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The Edge Daily

KUALA LUMPUR: Local insurers control over 65% of the general insurance market and more than 45% market share of the life insurance segment, the Dewan Rakyat was told yesterday.

There are 48 conventional insurance and 10 takaful (Islamic insurance) companies operating in the country. “Of those, 29 conventional and 9 takaful operators are owned by locals,” Deputy Finance Minister Datuk Ahmad Husni Mohamad Hanadzlah said.

He said the companies were considered local when 51% or more of its shares were held by locals.

Asked on the government’s effort in making Malaysia the leading takaful centre , Husni said the re-takaful (Islamic re-insurance) had to be strengthened so that takaful would have high capacity.

“The government should also give priority to takaful companies in terms of insurance and banks should give preference to takaful in housing loans,” he added.

Similar to personal accident plan, the family personal accident plan covers the entire family crew, including the spouse and children.

One important thing to note is the coverage of children, especially how “children” is classified by the policy. Here’s a typical coverage clause on children:

Eligible Children: Between age 15 days and 21 years, unmarried, extendable to 24 years if still on full-time higher education and who are not gainfully employed.

Family members who does not qualify the definition of children in the policy should take up their own individual personal accident coverage.

Personal Accident Plan
Protect yourself and your family from unpredictable misfortunes. Accidents hits you hardest when you are most ill prepared for it. See how our plans can help you minimize the impact of life’s uncertainties.

BENEFITS AT A GLANCE

• Accidental Death and/or Permanent Disablement
• Weekly Benefit for Temporary Total Disablement and Temporary Partial Disablement
• Medical Expenses
• Daily Hospital Income
• Bereavement Allowance
• Purchase of Orthopaedic Equipment
• Personal Liability
• Convalescence Allowance
• Funeral, Cremation and Repatriation Expenses
• Ambulance Fees

GENERAL EXCLUSIONS

• War and related risks Government Regulations or Acts or Authorities Hazardous sports including parachuting, hang gliding, mountaineering, any kind of race (other than on foot or swimming) or trial of speed or reliability
• Suicide, self-inflicted injury or illness
• Pregnancy, childbirth, physical or mental defect or infirmity
• AIDS, AIDS-related complex or sexually-transmitted diseases
• Drug abuse unless the drug is taken in accordance with an authorised medical prescription (but not for the treatment of drug addiction)
• Air travel except as a passenger in a fully licensed passenger carrying aircraft
• Any crew, trade, technical or sporting activity in connection with an aircraft
• Acts of Terrorism