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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. 1.
    Medical Conventional
  2. 2.
    Medical Takaful
  3. 3.
    Life Conventional
  4. 4.
    Life Takaful

Considerations

  • Requires long term thinking
    • Have to beat inflation rate

Medical / Life

Medical

  1. 1.
    Basic Sum Assured (Death Benefit)
  2. 2.
    Critical Illness Benefit
  3. 3.
    Accidental Death, TPD, or Dismemberment
  4. 4.
    Annual Limit
  5. 5.
    Lifetime Limit
  6. 6.
    Deductible Amount
  7. 7.
    Early Payout Critical Care
  8. 8.
    Hospital Room and Board Benefit
  9. 9.
    Intensive Care Unit Benefit
  10. 10.
    In-Hospital Related Fees
  11. 11.
    Pre-Hospitalization Benefit
  12. 12.
    Post-Hospitalization Treatment Benefit
  13. 13.
    Outpatient Kidney Dialysis Treatment Benefit and Out-patient Cancer Treatment Benefit
  14. 14.
    Day Care Procedure and Surgery Benefit
  15. 15.
    Emergency Accidental Out-patient Treatment (Inclusive Dental) and 30 days Follow-up Treatment
  16. 16.
    Optical Support - Intraocular Lens
  17. 17.
    Specified Maternity Complications Benefit
  18. 18.
    Out-patient Dengue Fever Treatment Benefit
  19. 19.
    Home Nursing Care Benefit
  20. 20.
    Emergency Medical Evacuation and Repatriation
  21. 21.
    Prevention Benefit
  22. 22.
    Special Care Benefit
  23. 23.
    Recovery and Support Benefit
  24. 24.
    Recovery Care
  25. 25.
    Mental Health Benefit

Life

  1. 1.
    Basic Sum Assured (Death Benefit)
  2. 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

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. 1.
    AIA
  2. 2.
    Allianz
  3. 3.
    AmMetLife Insurance
    1. 1.
      ​https://www.ammetlife.com/​
  4. 4.
    AXA Affin
  5. 5.
    Etiqa
  6. 6.
    Gibraltar BSN Life Berhad
    1. 1.
      ​https://www.gibraltarbsn.com/​
  7. 7.
    Great Eastern
  8. 8.
    Hannover Rueck SE
    1. 1.
      ​https://www.hannover-re.com/​
  9. 9.
    Hong Leong Assurance
    1. 1.
      ​https://www.hla.com.my/CMS​
  10. 10.
    Malaysian Life Reinsurance
  11. 11.
    Manulife Insurance
    1. 1.
      ​http://manulife.com.my/​
  12. 12.
    MCIS Insurance
    1. 1.
      ​http://www.mcis.my/​
  13. 13.
    Prudential Assurance
    1. 1.
      ​https://www.prudential.com.my/​
  14. 14.
    Sun Life Malaysia
    1. 1.
      ​http://www.sunlifemalaysia.com/​
  15. 15.
    Tokio Marine Life
    1. 1.
      ​https://www.tokiomarine.com/​
  16. 16.
    Zurich Life Insurance
    1. 1.
      ​https://www.zurich.com.my/​

Others

  1. 1.
    FWD
    1. 1.
      ​https://www.fwd.com.my/en/​
  2. 2.
    Fi
    1. 1.
      ​https://fi.life/​
    2. 2.
      Underwritten by Tokio Marine
​
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Last modified 4yr ago