INSURANCE

HEALTH INSURANCE

Complete Health Insurance makes sure that you and your family are secured against untimely health conditions. It gets you comprehensive coverage & also gives you an option / choose to choose your medical plan, premium & policy according to your budget and requirements.
Benefits

• Get tax advantages on your health plan under Section (80D) of the Indian Income Tax Act (1961)
• Get policy re-newal facility for life time
• No Maxi Entry Age to avail this policy
• No medical test required for policy holders less than 43 yrs. of age
• Get cashless medical treatment across India in 4,000 thousand + network hospitals
• No Sub-limit. However you can opt for a Sub-limit option.

Eligibility & Coverage
What is “covered”

• Medical expenses incurred as an inpatient during hospitalization for more than 24 hrs, including room charges, medicines bills, surgeon’s fee.
• Medical expenses incurred 30 day’s prior & 60 day’s post hospitalization
• Day Care expenses incurred on named advanced technological surgeries & procedures requiring less than 24 hrs of hospitalization.
• The min entry age starts from 6 yrs. under people / individual policy ,and 3 months under any floater policy.

What is “not covered”
Exclusions valid for the 1st 30 Day’s

• Any type of illness contracted within 30 day’s of the inception date of the Policy, except those that are incurred as a result of an accident. This clause isn’t applicable on the subsequent renewals

Eligibility

• The customer / client can buy the policy for any family member’s children / parents
• The min entry age for customer / client to get the policy is 3 months in case of floater & 6 yrs. in case of individual.
• The Proposer needs to be aged above 18 yrs.

LIFE INSURANCE

LIFE INSURANCE
Buying life insurance for you & your loved ones helps provide some financial security in times of hardship. The money / cash from your policy will be paid to your dear ones when you pass away or to you should you suffer a total & permanent disability or loss.
 INCOME TAX RELIEF
You can claim for tax relief of up-to a maximum amount of RM 6,000 per yr. for an ordinary / standard life policy. This is inclusive of any contributions you’ve paid to an approved retirement benefit scheme such as the Employees Provident Fund or other pension scheme.
WHY SHOULD I BUY LIFE INSURANCE

• To ensure / make sure that you’re immediate family has some financial support after your demis
• To finance your children’s / kids future education
• To have a savings plan for the future so that you’ve a constant source of income after retirement
• To ensure / make sure that you’ve extra / additional income when your earnings are reduced due to serious illness / accident

BASIC TYPE OF POLICIES

• Term insurance
• Whole life insurance
• Endowment
• Investment-linked
• Life annuity plan
• Supplementary rider / cover
• (MRTA) Mortgage reducing term assurance

TYPES OF INSURANCE

TYPES OF INSURANCE
All too often we hear about various types of insurance policies without really understanding what they’re and more importantly, what they protect. Actually, there are 2 main types of insurance, which are life insurance and general insurance which covers different phases in your life.
LIFE INSURANCE
Life insurance is basically an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event like death of the individual who is insured / safeguarded. This protection is also offered in a Family takaful plan, a Shariah-based approach to conservational / protecting you and your family.
The coverage period for life insurance is usually more than a yr. So this requires periodic premium payments, either monthly or annually.
Risks that are covered by life insurance are:

• Premature death
• Income during retirement
• Illness

Main products of life insurance include:

• Whole life
• Endowment
• Term
• Investment-linked
• Life annuity plan
• Medical and health

GENERAL INSURANCE
General insurance is an insurance policy that protects you against losses / damages other than those covered by life insurance. For more inclusive coverage, it is important for you to know about the risks covered to make sure that you and your whole family are protected from unforeseen losses.
The coverage period for most general insurance policies and plans is usually 1 yr, whereby premiums are normally paid on a one-time basis.
Risks covered by general insurance are:
Property loss, for i.e. stolen car or burnt house
Liability arising / increasing from damage caused by yourself to a 3rd party
Accidental death or injury
General insurance main products includes:
Motor insurance
Fire / House owners / House-holders insurance
Personal accident insurance
Medical and health insurance
Travel insurance

