• Home
  • About Us
  • Guides

    Savings Calculator to calculate savings goals and basic savings projections

    Planning & Budgeting

    Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

    Saving & Investing

    Guides to tackle financial debts in Malaysia for Free

    Tackling Debt

    Free Guides on Choosing and purchasing a vehicle in Malaysia

    Buying a Vehicle

    Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

    Buying a Home

    Free Guides On purchasing insurance in Malaysia safely

    Insurance

    Free guides to ensure a comfortable Retirement by planning your retirement

    Retirement

    All Guides Icon

    All Guides

  • Guides
    • Planning & Budgeting
    • Saving & Investing
    • Buying a Home
    • Buying a Vehicle
    • Tackling Debt
    • Insurance
    • Retirement
  • Calculators
  • Blog
  • Take Quiz
    • English
    • Bahasa Malaysia
    Have any questions?
    hello@multiply.org.my
    RegisterLogin
    MultiplyMultiply
    • Home
    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

    • Guides
      • Planning & Budgeting
      • Saving & Investing
      • Buying a Home
      • Buying a Vehicle
      • Tackling Debt
      • Insurance
      • Retirement
    • Calculators
    • Blog
    • Take Quiz

      Insurance

      What Microinsurance Plans Can You Get?

      • Posted by Multiply
      • Categories Insurance
      • Date December 28, 2020
      What Microinsurance Plans Can You Get? 1 - Multiply - Insurance

      With more and more microinsurance policies out there, it can be confusing to decide on the right one for you. Microinsurance plans also only provide coverage for specific events, so you should look at each plan carefully to be sure what protection you’ll get. The lower coverage provided by microinsurance compared with regular insurance is partly why they can be bought at a lower price than regular plans.

      As microinsurance plans tend to have a shorter coverage period compared to regular insurance, they can be ideal if you only want short-term protection. Otherwise, you’ll need to renew your plan.

      And if you want more coverage over a longer time, you should probably look at a regular medical or life insurance insurance plan instead. Having a regular insurance plan will make sure you and your family have medical and financial protection if you get a major illness, become disabled or pass away unexpectedly. Since you’ll never know when these situations might happen, it would be good to have a long term insurance plan to use continuously, no matter when the situations happen. On the other hand, if you only had a short term microinsurance plan, you might not have protection all the time.

      Here, we’ve listed out the common types of microinsurance policies and some things you should look out for when you think about each plan.

       

      Medical Protection

      Medical

      Medical insurance is one of the most important plans you can get, since all of us get sick at some point in our lives. If you’re not insured, you could end up incurring high hospital bills and getting into debt, especially if you go to a private hospital.

      But a typical medical insurance plan may be over the budget for some people. While the premium of a regular medical insurance plan can cost a few thousand ringgit a year, the premium of a microinsurance plan only costs a few tens of ringgit a year. A regular medical insurance plan would be more suited for those seeking private medical treatment, which tends to be more expensive. On the other hand, the coverage of a medical microinsurance plan could be more suited to public medical treatment.

      So if you can’t afford a regular medical insurance policy now, you could look into a medical microinsurance plan which would be a more affordable option to have some medical protection.

      However, because certain treatments or other fees like ambulance fees may not be covered under medical microinsurance plans, you may want to combine a regular insurance plan with a microinsurance plan. For example, you may want to get a regular insurance plan that covers treatment, hospitalisation and ambulance fees. But if you’re concerned about high hospitalisation bills, you may top it up with a microinsurance plan that covers just hospitalisation bills.

      When choosing a policy, consider your budget and the risks. Here are a few factors to consider:

      • Age
      • Family health history
      • Budget
      • Coverage (including Covid-19 coverage)


      Critical illness

      Worried about costs after hospitalisation and treatment that’s not covered by medical insurance? You could think about getting critical illness microinsurance. You should also think about getting critical illness cover if your family has a history of critical illness.

      While typical medical insurance plans pay for the cost of treatment, hospitalisation and medicine, critical illness microinsurance pays one lump sum once you’ve been diagnosed with a critical illness. You can use the money for your care or physiotherapy after you’re discharged from the hospital.

      Travel

      Are you planning to go on a trip? Do you travel a lot for work? You may get into an accident or lose your luggage. Or due to Covid-19, you run a higher risk of cancelled trips or needing emergency medical treatment. So, if you don’t want to be stuck in any of these situations, you may want to consider travel microinsurance. Travel insurance covers accidents and illnesses which happen when you travel.

      But, if you’re worried about getting Covid-19 while travelling, you’ll probably have to add on a different plan, like medical microinsurance, because travel microinsurance plans usually don’t cover Covid-19.

