BNM’s Interim Measures on Medical Health Insurance and Takaful

On 20 December 2024, BNM announced interim measures to help policy/certificate holders affected by premium/contribution revisions on their Medical and Health Insurance/Takaful (MHIT) plans. These measures aim to alleviate the immediate financial impact and ensure continued coverage. These measures are:

1. Spread out future premium/contribution adjustments
   For affected policyholders, premium/contribution adjustments will be spread over a minimum of three years (staggered premium/takaful contribution increases). This means at least 80% of policy/certificate holders will see yearly premium/contribution adjustments of less than 10% annually.

2. Special provisions for customers aged 60-years-old and above
   There will be a one-year pause on premium/contribution adjustment due to medical claims inflation for those aged 60 and above, covered under the minimum plan.

3. Policy/Certificate Reinstatement Options
   Customers who have surrendered their policies/certificates or whose MHIT policies/certificates lapsed due to repricing in 2024 can reinstate them without additional underwriting requirements. This option will be available upon request.

4. Alternative MHIT Plans
   To supplement the interim measures, ITOs must develop an appropriate alternative MHIT product within the next one year that carefully considers the long-term affordability of medical coverage.

5. Dedicated support hotline.
   We have set up a dedicated helpline to provide guidance, address your inquiries, and offer solutions tailored to your needs.

   For further assistance, you can reach out to our dedicated hotline starting 15 January 2025:

   PAMB: 03- 2771 2450 or shareyourfeedback@prudential.com.my
   PruBSN: 03-2742 4060 or customer@prubsn.com.my

   (Monday to Friday, from 8.30am to 5.15pm, excluding Public Holidays).

The interim measures are applicable to policy/certificate holders impacted by the medical revision effective as per the table below.

We will reach out to affected customers once we have details on how the interim measures affect their policy/certificate and make the necessary adjustments.

We encourage you to continue paying your current premium/contribution to ensure the sustainability of your plan(s). We will reach out to affected customers once we have details on how the interim measures affect your policy/certificate and make the necessary adjustments.

Kindly take note that this is applicable to policy/certificate holders impacted by medical revision effective 1 October 2024 onwards, as guided in Q2.  

Before BNM announced the interim measures, we launched a Special Medical Plan Campaign to defer the start of the new premium/ contribution rates and cost of insurance (COI)/Tabarru` deduction. This campaign is applicable for medical plan policies/certificates undergoing medical repricing from 1 October 2024 to 31 December 2024. We have extended the campaign to 28 February 2025, for customers with medical revision effective from 1 October 2024 to 28 February 2025.   

We encourage customers to continue paying your current premium/contribution to ensure the sustainability of your plan(s). We will reach out to you once we have clearer details on how the interim measures affect your policy/certificate and make the necessary adjustments.

BNM’s interim measures are only applicable to policy/certificate holders impacted by medical revision effective 1 October 2024 onwards. You can refer to the table in Q2 for details on which policies/certificates are eligible.

If you are eligible under the interim measures, you will receive a refund on your premiums/contributions paid.

Staggered or spreading out of premium/takaful contribution increases is a flexibility offered to adjust the increase in premium/contribution to a lower amount, distributed over a period of 3 or 5 years (depending on your medical plan). This is only a temporary relief measure to assist policy/certificate holders in managing their premium/contributions during this interim period. We will be reaching out to the affected policy/certificate holders with more information.

No, your medical benefits, including coverage limits, remain unchanged.

For customers aged 60 years old and above, who are covered under the minimum plan, there will be a one-year deferment of the incremental or the repriced amount. This means there will be no repricing for one year for eligible policy/certificate holders, please refer to the table in Q2 for more details. 

This one-year deferment on the adjustment or repriced amount does not apply to the premium/contribution increase that results from a policy/certificate holder moving up to a higher age band.

Please reach out to your Wealth Planner / Takaful Consultant or Bank Representative to find out more on your plan.

Takaful relies on mutual assistance concept, with Tabarru` deductions pooled into a fund for future claims. To keep the fund sustainable amid increasing healthcare costs, adjustments to these deductions are needed. These revisions will impact all similar medical plans, regardless of individual claims history. This helps ensure that the fund can cover future claims for all certificate holders.

We offer several flexible options, including: 

You may also contact your dedicated Wealth Planner / Takaful Consultant / Bank Representative for further advice and recommendations.

Where applicable, policy/certificate holders who have surrendered/ lapsed their policies/ certificate in 2024 due to repricing will be eligible for reinstatement without underwriting, within 12 months from the date their policy/certificate has been surrendered/ lapsed.

To reinstate your policy/certificate, if applicable, you can reach out to your Wealth Planner / Takaful Consultant or Bank Representative or contact us from 15 January 2025 onwards for assistance.