1. What is critical illness insurance?
Critical illness insurance is a type of insurance that pays a lump sum benefit in the event that the insured person is diagnosed with a specific critical illness.
2. Why is critical illness insurance important?
Critical illness insurance holds the same importance as other types of insurance, offering long-term protection and providing peace of mind by ensuring there is financial security in place.
This type of insurance offers coverage for major medical conditions such as cancer, heart attack, stroke, Parkinson’s disease, diabetes, organ transplant and more, each of which can have significant financial implications. Critical illness insurance can serve as income replacement and is a vital complement to medical insurance, which may not cover all the associated costs of a critical illness, including loss of income, travel expenses for specialised treatments, or modifications to living spaces.
3. What are the critical illnesses covered by Allianz insurance policies?
Allianz Malaysia offers an extensive range of critical illness insurance policies, including Prime Care+ which covers over 150 critical illness conditions. These conditions encompass heart attack, cancer, Parkinson’s Disease, and stroke, each classified under three different stages—early, intermediate, or advanced.
The Healthcover range of critical illness insurance policies cover up to 70 critical illnesses, rotection against 7 additional critical illnesses for those below the age of 19, coverage of up to 100 years old and enhanced critical illness protection.
Critical illness insurance policies such as Lady Guard, PreciousCover and BabyCover provides medical coverage for mothers, child and female-related illnesses.
4. How can I select the right critical illness insurance policy?
Choosing the right critical illness insurance involves considering your individual needs, risk tolerance, and financial standing. Begin by evaluating the coverage amount, duration, and premiums that suit your requirements. Ensure that the features and benefits align with your needs. Most importantly, understand the plan’s exclusions and limitations by envisioning likely scenarios that might occur when you need to exercise the policy.
5. Can I purchase critical illness insurance in Malaysia if I have a pre-existing medical condition?
The possibility depends on the type of critical illness insurance offered. For further details on Allianz Malaysia's critical illness insurance plans, please refer to the respective product brochure or product disclosure sheet or speak to our agents.
6. Is critical illness insurance in Malaysia tax-deductible?
As per the latest guideline by the Inland Revenue Board of Malaysia (LHDN), critical illness insurance is tax-deductible, either by partial claim or full claim if the critical illness insurance is attached to your life insurance. Please note that the rules and regulations may change. Always refer to LHDN’s latest guidelines for accurate information.
With a diagnosis of a critical illness that falls under the coverage of your critical illness insurance, contact your insurance company and provide the full details. Gather all the supporting documents for the diagnosis, complete the claim form provided by your insurance company and submit all documents together for processing and approval.
8. Is there any survival period required to be eligible in claiming Allianz's critical illness insurance?
A survival period may be required prior to the payment of benefit under the critical illness insurance and the period may vary among the various types of policies that Allianz Malaysia offers. Refer to the product brochure or product disclosure sheet and refer to the ‘Exclusion’ section for further details.
9. How can I apply for critical illness insurance with Allianz Malaysia?
To apply for any insurance plans with Allianz Malaysia including critical illness insurance plans, you may contact an Allianz Life Agent or
reach out to us directly at 1-300-22-5542. We will assist you in a comprehensive manner, beginning by understanding your insurance needs and financial goals.