Malaysia Insurance

Dimension

Option 1

Option 2

Insurance

Medical

Life

Investment Type

Conventional (Investment Linked)

Takaful

Therefore there are 4 options:

Medical

Life

Conventional:

Medical Conventional

Life Conventional

Takaful:

Medical Takaful

Life Takaful

  1. Medical Conventional

  2. Medical Takaful

  3. Life Conventional

  4. Life Takaful

Considerations

  • Requires long term thinking

    • Have to beat inflation rate

Medical / Life

Medical

  1. Basic Sum Assured (Death Benefit)

  2. Critical Illness Benefit

  3. Accidental Death, TPD, or Dismemberment

  4. Annual Limit

  5. Lifetime Limit

  6. Deductible Amount

  7. Early Payout Critical Care

  8. Hospital Room and Board Benefit

  9. Intensive Care Unit Benefit

  10. In-Hospital Related Fees

  11. Pre-Hospitalization Benefit

  12. Post-Hospitalization Treatment Benefit

  13. Outpatient Kidney Dialysis Treatment Benefit and Out-patient Cancer Treatment Benefit

  14. Day Care Procedure and Surgery Benefit

  15. Emergency Accidental Out-patient Treatment (Inclusive Dental) and 30 days Follow-up Treatment

  16. Optical Support - Intraocular Lens

  17. Specified Maternity Complications Benefit

  18. Out-patient Dengue Fever Treatment Benefit

  19. Home Nursing Care Benefit

  20. Emergency Medical Evacuation and Repatriation

  21. Prevention Benefit

  22. Special Care Benefit

  23. Recovery and Support Benefit

  24. Recovery Care

  25. Mental Health Benefit

Life

  1. Basic Sum Assured (Death Benefit)

  2. Total Permanent Disability (TPD)

Conventional / Takaful

Conventional

Investment linked insurance.

  • For Muslims, payouts for death can be contested by next male of Kin under Faraid law.

Takaful

From: https://www.investopedia.com/terms/t/takaful.asp

a type of insurance system devised to comply with the sharia laws, in which money is pooled and invested...Conventional insurance is considered a form of gambling.

  • No interest on death payout

  • For Muslims, payouts for death cannot be contested

    • Payouts for death are considered "gifts"

References:

Insurance Companies

Life Insurance Association of Malaysia (LIAM)

Members of LIAM:

  1. AmMetLife Insurance

  2. Gibraltar BSN Life Berhad

  3. Hannover Rueck SE

  4. Hong Leong Assurance

  5. Malaysian Life Reinsurance

  6. Manulife Insurance

  7. MCIS Insurance

  8. Prudential Assurance

  9. Sun Life Malaysia

  10. Tokio Marine Life

  11. Zurich Life Insurance

Others

  1. Fi

    1. Underwritten by Tokio Marine