Shouldn’t life be easier with an INSURANCE policy??
Don’t you think the government or respective government agency or BNM along with FOMCA/NCCC should setup a Special task force to investigate Insurance service complaints so that it will be upgraded to present day demand so at to have a win win situation for the customer and the Insurance Companies?
i) Premium:-
a) In October 2020 my insurance company sends a notice that they will increase the premium Wef from 1/1/2021. When ask for the reason to hike as usual they claim its due to increase in medical cost and was it approved by Bank Negara Malaysia (BNM). They gave the below answer " This is a commercial decision of the said insurance company "and it looks like BNM has no say whatever. So does that mean they are empowered to do as they like?
This issue of steep hike has been brought up by National Consumer Complain Centre (NCCC) with Bank Negara (BNM) - FMT 16/Jul 2021
b) Those who are paying premium for years and have not claimed any insurance, the government should introduce similar to the car insurance i.e. if you don’t claim for the year than you get discount similar to the NCD (No Claim Discount) rebate. There should not be any increase in premium for such a customer. After all the yearly financial report of insurance companies shows they are making Hugh profit.
Even the Automobile Industries face the same thing as advance in technology and more sophisticated cars are been produce each year , hard and soft fraud claim and the prices are higher with latest technology. How come the car industry is able to give NCD as we renew our insurance yearly if there is no claim for the year and why not the Medical Insurance Company does the same?
ii) Critical Illness (Annexure Critical illness):-
As for critical illness I am sure they would have convinced you that “you are covered for 36 critical illnesses” etc. and you happily bought the policy. But there is a fine print which you are not aware and the insurance agents would not have told you. In order to claim you must meet the requirement in the policy. Policyholders must read and understand the product disclosure sheet and agents are duty bound to explain clearly as not all will understand the insurance jargon.
Look at the below annexure critical illness definition for Coronary artery disease and Heart Attack:
Looking at the above annexure under coronary artery disease (b), what happen if you have 1 or 2 major vessel block which is less than 60% are you eligible to a claim as the annexure mention” 3 vessel and more than 60% block” ??
A friend of mine (Deceased) had chest pain and diagnosis as heart attack many years ago and was referred to a cardiac center in Kuala Lumpur. He went through an angiogram and found to have 2 vessels block less than 60% and was successfully angioplasty with stented. Once he was discharged from hospital he put forward his claim to his insurance company and they reject it as it did not full fill their criteria as mentioned in the annexure. He pleaded and with hesitation they approved but he was warned than his future premium will be raised. So what’s the idea of buying insurance and you can’t enjoy the benefits after paying so much? In my personal opinion maybe 1% out of 10 will fall into the insurance category of critical illness or maybe it is a marketing gimmick?
Please listen to the below Licenses Financial Adviser Mr. CF Lieu channel on critical illness claim:-
iii) Pay first, claim later’ practice:-
Why the hassle of “Pay 1st , Claim later” and why not automatic approval on admission on showing your medical card at the hospital registration counter after all you are paying a big amount monthly for the premium. Don’t you think you need a piece of mind especially when you are unwell? With cuttings edge technology it can speed up the process and improve the service.
At time with group insurance, once you’re discharged, you are not allowed to go back immediately and the hospital need verification from the insurance company and it can take 6 hours as I have experience it.
Sharing a note & Disclaimer: The writer has no direct link nor is a policy holder of the said linked article. Read and evaluate at your own risk.
Source: The Edge
T. Navaratnam is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
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