Best Employee Benefits Insurance in Malaysia

Looking for the best employee benefits insurance in Malaysia? We help you get the maximum protection for your employees at an affordable cost.

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Features

Get Protected Without The Cost

Protection for your employees starts from as low as RM49/month per employee.

High Annual Limit

Your employees get to enjoy generous coverage as much as RM80,000 annually.

Immediate Protection

There will not be any waiting period for the insurance coverage to take effect and full coverage against COVID-19 for your company.

Why Choose PolicyStreet?

With PolicyStreet, you can ensure that you get the best employee benefits insurance in Malaysia for your company. No longer do you need to stress yourself in choosing the best deal because we help you get the best insurance coverage for FREE.

Licensed Financial Advisor

PolicyStreet is a financial advisor approved by Bank Negara Malaysia (Central Bank of Malaysia).

No Hidden Fees

When you purchase your travel insurance with us, you can rest assured that there will be no hidden charges as our services are FREE.

Price Match Guarantee

We have a “Best Price Match” policy whereby we will match all advertised prices from competitors.

Trusted by thousands of Malaysians

Used by more than 100,000 Malaysians, you can be certain that you will enjoy personalised and trusted services with PolicyStreet.

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FAQs About Employee Benefits Insurance in Malaysia

1. What is Employee Benefits Insurance?

Employee Benefits Insurance is the addition to an employee’s salary, which is usually not in the form of salary. It is sometimes referred to as ‘non-wage compensation’.

2. What are the types of Employee Benefits?

These are the types of Employee Benefits that are usually offered to employees:

  • Personal leave
  • Sick leave
  • Paid leave
  • Childcare
  • Medical insurance
  • Dental / optical insurance
  • Life insurance
  • Retirement plan
  • Stock option
  • Skills development
  • Company vacation
  • Awards

3. Why is Employee Benefits Insurance important?

Here are the reasons why Employee Benefits is important:

  • To protect your employees
  • To show that you care and are invested in their wellbeing and their future
  • To attract and retain talents in your company
  • To stand out from your competitors
  • To give your employees recognition for their good job

4. What is medical insurance?

Medical insurance is a type of insurance that will help cover your medical bills (hospitalization, consultation, surgery, treatment, medical supplies, and medication).

5. Why is medical insurance important?

Medical insurance is important to help you protect your finances. Should you ever fall sick or get injured, medical insurance will be your guardian angel by paying all your medical bills that are inclusive of hospital room, consultation, surgery, treatment, medical supplies, and medication. Other than that, it will also help you if you get sick or become disabled and can no longer work by giving you disability income. The future is not something that we have any control over, hence it is better to be prepared for any unexpected events. Buying medical insurance now means not harming your savings in the future.

6. What are the differences between group medical insurance and individual medical insurance?

Group medical insurance Individual medical insurance
The employer is the policy owner You are your policy owner
Employer chooses the plan or tiering according to job class Freedom to choose your plan
Lower annual limit Higher annual limit
Limited benefits Freedom to choose any add-ons/ extra benefits
Usually covers GP visits Does not cover GP visits
Valid if you are employed in the company Valid if you pay your premium on-time

7. Should my employees cancel their medical insurance policy if they have Employee Benefits Insurance?

No one should ever cancel their personal medical insurance policy. Why? There are 3 main reasons why:

  • Insufficient annual coverage limit: The main difference between group medical insurance (employee benefits) and individual medical insurance is the coverage limit, and generally, the coverage limit for group medical insurance is lower. This might not be sufficient to pay for their medical bills and they might have to fork out their own money from your savings.
  • They are not the owner: Their coverage and benefits are not permanent. The employer is the owner of the policy, and they have the sole right to change the plan. This means that your employees’ plan could be downgraded, and they will receive even lower coverage and lesser benefits that might not be enough to cover their medical bills.
  • It depends on employment status: ‘Employee Benefits’ means one is insured by the policy only if they are employed. What if they are laid off or want to quit their job? They will no longer be covered by the insurance. If anything happens during that time, they will have to bear the medical bills and they might have to be forced to use their savings.

8. Who is eligible to purchase Employee Benefits Insurance?

Most insurers allow companies with a minimum of 3 employees to purchase employee benefits.

9. What are the things to consider before purchasing Employee Benefits Insurance?

These are the most crucial things to ask your insurer before deciding to purchase employee benefits for your employees:

  • What does your plan provide?
  • What illness/ injury does your plan cover?
  • How is the claim process?
  • How long is the waiting period?
  • What are the panel hospitals/ clinics?
  • Is your plan on reimbursement or a cashless basis?
  • Can your employee add their spouse and/ or children to the plan?

10. Is a medical check-up required before purchasing Employee Benefits?

Some insurers require a medical check-up prior to purchasing group medical insurance from them and some other insurers do not. For confirmation, check with your preferred insurers.

11. What does Employee Benefits cover?

What Employee Benefits covers is according to your needs. Generally, it covers hospitalization and surgery, death, disability, critical illness, outpatient treatment, and/or personal accident.

12. When will my Employee Benefits policy start to cover my employees?

It depends on the waiting period for each insurer, and it usually ranges between 14 days to 30 days. For confirmation, check with your preferred insurers.

13. What if one of my employees gets diagnosed with an illness during the ‘waiting period’?

If they are diagnosed with an illness during this period, it will not be covered by their Employee Benefits for a duration of time (depending on the health and risk assessment by your insurer).

14. What if one of my employees gets sick during the ‘waiting period’?

If they get sick during this period, it will not be covered by their Employee Benefits, and they will have to bear the medical bills.

