Whatis life insurance, life insurance policy is a contract with an insurancecompany. Is in exchange for insurance premiums, insurers provide one-timepayments to the beneficiaries at the time the insured dies, the so-called deathbenefit.
(LLC, 2007)Ingeneral, life insurance is based on the needs and goals of the owner. Term lifeinsurance usually provides protection for a period of time, while permanentinsurance (for example, general and common life) provides life insurance. It isnoteworthy that the death benefits of various types of life insurance areusually tax-free. (LLC, 2007)AnInsurance quotes are valuations of potential insurers. Quotes may vary,depending on how much information you provide when quoting. The moreinformation you provide, the more accurate your insurance quote. Also we canget the quote from insurance agent or can get from online.
(Delbridge, 2017) Now, we will discuss the two insurance companies,Prudential Assurance Malaysia Berhad and Allianz Life Insurance MalaysiaBerhad. First we will compare the two different of both companies ‘s TotalPermanent Disability , Total PermanentDisability means that the physical disability is permanent, and the moredetailed description is that the disability is irrecoverable, and inability totreat the body organ suffered, meaning permanent disability. Only this kind ofinjury can be claimed. There are also several types of permanent disability.The Total permanent disability can be divided into categories, each of whichhas a compensable amount, based on the severity of policyholders. Moreover,Insurance companies will require policyholders to require effective proof ofthe amount of insurance, and accept the insurer’s designated physician’sexamination of the injury. (Jenkinson, 2016)AtAllianz, we can see that insured persons can claim 100% of the insured amountif they lose any of the major body parts that are vital to their lives.
Thebasic body parts are legs, hands or a foot. The insured person claims theinsurer to lose membership, the application amount does not exceed RM1,000,000. If the policy holder suffers a small amount of damage under the samecategory, only the maximum amount is claimed (Jenkinson, 2016)Forthe Prudential Assurance Malaysia Limited permanent disability benefits. On thebasis of Malaysia Prudential Assurance, the insurance amount payable isRM10000, 000 or the cash value of the base unit and the protection unit accountbefore the anniversary of the policy anniversary of the next birthday of 70years. (vivien, 2017)Furthermore,Pursuant to Malaysian Prudential Assurance Malaysia Berhad, the Company did notprovide insurance to the insured. As a result, Allianz Life insurance MalaysiaBerhad. Will provide coverage to the insured.
There are cover about 39 kinds ofmajor diseases involved in this company. For example, cancer, heart disease andstroke, kidney disease, coronary heart disease, cancer, coma, liver disease,comprehensive AIDS and many more. The amount due is paid by the insured. (vivien, 2017)Becausecritically ill patients are a huge price to both the individual and theinsured. Even if the insured himself reserves a large contingency fund for hisfamily, the amount needed for critical illness is not enough.
Allianz Lifeinsurance Malaysia Berhad. Fulfilled the condition of the insured because itwas coming in for some time, but lately was never better. But death is notseen, we do not know when or how it will happen, so it is only wise to takecertain precautions before it actually happens. (Delbridge, 2017)Thereis no infectious benefit in Allianz Life insurance Malaysia Berhad, butPrudential Assurance Malaysia Berhad provides infectious disease benefits. Ifthe insured had an infectious disease, RM5, 000, before the anniversary of thenext birthday of the 70th, the company must pay once.
Class B diseasehospitalization, the company will pay RM10,000 before the anniversary of thenext birthday of 70 years. (vivien, 2017)Undersuch circumstances, Malaysian Prudential Assurance Malaysia Berhad performedbetter than Allianz Life insurance Malaysia Berhad. Because Malaysian insurancecompanies did not cover the contagious disease, so the insured person shouldsuffer from this if hospitalized and treated if you have a disease, you canapply for it yourself. (vivien, 2017)Andfor the insurance what are the main exclusions under the policy is if suicideoccurs within the first year from the effective date of the policy or suicidewithin the first year from the day of reintegration, the Company only informsthe unit of the sum of the payment on the valuation date.Totalpermanent disability cannot receive benefits if the disability is causeddirectly or indirectly) a pre-existing condition; or b) any attempt to commitsuicide or self-harm, whether it is delirium or insanity; c) any document on acommercial aircraft that has been granted passenger service permission on ascheduled flight only on a pilot, flight crew member or airline ticket; or d)Participation of any air sports activities such as gliding, balloon,parachuting, parachuting, bungee jumping and other similar activities. Thispolicy does not include pre-existing conditions.
(vivien, 2017)Asa conclusion, choices a right insurance is our own choices’ will recommendationto choose Allianz Life Insurance Malaysia Berhad. Because Allianz the totalclaim exceeds Prudential Assurance Malaysia the total amount, and Allianzprovide preferential and the 39 types Critical illness for the insured. And thelast is Allianz overall Annual limit is more than rm1, 000,000 and the overalllifetime limit is not limit. (vivien, 2017)