1. Why should I choose to receive funds via e-payment?
2. Will there be any registration fee imposed if I want to use e-payment?
No, you can enjoy the service FREE of any charges.
3. What do I have to do to receive funds via e-payment?
You will be required to provide bank account details and e-mail address to MSIG by filling up our prescribed form.
4. What are the required supporting documents (besides providing my bank account details and e-mail address, by completing the form) to be given to MSIG if I choose to receive e-payment?
A legible copy of either one of the following which clearly indicate that the bank account number belongs to you :
5. Is there any restriction on the type of bank account that can be assigned for e-payment?
You can assign any of your existing active savings or current account held under your name or in the case of a joint account that has your name as one of the accountholders. The Savings or Current Account must be maintained with one of the financial institutions offering MEPS Inter-Bank GIRO (IBG) service.
Please refer to the following website for a current list of IBG members http://www.myclear.org.my/faqs/interbank-giro-faqs/
6. Can I change my bank account information?
Yes, you are allowed to change your bank account details by completing and submitting MSIG’s prescribed form together with the required supporting documents substantiating your request to us. No cost will be charged for this purpose.
Please contact your Account / Claims Handler to obtain the prescribed form and after completion, return it to him / her together with the required supporting documents.
7. When will my bank account be credited?
Payment will be made electronically into your bank account by MSIG as soon as your claims / premium refund has been approved. Generally, funds will be made available in your bank account within the same day of payment. However, depending on the processes adopted by your bank, you may receive the payment on the same or next business day.
8. Will I be notified once the insurance company has made the payment?
Yes, an e-mail notification from our banker, Standard Chartered Bank Malaysia Berhad (“SCB”) will be sent to you once SCB debits MSIG’s bank account. Thus, for this purpose, we require your email address. Depending on the processes adopted by your bank, you may receive the payment on the same day that you receive the e-mail notification or the next business day.
9. How will my bank account information be used and will it remain confidential?
Your bank account details and other related information :
10. What will happen to funds that cannot be credited into my bank account?
If funds cannot be credited into your bank account due to, for example, invalid bank account number, closed or inactive bank account, we will contact you to validate your bank account details. However, this may lead to unnecessary delay to the payment process. To avoid this delay, please ensure that your bank account is correct and active upon providing such information to MSIG.
11. What happens if I provide the wrong bank account number to MSIG ?
The funds will be credited into that (wrong) bank account number if the bank account number is a valid one, i.e. there is such an account and it belongs to another account holder. Therefore, please ensure you provide the correct bank account number to us as funds once transferred, are IRREVERSIBLE. MSIG is unable to instruct our banker, SCB to stop or cancel payment once the funds are transferred.
In other words, for Inter-Bank GIRO, bank’s verification is on Bank Account Number only but not the bank account name. Funds will still be transferred albeit to the wrong bank account number if the account number is a valid one.
12. Do I need to provide my bank account information separately for e-payment for each of my policy if I have more than one policy?
No, please provide information of ONE Bank Account only.
13. What if I die before the insurer pays out my claims proceeds and the bank has frozen my account. Where does the money go then?
All monies due to a policyholder in the event of his death will go to the lawful executor or administrator of his estate at the time payment of the monies by way of e-payment.
14. I have previously claimed from MSIG and already provided my bank details. Do I need to re submit all the bank supporting details to MSIG every time I submit a claim?
No, if you have previously provided your Bank details, you do not need to re-submit again to us. However, please remember to update your bank account details with us if there are any changes.
15. Is it compulsory for a claimant/policy holder to provide bank account information in order to receive the claims / premium refunds? What If I do not wish to reveal my banking details – how do I get paid?
In line with the objectives of the Financial Sector Blueprint and Bank Negara Malaysia’s directive, all insurance companies are required to intensify efforts to cease cheque usage by 31 December 2013.
Hence, please provide your bank account information in order for MSIG to process payment of claims and refunds to you.
E-payment is the most efficient and safest mode of payment. We do not use your bank data other than for the purpose of facilitating payment to your bank account. For more on MSIG’s privacy policy, please go to :
http://www.msig.com.my/pdf/PrivacyNotice.pdf
16. I am a foreign worker. I do not have bank account. Can I authorize payment to my employer’s bank account?
It is always advisable for an employee, either a Malaysian or a foreign worker to open a bank account. However, if a foreign worker does not have a bank account, he can authorize the payment to the employer’s bank account. However, this is a private arrangement between the foreign worker and the employer. MSIG will not be liable in the event the payment is not paid out by the employer to the employee.
17. I have been blacklisted by the Bank/adjudicated a bankrupt and unable to open a bank account. How do I get paid?
If you have been blacklisted by a bank and not able to open a bank account, for premium refunds and claim payments, MSIG is unable to effect any payment to you until you open a bank account.
If you have been adjudicated a bankrupt and unable to open a bank account, for premium refunds and claim payments (only for non-death benefits), please seek clearance from Ketua Pengarah Insolvensi to whom the payment can be made and advise us accordingly.
