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
Medical Conventional
Medical Takaful
Life Conventional
Life Takaful
Considerations
Requires long term thinking
Have to beat inflation rate
Medical / Life
Medical
Basic Sum Assured (Death Benefit)
Critical Illness Benefit
Accidental Death, TPD, or Dismemberment
Annual Limit
Lifetime Limit
Deductible Amount
Early Payout Critical Care
Hospital Room and Board Benefit
Intensive Care Unit Benefit
In-Hospital Related Fees
Pre-Hospitalization Benefit
Post-Hospitalization Treatment Benefit
Outpatient Kidney Dialysis Treatment Benefit and Out-patient Cancer Treatment Benefit
Day Care Procedure and Surgery Benefit
Emergency Accidental Out-patient Treatment (Inclusive Dental) and 30 days Follow-up Treatment
Optical Support - Intraocular Lens
Specified Maternity Complications Benefit
Out-patient Dengue Fever Treatment Benefit
Home Nursing Care Benefit
Emergency Medical Evacuation and Repatriation
Prevention Benefit
Special Care Benefit
Recovery and Support Benefit
Recovery Care
Mental Health Benefit
Life
Basic Sum Assured (Death Benefit)
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:
Faraid
Faraid Calculation http://pusakahub.com/faraid/irth.html
Insurance Companies
Life Insurance Association of Malaysia (LIAM)
Members of LIAM:
Allianz
AmMetLife Insurance
AXA Affin
Gibraltar BSN Life Berhad
Hannover Rueck SE
Hong Leong Assurance
Malaysian Life Reinsurance
Manulife Insurance
MCIS Insurance
Prudential Assurance
Sun Life Malaysia
Tokio Marine Life
Zurich Life Insurance
Others
Fi
Underwritten by Tokio Marine
Last updated
Was this helpful?