How not to worry about medical expenses, and minimize your hospital bills
in insurance,Money Saving Tips
Have you ever experienced being admitted to a hospital because of your illness and your eyes bulge when you see the expensive medical bills that you have to pay for and you don’t have enough money to pay it? There is a saying that when we are young, we work too hard and trade our time and health for money. Then when we are old, we trade our money to hopefully gain back some health.
This is so true because there are so many old folks who save hard and put the money in the bank but the interest earned is barely enough to cover the medical cost inflation.
Nowadays, many people had realized the high cost of being hospitalized. When medical fees keep escalating, more people are aware and seek for medical insurance coverage. So the first step towards cutting medical expenses is to get insured, while you are still qualified to apply for total coverage.
1.Get insured with Hospitalization & Surgical benefit
I explained about medical insurance before. Refer the video for a very simple and easy to comprehend presentation.
Utmost, personal health should be one’s top most priority. You can’t go to work if you are having a high fever, right? Because if you do, you won’t be that productive compared if you are on your normal state.
In the past, I’ve met several MLM or direct salespersons who normally sell all kind of health product. Once they know that I’m an insurance agent, they almost always pitch the idea that when you eat healthily and take good care of your body, you’ll never get sick. Therefore, there is no need to buy medical insurance.
This statement may have some truth in it although some insurance agents may get offended by the whole idea of stay healthy and throw away your “medical card”. So the second obvious tips on cutting medical bills is to live a healthy lifestyle!
2.Eat organic food, workout regularly, and take care of your personal hygiene and your home’s cleanliness to have a healthy lifestyle, therefore a healthy body.
However, if you are too late to get insured, or your health is already depleted in some way, don’t be panic. There are still more tips coming up that may save your hospital bills. Just in case you are hospitalized (touch wood) due to unforeseen circumstances, here are more tips that could get you going.
3. Have your previous test report ready and decline other unnecessary “add-on”
First things first, for you to lessen the cost of your medical bills, you have to have your updated previous test results for your health with you. If the test was taken days ago, then you could bring that when you want to be admitted on a hospital. These previous results that you have could lessen your cost since you will not take some tests because they are going to refer the results on what you have. But bear in mind that not all previous results is helpful when you want to cut costs. Some tests need to be taken anew to provide you progress or update on your current health and for them to find out if there is anything wrong with your present health.
Another thing to remember when you want to prevent necessary costs is that, when you have a hospital room, you can always decline offers of having a television set on your room or a fridge there to be put, or any additional appliance or room ornaments that add up to your costs. By doing these things, you can start saving your costs though it may seem to be small but at least you started it.
If you have already chosen a hospital room for you to be in and you have already taken the necessary tests for you, having the right doctor and being admitted on a good time is the next thing that you need to consider.
4. Consult a practitioner rather than a specialist
We cannot predict when or where we are going to get sick. We always have to take good care of ourselves for us to avoid being in the hospital for any extensive treatment and for us to avoid any expensive hospital costs. But there really is a time that you can’t stand the pain or illness that you have and you really need to go to a hospital for treatment. In finding a doctor, for you to cut costs, you can consult a general practitioner rather than a specialist. Why? It’s because general practitioners are more affordable than those specialists. Payments for specialists for consultations are half more expensive than that of general practitioners. See how much you can already save when you meet for a doctor?
But you should always go to the general practitioners that you trust. If not, sometimes you may end up paying even more when your first visit is not fruitful. You may still need to visit the specialist later.
Another thing that you can keep in mind is the time that you are admitted. There are certain times in the calendar that medical costs would raise and you would have to pay an expensive bill. But you don’t always have to keep the pain in and wait until the time that costs are cheaper. It is your health still and you should always take care of it.
5. Always request for the itemized billing statement
Be clever. Since you want to invest more on your health, you have to know everything that you pay for in the hospital. That is why you need to request the hospital to provide you detailed information on your medical bill. From the cotton ball that was used down to the drug that was administered, everything in the hospital is paid.
As a clever and knowledgeable customer, since a hospital is a service and at the same time a business, know what you really are paying for. Though mistakes unusually happen on the breakdown of your medical bills, still, you can always double check it.
6. Ask for discount – from doctors and also from hospitals
Another good tip that you can adhere to if you want to save on your medical bills, is that you can ask for discounts. Hospitals could give you discounts but not all people can truly avail of this kind of service that they provide. It would now be based on the situation that you are in, in terms of the financial aspect.
For you to be able to have this discount, the hospital may ask you to procure any proof of your salary so that they could estimate if your income is suitable for a discount or not. It is all based on the income that you have. If you have a fairly low income, the hospital could grant you the discount or another way for you to pay is by installment. Meaning, you will pay a percentage of the total amount of the hospital bill for the meantime for you to be released and you will pay the remainder of the amount on the latter, depending on the agreement that the hospital provided you to abide for.
If the hospital cannot provide you with a discount then you can always ask for the approximated amount that you need to pay for the entire duration of the treatment. This is usually done by customers who have a tight budget for and they could allot money for the medical bills since they already know how much it would cost. You can always ask for how much it would cost all-in-all even if the treatment hasn’t started yet.
