April 2007
Insurance Planning Guide for Malaysians
Hospitalization & Surgical Insurance /Medical Insurance / Health Insurance
(Updated on 9 May'07)
Directory of Insurance Companies in Malaysia
Endowment insurance
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.
The same amount of premium gives a lower protection compared to whole life insurance (both participating and non-participating). In other words, insurance charges are much higher for endowment insurance.
Table: Annual premium rates of a RM100, 000 30-year endowment insurance for a male in Malaysia
|
Age |
Annual premium (RM) |
|
20 |
6,700± |
|
25 |
6,800± |
|
30 |
6,900± |
|
35 |
7,000± |
Table: A comparison of annual premium rates among various types of insurance in Malaysia
Annual premium rates for male, RM100, 000 sum assured, cover death and total & permanent disablement only. Note: Remember your purpose is to get the protection you need with the lowest premium./to get the highest protection with the premium paid.
|
|
Investment-linked insurance |
Whole life with 36 critical illnesses (participating) |
Endowment ( for 30 years plan) |
Term assurance ( coverage until age 75) |
||
|
Age |
|
|
|
Premium |
|
|
|
20 |
1,200±* or 1,800±* |
1,800± |
700± |
2,500± |
6,700± |
800± |
|
25 |
1,200±* or 1,800±* |
2,000± |
800± |
3,000± |
6,800± |
900± |
|
30 |
1,200±* or 1,800±* |
2,500± |
1,000± |
3,500± |
6,900± |
1,100± |
|
35 |
1,200±* or 1,800±* |
3,000± |
1,200± |
4,000± |
7,000± |
1,400± |
*The minimum annual premium for an investment-linked insurance in Malaysia is RM1, 200 or RM1, 800 depending on the practice of insurance companies.
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The following insurance companies in Malaysia are offering whole life participating insurance. Please refer to Directory of Insurance Companies in Malaysia for their correspondence address, telephone number, fax number, e-mail address, location map (if any), website address and etc.
Allianz Life Insurance Malaysia Berhad
AmAssurance Berhad
American International Assurance Company, Limited (AIA)
Asia Life (M) Berhad (now known as TM Asia Life)
AXA AFFIN Life Insurance Berhad
Commerce Life Assurance Bhd
Great Eastern Life Assurance (Malaysia) Berhad
Hong Leong Assurance Berhad
ING Insurance Berhad
Malaysia National Insurance Berhad
Malaysian Assurance Alliance Berhad
Manulife Insurance (Malaysia) Berhad
Mayban Life Assurance Berhad
MCIS ZURICH Insurance Berhad
Prudential Assurance Malaysia Berhad
Tahan Insurance Malaysia Berhad
Uni.Asia Life Assurance Berhad