagnosed with a critical illness. A-Plus Venuz Extra-i offers more coverage during pregnancy.

Savings and Investments Takaful

AIA Public Takaful only offers one option in their savings and Investments plan. A- EnrichGold-i plan is a short-pay savings plan that offers takaful coverage and provides potential growth to your investment. The entry age of this product is 14 days to 65 years and the coverage is of up to 35 years. With this product, you can choose the payment terms that you are comfortable with e.g. pay for 10 years to get 25 years protection or you can pay for 20 years to get 30 years of protection.

Accident Protection Takaful

When it comes to protection against accidents, AIA Public Takaful offers a product called A-Plus Accident Shield-i & A-Plus Total Accident Shield-i that are designed to boost your coverage against accidents. These products cover you until you are 70 years and allow the entry age of 16-60 years of age. The benefits to be enjoyed through this product include Accidental Death Benefit, Accidental Dismemberment Benefit, Total and Permanent Disability Benefit. A-Plus Total Accident Shield-i will also offer you some weekly allowances if you suffer from a temporary disability.

How to Make a Claim

To make a claim, you can download the claim form on AIA website aia.com.my. Complete filling the form, and make sure that you include your bank information, which is where you approved claim will be deposited via e-payment. Submit the claim form and supporting documents at any of AIA Customer Centers.

You can follow up on your claim progress by visiting any of their customer support centers or by registering as a user of AIA customer portal MY AIA.

Conclusion

If you want to protect your family and yourself against life’s uncertainties but you are not comfortable with normal insurance, you have an option of shariah law compliant takaful products that you can choose from. These products are not only reserved for Muslim clients but are available to anyone interested.

Why you Need Travel Insurance and the Best 10 Travel Insurance Products in Malaysia

Whether you are traveling to a beach in some exotic country, or just going to visit your family in another city; whatever the case may be, traveling has its own risks. These risks include lost or damaged luggage, delayed or canceled flights, injuries or illnesses, and even death. You can never be too sure of what you may find on the other end of your journey. And, this is where travel insurance comes in.

 

What is Travel Insurance?

Travel insurance provides you with some sought of a cushion against travel-related risks. It covers you and your family against injuries, illnesses, permanent disability, death, loss, and damage of luggage and other incidences that may occur while traveling. Most Travel Insurance policies offer you a one-off coverage where you pay for coverage for one particular trip with a fixed timeframe. But, you can also get annual coverage if you are a frequent traveler.

 

Different Types of Travel Insurance in Malaysia

Single Trip
This is a short-term travel policy that covers you for one particular trip usually from and to Malaysia for a specific period of time. It is most popular for people that travel once in a while. It covers you for more than 90 days while on that trip.

The coverage in this plan includes accidental death, permanent disablement, medical expenses, follow-up treatment, emergency medical evacuation and repatriation, compassionate visitation, and child care.

Annual Cover
This is designed to suit people who are constantly traveling mostly for work. It covers you for an unlimited number of trips in one year.

This plan offers personal accident cover, medical expenses, hospital allowance, emergency medical evacuation and repatriation, and also child education fund.

Individual Plan
As the name suggests, this plan covers one individual person, usually the policyholder. It covers medical expenses, emergency medical repatriation, accidental death, and total & permanent disablement.

Family Plan
This is a plan for families that like to travel together. It covers the policyholder, spouse, and children below 18 years. Some policies put a limit to the number of children covered in this plan. It covers personal accident & death, medical expenses, alternative medicine, childcare, and compassionate care.

Islamic Travel Insurance
It is commonly referred to as Takaful in Malaysia. This kind of insurance is Shariah-compliant and offers coverage against accidental death, total & permanent disability, as well as loss or damage caused by acts of terrorism, and medical expenses.

Backpackers Travel Insurance
This is designed for the adventure seekers in Malaysia. It offers coverage against personal accident, personal liability, gear protection, and extreme sports activities.

Student Travel Insurance
This plan is designed for students who study overseas to help them in their educational pursuits. It offers personal accident covers, tuition fee reimbursement, and sponsor protection.

Business Traveler Insurance
This plan ensures that you are covered when you travel out for business. This business-oriented travel insurance offers coverage on emergency medical evacuation and repatriation, baggage loss/damage/delay, travel cancellation/ delay, and emergency travel assistance services.

 

How Much Does Travel Insurance Cost in Malaysia?

Contrary to popular belief, travel insurance is not that expensive. Considering the amount of coverage and the risks involved, it is always wise to put some extra cash in protecting yourself and your family while out on vacation. There are several factors that determine the amount of premium you will pay for a travel Insurance cover. These include:

  • Duration of the trip

This is an important factor that influences how much premium you will pay. Instead of charging by the individual number of days, most travel insurance companies in Malaysia calculate the days in duration blocks such as 1-5 days, 6-10 days, 11-15 days, and so on up to 30 days.  Some policies last up to 30 days but others can extend in successive one-week blocks.