TIPS FOR INSURANCE

Be sure to buy from a company through an authorized agent
Buying life insurance is basically buying future financial security for your family. Authorized insurance companies are listed in Bank Negara Malaysia’s website or must you need to find out more, contact the (LIAM) Life Insurance Association of Malaysia.
Shop around for rates
Seek premium quotes and proposal from moreover than 1 insurance company and match up to them. Be sure to compare among analogous policies as not all insurance policies have same benefits.
Understand the scope of cover, terms & conditions of the policy
Make sure you understand all provisions in the policy and if required, ask for explanations from the insurance company. Be careful if you’re told that bonuses or dividend scales are guaranteed.
Avoid additional unwanted coverage
Don’t be pressured into buying “packaged” products that may contain fixed / fastened coverages that you do not need. However, you may opt to add additional coverage or rider of your choice at additional premium which is better value for cash / money.
Make sure the life policy endorsed is right for you
Carefully study your agent recommendation & ask for explanation to make sure the policy suits you.
Constantly check the date the insurance becomes effective
The date the insurance goes into effect may be different from the date the company issues the policy. Make sure to ask your agent for the effective date of your insurance.
Fill in your application carefully

• Never sign blank proposal or app forms.
• Make sure all information filled in your application is
• Complete and accurate to avoid delays or even denial of claims.

Make sure premiums are paid to company
Make sure your cheque or money order is made payable to the insurance company and not to your agent and insist for a receipt immediately as proof of payment.
Read your policy twice when you receive it
Life policies have a “free-look” period of 15 days from the date you receive it. Therefore, use this chance to assess the policy to ensure this is the right policy for you or not.

HOW TO MAINTAIN YOUR CIBIL SCORE?

Your credit history, other than your earnings, is the only most important tool used by any Loan provider / supplier to evaluate your application for any type of loan or credit card application. Instinctively, it is very important that you understand your Credit Info Report (CREDIT REPORT) and what it takes to maintain a credit history, so that is optic favourably by Loan providers. A good credit history is maintained by following these simple 7 rules:

• Rule: Always continuously pay your bills on time. Late payments / expenditure are viewed negatively by Loan providers and also may affect the chances of your loan getting approved.
• Rule: Keep your balances low. Whereas the balances on your loans will solely reduce over time as payments are made, you must be diligent about creating timely payments on your credit cards. As well as you should control your utilization. For example, if you have used Rs. 90 thousand out of a credit limit of Rs. 1 lac, this may be viewed negatively by a Loan supplier / provider. It is always prudent to not use overmuch credit.
• Rule: Maintain a healthy mix of credit. Your credit past events should contain a mix of a home loan, auto loan & a couple of credit cards. A high number of just credit cards may have an effect the chances of a loan approval. Why is it so, you may wonder. Though a credit card offers easy access to finance, it is also by far the most-expensive form of credit. Max the number of credit cards with high-utilization, larger are the payments resulting from its high rate of interest.
• Rule: Apply for brand new credit in moderation. If you’ve made many applications for loans, or have recently been sanctioned new credit facilities, a Loan provider is likely to view your application with caution. This ‘Credit Hungry’ behaviour indicates your debt burden is likely to, or has increased and you are less capable of honouring any additional debt.
• Rule: Think two times before closing credit card accounts. Whereas, using credit cards may negatively impact your credit history, un-used credit cards actually indicate that you are financially secure. This makes Loan providers read / view your application more favourably.
• Rule: Monitor your co-signed and joint accounts monthly. In co-signed or jointly held accounts, you are held equally liable for missed payments. This is very important because your joint holder’s negligence could affect your ability to access credit when you want / need it.
• Rule: Review your credit history frequently throughout the yr. Unpleasant surprises in the form of rejected loan applications can be avoided by ensuring that your CREDIT REPORT accurately reflects your current financial status. So reviewing your credit history 3 to 4 times each yr. is imperative.

Though these simple 7 rules are important to keep in mind, each loan provider has its own policies to sanction a loan to an applicant.
It is important to notice that your CIBIL TransUnion Score will begin to increase as you improve your credit history