Beside asking discount from the financial department or billing department of the hospitals, you can also ask for discount from the doctors who treat you. Get enough sympathy, and the doctor will write off some consultation fees, or procedure charge.
7. There are cheaper options of generic drug.
If your intention is to have a good health and keep your pockets intact, then you can consider this next tip. When choosing the medications that you need to buy, you can always find out choices from generic medications. These kinds of drugs in terms of cost may be cheaper compared to those branded drugs which go half or three quarters more expensive than that of generic drugs.
Also, you need to know that the payment that you pay for those branded drugs may include the branding cost of the company. Generic drugs may have the same quality as to patented drugs in terms of the effects of the medicine. It is usually similar in terms of the pharmaceutical components of both. Another one is in terms of its potency and effectiveness as a drug, though generic ones are cheaper in costs, some of them still give you the same effects like that of those branded ones.
If you can find generic and cheaper drugs instead of patented ones, you may save lots of money and at the same time, cure yourself of the illness that you have. Anyway, you shouldn’t be mislead that all generic drugs are as good as the “branded” drugs.
Warning: Always seek advise from medical professional and pharmacist before taking on any drug.
Here is a reminder by CKK
Update by CKK:
Recall back the Pharmaniaga scandal where the generic manufacturer was clampdown by the authority which found out their factory was in a mess and expired drugs were mixed up with new stocks!
There are many other cases of abuse and shoddy generic manufacturers dishing out sub-quality drugs out of their factories. Ask a medical doctor treating life-threatening diseases like organ rejections, systemic infections etc and they will tell you the problems with generic drugs (ineffective). If you want to die fast, go cheap and go generic.
8. Get help from your employer.
If you are working in a company, you can always have them to help you shoulder some of the bills for your hospitalization, especially if the injury or the incident that happened to you is work-related.
Companies nowadays, offer their employees and potential employees health benefits. Since the industry of commerce puts you into stress you might consider your company helping you for your bills.
Some companies provide free annual checkups and other tests like physical tests, reproductive tests, and drug tests. Also, companies now offer extended medical services for your children or your other halves. Be wise to know what your company offers you so that you could have an advantage in taking care of your medical budget and your health as well. Ask your manager or go to the HR officer to find out about the medical terms and coverage that your office could help you to.
Health is very important for us. By following the tips mentioned, you can now be wise enough and be resourceful for in order to not only save on our medical bills but at the same time, have a healthy and productive life
Saturday, February 4, 2012
Wednesday, July 20, 2011
Wednesday, June 8, 2011
Great Cash Wonder
Great Cash Wonder
Now you can enjoy the substantial savings growth you seek to achieve your high expectations in life. Great Cash Wonder is an endowment plan specially designed for movers and shakers who want to see their savings swell in the long term without the commitment of a prolonged premium payment term.
This high powered savings plan pays you the basic sum assured,yearly guaranteed survival benefit plus a non-guaranteed cash bonus to meet your financial commitments in life. On top of that, it increases your sum assured up to 150% for an even greater savings growth. To top it all off,you will enjoy protection against the unexpected.
Receive survival benefit up to 145% of the basic sum assured
See your wealth grow with Great Cash Wonder. From the end of the very first policy year,the plan pays you an annual guaranteed survival benefit in addition to the basic sum assured. Best of all,you can receive up to 145% of the basic sum assured depending on the policy term chosen. You can take out this cash benefit to fund your immediate goals or accumulate it with the Company.
Policy Year Survival Benefit (% of sum assured)
20 Years 25 Years
1 to 5 5% 5%
6 to maturity 6% 6%
Total 115% 145%
Cash bonuses to boost your savings further
Great Cash Wonder offers a further avenue to grow savings with a yearly non-guaranteed cash bonus from the end of the first policy year. You can opt to spend it on yourself and your loved ones, or leave it with the Company to generate a bigger payout at the maturity of the plan. This extra pool of money will make it even easier for you to meet your needs.
Short term premium payments, long term savings and coverage
With Great Cash Wonder, you only pay premiums for a short period, yet you will enjoy protection and see your money accumulate well to fulfill your needs in life. Pick and choose your own policy term which best assists you in enhancing your financial security.
Policy Term Premium Payment Term
5 Years 10 Years
20 years V V
25 years V
Up to 150% basic sum assured for more financial security
The plan brings you greater peace of mind too. In the event of death or Total and Permanent Disability (TPD), your loved ones will receive the basic sum assured, additional sum assured (if any), survival benefit (if any), cash bonus (if any) and terminal bonus (if any), in accordance with the provisions of the policy. This will help provide the financial means for them to carry on.
From the second policy year onwards, your sum assured will grow with Great Cash Wonder, up to 150% at no cost. This will increase your savings pool by the time the policy matures.
Policy Year Additional sum assured
(% of basic sum assured)
1
2 10%
3 20%
4 30%
5 40%
6 to maturity 50%
Enhanced coverage with Accidental Death Benefit
Should accidental death occur before the end of the policy term or before the age of 65 years next birthday, whichever is earlier, your loved ones will receive an additional amount of 100% of the total of the basic sum assured and additional sum assured (if any).
