Frequently Asked Questions

A)     Interim Measure on Medical Repricing
B)     Generic Query on Medical Repricing
 

A)  Interim Measure on Medical Repricing

1. What is Medical Repricing Interim Measure?

Interim Measure is designed to assist eligible customers by spreading the medical premium/ insurance charges increases over a few years, which aims to provide temporary relief to reduce the financial impact resulting from the revision. This is only a temporary support while the industry collaborates with regulators, healthcare providers and the government to develop a sustainable long-term solution.
 

2. How does Medical Repricing Interim Measure work?

Spread out of medical premium/charges increase over few years for medical products. For example, a 40% increase in premiums spread out over a minimum of 5 years will result in approximately 8% yearly increase over 5 years.

The quantum of revision from Staggering Year 4 onwards under Interim Measure is subject to further review. We will give you advance notice prior to Staggering Year 4.

Life Assured aged 60 years and above who are covered under the lowest medical plan will be eligible for a one-year deferment in the insurance charge revision.
 

3. Will the Interim Measure affect my medical rider coverage?

We would like to assure you that while your medical rider remains in force, the Interim Measure would not affect your medical rider coverage.
 

4. I do not have a medical insurance policy currently. Can I purchase insurance with spread out repricing?

No. The Interim Measure only applies to any existing medical rider that is undergoing medical re-pricing.
 

B)   Generic Query on Medical Repricing

1. How does Tokio Marine Life Insurance Malaysia Bhd determine the quantum of increase for the insurance charges of the medical rider(s)? Why is the increase different from the medical inflation rate disclosed?

The quantum of the increase is determined by taking into consideration the actual medical claims experience, projected medical costs based on current outlook and medical cost containment steps taken.  The quantum of the increase also depends on Your age, gender, occupation class and medical plan. Hence, it is not solely based on medical inflation rates.
 

2. Why is my medical premium/ insurance charge increasing even though I haven’t made any claims?

Medical insurance practices the concept of risk pooling. When you purchase any medical insurance, you join a larger group of other customers where medical premium / insurance charge collected from the customers in the pool are pooled together to cover any claims incurred. We regularly review our medical portfolio to ensure it remains sustainable.
 

3. Why is my medical premium/ insurance charge increasing?

Medical premium/ insurance charge is revised periodically because of the rising cost of medical care and increases in the number of policyholders going to hospitals, resulting in increases in claims. Insurance companies need to adjust medical premium / insurance charge to ensure claims can be paid, so they can continue to provide you with the coverage you need.
 

4. Who approved the revision of the insurance charges on this medical plan?

This is a commercial decision by Tokio Marine Life Insurance Malaysia Bhd. after much careful considerations. The regular revision of insurance charges is necessary for us to be able to continue to provide sustainable medical coverage to you over the long run.
 

5. Will my premium/ insurance charge revise again in the future?

While we may have to regularly revise the premium/ insurance charge in view of ever rising medical treatment costs, we are committed to conduct regular review of our medical portfolio and to actively collaborate with our hospital partners to manage healthcare costs. In addition, we have also put in place various controls to ensure our hospital partners deliver medically necessary treatments, impose reasonable charges for services provided as well as adhere to guidelines and schedules set by the Malaysia Ministry of Health.
 

6. I pay my premium using Advanced Premium Option. How will the revision of premium of my medical plan affect me?

For Traditional: With this premium revision, your advanced premium fund balance will no longer be sufficient over the long run. Once it is fully exhausted, you are required to continue paying premium for your policy (basic and all riders attached, which includes your medical plan).
 

7. How do I increase my current premium via Regular Top-up (RTU) as recommended?

For Investment-Linked: To increase your current premium via RTU as recommended, complete the Authorization Form either via the link attached in email/WhatsApp message, or upload the completed form to Customer Portal (attached in this notification) via below URL & menu path:

https://www.tokiomarinelife.com.my/eServices/  

My Policy > View More > Policy Servicing eForm > Uploading of eForm / Document
 

8. My policy is under premium waiver status, how will the revision in premium/ insurance charge affect me?

For Traditional: With this revision, you are required to pay Tokio Marine Life Insurance Malaysia Bhd. the revised amount. Failing to do so will lead to lapse of your policy and you will lose your insurance coverage, which includes medical coverage.

For Investment-Linked: With this revision, you are required to pay Tokio Marine Life Insurance Malaysia Bhd. the recommended Top-Up amount. Failing to do so may lead to lapse of your policy and you may lose your insurance coverage, which includes medical coverage.
 

9. Will my policy lapse if I cannot pay the premium?

If you fail to pay your premium for standalone or a premium paying medical product, your insurance policy could lapse, resulting in the loss of coverage. To avoid policy lapses, it is crucial to stay on top of payments.

For investment-linked policy, your medical coverage will stay in-force as long as there is sufficient fund value in the policy to cover the insurance charges deduction for your coverage.
 

10. What should I do for my premium payment arrangement with this revision?

Depending on your current premium paying method, these are the actions:

a.          Standing Instruction - you have to inform your respective bank in advance on the revised premium (if any) to be billed accordingly.

b.          FPX or autodebit - If your current transaction limit is less than the revised premium amount, you are required to inform your bank to change a new limit.

c.          Biro Angkasa - you have to submit a copy of the latest payslip to us in order for us to inform ANGKASA on the revised premium to be deducted.

d.          For other payment method, you are not required to do anything as we will bill the revised premium accordingly.