But, if you are constantly traveling for work or other reasons, it is always advisable to take a policy that covers you for a whole year. This is cost-effective compared to the impromptu policy that you have to purchase ahead of every trip.

  • Domestic or International Travel Insurance

Whether you are traveling to Singapore, Hawai, Paris, or Penang, will definitely affect how much premium you are going to pay. Domestic travel insurance covers all travels within Malaysia, while international coverage covers various countries outside Malaysia. Some travel insurance companies usually divide international countries into regions of coverage depending on their geographical location. For instance, a company may consider countries within Asia as region A, while the rest to be region B. Obviously, region B coverage will be a bit more expensive than region A.

Additionally, travel insurance companies may offer around the world travel coverage package, but, this does not include travels to countries that are considered as high risk due to political or social instability.

  • Individual or Family Travel Insurance

Travel Insurance companies in Malaysia mostly divide their packages into two distinct categories- Individual and Family. These two packages are then priced differently with the family package obviously being a bit costly. The individual package covers a single person above the age of 18 years, while the family package is designed to offer coverage for the individual, spouse and/or children.

What does Travel Insurance cover me for?

  • Accidental Death or Permanent Disablement

If during your trip, you get into an accident and become permanently disabled or maybe die, your travel insurance company will pay a lump sum to you or your beneficiary according to the benefits of your policy plan.

The policy may also cover the cost of repatriation of your body to the country if you die in another country.

  • Hospitalization and Medical Expenses due to an illness or an accident

In case you get a medical emergency while you are on your trip, your travel insurance policy will cover all your medical expenses. However, you will probably have to foot the medical expenses first then claim for compensation later when you return home. There are those policies that cover the cost upfront but they are usually more expensive.

  • Loss/Damage of Luggage and Personal Items

These include loss or damage of your luggage, loss of passport or money etc. Your travel insurance policy caters for all the inconvenience you experience while you are supposed to be enjoying your trip.

  • Trip Cancellation/Delay

If you have to cancel or delay your flight due to an illness, accident or for any sudden and unavoidable reason that is of no fault to you, your travel insurance policy will cater for the extra expenses that may arise due to the cancellation or delay. You will, however, be required to provide proof showing that there was no other choice.

Some policies may also cover if your flight is interrupted for more than 12 hours due to a hijacking.

 

What does Travel Insurance Policy not cover?

Most travel insurance plans have a number of exclusions that they do not cover. These exclusions differ from one company to the other. However, some of the most common exclusions include:

  • War risks
  • Riots
  • Suicides or insanity
  • Alcohol and drug abuse
  • HIV/AIDS-related ailments
  • Provoked assault and murder
  • Hazardous sports
  • Damage or loss of luggage due to customs regulations
  • Childbirth or miscarriage
  • Radiation
  • Pre-existing medical condition

It is always better to read and understand the exclusions before you commit yourself to buy any travel insurance plan.

 

How to make a Claim

In case of an incident, contact the emergency assistance hotline of your insurer: some travel companies offer 24-hour emergency assistance services whereby they provide access to assistance on medical advice, referrals, medical evacuation, and travel-related situations like loss of luggage or passport.

Make sure that you notify the authorities for any loss or damage to your belongings so that measures can be taken to protect, save or recover them.

Also, submit your claim form to your insurer accompanied by all the supporting documents such as the original policy, the medical report, the police report, and any other relevant document as soon as possible. You can check the time stipulated for claim notification in your policy document.

Documents needed to make a Travel Insurance Claim are:

  • Original ID or Passport
  • Completed claim form
  • Travel itinerary and flight tickets
  • Complete baggage information
  • Medical documents and doctors report(if necessary)
  • Police report
  • Essential bills, invoices, and receipts
  • Relevant notification from your airline

 

Top Ten Travel Insurance Products in Malaysia

Company Product Medical Expenses Loss/Damage to Luggage
Allianz

 

Travel Care Up to RM 1,500,000 Up to RM 15,000
Etiqa

 

Tripcare 360 Takaful Up to RM1,500,000 UP to RM 12,500
AXA Afin

 

Smart Traveller Up to RM 900,000 Up to RM 22,500
Tune Insurance

 

Travel Easy Up to RM 300,000 Up to RM 5000
Tokyo Marine

 

Travel Partner Up to RM 900,000 Up to RM 15,000
Berjaya Sompo

 

Travel Care Up to RM 350,000 Up to RM 5,000
Etiqa

 

Tripcare 360 Up to RM 1,500,000 Up to RM 12,500
Pacific Insurance

 

Travel Pro Domestic Up to RM 75,000 Up to RM 3,000
MSIG Malaysia

 

TravelRight plus Up to RM 400,000 Up to RM 7,500
AIG Insurance Malaysia

 

Deluxe Up to RM1,000,000 Up to RM 15,000

 

Conclusion

When choosing travel insurance, don’t just go for the one with cheap premiums, but, make sure that the product you choose provides great coverage. Also, take your time to go through the exclusion list so as to avoid any frustration when you go to claim and it is denied.