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    Insurance Credit Cards

    As a credit cardholder, you get to enjoy various benefits such as unrestricted airport lounge access, discounts or cashbacks on movies, grocery, shopping, wellness, dining, etc. What most of you don’t realise is that besides these benefits, some cards even provide you with a whole host of insurance-related perks.

    Use your credit card to pay insurance premiums and earn reward points or cashback on every transaction. These cards facilitate hassle-free insurance payments while offering rewards and other privileges. Here is a list of the best insurance cards offered in Malaysia.

    From complimentary travel and accident cover to subsidised premiums, insurance cards help you stay protected while you enjoy all other benefits of a credit card.

    Compare Insurance Credit Cards In Malaysia

    Card Name Cashback/Reward Points Earned Insurance Benefits Offered by the Card Annual Fee
    Hong Leong Essential Credit Card
    • Get up to 1% cashback on retail spends.
    • Enjoy low cash advance interest of 10.8%
    • Earn 0.6% cashback on when you spend the first RM5,000 on your card.
    • Enjoy unlimited 0.6% cashback on insurance payments.
    • Principal card - RM100 p.a.
    • Supplementary card - RM50 p.a.
    • Annual fee for both principal and supplementary cards waived when you swipe your at least 12 times in a year or spend a minimum of RM8,000 on retail purchases.
    MyEG-RHB Credit Card
    • Earn 1x reward points on each Ringgit you spend using your card.
    • Enjoy discounts and exclusive privileges on concert tickets and theatre performances.
    • Redeem vouchers, gifts, and gadgets with the Smart Rewards Programme.
    • Use MyEG services to pay for your insurance premium to earn 5x reward points for every RM spent.
    • Principal card – RM88 p.a.
    • Supplementary card – waived for life.
    PB-AIA Visa Gold Credit Card
    • Enjoy unlimited Cash MegaBonus of 0.1% on local and overseas retail purchases.
    • Earn cashback of 2% for every Ringgit you spend towards your AIA Insurance premium.
    • Annual fee waived for life for principal and supplementary cardholders.  
    OCBC Great Eastern Platinum Mastercard
    • Get health and wellness discounts and rewards from Live Great Privileges Programme.
    • Earn 5% cashback on weekend retail purchases of minimum RM1,000.   
    • Enjoy 0% Auto Instalment Payment Plan when you pay your Great Eastern Life and Great Eastern Health insurance premiums of RM2,000 and above.
    • Annual fee waived for life for both principal and supplementary cards.
    Standard Chartered JustOne Platinum Mastercard Credit Card
    • Enjoy cashback of RM1,000 and more on petrol, online and daily transactions.
    • Enjoy discounts from participating partner merchants.
    • Get 0.2% cash rebate on all other card spends.
    • Get more than RM1,000 as cashback when you set up auto-payment of your insurance premium on your card.
    • Spend less than RM1,000 to get 0.2% cashback.
    • Spend between RM1,000 to RM1,499 to get 5% cash rebate.
    • Spend between RM1,500 to RM2,499 to get 10% cashback.
    • get 15% cash rebate when you spend more than RM2,500 on your insurance premium.
    • Annual fee for both principal and supplementary cards waived off for the first year.
    • You can waive off the annual fee for the subsequent years if you spend a minimum of RM20,000 p.a.
    Maybank 2 Gold Cards
    • Earn 5x TreatsPoints for every Ringgit you spend on local and overseas transactions using the Maybank 2 American Express Card.
    • Get 1x TreatsPoints on all local and overseas purchases made using your Mastercard or Visa card.
    • Enjoy 5% cashback on weekend transactions made with your Maybank 2 American Express Card.
    • Earn 1x TreatsPoints for every RM1 spent towards your insurance premium using the Maybank 2 American Express Card.
    • Annual fee for principal and supplementary cards waived for life.

     

    Features And Benefits Of Choosing Insurance Credit Cards

    • Get personal accident coverage when you travel overseas.
    • Get coverage for any medical expenses incurred during overseas travel.
    • Split your insurance premium payment into 0% interest instalment plan.
    • Protect yourself against travel inconveniences like baggage delay, flight delay, flight cancellation, etc.
    • Get protection if your house is burgled when you have travelled abroad.
    • Get reward points, cashback offers, or cash rebates when you use the card for other transactions.
    • Get personalised concierge services for a comfortable travel experience.
    • Get exclusive access to select airport lounges.
    • Get offers and discounts on your dining bills.
    • Enjoy complimentary stays at select hotels.