      Travel microinsurance also usually doesn’t cover long-term medical treatment, so you may need to look at medical insurance if you want more protection.

      Personal accident

      Personal accident microinsurance covers injuries, disabilities and deaths caused by unforeseen accidents. You may need it if your job involves a lot of physical labour. If you drive long distances frequently or are an e-hailing driver, you could also look at a policy that covers personal accident and vehicle insurance. If your job is short-term, this could be a good way to save on premiums, compared to conventional plans which have longer coverage periods. If you think you’ll need it in the longer term, you may need to renew your plan.

      However, personal accident microinsurance plans may not cover accidents related to pre-existing medical conditions, so you may need to look at medical microinsurance as well.

      Covid-19

      Some medical microinsurance plans may not cover complications related to Covid-19 due to the high risks related to the virus. So, you should look for specific plans that cover hospitalisation and treatment for Covid-19.

      If you’re unsure which one to choose and want to get the most protection, you may consider bundling a few types of microinsurance plans, e.g. medical and Covid-19-specific policies. You could look for a plan that also includes benefits for those who lose income due to Covid-19.

       

      Financial Protection

      Credit card and utility bills insurance

      Do you have a high-risk job that could result in accidental death, permanent disablement or critical hospitalisation? If you’re the sole provider or main breadwinner in your household, or if your income is irregular, you may be worried about unpaid bills. If these are your concerns, you may want to consider credit card and utility bills insurance.

      Business protection for SMEs

      Are you more concerned about protecting your business assets? Do you have valuable property in your business? You may want to look for a policy that protects you against fire, burglary, business interruption, loss of money and breakdown of equipment.

      If your business keeps a lot of cash in your store, you may be worried about losing that money on the way to the bank. Or maybe you worry about your business getting interrupted or having to close temporarily? You could look for a plan within your budget that can cover the cost of your potential losses according to your needs. And remember, some plans may not cover the risk of Covid-19 related loss of business after a certain date.

      Business protection microinsurance for SMEs can also cover losing your business income in the event of accidental death, permanent disablement, or critical illness. During this pandemic, you may also consider looking at a plan or add-on that covers Covid-19 related complications.

      Motorbike insurance

      Typically, you get protected if your motorcycle is lost or damaged during an accident, fire or theft. If you’re involved in an accident, you may be covered against damage to another person’s motorcycle. Choose your plan depending on how much coverage you need and your budget.

      Now you know the types of microinsurance plans there are. If you’re not insured and thought you couldn’t afford insurance, you can look around for the right microinsurance plan for exactly what you need at a lower price — And make sure you at least have some protection if something bad happens. You could also mix microinsurance plans with a regular insurance plan to give you more protection.

      For more information on insurance, read our guides on medical insurance, life insurance and Takaful. You can also read our blog for an introduction to microinsurance.

      Tag:Insurance

      Share with:


      Admin bar avatar
      Multiply
      The Multiply Admin

      Previous post

      What Are Robo Advisors?
      December 28, 2020

      Next post

      Personal Tax Reliefs For 2020
      December 28, 2020

      You May like

      car-g170fb26f6_1920 (1)
      Should You Get Flood Insurance for Your Car?
      13 January, 2022
      3-insurance-plans-you-need-to-get-now-to-protect-your-older-self
      3 Insurance Plans You Need To Get Now To Protect Your Older Self
      19 November, 2021
      Medical Insurance
      Here’s Why You Need Your Own Medical and Covid-19 Insurance
      8 September, 2021

      Search

      Latest Posts

      Ready for Malaysia's Budget 2023? 3 - Multiply - Planning & Budgeting
      Ready for Malaysia’s Budget 2023?
      22Feb2023
      Where can I get help if I'm struggling financially? 5 - Multiply - Blog, Planning & Budgeting, Saving & Investing
      Where can I get help if I’m struggling financially?
      13Feb2023
      Want to grow your savings? 7 - Multiply - Planning & Budgeting
      Want to grow your savings?
      01Dec2022

      GUIDE CATEGORIES

      • Planning & Budgeting
      • Saving & Investing
        • ETFs
        • Unit Trust
        • Stocks
        • Investing Basics
        • Fixed Deposits
        • Savings
      • Tackling Debt
      • Buying a Vehicle
      • Buying a Home
      • Insurance
      • Retirement

      STAGE OF LIFE

      • Student
      • Families
      • Working Adults
      • Retirees

      Latest Guides

      5 Things To Check Before Investing in A Company’s Shares

      5 Things To Check Before Investing in A Company’s Shares

      Free
      What you need to know about ‘Buy Now, Pay Later’ plans

      What you need to know about ‘Buy Now, Pay Later’ plans

      Free
      What Do You Need to Know About E-Wallets?

