BNM Interim Measures on Medical Insurance

The interim measures are applicable to policyholders 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 and make the necessary adjustments.

We encourage you to continue paying your current premium 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 and make the necessary adjustments.

Kindly take note that this is applicable to policyholders impacted by medical revision effective 1 October 2024 onwards, as guided in Q1.

Before BNM announced the interim measures, we launched a Special Medical Plan Campaign to defer the start of the new premium rates and cost of insurance (COI) deduction. This campaign is applicable for medical plan policies 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 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 and make the necessary adjustments.

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.

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

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:

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.

This option is available upon request from 15 January to 30 June 2025.

For lapsed policy: 

Please fill up the Revival application form here and get in touch with your Prudential Wealth Planner or visit the nearest Prudential Customer Engagement Centre.

For Surrendered policy:

Please submit your written requests to 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 March 2025.

Please take note of the Waiting Period, as outlined in Q14.

Yes, there is a waiting period upon reinstatement for medical and critical illness (CI) riders as outlined in your policy document.

Yes, the premium amount remains the same. Additionally, the Special Medical Plan Campaign applies for eligible policies with anniversaries from 1 October 2024 to 28 February 2025.

The staggered amount will take effect from 1 March 2025.