MSIG Malaysia

Fire. Burglary. Armed robbery. These are just some of the most common risks your home is exposed to every day. With a MSIG policy that covers almost any event, you can protect your family home and personal possessions from loss. Now, that’s peace of mind.

MSIG expedited the claims process to their Houseowner Insurance policyholders by offering on the spot settlement to 258 homes in Johor/Malacca during the floods in December 2006.

Plus, damage caused to buildings caused by careless driver* is also claimable as Impact Damage under Houseowner Insurance.

*Only if the car does not belong to or under your control.

Encik Ahmad has just moved into his new home with a new auto gate installed. He was really upset when his new auto gate (cost him RM 1,000) and his astro decoder, alarm system and telephone systems were all damaged by lightning.
 
“Especially after paying all the renovation costs, I really did not need another bill/expenses”.
 
So when he spoke to his MSIG insurance agent, he was pleasantly surprised to know his auto gate is covered under his Houseowner Insurance policy. But because he did not take up his agent’s earlier advice to insure his contents, he had no insurance cover for the damaged electrical items.

We all learn our lesson from events like this. Now I know my Houseowner Insurance covers my house for so many other events like impact damage, flood, theft, typhoon, windstorm other than just fire. And yes, I asked my agent to quickly arrange home contents cover for me too. After all, lightning can strike my house again.

Encik Ahmad

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.    

Contact 1-300-880-863 or click here  for more details about Home Assist.

1. Do I have to pay GST on my HHO policy?

GST on HHO premium will be charged at 6% from 1 April 2015.

2. Period of Insurance for my HHO Policy is from 30 March 2015 to 29 March 2016. Will the Insurance Company charge me for GST for the period from 1 April 2015 to 29 March 2016? Especially since the Insurance Company has included a notice on GST on my policy.

Currently Customs has provided tax relief for basic fire policy that provides coverage for the building only and covers loss or damage by fire, lightning and explosion.

HHO is a more comprehensive policy that comprises of basic fire, lightning, explosion and other perils like flood.

Please note that at this juncture, Customs has not officially advised tax relief for HHO.

Hence GST will be charged on your HHO policy.

3. Then can I extend my policy perpetually so that I don’t have to pay GST?

GST will be charged for extensions where the period of coverage begins 1st April 2015 onwards.

4. What happens if I decide to increase my policy coverage mid term?

If the effective date of the increase in policy coverage is from 1 April 2015, GST will be charged on the additional premium.

5. If I sell my house and cancel the HHO policy, will MSIG refund my premium together with the GST?

Yes, only if GST has been charged and you have paid the GST amount, we will refund the premium and GST.

No GST refund, if there is no GST charged with the initial premium.

6. Is GST chargeable on additional perils for example Riot, Strike & Malicious Damage (RSMD)?

Yes.

7. Do I pay GST if I purchase my HHO from a non-GST registered agent?

GST is chargeable irrespective of the GST status of the Agent.

GST is charged on the HHO policy and collected by the Insurance Company on behalf of Customs.

8. Life insurance is exempted from GST.  Do I pay GST if I purchase my HHO insurance via a life agent?

HHO policy is a general insurance product. Hence you will need to pay GST on your HHO premium.

9. What does MSIG do with the GST I’ve paid?

MSIG collects GST on behalf of Royal Malaysian Customs Department & pays to Customs on monthly basis.

10. What about Stamp Duty?

MSIG collects Stamp Duty on behalf of Inland Revenue Department & pays Inland Revenue.

11. Is there any GST on the Stamp Duty?

No. Stamp Duty is a government tax and is not subject to GST.

12. When I renew my HHO policy, the sum insured for contents should include or exclude GST?

It should include GST.

13. I am a Singaporean and I have a property in Malaysia. Do I have to pay GST on the HHO policy?

Yes. GST on HHO premium will be charged at 6% from 1 April 2015.

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General Notes:

GST is law and therefore forms part of the terms & conditions of the policy.  Failure to pay GST means MSIG reserves the right to cancel or void the policy

Disclaimer:

The FAQs provided herein is for general information only and not intended to constitute advice on specific matter relating to GST.  Please consult your tax agent on the application of GST to your particular circumstances.

1. If my content is stolen, will MSIG pay the GST on the replacement cost?

  • If the Insured is a non GST registrant, and incurred GST on the replacement cost of the lost content, MSIG will pay the loss including GST.
  • If the Insured is a GST registrant, and incurred GST on the replacement cost of the lost content, MSIG will pay the loss excluding GST.

2. There is a deductible in my policy, where applicable. What is the GST impact on my claims?

  • If Insured is a non GST registrant, it will be the Adjusted Amount with GST less deductible.
  • If Insured is a GST registrant, it will be the Adjusted Amount without GST less deductible.

3. If my house is damaged by fire or lightning, will MSIG pay the GST on the repair cost?

  • If the Insured is a non GST registrant, and incurred GST on the repair cost of the damaged content, MSIG will pay the loss including GST.
  • If the Insured is a GST registrant, and incurred GST on the repair cost of the damaged content, MSIG will pay the loss excluding GST.

4. If I’m GST registered, why will MSIG pay the claims exclusive of GST?

Generally, as a GST registered person, you will be entitled to claim any GST incurred on the claim amount. If this is the case, the GST does not form part of your loss amount.

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General Notes:

GST is law and therefore forms part of the terms & conditions of the policy.  Failure to pay GST means MSIG reserves the right to cancel or void the policy

Disclaimer:

The FAQs provided herein is for general information only and not intended to constitute advice on specific matter relating to GST.  Please consult your tax agent on the application of GST to your particular circumstances.

Home Assist

Our dedicated Customer Service Officers and staff will be happy to assist with your queries.