Page 112 - MEDICAL AND HEALTH INSURANCE

MEDICAL AND HEALTH INSURANCE

CHAPTER 7: MARKETING AND SALES

7.1 ANALYZE THE BUYERS OF PRIVATE MEDICAL INSURANCE

7.1.1 THE INDIVIDUAL MARKET

Traditionally, PMI products are more individually operate to meet the private health
cover needs of consumers at large. For an individual would buy a PMI plan for

financial protection for himself and/or for the family members. The reasons can be as

follows:

 Easy to get to private care in the event of illness

 Financial protection

 Best choice of options for treatment when in need

In Malaysia, there is a tax relief of RM3,000 for individuals for the purchase of Medical

and Health Insurance (MHI) and education policies so that it will encourage individuals

to purchase MHI products.

7.1.2 EXPLAIN THE VOLUNTARY GROUP MARKET

Voluntary groups basically are a group coming together for the purpose of buying PMI
cover with a common purpose. It can be categorized as:

a. Affinity Group
Any group of people who have an affinity such as membership of a particular

organization or a shared interest. They can be club members or association members

and they use their combined buying power to negotiate for special coverage at a

lower premium, as compared to an individual PMI plan.

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