Maturity Benefit
Great Cash Wonder has been specially designed as a savings plan with higher potential returns to make it easier for you to achieve your financial goals. At the end of your chosen policy term, you will receive 150% of the basic sum assured, survival benefit (if any), cash bonus (if any) and terminal bonus (if any) to fulfill them.
Frequently Asked Questions
Q : Who can apply for Great Cash Wonder?
A : Anyone between 30 days attained age and 55 years next birthday can apply for Great Cash Wonder.
Q : What are the minimum and maximum sums assured?
A : The minimum sum assured is RM20,000 and the maximum sum assured is subject to underwriting limitations at the time of purchase.
Q : What are some of the exclusions for this plan?
A : No benefit is payable under the following circumstances:
- Death during the first policy year as a result of suicide, while sane or insane.
- TPD resulting from self-inflicted injuries, while sane or insane.
Q : How do I pay my premiums?
A : You can pay by credit card, banker’s order, GIRO, cheque or cash. You have the flexibility to pay your premium annually, half-yearly, quarterly or even monthly (by credit card, banker’s order or GIRO).
Q : Will I be entitled to tax benefits?
A : Benefits received from Great Cash Wonder are generally non-taxable and premiums paid may qualify for tax relief.
Important Notices
Great Cash Wonder is a limited pay participating endowment plan with guaranteed survival benefit and non-guaranteed cash bonuses. Premiums are payable until the end of the premium payment term, or until Death or TPD, whichever occurs first. The cash bonus and terminal bonus are not guaranteed. The actual bonuses that would be declared may be more or less, depending on the operating and investment results experienced by the Company.
Now you can enjoy the substantial savings growth you seek to achieve your high expectations in life. Great Cash Wonder is an endowment plan specially designed for movers and shakers who want to see their savings swell in the long term without the commitment of a prolonged premium payment term.
This high powered savings plan pays you the basic sum assured,yearly guaranteed survival benefit plus a non-guaranteed cash bonus to meet your financial commitments in life. On top of that, it increases your sum assured up to 150% for an even greater savings growth. To top it all off,you will enjoy protection against the unexpected.
Receive survival benefit up to 145% of the basic sum assured
See your wealth grow with Great Cash Wonder. From the end of the very first policy year,the plan pays you an annual guaranteed survival benefit in addition to the basic sum assured. Best of all,you can receive up to 145% of the basic sum assured depending on the policy term chosen. You can take out this cash benefit to fund your immediate goals or accumulate it with the Company.
Policy Year Survival Benefit (% of sum assured)
20 Years 25 Years
1 to 5 5% 5%
6 to maturity 6% 6%
Total 115% 145%
Cash bonuses to boost your savings further
Great Cash Wonder offers a further avenue to grow savings with a yearly non-guaranteed cash bonus from the end of the first policy year. You can opt to spend it on yourself and your loved ones, or leave it with the Company to generate a bigger payout at the maturity of the plan. This extra pool of money will make it even easier for you to meet your needs.
Short term premium payments, long term savings and coverage
With Great Cash Wonder, you only pay premiums for a short period, yet you will enjoy protection and see your money accumulate well to fulfill your needs in life. Pick and choose your own policy term which best assists you in enhancing your financial security.
Policy Term Premium Payment Term
5 Years 10 Years
20 years V V
25 years V
Up to 150% basic sum assured for more financial security
The plan brings you greater peace of mind too. In the event of death or Total and Permanent Disability (TPD), your loved ones will receive the basic sum assured, additional sum assured (if any), survival benefit (if any), cash bonus (if any) and terminal bonus (if any), in accordance with the provisions of the policy. This will help provide the financial means for them to carry on.
From the second policy year onwards, your sum assured will grow with Great Cash Wonder, up to 150% at no cost. This will increase your savings pool by the time the policy matures.
Policy Year Additional sum assured
(% of basic sum assured)
1
2 10%
3 20%
4 30%
5 40%
6 to maturity 50%
Enhanced coverage with Accidental Death Benefit
Should accidental death occur before the end of the policy term or before the age of 65 years next birthday, whichever is earlier, your loved ones will receive an additional amount of 100% of the total of the basic sum assured and additional sum assured (if any).
Maturity Benefit
Great Cash Wonder has been specially designed as a savings plan with higher potential returns to make it easier for you to achieve your financial goals. At the end of your chosen policy term, you will receive 150% of the basic sum assured, survival benefit (if any), cash bonus (if any) and terminal bonus (if any) to fulfill them.
Frequently Asked Questions
Q : Who can apply for Great Cash Wonder?
A : Anyone between 30 days attained age and 55 years next birthday can apply for Great Cash Wonder.
Q : What are the minimum and maximum sums assured?
A : The minimum sum assured is RM20,000 and the maximum sum assured is subject to underwriting limitations at the time of purchase.
Q : What are some of the exclusions for this plan?
A : No benefit is payable under the following circumstances:
- Death during the first policy year as a result of suicide, while sane or insane.
- TPD resulting from self-inflicted injuries, while sane or insane.
Q : How do I pay my premiums?
