Important information you need to know about..... MEDICAL/HEALTH INSURANCE (MHI)

Important information on the purchase of Medical/Health Insurance (MHI)
Dear Prospective Policy Owner,

You are advised to read through the checklist below which explains to you the essential features of the MHI policy so that you are able to make an informed decision before purchasing the policy. If you are in doubt or where there is ambiguity, please seek clarification from your insurance intermediary or contact MAA Call Centre Personnel at 1 300 888 622.

You should satisfy yourself that this proposed plan will best serve your needs and the premium payable under the policy is the amount you can afford.

The list of important features as contained in a Medical/Health insurance policy document is as follows:-
  1. The benefits payable under the policy.
  2. Significant medical or technical exclusions or restrictions applicable.
  3. Limits of benefits (eg. % of costs covered by the policy, co-payment, ceiling to total claim costs, deductible amounts, etc.)
  4. Nature and extent of the insurer's right to review and revise the premiums payable, and the notice to be given by the insurer in the event of any revision.
  5. Pre-existing conditions, specific illnesses and qualifying period and the relevant periods applicable.
  6. Reasonable and customary clause.
  7. Amount of premiums payable and the payable term.
  8. For yearly renewal policies, whether policy renewal is guaranteed.
  9. Conditions that would lead to the following scenarios on policy renewals: a) a policy is renewed with increased premium, b) a policy is renewed with exclusions, excess amount, etc., and c) a policy where one or more of the insured members are not being renewed.
  10. The implications of switching policy from one insurer to another or transferring from one insurance plan to another that may cause the Waiting Period, Specific Illness and Pre-existing Conditions to start afresh or non-acceptance of your proposal.
  11. The insurer's right to repudiate liability in the event of your failure to disclose relevant information in the proposal form that would affect the decision of the insurer to accept or reject the risk, and on the premiums and terms to be applied to the policy owner.
  12. A "cooling off period" of 15 days will be given to review the suitability of the newly purchased policy. If one was to return the policy to the insurer during this period, premiums will be refunded after the deduction of expenses, if any.
  13. The actual terms and conditions will be in the original policy to be delivered to you once the insurer has underwritten and approved your proposal.
  14. Reference on the basics of MHI policies may be obtained from "The Introduction to Medical and Health Insurance Products" issued by Bank Negara Malaysia.

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