A few years back, there was only ONE sensible Group Term Insurance which is the one that has been offered by Public Mutual since many years ago. But when I recently look for more choices, I found some nice surprise equivalent offers if not better ...
Etiqa-Public Mutual offers Group Term Life with PA at the following premium
| Plan | Table Of Benefits | ANNUAL PREMIUM | |
| Term Life | Personal Accident | ||
| A | 50,000 | 50,000 | RM170.00 |
| B | 100,000 | 100,000 | RM340.00 |
| C | 50,000 | N/A | RM152.50 |
| D | 100,000 | N/A | RM305.00 |
| E | 150,000 | 150,000 | RM510.00 |
| F | 200,000 | 200,000 | RM680.00 |
| G | 150,000 | N/A | RM457.50 |
| H | 200,000 | N/A | RM610.00 |
MSIG -Stand Chart Individual PA offers RM 492 for 1 million so it is RM 2,032.52 protection per ringgit. But it only covers very specific damages by accident. If you die like Teoh BH or die while detain in ISA, no payment shall be made. Death not caused by accident is NOT covered too.
e-insuran offers quite interestingly easy-to-use build-your-own protection ...
RM 150,000 Life for RM 285
RM 150,000 Personal Accident for RM 142.50
RM 150,000 Critical Illness for RM 307.50
Add all 3 coverage together, 5% tax and RM10 stamp duty would need a premium of RM 773.75 => RM 193.86 coverage per ringgit. But you need at least 5 person to be entitled for this 'group' insurance.
Great Eastern - Public Mutual offers Mutual Life Plus 2,
| Plan | Sum Insured | Annual Premium |
| 1 | RM100,000 | RM 550.00 |
| 2 | RM200,000 | RM 1,100.00 |
| 3* | RM300,000 | RM 1,650.00 |
| 4* | RM400,000 | RM 2,200.00 |
| 5* | RM500,000 | RM 2,750.00 |
which is RM 181.82 coverage per ringgit.
Group Takaful could be interesting but there is no rate info online.
Sadly speaking, none of the above can be purchased online with a click with credit card. Almost all of them has convoluted, tedious and rather no-service oriented purchase process. There was an old saying ... insurance without agent tried not to pay no matter what, insurance with agents will try to pay for those who claim first.
Please be reminded that Term Insurance has no saving element so its best to adopt buy term invest the rest in your portfolio, else the longer it runs, the less advantage you have.
Also don't forget the trick to become an insurance agent yourself to save the commission to yourself ..
2 comments:
Good post!!!
Term insurance is shunned because it is not lucrative to the insurance company and also agents. Hence, no people will layan you at all unless you are major corporation buying a few thousands policies as part of the benefit for your employees.
KnowThyMoney
e-insuran only needs 5 people to get a group deal from them. Sometimes we need to talk to the right people ie. the general insurance, not the normal life insurance.
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