A : You can pay by credit card, banker’s order, GIRO, cheque or cash. You have the flexibility to pay your premium annually, half-yearly, quarterly or even monthly (by credit card, banker’s order or GIRO).
Q : Will I be entitled to tax benefits?
A : Benefits received from Great Cash Wonder are generally non-taxable and premiums paid may qualify for tax relief.
Important Notices
Great Cash Wonder is a limited pay participating endowment plan with guaranteed survival benefit and non-guaranteed cash bonuses. Premiums are payable until the end of the premium payment term, or until Death or TPD, whichever occurs first. The cash bonus and terminal bonus are not guaranteed. The actual bonuses that would be declared may be more or less, depending on the operating and investment results experienced by the Company.
Sunday, May 22, 2011
Sunday, May 15, 2011
Standard operating procedure for hospitals
CF = Claim Form
APS = Attending Physician Statement
Standard operating procedure for panel hospitals
Standard operating procedure for non-panel hospitals
APS = Attending Physician Statement
Standard operating procedure for panel hospitals
Standard operating procedure for non-panel hospitals
Tuesday, May 3, 2011
Smart Early Payout Critical Care
Smart Early Payout Critical Care
Smart Early Payout Critical Care is designed with you in mind. It’s a unique investment-linked insurance rider, which pays upon early diagnosis of a critical illness, not when the illness has become more severe – as with most insurance plans. Smart Early Payout Critical Care gives you the early payout protection you need so that you can focus on treatment and recovery.
Early Payout, Finances Saved
When your life threatens to come to a halt, you need to bounce back fast. With early payouts to provide for early treatments, you won’t have to put off your other life plans should a critical illness occur. More importantly, you do not have to be financially burdened. The lump sum paid may be used at your discretion – choose to use it for medical treatments or therapy, medication or even to settle financial commitments. With the advantage of early financial support from Smart Early Payout Critical Care, you can focus solely on treatment and recovery so that you can get back on your feet again.
Multiple Claims Across Multiple Critical Illnesses
The most thoughtful thing is, Smart Early Payout Critical Care allows for multiple claims for different critical illnesses or across severity levels within the same critical illness. Furthermore, you will not have to wait in between submission of claims should your condition deteriorate to a more advanced stage. There are no limits to the number of critical illness conditions that you can claim against, as long as the pre-defined conditions are fulfilled and the sum of claim payouts are within the rider’s sum assured limit.
Added Protection with Unique Buy Back Option
Usually, if a critical illness claim is made, it will be difficult to obtain new insurance cover, depriving your loved ones of financial aid should anything unforeseen happen to you. The good news is, Smart Early Payout Critical Care comes with a unique Buy Back option to give your loved ones the extra financial protection at the time they may need it most. With this option, you can buy back the death benefit from selected insurance plan offered by the Company, up to the maximum sum assured of the rider. This means that you’re still covered even after a full payout of critical illness claims has been made under Smart Early Payout Critical Care.
Smart Early Payout Critical Care offers coverage for critical illnesses of various severity levels, which are classified into 3 categories:
An example of how it works:
A 30-year old male is covered by Smart Early Payout Critical Care with a sum assured of RM300,000. He is diagnosed with early stage cancer at Severity 25 and he makes a claim. Six months later, he suffers a heart attack at Severity 25 and another claim is made. Two months after the second claim is made, he suffers a heart attack at Severity 50 and makes a claim. Since the three claims did not reach the full sum assured, he will continue to be protected. If his condition deteriorates, he can make further claims on the remaining sum assured.
Frequently Asked Questions
Q : Who can apply?
A : Anyone between 30 days attained age and 65 years next birthday can purchase Smart Early Payout Critical Care, which will be attached to their regular premium investment-linked insurance plan.
Q : How much premium do I have to pay?
A : No additional premium is required to enjoy the coverage. However, the insurance charge will be deducted from the total investment value of your policy on a monthly basis.
Q : Under what circumstances will Smart Early Payout Critical Care be terminated?
A : This rider will be terminated on the death of the Life Assured, or on the policy anniversary on which the Life Assured’s age is 70 years next birthday, or expiry date, or once the sum assured for this rider is fully paid out, or upon termination of the Critical Illness Benefit Rider,
or when the policy is lapsed, surrendered or terminated, whichever comes first.
Q : What are some of the exclusions for this rider?
A : No benefits will be payable under the following circumstances:
- Pre-existing Illness
- Any covered critical illness which commenced, occurred or diagnosed during the waiting period of 30 days or 60 days, depending on the type of critical illness (except for Cancer with Severity 25 and Severity 50 where a 120 days waiting period shall apply), from the Risk Effective Date or from the date of any reinstatement of this rider or the policy, whichever is the latest.
Q : What are the minimum and maximum sums assured?
A : The minimum sum assured is RM12,000 and the maximum sum assured is RM1,000,000.
Important Notices
Smart Early Payout Critical Care is a unit deduction rider attachable to selected regular premium investment-linked insurance plans and must be attached together with Critical Illness Benefit Rider. Upon payment of any benefits under Smart Early Payout Critical Care, the rider will accelerate the sum assured of the Critical Illness Benefit Rider, which in turn will also accelerate the sum assured of the investment-linked insurance plan. This is an insurance product that is tied to the performance of the underlying assets, and is not a pure investment product such as unit trust.