15. Does Employee Benefits include life insurance?

Insurers do give you the option to purchase Group Term Life for your Employee benefits.

16. Does Employee Benefits include personal accident insurance?

Insurers do give you the option to purchase Group Personal Accident for your Employee benefits.

17. Does Employee Benefits include other types of insurance (car/ motorcycle/ travel/ COVID-19/ home)?

No, Employee Benefits does not include other types of insurance. However, if you purchase Employee Benefits with PolicyStreet, your employees will be given a choice to purchase any of the insurance at a DISCOUNTED price with your company’s unique link!

18. Does Employee Benefits cover family members as well?

Yes, your employees can choose to include their family members (spouse and/ or children) under the same plan (depending on your company’s policy).

19. Does Employee Benefits cover disability/ critical illness?

Insurers do give you the option to purchase Group Personal Accident for your Employee benefits.

20. Does Employee Benefits cover GP visits?

Some insurers cover GP visits in their plan, some do not. But do not worry, there are companies that offer stand-alone outpatient treatment coverage plans that also cover GP visits.

21. Does Employee Benefits cover dental and optical?

Some insurers cover dental and optical in their plan, some do not. It is also worth noting that some insurers also cover traditional Chinese medicine and mental health screening and treatment. For confirmation, check with your preferred insurers.

22. What if one of my employees goes to non-panel hospitals?

For emergency cases, they can go to non-panel hospitals and still be covered, but it will be on a reimbursement basis.

23. Does every employee get the same plan/ type of coverage?

It depends on your company policy! You can have everyone on the same plan/ type of coverage or you can ask for different tiering for different job classes.

24. Can I change the insurer within the same policy year?

No, you can only change your insurer during the renewal period.

25. Can I cancel my Employee Benefits policy?

Yes, you can cancel your policy at any time! Make sure to get in touch with your insurer to ensure the smoothness of the process.

26. Will my Employee Benefits policy expire if I do not renew on time?

Yes, your policy will expire! It is best to renew your Employee Benefits on time to make sure you are well-protected. Renew with us to make your renewal experience hassle-free!

27. Where can I renew my Employee Benefits policy?

You can renew your Employee Benefits policy with your insurance provider on their website, through your broker, OR us on our website! Renewing with us is so much easier and what else? You get to save your money!

28. Is Employee Benefits Insurance valid after my employee left the company?

No, Employee Benefits Insurance will no longer be valid after they leave the company.

29. How much does Employee Benefits cost?

A lot of factors can affect the premium rate. Also, it ranges between different plans by different insurers. The lowest monthly premium rate (per individual) that you can find is RM35/ month! To know more about the rates, visit us here!

30. What factors affect the premium?

These are the factors that can affect the premium rate:

  • Type of plan
  • Age
  • Geographical location
  • Medical history
  • Occupation
  • Body Mass Index (BMI)
  • Smoking habits
  • Number of dependents
  • Co-insurance feature

31. What are the modes of payment?

Different insurers offer different modes of payments, but generally, they accept:

  • Online payment on their website
  • Online payment on their mobile app
  • Internet banking
  • Automatic recurring bill
  • ATM Banking
  • CDM Banking
  • Direct banking

32. Can I pay my premium on an installment basis?

Yes! You can pay your premium monthly!

33. What is the most affordable Employee Benefits plan?

We can help you find the most affordable Employee Benefits plan! Just click here and we will compare different Employee Benefits plans by different insurers to make sure that you find the one that suits your needs in 1 minute!

34. What’s the best way to buy Employee Benefits?

The best way to buy Employee Benefits is by visiting us here! We are a financial advisor approved by Bank Negara Malaysia that will help you save your time and money. We compare different Employee Benefits plans by different insurers to make sure that you find the one that suits your needs in 1 minute!

35. How will Employee Benefits pay for medical bills?

Generally, there are two ways that Employee Benefits pays for medical bills (depending on your plan): Cashless or reimbursement basis.

A cashless basis lets your employees flaunt their medical card, along with the Guarantee Letter and they are good to go! But on a reimbursement basis, there are some steps to be taken after they are discharged:

  • Step 1: Provide the documents needed
    • A copy of the insured’s NRIC
    • Medical report
    • Original medical bills and receipts
    • Diagnostic report
  • Step 2: Complete the claim form on your insurer’s website
  • Step 3: Submit claim form within 30 days of discharge

36. What is the maximum number of claims in a year?

It depends on your plan. Most insurers allow an unlimited number of claims as long as it is within your annual limit. For confirmation, check with your preferred insurers.

37. What is the difference between ‘annual limit’ and ‘lifetime limit’?

Annual limit Lifetime limit
The maximum claimable amount for each policy year. The maximum claimable amount for a lifetime, as long as your policy is still valid.

38. What happens if my employees fully utilize their annual/ lifetime limit?

If your employees fully utilize their annual/ lifetime limit, the insurer will no longer pay for their medical bills. Any exceeding amount will be borne by them.

39. Can the amount of annual and lifetime limits be increased?

No. The only way to increase the annual and lifetime limits is by changing to another plan that offers higher annual and lifetime limits.

40. What is ‘sum insured’?

Sum insured in the amount of money that will be paid to your employees by your insurer in the event of the unpredictable.

41. Can the sum insured be increased?

It depends on you, as you are the owner of the policy. But please note that increasing the sum insured also increases the premium rate. Make sure to get in touch with your insurer to ensure the smoothness of the process.