KUALA LUMPUR: Malaysians will continue to buy insurance policies, especially medical-related ones, which are not affected by the Goods and Services Tax (GST) that will take effect on April 1.
“This is because there is always a need for medical insurance as people want good medical care in the event of hospitalisation,” said Prudential Assurance Malaysia Bhd (PAMB) chief executive officer, Philip Seah.
Seah said the company’s new medical insurance plan, called “PRUvalue med,” has received good take-up rate ever since it was available in the market last month.
“The new insurance policy, which is targeted at the middle-income group and mass affluent market, covers hospitalisation, outpatient treatment expenses and offers more than a typical medical plan,” he said at the launch of the policy here yesterday.
PRUvalue med also offered unparalleled access to medical care through Med Value Point (MVP), he said.
“A customer is able to choose an MVP of RM1 million, RM1.5 million or RM2 million and PAMB will pay the claims on eligible benefits up to the chosen MVP.
“Unlike other medical plans which automatically terminate once the customer reaches the lifetime claims limit, PRUvalue med continues to provide cover to the customer even if he exceeds his chosen MVP, by paying 80 per cent of the total eligible benefit cost from that point,” he said.
PRUvalue med is available for those aged between 14 days and 70 years old and would cover them up to 100 years old. — Bernama