The insurance charge to be imposed will be deducted from the total investment value of your policy on a monthly basis. You may stop paying premiums under the policy and still enjoy protection as long as there is sufficient total investment value to pay for the insurance charge. However, there is a possibility of the policy lapsing when the required charges, including rider charges exceed the total investment value of the fund units available. Purchasing too many unit deduction riders may deplete the fund units.
You should satisfy yourself that this rider best serves your needs and that the premium payable under the policy is an amount you can afford. A free-look period of 15 days is given for policy owner to review the suitability of the newly purchased Medical and Health Insurance product (MHI). If the rider is cancelled during this period, the policy owner is entitled to the reinstatement of the units deducted for the payment of insurance charge after net of expenses incurred for the medical examination, if any. If you switch-over your Medical Policy/Rider from one company to another or if you exchange your current Medical Policy/Rider with another policy within the same company, you may be required to submit an application where acceptance of your proposal will be subjected to the Terms and Conditions to be imposed at the time of Policy/Rider switching or replacement.
Smart Early Payout Critical Care is designed with you in mind. It’s a unique investment-linked insurance rider, which pays upon early diagnosis of a critical illness, not when the illness has become more severe – as with most insurance plans. Smart Early Payout Critical Care gives you the early payout protection you need so that you can focus on treatment and recovery.
Early Payout, Finances Saved
When your life threatens to come to a halt, you need to bounce back fast. With early payouts to provide for early treatments, you won’t have to put off your other life plans should a critical illness occur. More importantly, you do not have to be financially burdened. The lump sum paid may be used at your discretion – choose to use it for medical treatments or therapy, medication or even to settle financial commitments. With the advantage of early financial support from Smart Early Payout Critical Care, you can focus solely on treatment and recovery so that you can get back on your feet again.
Multiple Claims Across Multiple Critical Illnesses
The most thoughtful thing is, Smart Early Payout Critical Care allows for multiple claims for different critical illnesses or across severity levels within the same critical illness. Furthermore, you will not have to wait in between submission of claims should your condition deteriorate to a more advanced stage. There are no limits to the number of critical illness conditions that you can claim against, as long as the pre-defined conditions are fulfilled and the sum of claim payouts are within the rider’s sum assured limit.
Added Protection with Unique Buy Back Option
Usually, if a critical illness claim is made, it will be difficult to obtain new insurance cover, depriving your loved ones of financial aid should anything unforeseen happen to you. The good news is, Smart Early Payout Critical Care comes with a unique Buy Back option to give your loved ones the extra financial protection at the time they may need it most. With this option, you can buy back the death benefit from selected insurance plan offered by the Company, up to the maximum sum assured of the rider. This means that you’re still covered even after a full payout of critical illness claims has been made under Smart Early Payout Critical Care.
Smart Early Payout Critical Care offers coverage for critical illnesses of various severity levels, which are classified into 3 categories:
An example of how it works:
A 30-year old male is covered by Smart Early Payout Critical Care with a sum assured of RM300,000. He is diagnosed with early stage cancer at Severity 25 and he makes a claim. Six months later, he suffers a heart attack at Severity 25 and another claim is made. Two months after the second claim is made, he suffers a heart attack at Severity 50 and makes a claim. Since the three claims did not reach the full sum assured, he will continue to be protected. If his condition deteriorates, he can make further claims on the remaining sum assured.
Frequently Asked Questions
Q : Who can apply?
A : Anyone between 30 days attained age and 65 years next birthday can purchase Smart Early Payout Critical Care, which will be attached to their regular premium investment-linked insurance plan.
Q : How much premium do I have to pay?
A : No additional premium is required to enjoy the coverage. However, the insurance charge will be deducted from the total investment value of your policy on a monthly basis.
Q : Under what circumstances will Smart Early Payout Critical Care be terminated?
A : This rider will be terminated on the death of the Life Assured, or on the policy anniversary on which the Life Assured’s age is 70 years next birthday, or expiry date, or once the sum assured for this rider is fully paid out, or upon termination of the Critical Illness Benefit Rider,
or when the policy is lapsed, surrendered or terminated, whichever comes first.
Q : What are some of the exclusions for this rider?
A : No benefits will be payable under the following circumstances:
- Pre-existing Illness
- Any covered critical illness which commenced, occurred or diagnosed during the waiting period of 30 days or 60 days, depending on the type of critical illness (except for Cancer with Severity 25 and Severity 50 where a 120 days waiting period shall apply), from the Risk Effective Date or from the date of any reinstatement of this rider or the policy, whichever is the latest.
Q : What are the minimum and maximum sums assured?
A : The minimum sum assured is RM12,000 and the maximum sum assured is RM1,000,000.
