Monday, July 31, 2006

3.2 Mln Umno Members Can Benefit From Free Insurance Scheme

About 3.2 million Umno members can benefit from an insurance scheme offered free by MAA Assurance Berhad from this year.

MAA Special Scheme Senior Manager Nina Abdullah said over 100,000 members from six divisions have been confirmed eligible under the scheme.

The next-of-kin of about 20 Umno members have benefited from the scheme following their deaths, she told reporters at the presentation of cheques totalling RM8,000 to the next-of-kin of four Umno members who had died.

The cheques were handed by Higher Education Minister and Jeli Umno chief Datuk Mustapa Mohamed.

Nina said more than 13,000 members in Jeli Umno division were eligible for the scheme.

To be eligible, Umno members are required to pay party annual membership fee every year.

The benefits include RM30,000 for permanent disability, RM20,000 for accident deaths and RM75 per day for 30 days hospital admission.

**** Can an actuary (if we can find one) let us know how such a 'free scheme' works. Someone has to be making a profit somewhere! Could it be in the form of operating expenses /processing fees? Or does part of the annual membership fees somehow 'find its way' into the scheme as premium. If that be so what kind of small fortune can be reasonably expected to be made with 3.2 million clients? Who could possibly be the beneficiaries of this 'free scheme? Just curious.

4 Comments:

Anonymous Anonymous said...

I would advise whoever wants to have any policy with MAA to think twice !

This is especially true for those who intend to get a life insurance whether whole life or endowment or medical.

The offer of free coverage especially on a political party's memebers only reflect on the doubtful governance of such an insurance company.

12:29 AM GMT+8  
Anonymous Anonymous said...

I would think that part of the annual subscription fees that Umno collected will go to MAA as premium for the policy. (Nothing is free in this world!!!!) This is part of a sales strategy/gimmick, whatever you want to call it. When the accidents happen, some families will need more money and some will need less. Then, MAA will take these actual cases of victims who do not have enough coverage as an example in their presentation (which i suspect will take place before the UMNO AGM). When the members saw real cases, they'll be scared and start to buy more insurance coverage either for themselves or family members. That's where MAA will start to make their monies....!!!!!! As the chinese saying goes..."putting out a long fishing line to get the big fish"

1:59 PM GMT+8  
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5:10 PM GMT+8  
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11:03 PM GMT+8  

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