MSIG Malaysia

When accidents happen, you just don't know how much they are going to cost. Your Motor Insurance may cover a large portion of it but there are other expenses to consider. That's why we go above and beyond with MSIG Out-of-Pocket Expenses Insurance (OOPS) to provide you and your passengers with coverage against unwanted expenditures arising from accidents. Whatever the journey. Click here to watch the video.

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

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

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

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

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

3. Life insurance is exempted from GST. Do I pay GST if I purchase my Personal Accident Policy via a life agent?

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

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

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

5. What about Stamp Duty?

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

6. Is there any GST on the Stamp Duty?

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

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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 I have paid GST charged on the medical expenses, can I claimed back from MSIG?

  • For individual, GST will be reimbursed accordingly.
  • For corporate, it will depend on the corporate’s GST registration status. If GST registered, the approval excludes GST and vice versa.

2. If the insured person met an accident and passed away, what is the GST impact on the claim settlement?

There is no impact on GST as it will be settled as per the policy term i.e. sum insured.

3. If the insured person met an accident and suffered permanent disablement, what is the GST impact on the claim settlement?

There is no impact on GST as it will be settled as per the policy term i.e. sum insured.

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.

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