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Dear Martin,
Recently I received a letter from AIA informing that the my Medishield insurance policy will be enhanced (to MAX B) and thus the premium per annum will be increased to 240+ from 140+ (if I am mistaken).
I am wondering whether AIA is allowed to decide at any point in time to enhance their client policy and subsequently the premium that they have to pay.
I think they must be made to received client consent by a signature at least.
ReplyDear Lim,
For the private integrated shield plans, the premiums are non-guaranteed and can be reviewed every year.
FYI, the basic Medishield is embedded within such plans. The insurance company will actually pay part of your premiums to Medishield and keep the rest to provide the enhanced coverage.
Because of the recent (huge) hike in Medishield premiums, almost all the integrated shield plans have to increase their premiums accordingly.
ReplyI always remind myself to look ONLY at the guaranteed portions.
The rates of investment returns are projected and non-guaranteed.