There are many types of PA insurance in the market, such as classic PA, travel PA, driver PA, family PA, and etc. In this article, we are focusing on family PA plan, i.e. personal accident insurance that will include both insurance owner and spouse as well as all the children in the household within a single policy.
In Malaysia, most of the PA plans are sold by general insurers. This article intends to compare some of the main features of the family PA plans offered by some of the leading general insurance companies in Malaysia, such as Allianz, Lonpac, Chartis, Tokio Marine, as well as life insurance companies like AIA and ING. For the purpose of this article, we will assume that the insurance owner will purchase a family PA plan with the accidental death payout of RM100,000.
Here's what he will get from the family PA plans mentioned above:
Note: To open the spreadsheet in another tab, click this link.
From the comparison table above, the boxes highlighted in Yellow are the advantages of the features of each family PA plan if compared to the same feature of competitor family PA plan.
As you can see, every family PA plan has similar features with differentiating amount of coverage. It is important to note that there is no such thing as the "best" family PA in the market, but rather the "most suitable" family PA plan for you. When i mean the "most suitable" family PA plan, i mean that the coverage offered is within your comfortable zone and within your budget.
For me, I tend to focus on factors such as payout amount for accidental death, accidental TPD, medical reimbursement, accident hospital income, weekly benefit, prostheses, corrective dental/cosmetic surgery, and renewal bonus. The remaining features are nice to have, and in fact add to the cost of insurance.
In my opinion, family PA plans from AIA, Allianz and Chartis Insurance stand out from the competitors by packaging their plans to focus on core factos as mentioned above. However, the premium for these family PA plan are well above the average market rate. If you are looking for a more balanced family PA plan with reasonable premium, notable mention are Lonpac FlexiCare, Kurnia Perfect 10 Plus, AXA SmartCare Prime, and QBE FlexiCare.
To get the details about each family PA plan, please follow the links below:
- Allianz Shield
- AXA SmartCare Prime
- Berjaya Sompo Family PA
- Chartis Essential PA
- ING Family PA
- Kurnia Perfect 10 Plus
- Lonpac Family Protector
- Lonpac FlexiCare
- MPIB Family Accident Protector
- OAC Family Protector
- QBE FlexiCare
- Tokio Marine Family PA Partner
Disclaimer: The information published is for your reference only. Please refer to your insurance agent for the most up to date information.
