My insurances agent call me up and I think it's time to evaluate insurances for TAX relief. I always don't buy insurances from a good friend so that our friendship will be longer.
So what insurances I buy? or is it enuf to cover? Should I add some premium?
1) AIA - Investment-linked insurance
What is it?
This is a whole life term insurance which combines protection and investment.
Coverage for whole life policy is extended to a person’s entire life as long as the premium is paid. Some companies use age limit to represent the term of whole life insurance like age 87, 93, 99 or 100.
A portion of the premiums are used to buy insurance benefits e.g. death benefit, total & permanent disability (TPD) benefit, critical illnesses benefit, waiver of premium benefit , accident death benefit, etc. The rest of the premiums will be invested in investment funds of your choice.
2) Great Eastern - Whole life Participating Insurance
Participating insurance can share the profit of an insurance company in the form of bonuses or dividends. But, the premium rate for participating insurance plans are more expensive than non-participating insurance.
3) Didn't buy - Whole life Non-Participating Insurance (Already have whole life participating)
Coverage for whole life non-participating insurance is extended to a person’s entire life or up to age 80, 90 or 100, as long as the premium is paid. The amount of sum assured is payable upon maturity or should death or TPD occur.
This type of insurance doesn’t generate cash bonuses. This is why it is cheaper compared to whole life participating insurance.
4) Didn't buy - Term insurance (Already have whole life participating)
Term insurance is the simplest form of insurance. It gives you the protection during the specific period of time, typically 5 years, 10 years, 20 years or up to certain age like 55, 60 or 70.
Term insurance is bought solely for protection purposes. It is an ideal choice for an individual who needs large amount of protection but do not want to buy whole life insurance. It provides adequate coverage at an affordable premium. Unlike other types of insurance, term insurance does not have saving elements; hence, the premium you pay is low.
5) Didn't buy - Endowment insurance (Limpeh better than the fund agent meh)
This type of insurance provides a lump sum of money e.g. maturity bonuses, surrender value, etc to you at the end of the policy period.
Some endowment plans give regular cash payments to you at regular interval during the term of the policy (e.g. every 3 years or every 5 years).
It has guaranteed minimum surrender value.
This type of insurance forces you to save money regularly.
It is commonly used as a tool to save money for children’s education or retirement income.
6) AIA - Personal Accident (PA) Insurance - Want to cancel liao cos company have somemore can not tax relief
i) Death benefit
ii) Total & Permanent disablement (TPD) benefit
7) AIA - Hospitalization & Surgical (H&S) insurance 150 per night - Company have not sure want to cancel or not but can tax relief
H&S insurance is also known as medical insurance, health insurance, medical & health insurance or medical card insurance in Malaysia. It is called 'insuran kesihatan' or 'insuran perubatan' in Malay language.
The major items covered under H&S insurance in Malaysia are:
(a) Hospitalization expenses such as room & board charges for a bed,
(b) Intensive care unit,
(c) Surgical related fees due to diseases and accidents while you are in the hospital like hospital supplies & services, anaesthetist's fees, in-hospital physician visits, etc,
(d) Pre-hospitalization treatments,
(e) Post-hospitalization treatments,
(f) Outpatient cancer treatment - chemotherapy, radiotherapy
(g) Outpatient kidney dialysis treatments,
(h) Organ transplant, and
(i) Others.
source: http://www.malaysiainsuranceguide.com/