Your home is an investment. But not just any investment. It's one that grows physically and emotionally with you. MSIG understands that you have your heart in safeguarding your home contents and family. That's why we go above and beyond with MSIG All-In-Home Insurance. It gives you the flexibility to choose the extent of coverage you want. So as your investment grows, so does its protection.
Your policy comes with FREE Assistance
A thousand and one emergencies can happen in your home any minute. A roof leak, blocked drains, a ruptured pipe, a short circuit, or perhaps you forgot your keys and could not get in. All these misfortunes always seem to happen at the wrong time and cause a great deal of inconvenience to you. MSIG Home Assist can help you with your household problems.
Please be informed that a 6% Service Tax will be charged with effect from 1st September 2018 for all taxable general insurance policies with period of insurance commencing on or after 1st September 2018 or policies spanning across 1st September 2018 (pro-rated charge).
You are obligated to pay any applicable taxes (which include but not limited to service tax and stamp duty) imposed by the Malaysian tax authorities in relation to this Policy.
We are in the midst of updating our brochures and product materials to reflect the Service Tax. The materials will be ready in due course.
For Residential Properties:
The Building Cost Calculator (BCC) is intended to use as a guide to help you in determining the estimated sum to be insured for your residential house or shop house.
You should review your sum insured and estimate the likely cost of rebuilding your home to its current specification. This is to minimize the problem of under-insurance so that you will not be inadequately compensated in event of a loss.
If you are buying a new home, it’s just as important that you estimate the potential cost of rebuilding it as this amount probably different from the price you had paid for the property. The estimated cost of rebuilding would be the Sum Insured on your policy.
You are advised to consult an expert in rebuilding cost such as a registered valuer, quantity surveyor or licensed builder if your home has been extensively renovated and /or have unique non standard designs.
Please click to below link to PIAM website for the BCC calculator:
Nomination is important to ensure that your loved ones get the protection that you intended.
To assist you in understanding ‘Nomination’, we have come up with simple FAQs below.
1. Why do I have to nominate?
Nomination is important to ensure that your loved ones will receive the protection as intended by you and that policy moneys may be paid out by insurers without any delay. Where no nomination is made, the policy moneys will be paid out to your lawful executor (if you have made a Will) or your lawful administrator (if no Will has been made) – this process will take a while.
*If there is no lawful executor or administrator, then the policy moneys will be paid out to the rightful persons in accordance with applicable distribution laws.
2. Who can I nominate?
You can nominate any individual(s) you want. HOWEVER, not all nominees will receive the policy moneys beneficially or for their own use. Depending on your marital status and who you nominate, nominations may produce unexpected results for the nominee(s). Likewise, nominations by a Muslim policy owner and non-Muslim policy owner will have different consequences.
Nominations made by a non-Muslim policy owner will create either (i) a trust policy in favour of the nominee(s) or (ii) a non-trust policy.
To ensure that your nominee(s) receive the policy moneys as intended, you need to ensure that a trust policy is created in favour of your nominee(s).
3. How do you create a trust policy?
Trust policy will be created:
(a) if the nominee is your spouse or child; or
(b) if the nominee is your parent (provided that there is no living spouse or child at the time you make the nomination).
4. What if I nominate someone else as my nominee(s)?
In such as case, you are creating a non-trust policy. Here, your nominee will only receive the policy moneys as executor and distribute the policy moneys in accordance with your Will or where there is no Will, in accordance with applicable distribution laws. If you intend for these nominee(s) to receive the policy moneys beneficially and not as executor, you will need to assign the policy benefits to them.
In brief, if you nominate people other than your spouse, children or parents, make sure to assign the policy benefits to them to ensure that they receive the policy moneys for their own use. Please contact MSIG if you require more information on this.
5. What about Muslim policy owner?
Nominee(s) irrespective of the relationship with the policy owner can only receive the policy moneys as executor and the policy moneys must be distributed in accordance with Islamic laws.
6. I did not make any nomination and Will. How will the policy moneys be distributed?
The policy moneys as well as your other assets will be distributed in accordance with applicable distribution laws.
For West Malaysia and Sarawak, the Distribution Act 1958 applies, where the policy moneys and assets will be divided between your surviving spouse, children and parent(s) in certain proportions.
The Distribution Act 1958 is however not applicable to Muslims in West Malaysia and natives in Sarawak. For Sabah, policy moneys and assets will be distributed in accordance with the Intestate Succession Ordinance 1960.
7. How do I make a nomination?
It is easy to make a nomination. You can download the PA Insurance Nomination Form provided in this website or you may contact us and request for a copy. Complete and return the original PA Insurance Nomination Form to MSIG for our further action – you may wish to refer to the sample completed form for reference.
Please make sure that the form is duly signed and witnessed by someone who is 18 years old and above, of sound mind and not a named nominee, failing which the nomination may be deemed invalid.
*The FAQs are provided for general information only. For detailed provisions on nomination, please refer to Schedule 10 of Financial Services Act 2013.
To download a copy of the Personal Accident Insurance Nomination Form, please click on the link below.
8. Can I being the insured revoke the nomination made earlier in my trust policy?
Yes, you can revoke the nomination under your trust policy but under the law you must obtain the written consent of the trustee before the revocation can be valid. (Refer to explanation in question 3 above). Hence, if you wish to revoke the nomination, you may download the Consent Form provided by us through the link below for completion. After the submission of the completed Consent Form and new Nomination Form to us, we will pass an endorsement for a change of nominee to your trust policy.