This plan covers the usual benefits like in-hospital care, ambulatory care, outpatient and other benefits. One new feature that is not always available in other medical plans is organ transplant coverage. This benefit pays for the operation of heart, kidney, lung, liver or bone marrow transplant of the recipient covered by the policy.
So how affordable is affordable? It starts from RM14 a month!!! How does that sound to you? There are 3 choices to this plan, Classic, Supreme and Elite. A Classic plan’s lifetime coverage is at RM450,000, Supreme at RM900,000 and Elite RM1.5 million. Obviously the annual premiums go according to how much coverage you feel is appropriate. This being a medical plan, you can’t run away from paying different premiums according to your age too.
Instead of explaining it in so many words, I’ve scanned the brochure to show the premium table below. It’s quite self explanatory. Click on the table below to see a larger version.
What we were advised if signing up for the plan is that we should go for the Elite category. Reason being as we move up along the age category, the premiums get more expensive. If you are already in the Elite group, you can choose to downgrade to the next level which costs less. This is only if you choose to do so. If you are in Classic or Supreme, when you upgrade, you are subjected to some health checks and approval and you are not guaranteed to be able to upgrade to a higher coverage when you need it. It made sense to me.
Earlier in the post I mentioned that this product is designed for people in the workforce who are assumed to be covered by company’s policies. This is because the plan does not pay for the first RM20,000 of your medical bill incurred. It is assumed that the average coverage of a company is at around RM20,000. Amounts in excess of that shall be claimed under this plan. Makes good sense to you?
I calculated how much my premium would cost if I started now. The Classic would cost me RM18.75 a month, Supreme costs RM24.16 and Elite would cost me RM31.25. I think I don’t mind paying the RM30 odd a month and get maximum coverage.
What about you? Do you find this a good deal? If you are interested to find out more, just contact any ING Life Agent.
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ING have been having roadshow to their corporate clients, offering insurance coverage on individual basis. At 1st glance, this is a indeed a very attractive plan. However, upon further query, I was informed that there is no medical card issued. Hence you need to pay out of your own pocket 1st and claim for the reimbursement after discharge. Even if we enrolled in a RM450M plan, it is hefty to fork out say RM100M. I did not ask how is the claim handled should the person insured passed away before a claim can be made.