    How Do Insurance Cards Work?

    Insurance cards offer exclusive benefits like reward points and cashback when you pay your insurance premium with your card. For example, let us consider PB-AIA Visa Gold Credit Card. The card offers 2% cashback on every Ringgit you spend towards your AIA insurance premium. The cap on maximum rebate you can earn every year is RM350.

    If your monthly premium is RM250, then you will earn a cashback of RM5 per month. For the whole year, you will earn RM60.

    Insurance Premium Per Month Cashback Percentage Offered Cashback Earned Per Month Cashback per month x 12 Cashback Earned Per Annum
    RM650 2% RM13 RM156 RM156
    RM900 2% RM18 RM216 RM216
    RM1500 2% RM30 RM360 RM350 Although the actual cashback amount is RM360, you will earn RM350 because of the cap on the offer.

     

    From the example above, you can understand how much cash rebate you can earn per year. The rebate you can earn per month is accumulated over 12 months and credited directly to your account in the 13th month, after anniversary of your card membership.

    Reward Schemes and Cashback on Credit Cards

    You can get any of the below mentioned rewards or cashback when you use your insurance credit card.

    • Earn reward points or cash rebate when you use your card to make local and overseas retail transactions.
    • You can get complimentary travel insurance when you charge your airfare to your card.
    • Enjoy discounts and other privileges at theatres, movies, and concert tickets.
    • Get membership benefits from Visa or Mastercard.
    • Enjoy special promotions from the bank.

    Advantages of Insurance Credit Cards

    If you are a policy holder, you will need to pay premiums every month. When you use your insurance card to make your monthly premium payments, you can earn reward points, cashback, and other benefits. Depending on the card, you will be able to redeem your points for shopping vouchers, gifts, and even travel miles. In addition to the rewards, insurance cards also make it easy for you to pay your premiums with features like auto-payment.

    How to Choose the Best Insurance Credit Card?

    In order to find the best insurance card for you, you need to first look at all the cards that offer rewards for paying your monthly premium. You need to keep in mind that certain cards offer rewards for particular insurance providers, like the PB-AIA Visa Gold Credit Card offers cashback only for AIA insurance policy holders. Some cards have a cap on the benefits they offer, which you need to consider.

    How to Make the Most of Your Insurance Credit Card?

    To get maximum benefits from your insurance card, use it to pay your insurance premiums every month. Most cards also offer rewards on other transactions like retail purchases, shopping, and others. Be sure to keep them in mind while making purchases with your card.

    Lost Card and Overseas Assistance

    In case you lose your card, you must report it to your bank immediately. You can either call your bank’s helpline number or visit the nearest branch. As soon as the card is reported stolen, your bank will block it to prevent fraudulent purchases. Your bank will issue a replacement card for you at a nominal fee.

    If purchases were made on your card after it was stolen, your bank may offer to cancel out the transactions.

    Before you travel abroad, you must notify your bank of your upcoming trip. By doing so, you will ensure that any purchases you make will not trigger a fraud alert. You can also contact the customer desk if you face any issues with your card.

    Eligibility Criteria

    Card Name Eligibility Criteria
    Hong Leong Essential Credit Card
    • Minimum age for principal cardholder – 21 years.
    • Minimum income – RM24,000 p.a.
    MyEG-RHB Credit Card
    • Minimum age for principal cardholder – 21 years.
    • Minimum income – RM24,000 p.a.
    PB-AIA Visa Gold Credit Card
    • Minimum age for principal cardholder – 21 years.
    • Minimum income – RM24,000 p.a.
    OCBC Great Eastern Platinum Mastercard
    • Minimum age for principal cardholder – 21 years.
    • Annual income – minimum RM24,000 p.a.
    • Must be a GE policy holder.
    Standard Chartered JustOne Platinum Mastercard Credit Card
    • Minimum age for principal cardholder – 21 years.
    • Annual income – minimum RM24,000 p.a.
    Maybank 2 Gold Cards
    • Minimum age for principal cardholder – 21 years.
    • Annual income for Malaysians with Maybank account – minimum RM30,000 p.a.
    • Annual income for expatriates holding a Maybank account - minimum RM60,000 p.a.

