Tag Archives: Investment

Life Insurance? Basic guidance for newbies

no idea - Life Insurance? Basic guidance for newbies

We start we definition of Life Insurance

Life Insurance

Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured

  • Basic coverage for all type Life Insurance
  1. Sum Assured (click here to know more)
  2. Coverage for Critical Illness (click here for the list of Critical Illness)

How many types of Life Insurance available?

Basic types policies are

  • Term insurance

This offers insurance protection for a limited period only whereby the money is paid up if you pass away or if you suffer total and permanent disability.

  • Whole life insurance

Life-long protection and premiums are paid throughout your life and the money including any bonuses will be paid when you pass away or suffer total and permanent disability.

  • Endowment

A combination of protection and savings whereby the money will be paid at the end of a specific period upon your demise or if you suffer total and permanent disability.

  • Investment-linked

For investment-linked insurance, your premium is used to buy life insurance protection and units in a fund managed by the life insurance company. The benefits paid to you or your nominee will depend on the price of the units at the time you surrender your policy or when you pass away.

  • Life annuity plan

Series of payments paid to you until you pass away. Types of annuity include immediate annuity or deferred annuity.

  • Supplementary rider/cover

A rider is a supplement attached to the basic insurance plan such as endowment or whole life.

  • Mortgage reducing term assurance (MRTA)

An insurance protection plan that covers the repayment of an outstanding property loan to the financial institution in the event of untimely death, disability or critical illness of the borrower.

Protection or Investment? Life Insurance

choose - Protection or Investment? Life Insurance

My tips are simple, please refer to below

Young and Single – Investment more, protection less

Why?

Young age as you start working, salary is not much. Budget on insurance is the minimum like RM150 or RM200.  Basic protection are Crisis Shied , Accidental Death & Disablement benefits and Medical Card. Getting insurances with basic protection and higher investment are not a problem. But Higher investment will reduce your Sum Assured.

Important!, protection coverage must be increased later as you grow older and have bigger salary.


Married – Protection more, investment less

Why?

Your Sum Assured must be sufficient to compensate your spouse if death happen. Critical Illness must be covered for you and together with your spouse.  Crisis Cover Income must included in your plan, income needed to support your family as you unable to work now. Women should take Takaful Puteri Plus for protection of all women related problem. Amount contributed to the investment is just like saving for future use.

Rich –  Protection and Investment High

Why?

As money is not a problem, you are able to take all the riders in the Protection Plan. Same goes to investment.

Old – Not valid

Why?

You should take insurance when you are young and healthy. Getting older plus diagnosed with many disease, it is too late to apply for an insurance. No insurance will accept you.

Ringkasan Prudential BSN Takafulink / Investmentlink Plan

prubsn - Ringkasan Prudential BSN Takafulink / Investmentlink Plan

Ringkasan Prudential BSN Takafulink / Investmentlink Plan

Perlindungan (Insurans)

1.  Bayaran kepada pewaris (Kematian + Simpanan)

2.  Bayaran kepada anda disebabkan oleh “Hilang Upaya Penuh & Kekal”  (TPD + Simpanan)

3. Bayaran kepada anda disebabkan oleh penyakit
kritikal (Anda tidak perlu membayar lagi.Kami akan bayar premium seterusnya)

4. Bayaran kepada anda  disebabkan kemalangan (Hilang upaya sementara atau kekal)

5.  Akaun adalah fleksibel

Kad Perubatan (Medical Card)

1.  Kad Perubatan bil hospital

2.  24  jam sedunia

3.  Sebelum & selepas rawatan hospital

4.  Penjagaan jururawat di rumah

5.  Rawatan pesakit luar utk kanser & dialisis buah  pinggang; spt yg dikenakan

6. Tiada had utk  pembedahan kecemasan bagi pesakit  luar

7. Wang tunai harian hospital sehingga RM400 sehari

8.  Wang tunai pembedahan

Pelaburan

1.  Pelaburan dlm dana yg berlandaskan Syariah

2.  PruSaver meningkatkan pulangan dlm pelaburan

3.  Tambah nilai & pengeluaran pada bila- bila masa

4.  Pelepasan cukai sehingga RM 6,000 setahun

5. Caruman percuma untuk kes tertentu.

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Perlindungan