BNM and the insurance and takaful industry have announce the interim measures to ease the burden of insurance policyholders or takaful contract holders and promote continued access to suitable medical and health insurance/takaful (MHIT) products.
These interim measures include:
Under the interim measures on medical repricing, the increase in premium/contribution resulting from the repricing will be spread over a minimum period of 3 years. This approach aims to ease the financial impact on Clients while ensuring continued access to essential medical coverage.
You are not required to apply for these interim measures as the Cost of Insurance (COI) or tabarru’ adjustment will be automatically applied to all impacted Clients. Please allow us some time to implement the interim measures, such as spreading the COI or tabarru’ over a minimum period of 3 years. We assure you that necessary adjustments will be made in accordance with the interim measures. You will receive a revised notification letter detailing the interim measures, including but not limited to the updated recommended staggered premium/contribution in due course.
The interim measures on medical repricing allow for the repricing amount to be spread over a minimum period of 3 years. If you have already adjusted your premium/contribution to a level you can comfortably afford, we encourage you to maintain this revised premium/contribution.
Please allow us some time to implement the interim measures, such as spreading the Cost of Insurance (COI) or tabarru’ over a minimum period of 3 years. We assure you that necessary adjustments will be made in accordance with the interim measures. You will receive a revised notification letter detailing the interim measures, including but not limited to the updated recommended staggered premium/contribution in due course.
Your policy/contract will remain in force as long as its account value is sufficient to cover the policy/contract charges. However, due to the revised Cost of Insurance (COI) or tabarru’ for the medical rider, your account value is expected to decline more rapidly. This may impact the long-term sustainability of your policy/contract, potentially leading to insufficient coverage before the end of the coverage term.
To ensure the continuity of your insurance/takaful coverage, we encourage you to continue paying your premium/contribution.
The 1-year pause in cost of insurance/tabarru’/premium/contribution adjustment will be automatically applied to all impacted Clients aged 60 and above.
For assistance/inquiries, please contact our dedicated hotline at 03-26126050, live chat with us or email us at wecare@sunlifemalaysia.com