      What Do You Need to Know About E-Wallets?

      Free

      Don't miss out, join our mailing list

      newsletter-subscribe-multiply

      logo-multiply-learn-investing-for-free

      hello@multiply.org.my

      Information

      • Home
      • Blog
      • About
      • Contact

      Categories

      • Planning & Budgeting
      • Saving & Investing
      • Tackling Debt
      • Buying a Vehicle

      Categories

      • Buying a Home
      • Insurance
      • Retirement
      • All Guides

      Instagram Feed

      Ready to simplify your finances and achieve financ Ready to simplify your finances and achieve financial independence? 🔥💰 Swipe to learn more about the FIRE concept as part of our Multiply Simplifies series. Discover how you can retire early and live the life you want by following these simple steps.#FIRE #retirement #multiplysimplifies #financialfreedom #financialindependence #financemadesimple #financialliteracy #financialeducation #multiplymalaysia #malaysia
      EPF savings will always be enough for my retiremen EPF savings will always be enough for my retirement - do you think this is a fact or a myth? 🤔Check out our reel to find out the answer, and the recommended retirement savings amount you should have! 🏦#mythbusters #mythbusting #mythbustingmonday #retirement #retirementplanning #retirementsavings #retire #epf #kwsp #personalfinance #malaysia #financialliteracy
      Money talk made simple! 🤑 Introducing Multiply Money talk made simple! 🤑 Introducing Multiply Simplifies - your one-stop destination for all things finance! 💰💸 From budgeting to savings, we've got you covered. Today its about EPF, also known as KWSP (Kumpulan Wang Simpanan Pekerja).Follow us for weekly bite-sized explanations that make financial concepts & elements easy to understand. #multiplysimplifies #financemadesimple #moneytalk #financialliteracy #financialeducation #kewangan #financemalaysia #epf #kwsp #personalfinance #multiplymalaysia #malaysia
      Anda rasa simpanan persaraan penting atau tak untu Anda rasa simpanan persaraan penting atau tak untuk suri rumah? 🤔 Tonton reel ini, biar kami jelaskan, dan beritahu pendapat anda di ruangan komen di bawah!👇#mythbustingmonday #multiplymalaysia #celikkewangan #pendidikankewangan #surirumah #wanitaperlutahu #duit #kewangan #wanita #isayang #kwsp

      Multiply by Creador Foundation.

      • Privacy
      • Terms
      • Sitemap

      Facebook Google

      Login with your site account

      eighteen + 13 =

      Lost your password?

      Not a member yet? Register now

      Register a new account

      five × 5 =

      Are you a member? Login now

      Language :

      • English
      • Bahasa Malaysia

      What's your spending style?

      Managing our spending can be tricky business. So tell us how you spend your money and we'll help you figure out how to make the most of it!

      1. How do you earn money?
      2. How were you managing your finances before COVID-19 hit?
      3. How has COVID-19 affected your spending overall?
      4. How did the movement controls (MCO/CMCO) affect your credit card spending?
      5. If you received Bantuan Prihatin Nasional (BPN) assistance, how did you use it?
      6. If you're taking money from your EPF account during the MCO/CMCO (under i-Lestari), how are you using it?
      7. The loan moratorium was helpful for me because:
      8. The holiday season is just around the corner. What do you have planned for year-end shopping?
      9. Have you planned your budget for 2021?
      10. How are you preparing financially for 2021?
      11. How do you think you'll manage your money in 2021?
      12. What do you think you need most to improve your finances in 2021?
      13. In 2021, my top financial goal is to:
      14. In 2021, my biggest financial worry is:
      15. In 2021, which areas of personal finance would you like to learn more about?
      clock.png

      Time is Up!

      Language :

      • English
      • Bahasa Malaysia

      Take our quizzes!



      What’s your finance personality?

      Latest


      What’s your spending style?

      Language :

      • English
      • Bahasa Malaysia

      Whats Your Finance Personality?

      Find out if you’re a Money Boss, Finance Cadet or a Finance Newbie by taking this quiz!

      1. It's the end of the month, you are thinking...
      2. Say you want to go shopping for fun, do you...
      3. So you crashed your car and it's going to cost RM1,000 to fix, you
      4. Your credit card statement is in and your reaction is
      5. After months of saving (see "sikit -sikit, lama-lama jadi bukit" really is true), you've got cash sitting in the bank. You then
      6. You're buying a new car (yes, imagine away - Toyota, Proton, or BMW). You take
      7. You are thinking of investing. What do you do...
      clock.png

      Time is Up!