MSIG Malaysia

When you have worked hard to achieve a comfortable lifestyle, it can be devastating to have everything taken away by critical illness or a serious accident. With early treatment and modern medicines, you can survive critical illness. However, the cost of surviving can be higher than sudden death because treatment, hospitalisation and professional care are expensive. This is where MSIG can help you. MSIG’s Ladies Lifestyle Protection is an insurance plan exclusively for ladies and offers peace of mind by providing protection for health conditions of particular concern to the fairer gender.

At 36, Minnie is happily married with 2 kids. Few years ago, she was diagnosed with Stage 2 Breast Cancer. She underwent a mastectomy as recommended by her doctor and went through the cycles of chemotherapy and radiotherapy sessions. She has been cancer-free so far.

I enjoy my life even more now and this is what I’ve learned – never neglect your health, plan your finances ahead of time, illness does not affect the patient alone, but it affects the entire family, survival rate is high and cost of surviving is equally high and it’s not just about surviving, it’s about the ability to ensure the family’s lifestyle continues as well.

Minnie

“Not only do we need to worry about the financial responsibilities but it is important to us that our kid’s lifestyle are not too drastically affected. So yes, I am glad my husband purchased MSIG’s Ladies Critical Illness policy when it was recommended by his insurance advisor. The extra RM100,000* came in handy to complement our medical and other insurance plans and as well provide for the loss of income and extra home help we needed most. There are also medical aids we bought. It also helped us to have a short family holiday, which we really needed with the kids.”– Minnie

Critical points to consider:

  • Do you think you will survive more than 14 days if you’re an unfortunate victim of a critical illness?
  • Do you have RM100,000 cash ready as emergency funds?
  • If yes, how long did it take you to save that RM100,000?
  • If you need emergency funds, where would it come from?

*For Minnie’s case her annual premium was RM593 for a RM100,000 cover.
The insurance premium qualifies for Medical Insurance Tax Relief.

Following a recent review, all insurer in Malaysia are required by Bank Negara Malaysia to adopt the standard definitions for critical illness.

The new definitions will apply to new and policies renewed on or after 1st April 2016. To review the comparison, please click the link below:-

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

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

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

Yes. GST will be charged from 1 April 2015 to policy expiry date.

3. Do I pay GST if I purchase my Medical Policy from a non-GST registered agent?

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

GST is charged on the Medical Policy and collected by the Insurance Company on behalf of Customs.

4. Life insurance is exempted from GST. Do I pay GST if I purchase my Medical Policy from MSIG?

Medical Insurance is a general insurance product. Hence you will need to pay GST on your Medical premium regardless which insurance company you buy from.

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

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

6. What about Stamp Duty?

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

7. Is there any GST on the Stamp Duty?

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

8. I am a Singaporean. Do I have to pay GST on my Medical Policy?

Yes. GST on Medical 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 medical expenses incurred inclusive of GST charged, can I claim the GST incurred?

If your medical policy extended to cover GST, then we shall reimburse as per Schedule of Benefits. If your medical policy does not have such extension, then the GST incurred is not coverable under the policy.

2. Is GST amount payable part of the overall annual limit / inner limit?

Any GST amount payable is part of the Overall Annual Limit / inner limit.

3. Is food and bed subject to GST?

Food and bed incurred by patient are Exempt supplies. However, if such expenses are incurred by the family member, then such expenses will be subject to GST.

4. Traditional and complementary medicine services such as acupuncture is a form of healthcare service. It is treated as an exempt supply?

  • No. Traditional and complementary medicines (TCM) are subject to GST at standard rate.
  • Please note that normal medical insurance exclude alternative/traditional treatment.

5. Is medical report subject to GST?

Medical report provided by the healthcare professionals under the employment of the registered or licensed private healthcare is not subject to GST as it is an Exempt supply.

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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.

Customer Service Hotline

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