Important Notices
Smart Early Payout Critical Care is a unit deduction rider attachable to selected regular premium investment-linked insurance plans and must be attached together with Critical Illness Benefit Rider. Upon payment of any benefits under Smart Early Payout Critical Care, the rider will accelerate the sum assured of the Critical Illness Benefit Rider, which in turn will also accelerate the sum assured of the investment-linked insurance plan. This is an insurance product that is tied to the performance of the underlying assets, and is not a pure investment product such as unit trust.
The insurance charge to be imposed will be deducted from the total investment value of your policy on a monthly basis. You may stop paying premiums under the policy and still enjoy protection as long as there is sufficient total investment value to pay for the insurance charge. However, there is a possibility of the policy lapsing when the required charges, including rider charges exceed the total investment value of the fund units available. Purchasing too many unit deduction riders may deplete the fund units.
You should satisfy yourself that this rider best serves your needs and that the premium payable under the policy is an amount you can afford. A free-look period of 15 days is given for policy owner to review the suitability of the newly purchased Medical and Health Insurance product (MHI). If the rider is cancelled during this period, the policy owner is entitled to the reinstatement of the units deducted for the payment of insurance charge after net of expenses incurred for the medical examination, if any. If you switch-over your Medical Policy/Rider from one company to another or if you exchange your current Medical Policy/Rider with another policy within the same company, you may be required to submit an application where acceptance of your proposal will be subjected to the Terms and Conditions to be imposed at the time of Policy/Rider switching or replacement.
Saturday, April 23, 2011
Smart Educate Saver
Smart Educate Saver
As parents, many of us wonder what our little one is going to grow up to be. A doctor? A lawyer, perhaps? In any career, a good education goes a long way towards helping your child enjoy a smoother, more successful journey through life. With the rising cost of education, it’s never too soon to prepare for the day you send your little one to college.
Smart Educate Saver opens the door for your child to enjoy better education opportunities. An investment linked insurance plan, it grows your child’s education fund with additional investment allocations – while also providing protection against the unexpected. You can start with as little as RM100 a month, making it an affordable education plan to secure your child’s future.
Grow your child’s education fund with additional allocation to unit funds
See your child’s education fund grow with an extra investment allocation. An Additional Units Allocation of 2% will be added to your premium allocation rate for payment of premium for every 3rd policy year to boost the investment value of your policy. For investment purposes, your premium is segregated into Insurance Premium and Balancer.
The Balancer portion is allocated to unit funds at the following rates:
Policy Year Premium Allocation Rate (%)
1st and 2rd 95%
3rd 95% plus 2% Additional Units Allocation
4th and 5th 95%
6th 95% plus 2% Additional Units Allocation
Thereafter 95% plus 2% Additional Units Allocation every subsequent
3rd Policy Year until the end of Policy Term
Boost your policy’s investment value any time you wish
To better prepare against the rising cost of education, you can also opt to boost the investment value of your policy via single premium top-ups. With a minimum of RM1,000 per single premium top-up, we will direct 95% of it to unit funds to enhance your potential returns.
Plan ahead with flexible coverage terms
Depending on your child’s age, you can choose the appropriate policy term from 8 to 24 years, so that the education fund matures when it’s time for your child to go to college. At the end of your policy term, you will receive the Total Investment Value (TIV) of the plan to fund your child’s education.
Be protected against life’s uncertainties
Should death or Total and Permanent Disability (TPD) occur, the plan provides financial support with the payment of the Basic Sum Assured, along with the Total Investment Value (TIV) in accordance with the provisions of the policy.
Choose your own investment funds
Smart Educate Saver allows you to choose from a wide range of professionally managed investment funds to suit your risk appetite and investment style, as well as the flexibility to switch funds.
Lion Asia Pac Fund
Seeks to provide long-term capital appreciation through investment in the equities markets of the Asia Pacific region (except Japan)
Lion Enhanced Equity Fund
Invests primarily in equities in Malaysia, which may be volatile in the short term. It may also partially invest in Singapore and Hong Kong if and when necessary, to enhance the fund’s returns
Lion Strategic Fund
Invests in a mixture of equities, fixed income securities and money market instruments, with a moderate level of volatility
Lion Balanced Fund
Invests in a mixture of equities and fixed income securities, with a moderate level of volatility
Lion Fixed Income Fund
Invests in fixed income securities like government and corporate bonds with the balance in cash and cash equivalents, with low levels of volatility
Lion Progressive Fund
Invests in a mixture of equities and fixed income securities, with a moderate to high level of volatility
Dana Sejati / Dana Gemilang
Invest in Shariah-approved securities
Lion UK-i Fund / Lion US-i Fund / Lion AU-i Fund
Seeks to provide medium to long-term capital appreciation through investment in the equity indices of the UK, US and Australia stock markets respectively
Tax Benefit
Benefits received from Smart Educate Saver are generally non-taxable and premiums paid may qualify for tax relief. However, tax benefits are subject to the Malaysian Income Tax Act, 1967, and final decision of the Inland Revenue Board.
Frequently Asked Questions
Q : How do I start?
A : You can start investing in Smart Educate Saver with as little as RM1,200 a year or RM100 a month.
Q : Who can apply?
A : Any parent / legal guardian of a child between 30 days attained age and 17 years next birthday can apply for Smart Educate Saver.
