The only thing that is constant in life is change. Despite having planned every aspect of our lives down to the last detail, life could still turn out unpredictable – which begs the question: are we truly prepared for what life could throw at us?

Statistic shows that Malaysians’ out-of-pocket payments for medical services were approximately 35% of the country’s overall health expenditure totaling between RM44bil to RM45bil annually. This suggests that there is a possibility that Malaysians are under-covered by their respective insurance policies or takaful certificates in the face of medical emergencies, whether it is accidental or non-accidental.

Sufficient protection coverage could save our loved ones from the burden of unexpected medical bills.  With today’s fast-paced lifestyle, we need a protection plan that is hassle-free and reliable for that peace of mind we can count on.

Smart Investor recently spoke to Junior Cho, Head of Market Management, General Insurance and Takaful for Zurich Malaysia to find an affordable solution that caters to every Malaysian’s needs. 

Smart Investor (SI): Tell us more about Zurich’s Personal Sentinel V3 insurance premium. Who is eligible for this premium, and what are some of its key benefits and extended coverages?

Junior Cho (JC): Personal Sentinel V3 is a yearly renewable accidental coverage plan that provides compensation in the event of injury, disability or death. This plan covers anyone between the ages of 30 days old and 65 years old. However, the policyholder must be 18 years old and above. This plan is renewable up to 80 years old.

Some of the key benefits and features of this plan are such as accidental medical coverage up to RM15,000, annual reimbursement for traditional treatment up to RM1,000, double indemnity cover for e-hailing services like Grab, cashless admission and discharge from hospitals for accidental causes and renewal bonus up to 150% with no impact to it even if there were claims made.

SI: There are seven different plans for customers to choose from. What distinguishes each plan from the next, and how do customers know which plan is right for them?

JC: There are 7 plans to choose from and each plan varies in terms of coverage amount and monthly contribution. Customers may choose their plan according to their budget and needs should the emergency situations arise. The coverage duration for each plan is one year.

To find out more on the policy wording for the benefits under this plan, visit www.zurich.com.my/PSV3.

SI: What is the maximum Principal Sum Insured for the premium?

JC: For Personal Sentinel V3, there is no maximum principal sum insured applicable. In the event that the customer wishes to apply for a total sum insured of RM1,000,000 and above per life, they are required to fill up and submit Large Amount Financial Questionnaire (LAFQ) form. The acceptance will be subjected to underwriting approval.

SI: Can you elaborate more on the Double Indemnity benefit?

JC: Double indemnity benefit will be payable on top of the accidental death benefit or accidental permanent disablement benefit as stated in the table above if either one of the following events occurred:

  1. Death due to accident whilst traveling as a fare paying passenger on any mode of Public Conveyance;
  2. Death due to accident whilst travelling as a fare paying passenger on Grab and other e-hailing car services;
  3. Total paralysis or quadriplegia due to any accident;
  4. Death due to fire at Insured Person’s own residence (own residence is defined as the place the Insured Person has resided permanently for more than a year).

For example, if an insured person who purchased Plan 7 passed away due to an accident while traveling on a public transportation, the benefit payable will be RM1,000,000 for Accidental Death plus an additional RM1,000,000 for Double Indemnity.

SI: What is the maximum Principal Sum Insured for the premium?

JC: For Personal Sentinel V3, there is no maximum principal sum insured applicable. In the event that the customer wishes to apply for a total sum insured of RM1,000,000 and above per life, they are required to fill up and submit Large Amount Financial Questionnaire (LAFQ) form. The acceptance will be subjected to underwriting approval.

SI: Can you elaborate more on the Double Indemnity benefit?

JC: Double indemnity benefit will be payable on top of the accidental death benefit or accidental permanent disablement benefit as stated in the table above if either one of the following events occurred:

  1. Death due to accident whilst traveling as a fare paying passenger on any mode of Public Conveyance;
  2. Death due to accident whilst travelling as a fare paying passenger on Grab and other e-hailing car services;
  3. Total paralysis or quadriplegia due to any accident;
  4. Death due to fire at Insured Person’s own residence (own residence is defined as the place the Insured Person has resided permanently for more than a year).

For example, if an insured person who purchased Plan 7 passed away due to an accident while traveling on a public transportation, the benefit payable will be RM1,000,000 for Accidental Death plus an additional RM1,000,000 for Double Indemnity.

For more information about Personal Sentinel V3, please call Zurich Call Centre at 1-300-888-622 or email to callcentre@zurich.com.my. You could also visit www.zurich.com.my/PSV3 to find out more.

 

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