     

    Documents Required

    Source of Income Documents Required
    Source of Income Documents Required
    Employment
    • Payslip for at least 6 months.
    • Latest bank statement.
    • Copy of MyKAD, passport or NRIC.
    • Latest EA form or EPF statement.
    Self-Employment
    • Copy of MyKAD, NRIC, or Passport.
    • Income tax returns (Form B or the latest EA Form)
    • Copies of Business Registration Certificate or Form 9, Form 24, and Form 49 or Trading License.
    • Company or personal bank statement of the last 6 months.
    Other Income The bank can ask you to submit any or all of the following:
    • Tenancy agreements.
    • Annuities statements.
    • Pension statements or vouchers.

     

    Promotions

    Enjoy 20% treatment packages at H2G with your MyEG-RHB Credit Card. The promo is valid from 15 October 2018 to 14 January 2019. Prior appointment is required and you will be eligible for the offer only after a consultation.

    Get a discount of up to 15% and save up to 10% on KLIA Ekspres/ KLIA Transit with your Hong Leong Essential Credit Card. The offer is valid from 15 October 2018 to 28 February 2019.

    Get executive health screening package at a discounted price of RM115 with your PB-AIA Visa Gold Credit Card. The offer is applicable only at Klink Pertama and valid until 30 September 2019. All payments must be charged to your PB-AIA Visa Gold Credit Card.

    Conclusion

    Pay your insurance premiums with your insurance credit card to earn benefits like reward points and cash rebate. You can redeem the reward points for gifts, vouchers, and exclusive privileges offered by your bank. You can also take a look at some of the other credit cards available to customers in Malaysia.

    FAQs

    Q. Do insurance cards offer insurance coverage?

    A. Yes, some cards that offer rewards on insurance premiums also offer complimentary insurance life, health or travel insurance. Like OCBC Great Eastern Platinum Mastercard offers insurance of RM100,000 on death or total and permanent disability. The insurance coverage is only for the principal cardholder and is applicable on a minimum retail spend of RM10,000.

    Q. How can I apply for an insurance credit card?

    A. Visit the bank’s website to check for the application process. Most banks offer online and offline systems to apply for a card. You can fill out the application form online and submit the documents. A representative of the bank will contact you to further you application. You can also choose to visit the nearest branch to apply for the card.  

    Q. What are the other benefits offered by insurance cards?

    A. Many of the cards offer benefits like reward points and cash rebate on local and international retail transactions. The MyEG-RHB Credit Card offers discounts on tickets to the theatre and concerts.

    Q. Do insurance cards offer benefits for all policy providers?

    A. Yes and no. Some cards offer rewards and benefits irrespective of the policy and the insurance provider. Whereas some cards offer rebate and reward points only for a particular provider. Like the PB-AIA Visa Gold Credit Card offers cashback only for AIA insurance.

    Q Can I set my insurance premiums on auto-payment?

    A. Yes, most cards offer you the facility to set your premiums on auto-payment. In fact, the OCBC Great Eastern Platinum Mastercard offers rewards only if you utilise the auto-pay feature to make insurance premium payments.  

    Q. Can I use an insurance credit card to make retail purchases?

    A. Yes. You can utilise insurance credit cards to pay the bill at retail cash counters.

    Q. Is an interest-free period applicable when I have made a partial payment on previous statement balance?

    A. No. An interest-free period is offered only when you have made full payment on previous statement balance. In case of partial payment, you will have to pay finance charges of 1.5% per month calculated daily from the date of transaction until the date of full settlement.

    Q. What is the minimum monthly repayment I can make?

    A. You are supposed to repay a minimum of 5% of the outstanding balance or RM50, whichever is higher on a monthly basis.

    Q. Does the insurance cover my journey across the globe?

    A. Yes. The travel insurance offered by an insurance credit card provides coverage anywhere you travel across the globe. However, you must check your insurance policy’s terms and conditions to know if there are any exclusions.

    Q. When does the insurer consider a flight and baggage delay for coverage?

    A. If the flight is delayed for 4 hours or more and if the baggage is delayed for 6 hours or more from the time of your arrival, then the insurer considers the events for coverage.

    Q. How early should I submit a claim in case of injury during a flight journey?

    A. You must inform the insurance company regarding the event causing the claim as soon as the event occurs. Once you are back to Malaysia, you have to submit a written notice on the claim with all the supporting documents. The number of days you get to submit the claim depends on the insurer’s discretion.

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