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We are fully committed to support BNM’s interim measures on medical insurance. Kindly take note that this is applicable to policyholders impacted by medical revision effective 1 October 2024 onwards. 

What are the Interim Measures?

  • Gradual Adjustments:

For affected policyholders, premium adjustments will be staggered over a minimum of three years in 2024, 2025 and 2026. This means at least 80% of policyholders will see yearly premium adjustments of less than 10% annually.

  • Senior Support:

There will be a one-year pause on premium adjustment due to medical claims inflation for those aged 60 and above, covered under the minimum plan.

  • Policy Reinstatement:

Customers who have surrendered or lapsed their policy from January 2024 to February 2025, due to medical revision, will be eligible for reinstatement without underwriting.

This option is available upon request from 15 January to 31 August 2025.

  • Alternative Plans:

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

How do I find out my new insurance charges?

You will receive an updated notification pack detailing your new insurance charges depending on your policy anniversary date. Please refer to timing below:

envelope (ENG)

Where do I find my Policy Anniversary Date?

The Policy Anniversary Date is the date each year that marks the anniversary of when your policy was first issued.

Log on to PRUServices under Active > Select policy > Overview > Issue date; or in your policy document under Policy Commencement Date.

 

How do I create my PRUServices account?

For further assistance, policyholders may reach out to our dedicated hotline at 03- 2771 2450 (Monday to Friday, from 8.30am to 5.15pm) or shareyourfeedback@prudential.com.my

References: 

Link to BNM’s press statement: Interim measures to assist policyholders and to promote continued access to suitable medical and health insurance/takaful products - Bank Negara Malaysia

Link to BNM’s information on the interim measures: Interim Measures to Promote Continued Access to MHIT Products - Bank Negara Malaysia

Link to LIAM's press statement: Insurance and Takaful Industry Introduces Interim Measures for Policyholders/Takaful Participants Impacted by Premium/Contribution Repricing

Link to LIAM FAQs: FAQ-Interim-Relief-Measures-20Dec2024-FinalVersion.pdf

 

You can also refer to these FAQs to help you understand more:

FAQ

The interim measures are applicable to policyholders impacted by the medical revision effective as per the table below.

Medical Revision Effective Date

Medical Plans

From 1 October 2024 onwards

PRUHealth (PHL)1

PRUFlexi Med (PFM)

PRUValue Med (PVM)

PRUMillion Med (PMLM) with Med Saver 300

1Inclusive of sub-rider PRUMedic Auto Upgrade

From 1 December 2024 onwards

PRUMajor Med 1-5 (PMM)2

2Inclusive of sub-riders PMM Enhancer and PMM Plus

The following plans are excluded from current medical revision and are not impacted by BNM interim measures:

  1. PRUValue Med and PRUHealth purchased from 1 Oct 2024 onwards
  2. PRUMillion Med Active and PRUMillion Med 2.0
  3. PRUMillion Med with Med Saver 1000, 3000, 5000 and 10,000
  4. Active Booster, PRUMillion Med Booster 2.0, PRUValue Med Booster and PRUMillion Med Booster
  5. PRUMedic Retirement, PRUAnnual Limit Waiver and PRUMedic Overseas
  6. PRUSenior Med

BNM’s interim measures are only applicable to policyholders impacted by medical revision effective 1 October 2024 onwards. You can refer to the table in Q1 for details on which policies are eligible.

We will notify you if there are any adjustments to your policy’s premiums.  For your convenience, we will apply any excess premium amount (if sufficient) towards your upcoming premium due. Any remaining balance after this adjustment will be refunded to your bank account or credit card registered with us. You will receive a separate notification once this is finalised.

If you prefer to receive a refund of the premium instead, please contact us at 03-2771 2450 (Monday to Friday, 8.30am – 5.15pm, excluding Public Holidays).

Staggered or spreading out of premium increases is a flexibility offered to adjust the increase in premium 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 policyholders in managing their premium during this interim period. We will be reaching out to the affected policyholders 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 policyholders, please refer to the table in Q1 for more details. 

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

Please reach out to your Prudential Wealth Planner or Bank Representative to find out more on your plan.

Insurance works on a risk-pooling concept. It is the equal sharing of financial risk among the large group of people contributing funds to the same pool. Insurers use the pool of money to cover large claims to minimise the cost of impact to the policyholders. When claims increase, the pool needs to be topped up by increasing premiums.

We offer several flexible options, including:

Options

Details

Convert to a medical plan with co-payment options

You may lower your premium by converting to a medical plan with co-payment options (i.e. Deductible / Med Saver / Coinsurance), if applicable.

Review and downgrade current benefit(s)

You may review and opt to downgrade your policy benefits to suit your needs, subject to the terms and conditions of the policy. However, we wish to remind you that any changes to your coverage will have an impact to your protection.

Consider changing premium payment frequency

You may consider changing your premium payment frequency to lower down lump sum financial commitment (if applicable).

Consider a different medical plan

You may consider purchasing a new or different medical plan offered by Prudential, subject to underwriting.

Adjust Target Coverage Term (for Investment-Linked policies only)

Shorten the target coverage term to match your needs and affordability. Note that this may affect the policy’s ability to sustain insurance charges deduction until the chosen expiry age.

You may also contact your dedicated Prudential Wealth Planner or Bank Representative for further advice and recommendations.

Where applicable, policyholders who have surrendered or lapsed their policy from January 2024 to February 2025, due to medical revision, will be eligible for reinstatement without underwriting. Waiting period will be waived for this special reinstatement request.

This option is available upon request from 15 January to 31 August 2025.

If you want to reinstate your policy, you can fill up the Special Revival/ Reinstatement Application Form here and get in touch with your Prudential Wealth Planner or visit the nearest Prudential Customer Engagement Centre.

Kindly ensure all payments are up to date.

Please allow us up to 10 working days to process your reinstatement request. Once approved, you will receive a notification letter from us.

There is no processing fee involved for reinstatement of your policy. However, you are required to catch up and pay any outstanding premiums from date of surrender/lapsed of your policy as well as return the full surrender payout (applicable to surrendered policy).

Once your policy has been reinstated, the new staggered insurance charges apply from 1 April 2025.

The new staggered premium will apply depending on the policy anniversary.

Your insurance charges are determined based on risk factors. These may include age, gender and medical plan type. We review our overall customer base that you belong to and these specific rating factors to determine how much your insurance charges will increase, which may exceed 10% for a certain year.

We encourage you to pay your current premium amount to ensure the sustainability of your plan(s). If you would like to explore other options to manage your premiums, please refer to Q8.

The BNM interim measures were introduced to help ease the immediate financial impact and ensure long-term protection.

However, the underlying issues driving medical cost inflation will require broader health reforms and collaboration among various stakeholders. We are committed to helping our customers by providing accessible, affordable and effective healthcare.