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
Whole life Non-Participating Insurance
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.
It has surrender value. Surrender value at policy year 30 is about 70% to 80% of the total premium paid.
Premium is paid annually for as long as you wish to be protected, even in old age.
Table below: Annual premium rates of a RM100,000 whole life non-participating insurance for a male
|
Age |
Annual premium (RM) |
|
20 |
700± |
|
25 |
800± |
|
30 |
1,000± |
|
35 |
1,200± |
Table below: A comparison of annual premium rates among various types of insurance
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 is RM1, 200 or RM1, 800 depending on the practice of insurance companies.