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Union Executive CIMB Bank |
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Group
Multiple Benefit Insurance Scheme (Dana Restu) Skim No
GS 3492
1. Why did the Union decide to
venture into this scheme?
It is about health and rightfully the Union needs to
ensure that we are sufficiently protected. As far as
current medical benefits are concern we are covered
without any limit inclusive of our family. But this will
not be sufficient if we are detected with major illness
and we require hard earn cash after retirement or even
now to pull us through. We do not want our EPF
contribution to be used for our medical bills. This
scheme provides such benefits where it pays off the sum
assured once we are diagnosed with major critical
illness. It is called “Living Care”, because you get to
see the money when you are still alive.
2. How does this scheme benefit
me in comparison to individual policy?
Great savings on premium! As compared to individual
policy, the amount is fixed irrespective of a person’s
age, health and further the premium is lower. Age of a
person will be detrimental on the premium to be paid.
For example an individual at the age of 47, for a policy
of RM40, 000 will need to cough up with monthly premium
of RM200, where else with group scheme here you only
need to pay RM40 per month!! We are not looking at
whether a person is healthy or not. If you are not
healthy, you might not be able to participate in an
individual policy where else here, it is not taken into
account – you only need to declare them.
3. Does this scheme, only
covers critical illness?
First of all this scheme covers for 36 major critical
illness (please refer to brochure). As such it is up to
date as per the industry standards. The great thing
about this group scheme is that it has a saving element,
unlike many conventional schemes. The saving element of
it is placed in syariah compliance scheme. Thus it is
halal. Half of your premium goes into this saving scheme
(DANA RESTU). This saving scheme is a separate entity
and it does not affect your coverage on the critical
illness. There is more in store – you could withdraw the
amount after one year of payment. This will be useful
when time of need.
4. How about hospitalization
benefits?
This scheme provides hospital allowance and it depends
on the premium you are paying. There are two schemes
available RM44 or RM66 – RM40 or RM60 daily hospital
allowance up to a maximum of 500 times. All it requires
is a photocopy of your hospital discharge sheet. Simple
as that! – We look at it as this way – Bank pays you all
the hospital bills and you extra allowance from this
scheme. It will come in handy.
5. Why Great Eastern?
When it comes to Group scheme, they are the best in the
market. Further more they are the most reputable
insurance company in this country. We prefer to
associate ourselves with the best. At the moment they
are the only insurance company whose pays triple
indemnity for death or permanent disability due to
accident. Thus for RM66 premium it pays out RM180, 000 +
RM3, 000 funeral expenses + your saving component. Isn’t
this fantastic!
6. Can I cover my family as
well?
The scheme allows you to cover your family as well and
the premium is the same. We naturally encourage you take
this policy for your spouse and children (below 18
years). But you cannot extend this policy to your family
members without you. It also sets certain rules on the
children i.e. you cannot choose the child you want to
insure. You have to insure from the youngest onwards.
You also have to insure your spouse before you could
insure your children.
7. Why does the insurance
company set these rules for my family?
Simple. When you fill up the forms, you will realize
that they do not ask any family background, health state
of a spouse or a child. These rules are set so as to
avoid you from insuring only the unhealthy one. This is
fair because you do not go through any underwriting.
8. In the first place why
choose critical illness?
When the Union did a statistics of staffs whose have
sign up with us, for the above policy (600 applicants),
30% of them were in the unhealthy state. These are only
those who are aware of their state of health. Many of us
are not aware, as we have not gone through any thorough
medical check up. Union is of the opinion that the
percentage should be higher. One fine example is
diabetes. Even though diabetes is not part of critical
illness, it could lead to major critical illness – and
we know there are many who has diabetes. Further there
is are lot of contributory factors to a persons health
level e.g. no proper diet (eating junk food), stress,
not exercising and in a way it is work related. Union is
concern of this drastic increase in number of staff
affected. This is the best the Union can do, by
providing cheaper premium.
9. How long do I have to keep
contributing?
Up to the age of 65. Why 65? The older you get, the risk
factor will be higher to contract critical illness.
Since the contribution is the same, you will not be
burdened with heavy premium payment. Once you are 65,
the policy lapses and whatever amount you have
contributed to the saving portion (DANA RESTU), plus
accumulated dividend will be paid back to you. If you
have contributed for a very long period, without
withdrawing the saving portion of this scheme, the total
return when the policy expires will be good.
10. Can I increase my coverage?
Initial entry for this scheme is RM40, 000 or RM60, 000,
but you can increase to a maximum of RM250, 000 at
anytime. For the increase amount, you have to go through
underwriting. That means you have to be healthy and the
premium is only RM260 a month (RM250, 000 coverage plus
hospital allowance of RM100).
11. What benefits does Union
Executive CIMB get in return?
The Union gets 2% throughout the contribution from the
premium. At the moment we are getting monthly RM600 from
this insurance scheme. We intent to re launch this
scheme to those who are unaware of this scheme. Not only
does this scheme benefit all CIMB Group staff, it also
increases the Union fund.
Please spread this exciting news around. The scheme is
meant for all CIMB Group staff (CIMB bank, investment,
Islamic, Epic-I, Semarak Services…), irrespective of
grade. In another word it is meant for all including
your spouse and children. |
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