Q : What are the minimum and maximum policy terms under this policy?
A : The minimum policy term allowable is 8 years and the maximum policy term is 24 years.
Q : What are some of the exclusions under this policy?
A : No benefit is payable under the following circumstances:
- Pre-existing condition
- Death during the first policy year as a result of suicide, while sane or insane
- Total and Permanent Disability (TPD) resulting from self-inflicted injuries, while sane or insane
Q : How do I make my payment?
A : You can pay by credit card, banker’s order, GIRO, cheque or cash. You have the flexibility to pay your premium annually, half-yearly, quarterly or even monthly (by credit card, banker’s order or GIRO).
Q : What are the current fees and charges?
A : – Insurance charges: Applicable to the sum assured, and vary according to age, sex, smoking habits, occupation and health condition.
- Monthly Policy Fee: RM6.
- Fund Management Charge: 0.50% – 1.50% per annum depending on your choice of fund.
Important Notices
Smart Educate Saver is a regular premium investment linked insurance policy. This plan is an insurance product that is tied to the performance of the underlying assets, and is not a pure investment product such as unit trusts. Premiums are payable for the whole term of the policy, or until death or Total and Permanent Disability (TPD), whichever comes first. You should satisfy yourself that this plan will best serve your needs and that the premiums payable under the policy is an amount you can afford.
A free-look period of 15 days is given for you to review the suitability of the plan. If the policy is returned to the Company during this period, the Company shall refund an amount equal to the sum of:
a) total investment values of the policy based on the Net Asset Value at the next valuation date; and
b) the investment values of the units which have been cancelled to pay for insurance charges and policy fee; and
c) the amount of premiums that have not been allocated; minus the expenses incurred for medical examination, if any.
Net Asset Value is the single price at which the policy owner buys the units in a unit fund and sells the units back to the unit fund. The minimum basic premium allowable for the policy is RM1,200 a year. The premium paid is segregated into Insurance Premium and Balancer (regular premium in excess of the Insurance Premium).
In cases where the purchase involves a premium of a sizeable amount i.e. RM5,000 and more, the prospect should consider purchasing a single premium investment linked insurance policy as single premium plans offer better allocation rates for investment. However, please take note that single premium plans may not offer as much insurance protection as regular premium plans and may have less riders/supplementary benefits available.
You may stop paying the premiums and still enjoy protection as long as there is a sufficient total investment value to pay for the insurance charges, policy fee and supplementary benefit premiums, where applicable. However, there is a possibility of the policy lapsing when the required charges, including rider charges, exceed the value of the fund units available. Purchasing too many unit-deduction riders may deplete the fund units.
Buying an investment-linked insurance policy is a long term commitment. An early termination of the policy involves high costs and the withdrawal value is dependent on prevailing market value of the underlying assets of the unit fund. Therefore, the withdrawal value may be less than the total premiums paid. The policy value may rise or fall, based on the underlying performance of the funds. The performance of the funds is not guaranteed. The investment risk under the policy will be borne solely by the policy owner. Past actual performance is not a guide to future performance, which may be different.
Any amount of the premium that has not been allocated to purchase units is used to meet the payment of commissions to intermediaries and general expenses of the Company. The Company reserves the right, in circumstances it considers exceptional, to suspend issuance or redemption of units
As parents, many of us wonder what our little one is going to grow up to be. A doctor? A lawyer, perhaps? In any career, a good education goes a long way towards helping your child enjoy a smoother, more successful journey through life. With the rising cost of education, it’s never too soon to prepare for the day you send your little one to college.
Smart Educate Saver opens the door for your child to enjoy better education opportunities. An investment linked insurance plan, it grows your child’s education fund with additional investment allocations – while also providing protection against the unexpected. You can start with as little as RM100 a month, making it an affordable education plan to secure your child’s future.
Grow your child’s education fund with additional allocation to unit funds
See your child’s education fund grow with an extra investment allocation. An Additional Units Allocation of 2% will be added to your premium allocation rate for payment of premium for every 3rd policy year to boost the investment value of your policy. For investment purposes, your premium is segregated into Insurance Premium and Balancer.
The Balancer portion is allocated to unit funds at the following rates:
Policy Year Premium Allocation Rate (%)
1st and 2rd 95%
3rd 95% plus 2% Additional Units Allocation
4th and 5th 95%
6th 95% plus 2% Additional Units Allocation
Thereafter 95% plus 2% Additional Units Allocation every subsequent
3rd Policy Year until the end of Policy Term
Boost your policy’s investment value any time you wish
To better prepare against the rising cost of education, you can also opt to boost the investment value of your policy via single premium top-ups. With a minimum of RM1,000 per single premium top-up, we will direct 95% of it to unit funds to enhance your potential returns.
Plan ahead with flexible coverage terms
Depending on your child’s age, you can choose the appropriate policy term from 8 to 24 years, so that the education fund matures when it’s time for your child to go to college. At the end of your policy term, you will receive the Total Investment Value (TIV) of the plan to fund your child’s education.
Be protected against life’s uncertainties
Should death or Total and Permanent Disability (TPD) occur, the plan provides financial support with the payment of the Basic Sum Assured, along with the Total Investment Value (TIV) in accordance with the provisions of the policy.
