- January 17, 2024
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Life is so unpredictable, including accidents. It might happen to anyone at home, at work, in leisure time, or anytime in your life. None of us can avoid accidents that are unpredictable in our life. That’s why having personal accident insurance Malaysia is very important to minimize the potential financial burden for breadwinners.
Before we go any further, you might be asking about what exactly is personal accident insurance and its benefits. This article will explain everything you need to know about personal accident insurance in Malaysia. Keep on scrolling!
What is Personal Accident Insurance?
As the name suggests, Personal Accident (PA) insurance is a typical insurance that provides the financial protection you need to ease the financial burden caused by an accident. Several types of accidents are common, such as injury, accident, being hit by something, inhalation of toxic gas, or sudden and unforeseen events.
These types of accidents can happen at any time, even though you’ve tried to avoid them. Therefore, personal accident insurance is needed to cover all kinds of risks. Some insurance companies have different policies regarding their services. All you have to do is make payments known as premiums.
Who is Personal Accident Insurance For?
All of us are subject to the risk of various possible accidents. But some people with certain jobs have a higher risk than others. So they need additional protection to minimize any risks that may occur. It includes miners, soldiers, drivers, building and construction workers, captains, athletes, etc.
Why Need to Apply for Personal Accident Insurance?
Accidents occur at different levels ranging from minor to severe injuries. For instance, if you experience a life-threatening accident, you may have to undergo expensive hospitalization and medical payment. You may also not be able to continue working for a period of time, which means you will lose your salary.
The reasons why personal accident insurance is important include the following:
1. Covers the Medical Expenses
Personal accident insurance can bear the medical expenses urgently. You don’t have to worry about preparing costs or even loaning out cash to cover the cost of treatment due to an accident. You can also receive compensation for the cost of treatment at the hospital according to the policy.
2. Cost-effective Protection
Unlike health insurance and life insurance, accident insurance offers cost-effective protection. That said, personal accident insurance is more affordable and easier to purchase compared to others. Some insurers allow you to choose one or more protections depending on your budget and needs.
3. Provides Financial Protection
Getting into an accident can affect your activities as a breadwinner. You have to deal with medical expenses and even a permanent disability. Personal accident insurance can be a solution to your financial problems.
4. Gives You Peace of Mind during Your Activities
Considering the risk of accidents that can haunt at any time. But that doesn’t mean we should limit our activities. Protection from personal accident insurance can provide a sense of calm during activities outside, meaning you will be protected by the insurance company for minor to serious accidents.
5. Protection for Extreme Sports
Moreover, personal accident insurance offers additional protection for extreme sports enthusiasts such as wrestling, paragliding, diving, and so on. This insurance provides coverage in the event of an unexpected accident due to these sports.
Type of Personal Accident Insurance Malaysia
There are 5 plans for personal accidents available among insurance companies, including:
1. Individual Plan
Individual personal accident plan is a great selection in your insurance list. It will cover the policyholder related to you in the event of an unexpected accident.
2. Couple/Partner Plan
If you are married, it would be a good idea for you to choose this insurance. So this insurance will cover all costs that occur if you have an accident.
3. Children Plan
Meanwhile, you can apply the PA insurance children plan for coverage of any events that happen to the child according to the policyholder.
4. Family Plan
PA insurance also includes a family plan that provides protection for your family.
5. Takaful
A cooperative policy funded by contributions made by those participating. Other participants can be protected against risks with the collected funds. This type of insurance represents Islamic principles.
How To Apply for Personal Accident Insurance Malaysia?
At first, choosing the right personal accident insurance is a bit challenging. Typically, you have to consult with an insurance agent to understand the urgency of the insurance you need. To begin with, you can visit the official website of the insurance service provider and look for information regarding what plans are available.
Check the best insurance companies in Malaysia below if you are wondering how to decide which one to go for.
10 Best Personal Accident Insurance Malaysia
Every insurer must have its own plans. You have to be smart to choose which plan suits your current situation. With that in mind, we will list the top ten insurers in Malaysia to simplify your search.
1. eTiQa: Buddy PA Insurance
- Death & Permanent Disablement: Up to RM250,000.
- Medical Expenses: Up to RM 2,250.
- Inclusion Age: 45 days – 65 years old.
2. eTiQa: Takaful Buddy PA
- Death & Permanent Disablement: Up to RM 250,000.
- Medical Expenses: Up to RM 2,250.
- Inclusion Age: 45 days – 65 years old.
3. MPI General: The Gladiator Enhanced
- Death & Permanent Disablement: Up to RM1,000,000.
- Medical Expenses: Up to RM8,000.
- Inclusion Age: 30 days up to 65 years old.
4. MPI General: Multi PA-Protector
- Death & Permanent Disablement: Up to RM300,000.
- Medical Expenses: Up to RM9,000.
- Inclusion Age: 16 – 65 years old.
5. IKHLAS Personal Accident Takaful
- Death & Permanent Disablement: Up to RM10,000.
- Medical Expenses: Up to RM3,000.
- Inclusion Age: 18 – 65 years old.
6. Crystal Essentials Personal Accident
- Death & Permanent Disablement: Up to RM1,000,000.
- Medical Expenses: Up to RM 12,000.
- Inclusion Age: 18 – 65 years old.
7. KURNIA: Perfect 10 Personal Accident Insurance
- Death & Permanent Disablement: Up to RM1,000,000.
- Medical Expenses: Up to RM 10,000.
- Inclusion Age: 16 – 65 years old.
8. KURNIA: Right Cover Personal Accident
- Death & Permanent Disablement: Up to RM450,000.
- Medical Expenses: Up to RM300.
- Inclusion Age: 16 – 65 years old.
9. Allianz: Personal Accident Insurance
- Death & Permanent Disablement: Up to RM50,000.
- Medical Expenses: Up to RM1,000.
- Inclusion Age: 3 – 70 years old.
10. Tokio Marine Insurance Group: Family PA Partner
- Death & Permanent Disablement: Up to RM300,000.
- Medical Expenses: Up to RM12,500.
- Inclusion Age: Until 65 years old.
Buy Personal Accident Insurance From Now On!
Overall, you must have PA insurance considering the impact of an accident on your finances. Various personal accident insurance Malaysia options are available with various policies at affordable prices. Select your best plan and stay protected from unpredictable accidents.
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