As part of Bank Negara Malaysia’s (BNM) ongoing efforts to ensure that all Insurance and Takaful industry players uphold their commitments and deliver services as outlined in their Customer Service Charter (CSC), both BNM and the Boards and Management Committees of the Associations (MTA/LIAM/PIAM) have approved the appointment of NielsenIQ Malaysia as the research agency to conduct the Customer Satisfaction Survey (CSS) 2024/25. Please visit our Announcement page for more information. 

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Removal of Portfolio Withdrawal Condition

As part of our continuous efforts to enhance our medical insurance plans, we are pleased to announce the removal of Portfolio Withdrawal Condition for the medical products listed below effective from 16th February 2016:

  1. Smart Medic (SM)
  2. Smart Medic Xtra (SMX)
  3. Smart Premier Health (SPH)
  4. Smart Medic Enhancer (SME)
  5. Smart Extender (SE)
  6. Smart Extender Max (SEM)
  7. IL Hospitalisation Benefits Rider (ILHB)

All other features and benefits as well as terms and conditions of the products listed above remain unchanged.

Questions and Answers

Portfolio Withdrawal Condition is a clause that gives the right to an insurance company to stop offering the medical portfolio by giving advance written notification to policyholders, if it no longer underwrites this type of product. Any withdrawal of the medical portfolio will need to go through a due process of obtaining Bank Negara Malaysia's (BNM) approval to ensure that the policyholders' interest is protected. If Portfolio Withdrawal Condition is exercised, policyholders will be notified by company at least 30 days in advance as stipulated in the contract, thereafter company will not renew the medical plan. All benefits under this medical plan will cease to be payable from anniversary date immediately following the expiry of the 30 days advance notice. 

With the removal of this clause, the medical policy shall continue to be renewable on each policy anniversary subject to the terms and conditions of the policy. Apart from that, all other existing benefits enjoyed by the policyholders remain unchanged.

The removal is applicable for all current selling IL medical riders (on the shelf products) as listed below:

No Product Name Plan Code
1 SmartMedic U65 – U69
2 SmartMedic Enhancer U110 – U112
3 Smart Premier Health U115 – U118
4 SmartMedic Xtra U119 – U122
5 Smart Extender U130 – U139
6 Smart Extender Max U123 – U126
7 IL Hospitalisation Benefits Rider U75

The removal is with immediate effect for all the products listed above. 

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