Choose your own investment funds
Smart Educate Saver allows you to choose from a wide range of professionally managed investment funds to suit your risk appetite and investment style, as well as the flexibility to switch funds.
Lion Asia Pac Fund
Seeks to provide long-term capital appreciation through investment in the equities markets of the Asia Pacific region (except Japan)
Lion Enhanced Equity Fund
Invests primarily in equities in Malaysia, which may be volatile in the short term. It may also partially invest in Singapore and Hong Kong if and when necessary, to enhance the fund’s returns
Lion Strategic Fund
Invests in a mixture of equities, fixed income securities and money market instruments, with a moderate level of volatility
Lion Balanced Fund
Invests in a mixture of equities and fixed income securities, with a moderate level of volatility
Lion Fixed Income Fund
Invests in fixed income securities like government and corporate bonds with the balance in cash and cash equivalents, with low levels of volatility
Lion Progressive Fund
Invests in a mixture of equities and fixed income securities, with a moderate to high level of volatility
Dana Sejati / Dana Gemilang
Invest in Shariah-approved securities
Lion UK-i Fund / Lion US-i Fund / Lion AU-i Fund
Seeks to provide medium to long-term capital appreciation through investment in the equity indices of the UK, US and Australia stock markets respectively
Tax Benefit
Benefits received from Smart Educate Saver are generally non-taxable and premiums paid may qualify for tax relief. However, tax benefits are subject to the Malaysian Income Tax Act, 1967, and final decision of the Inland Revenue Board.
Frequently Asked Questions
Q : How do I start?
A : You can start investing in Smart Educate Saver with as little as RM1,200 a year or RM100 a month.
Q : Who can apply?
A : Any parent / legal guardian of a child between 30 days attained age and 17 years next birthday can apply for Smart Educate Saver.
Q : What are the minimum and maximum policy terms under this policy?
A : The minimum policy term allowable is 8 years and the maximum policy term is 24 years.
Q : What are some of the exclusions under this policy?
A : No benefit is payable under the following circumstances:
- Pre-existing condition
- Death during the first policy year as a result of suicide, while sane or insane
- Total and Permanent Disability (TPD) resulting from self-inflicted injuries, while sane or insane
Q : How do I make my payment?
A : You can pay by credit card, banker’s order, GIRO, cheque or cash. You have the flexibility to pay your premium annually, half-yearly, quarterly or even monthly (by credit card, banker’s order or GIRO).
Q : What are the current fees and charges?
A : – Insurance charges: Applicable to the sum assured, and vary according to age, sex, smoking habits, occupation and health condition.
- Monthly Policy Fee: RM6.
- Fund Management Charge: 0.50% – 1.50% per annum depending on your choice of fund.
Important Notices
Smart Educate Saver is a regular premium investment linked insurance policy. This plan is an insurance product that is tied to the performance of the underlying assets, and is not a pure investment product such as unit trusts. Premiums are payable for the whole term of the policy, or until death or Total and Permanent Disability (TPD), whichever comes first. You should satisfy yourself that this plan will best serve your needs and that the premiums payable under the policy is an amount you can afford.
A free-look period of 15 days is given for you to review the suitability of the plan. If the policy is returned to the Company during this period, the Company shall refund an amount equal to the sum of:
a) total investment values of the policy based on the Net Asset Value at the next valuation date; and
b) the investment values of the units which have been cancelled to pay for insurance charges and policy fee; and
c) the amount of premiums that have not been allocated; minus the expenses incurred for medical examination, if any.
Net Asset Value is the single price at which the policy owner buys the units in a unit fund and sells the units back to the unit fund. The minimum basic premium allowable for the policy is RM1,200 a year. The premium paid is segregated into Insurance Premium and Balancer (regular premium in excess of the Insurance Premium).
In cases where the purchase involves a premium of a sizeable amount i.e. RM5,000 and more, the prospect should consider purchasing a single premium investment linked insurance policy as single premium plans offer better allocation rates for investment. However, please take note that single premium plans may not offer as much insurance protection as regular premium plans and may have less riders/supplementary benefits available.
You may stop paying the premiums and still enjoy protection as long as there is a sufficient total investment value to pay for the insurance charges, policy fee and supplementary benefit premiums, where applicable. However, there is a possibility of the policy lapsing when the required charges, including rider charges, exceed the value of the fund units available. Purchasing too many unit-deduction riders may deplete the fund units.
Buying an investment-linked insurance policy is a long term commitment. An early termination of the policy involves high costs and the withdrawal value is dependent on prevailing market value of the underlying assets of the unit fund. Therefore, the withdrawal value may be less than the total premiums paid. The policy value may rise or fall, based on the underlying performance of the funds. The performance of the funds is not guaranteed. The investment risk under the policy will be borne solely by the policy owner. Past actual performance is not a guide to future performance, which may be different.
Any amount of the premium that has not been allocated to purchase units is used to meet the payment of commissions to intermediaries and general expenses of the Company. The Company reserves the right, in circumstances it considers exceptional, to suspend issuance or redemption of units
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