Category Archives: Finance

Why is it Crucial to Have a Personal Insurance in Malaysia?

Life Insurance Association of Malaysia Industry Promotion Committee Chairman Ramzi Toubassy said that around 12.5 million Malaysians already have life insurance coverage by 2015. That accounts for almost half of the entire Malaysian population. For the other half who have not invested in life insurance, one possible reason why they did not purchase is the lack of financial resources. Many people think life insurance is too expensive.

In case you cannot foot the bill, you may buy a standalone product or a rider of a life insurance policy. You may invest in a personal insurance which requires less premium than a life insurance. Here are some more reasons why it is important to invest in personal insurance in Malaysia:

  1. The accident rate in Malaysia is way too high Road accidents alone took the lives of more than 7,000 individuals in 2016. Personal insurance guarantees that your loved ones can continue to enjoy the quality of life they deserve even after you meet your end. At OCBC, they have a plan that pays a subsidy to each insured child if both parents passed away in the same accident.
  2. A personal insurance will let you apply even if you are already 65 years old In life insurance, the maximum entry is only 60 years old. If you want protection until you reach 80, a personal insurance is a more convenient option.
  3. Everybody needs medical income benefits Aside from accidents, diseases are also part of life’s uncertainties. In case you got hospitalized, do you have sufficient funds to cover the medical expenses or to pay the caregiver? Invest in a personal insurance with health and wellness privileges.

Are you ready to apply for a personal insurance? Inquire in an insurance company to check if you are eligible to apply and what is covered by the insurance. Generally, companies will let you make a formal application given that you are at least 18 years of age. Some plans are available not just to Malaysians but also to permanent residents, work permit holders, and employment pass holders.

5 Things to Look for When Buying a Travel Insurance in Malaysia

Malaysians are passionate travelers. According to tour company Contiki, Malaysian millennials these days are most interested in travel so that they could learn about other cultures. The millennials, or those who were born from 1980-1995, represent a large portion of the population. They were also the ones who would likely spend on leisure activities than have bigger commitments, such as car and home ownership.

Regardless if you are part of this generation or not, it is important to consider that travel comes with risks. It matters that you have a travel insurance to cover any mishaps during your international or domestic trip. The question is: where to find the best travel insurance in Malaysia? There are so many of them but to help you find the right one, here are five of the top factors to consider:

  1. Coverage A typical travel insurance covers personal accident, medical related, and travel inconveniences. But it should also cover death and permanent disablement and loss of items. At OCBC, they also have the home contents benefit that will compensate you if you ever lose your money due to theft or fire.
  2. Cost The cost will vary from provider to provider. The premium for a basic insurance plan costs around RM3-RM15 per individual within Malaysia or across Asia. It normally costs higher if you are traveling worldwide.
  3. Eligibility Will the company allow you to apply even if you are not a Malaysian citizen or a permanent resident? It would be better if the company also accepts the application of work permit holders.
  4. Type The three most common types of travel insurance are annual, single trip, and group or family. In annual you will be covered for the next 12 months. For a single trip, you are covered one trip for around four months of traveling. Group insurance can cover two or more people and typically cheaper than a solo insurance.
  5. Add-ons There are some optional riders that you might want to add your plan. An example would be coverage for sporting activities such as water sports, winter sports, and other extreme physical activities.

Traveling is the best way to meet new people, see interesting places and know other cultures. It is a fun and educating experience. However, we cannot deny the fact that traveling also comes with drawbacks. It can be risky. You never know what is going to happen during your trip. Be secured now and get your travel insurance.

EARNING THE DISTINCTION / What is Privilege Banking?

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In the banking sector, there are customers whom you may call the privileged few. The group is composed of noteworthy individuals, if not captains of industry, who excel in a particular career and are “rich” as a result of professionalism, hard work and dedication to their craft. If you belong to this set of prominent individuals, you deserve dedicated attention and access to premium banking products and services reserved for the chosen-few.
Most private banks grants customers certain benefits in appreciation of loyalty but privileged clients are given extra-special perks which goes beyond loyalty. The benefits of privilege banking are not mere lip service but are genuine and tangible. Many individuals dream of aspirational lifestyles counting among others as a major component is setting financial goals.1
What is Privilege Banking?
The products and services for the elite customers are aimed to match your status and lifestyle. Your basket is full of enviable treats that will bring you to the top of the world.
• Membership Criteria
You need to meet the minimum level of deposit or placement to become eligible and gain access to a comprehensive range of bank products and services.
• Personalized Service
As one of the premier clients, you will be given dedicated service in all your financial requirements and transactions. • Preferential Rates
You are entitled to receive preferential rates in your funding requests or when you avail of any and all types of loan (business, education, personal, home, and automotive).
• Premium Cards
Credit cards are no longer status symbols because a greater majority use the plastic for daily purchases. What will differentiate you from the rest is the card you carry. Only the chosen-few have the metal cards to show. Your card is accepted worldwide and comes with rewards, bonuses and perks during business or leisure travels.
• Wealth Management & Investment Advisory
Exclusive depositors are provided wealth management solutions to assist in crafting the most suitable financing plan for your family’s future. On the other hand, the investment advisory services keep you abreast and not miss out on current investment opportunities.2
Privilege banking does not belittle the value and contribution of regular customers. However, some clients deserve to be extended special treatment as a way of recognizing their imbued status in society. Of course, many people are unaware why banks treat certain people in certain ways. It’s really a private matter only a few will understand.