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 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.
Other common names used for whole life participating insurance are Whole life with cash bonus insurance, whole life with compound reversionary bonus insurance, whole life with profits insurance, etc.
Coverage for a whole life 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 together with additional bonuses are payable should death or TPD occur.
Whole life participating insurance provides longer period of protection compared to term insurance but it is much more expensive (please refer to Table 3: A comparison of annual premium rates among various types of insurance).
Cash bonuses generated from the insurance fund can be used to pay future premiums, but such bonuses are not guaranteed as it depends on the performance of insurance company.
Cash bonuses can be withdrawn on retirement, and serve as an additional retirement fund.
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 participating insurance for a male
|
Age |
Annual premium (RM) |
|
20 |
1,800± |
|
25 |
2,000± |
|
30 |
2,500± |
|
35 |
3,000± |
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.
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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