Takaful Health

Prudential BSN Takaful today launched Takaful Health, a sister product of PRUhealth, whereby a no claim bonus of up to RM500 will be paid if there is zero claim in previous certificate year.

Other features:

• Provides comprehensive hospital and medical coverage
• Coverage until 80 years old
• Rider to Takafulink (protection) and Takaful Cerdik (education)

Source: The Star

Bright future for Takaful

Highlights of speech by Deputy Finance Minister at the Takaful Rendezvous 2009:

• Takaful operators should keep contributions low (e.g. US$2 per month):
• Create better demand
• Enable more to have protection
• New takaful licenses will further instill innovation and competition
• Tremendous opportunities for growth in:
• Micro-takaful
• Medical and health coverage

Source: Business Times

LIAM: A(H1N1) is covered

LIAM has confirmed that all its 16 direct life member companies will be paying claims arising from hospitalisation due to A(H1N1) as well as death due to the flu.

A majority of the medical policies in the market carries exclusion on communicable diseases requiring quarantine by law. LIAM's members have decided to waive such exclusion. However the influenza will be monitored and the policyholders will be duly informed if the decision above is reversed.

Earlier Great Eastern, OAC and Etiqa announced that their medical policies cover A(H1N1).

Source: LIAM, The Star, The Edge 1 & 2, NST

PRUhealth

Prudential launched its new medical insurance plan - PRUhealth.

Some product features:

• Rider to investment-linked plan
• Covers hospitalisation, surgeries and outpatient treatments
• Coverage up to age 100
• No claim bonus of up to RM500 per year, withdrawn as cash or invested as extra units in ILP
• Annual claims limit can be waived with additional premiums

Prudential has allocated RM7 mil for its advertising campaign on PRUhealth.

Source: The Star

Reasons of increasing medical insurance premiums

The Health Minister said in his speech that the insurance industry had indicated that some private specialists took advantage of insurance coverage and charged the maximum fee when they encountered patients with medical insurance.

The hospital component of the bill had also been increasing and as a result, the medical insurance premium had gone up.

Source: The Star

Medical insurance doing well despite increase in premium

The Star reported that the costs of medical insurance have increased by 30 - 40% over the last 3 years. Meanwhile Prudential said its medical claims incidence rates have increased by around 20% annually for the past 3 years.

Sales of medical insurance plans have been encouraging. According to PIAM, the growth rate has been at least 15% over the last few years. The sale registered RM485 mil gross premium in 2007, or 5% of the general insurance premium.

Source: The Star