Which Medical Card is most cost effiecient and best for me?

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Lily asked 7 years ago

Hi, admin.

I am now 23 years old. I have no any insurance currently. And come to know that I need a Medic Card or Life insurance. Is the investment link plan good for my age?

I have already searched for different agents from AIA(new plan with hospitalization coverage of 1.5 Million and 1.5K/year up to 10 years in AIA-App to use for other purposes like Medical check up), GE(hospitalization coverage of 990K, is this enough for coverage?) and HLA (hospitalization coverage of 2.12 Million).

I also did a comparison among these three, but I still don't know whcih one to choose as in all these are investment linked plan. And I know that if the investment return is not favour like in the projected return. I would have to top up the premium if surrender value is below COI. AIA Asia Platinum fund and GE Lion Balanced fund has high past record of return and they are big companies, unlike HLA's Value fund. So if I were need to top up premium after surrender value/account value falls below 0, how much do I usually need to top up? Should I look at investment return or no need?

Want to ask among AIA, GE and HLA. Which one is the most cost efficient?

1 Answers

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CHING FOO LIEU Staff answered 7 years ago

Loo, welcome to AskCF
We are well aware of all the medic cards you mentioned because we also have all of them in house. That being said, what's preventing you from deciding on HLA since it has the highest annual limit among the 3?
So here's the reality in M'sia - if you want to get a decent medic card in M'sia, most, if not all, comes in ILP package. So we can't really avoid that. Term or standalone medical card is another option but insurers like Allianz and Pru do not have their medic card product packaged in such a way. AIA and Great Eastern, for example still has term/standalone medical card but they are more of a legacy product, with subpar coverage/features.

So if I were need to top up premium after surrender value/account value falls below 0, how much do I usually need to top up? Should I look at investment return or no need?

As for this, this is only likely to happen if you are 50 now and only wanna buy medic card. If you are 23, then this scenario is only a remote possibility, and isn't likely to happen in the next 30 years (not a guaranteed though). That's the uncertainty everyone of us would need to contend with :)