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:

• Bank Negara Malaysia: Licensed Insurance Companies & Takaful Operators
• Faraid

  • http://www.faraid.gov.my/
  • Faraid Calculation http://pusakahub.com/faraid/irth.html

Insurance Companies

• https://www.imoney.my/medical-insurance
• https://ringgitplus.com/en/insurance/
• https://ringgitplus.com/en/term-life-insurance/
• https://ringgitplus.com/en/whole-life-insurance/
• https://howtofinancemoney.com/best-medical-card-malaysia

Life Insurance Association of Malaysia (LIAM)

• https://www.liam.org.my/
• https://www.facebook.com/IHCares/

Members of LIAM:

1. AIA

   • https://www.aia.com.my/
   • https://www.aiavitality.com.my/
2. Allianz

   • https://www.allianz.com.my/
3. AmMetLife Insurance

   1. https://www.ammetlife.com/
4. AXA Affin

   • https://www.axa.com.my/
5. Etiqa

   • https://etiqa.com.my/
6. Gibraltar BSN Life Berhad

   1. https://www.gibraltarbsn.com/
7. Great Eastern

   • https://www.greateasternlife.com/my/
   • https://www.greateasternlife.com/my/en/personal-insurance/live-great/overview.html
8. Hannover Rueck SE

   1. https://www.hannover-re.com/
9. Hong Leong Assurance

   1. https://www.hla.com.my/CMS
10. Malaysian Life Reinsurance

11. Manulife Insurance

    1. http://manulife.com.my/
12. MCIS Insurance

    1. http://www.mcis.my/
13. Prudential Assurance

    1. https://www.prudential.com.my/
14. Sun Life Malaysia

    1. http://www.sunlifemalaysia.com/
15. Tokio Marine Life

    1. https://www.tokiomarine.com/
16. Zurich Life Insurance

    1. https://www.zurich.com.my/

Others

1. FWD

   1. https://www.fwd.com.my/en/
2. Fi

   1. https://fi.life/
   2. Underwritten by Tokio Marine