What are the Rights of Malaysia Insurance Companies in Health Insurance Business?

Here are a few things which your insurance company can do in health insurance business:

1) The right to revise the premium at renewal

Insurance company has the right to revise the premium rate when your policy is due for renewal by giving a written notice prior to the due date. Of course, the company must get the approval from Bank Negara Malaysia (Central Bank of Malaysia) before they can increase the premium.

2) The right to reject your reinstatement application

Insurance company has the right to reject your reinstatement application. Please make sure that you pay the premium on time.


3) The right to stop selling this type of product (Portfolio Withdrawal Condition)

If the insurance company chooses not to continue to sell the H&S insurance product, they shall give a 30 days written notice to the policyholders in the event of portfolio withdrawal.

The insurance company still has the responsibility to take care of all existing policyholders until all their policies reach the respective renewal date.

Please log on to http://www.MalaysiaInsuranceGuide.com for details about Malaysian personal insurance.

What are Waiting Periods?

Waiting period means the specific number of days (time frame) started from the policy approval date whereby certain benefits are not payable . For example:

The Waiting period for…
Specified illnesses claim is 120 days
Sickness claim is 30 days
Accidental injuries is 0 day

When will the waiting period re-count?

The waiting periods will be re-count (start all over again) from the date of reinstatement of your policy. Reinstatement means to reactive a terminated policy. Outstanding premium and interests incurred have to settle before the policy can be reinstated.