Frequently Asked Questions

Quick and easy reference to your insurance enquiries.

General

Simply put, insurance is a policy that one pays for to receive financial protection or reimbursement in the event of damage, injury, sickness, death, or other losses. At Gibraltar BSN, we cover the more personal aspects of your life—health, life, and finance.

Life is full of surprises as well as ups and downs. Sudden illness, injuries from accidents—even death—may occur without warning. Insurance helps you hedge against the expenditures directly or indirectly related to those events, thus relieving some financial burden from yourself or those under your care (e.g. family, other beneficiaries).

Both life and general insurance provide financial protection. In addition, life insurance deals with life risks, such as death, permanent disability, or diagnosis of a critical illness. General insurance, on the other hand, covers any other risks that do not involve life. Some examples of general insurance policies are home insurance, motor insurance, travel insurance, etc.

Term insurance is a type of policy that you pay and renew for a specific period (the “term”), typically yearly. Should you pass away while the policy is active, a tax-free payment will be given to your beneficiaries. You may also opt to change your term policies to permanent policies in the future.

Whole life insurance covers you throughout your whole life. Some plans come with investment, and some lets you pay for a limited time and then never again. Similar to term life, whole life insurance gives your beneficiaries tax-free payment upon your death.

Endowment insurance provides both a protection and a savings element, which enables the policyholder to fund their children’s education or save for retirement. A guaranteed amount will be payable if the policyholder survives to the end of the policy term or once the policy reaches its “maturity date.” The sum assured is paid to the beneficiaries in the event of premature death of the life assured.

Medical/Health insurance is a type of insurance coverage that covers you on disease, sickness, and/or medical expenses. The benefits of this insurance may take the form of reimbursements (of medical expenses), a lump sum payment of the sum insured, or payment of an allowance at regular intervals for the period that the Insured is hospitalised or diagnosed with any one of the specified critical illness.

Investment-linked insurance is a combination of investment and protection. The premiums that you pay provide you, not only with life insurance cover but also in specific investment funds of your choice.

Riders are offered as options to the basic coverage that extends your coverage to specific contingencies like accident, disability, hospitalisation, and critical illness. As an example, let’s just say that you’ve recently purchased our GoProtect life insurance policy and decided you wanted to get an additional coverage for Critical Illnesses; you can easily do so by adding on our CI Intense Shield rider.


Customer Specific Questions

What kind of insurance policy should I look to purchase as a first-timer? (What is the right plan for me?)
The right kind of plan really depends on your financial objectives and where you are in your current stage in life. It is important to find the right balance between the amount paid and the amount insured for. We recommend that you own policies that satisfactorily meet your insurance needs and affordability.

Have a go at our financial calculator to help you make a more informed decision.

You can purchase an insurance plan with us by visiting any of our branches, POS Malaysia, getting in touch with one of our agents, or purchasing one via telemarketing.

We support the following payment methods:

  • E-Wallets
  • Salary Deductions 
  • Instalments 
  • Online 
  • Auto Debit 
  • Over-the-counter 
  • Mail

More information on our payment options can be found here.

A general rule of thumb is that you should set aside 10 times your annual income for term life and 5 times your annual salary for income protection (or critical illness protection).

Each insurance application is assessed based on a person’s insurability, i.e. their age, medical profile, lifestyle, and occupation. Your risk level increases as you age, reducing your insurability. The higher the risk you pose to the insurer, the higher the premiums you pay.

Some people may be asked to pay more for their insurance coverage (usually referred to as loading) or in some cases, the insurance company may consider a person to be uninsurable. It is for these reasons that we advise you to buy insurance when you’re young and healthy. 

When you purchase a policy with Gibraltar BSN, we make sure to notify you of the premium amount you have to pay for the current term. If there are any changes in the premium, the company will notify you in 30 days. 

Yes. You may refer to the terms and conditions stated in your policy contract or call our Customer Care Line at 1300 22 6262, for details.

The general rule of thumb is that you should set aside 10–20% of your monthly income for your premiums.

Yes. Under the Financial Services Act (FSA) 2013, you are given 15 days of a free-look period from the date of delivery of the policy. If you decide to cancel your plan within this period, your premium* paid will be refunded.

(* All the premiums paid, minus expenses, which may have been incurred for the medical examination of the life insured.)

With an agent, you get a more personalized service whereby a solution can be more easily tailored to your needs. However, this option would cost extra because you’ll be charged with commission. Purchasing a plan online removes this personalization aspect and requires you to have a basic understanding of insurance so you know what your needs are and what plans to purchase.

Gibraltar BSN offers a range of flexible and convenient life coverage for you and your loved ones, such as life protection, health protection, personal accident coverage, as well as savings and investments.


Nomination

A nominee is a person who will receive the proceeds from your policy upon your death. 

You may nominate any person, but not an organisation as a nominee. 

Yes. You may either state the specific shares each nominee will receive or leave it to be divided equally. This applies to non-Muslim policyholders only. 

For Muslim policyholders, nominations can be made and policy proceeds will be paid accordingly. However, the nominees will have to distribute the proceeds according to the Shariah law. 

A trustee is a person that you appoint to manage/execute the sum of money as per your request in the original nomination form.

In many cases, you are likely to appoint nominees that are your children, who might not be old enough to know how to manage their own money. And even in the cases where you appoint your spouse or parents, the amount might be too large for them to know how to manage. Appointing a trustee takes this burden off their shoulders.

You should be appointing somebody you know you can trust as a trustee. It must not necessarily be your family member and can be an organisation.

You may download the Nomination Form from Gibraltar BSN website and submit to us upon completion.

As the executor, the person has the obligation to distribute the Takaful benefits according to the applicable distribution laws. 


Policy Assignment

Assignment is the transfer of the policy rights and liabilities from the policy owner to another person, which is known as the assignee. Prior consent of the company is needed for an assignment to be valid. 

A minor who has attained the age of 10 to 17 may assign his life policy with the written consent of his parent or guardian.

It is the transfer of policy ownership rights from the original owner to another party. Once the policy has been assigned, you can no longer nominate a nominee or trustee for the policy. However, premiums continue to be payable by the Payor.

It is the transfer of policy ownership rights from the original owner to another party only upon the death of the Insured Person. However, all the rights will be reverted back to the Insured Person if the assignee dies before the payment of the policy money becomes due or if the life assured survives till the maturity date of an endowment policy. This is applicable to Non-Muslim policy owners only and requires the consent of the Conditional Assignee for further dealings under this policy.


Insurance Specific Questions

Life insurance, simply put, is an insurance plan that helps safeguard your loved ones in the untimely and unexpected event of your death. You need Life Insurance as a form of security to ensure that your dependents have enough income after your demise which your dependents could use for:

  • Monthly expenses
  • Keeping up their standard of living
  • Children’s education

If you do not have dependents:

  • You can use Life Insurance as an investment tool. You can select either a savings policy or an investment-linked policy to start your investment. Both policies have the potential to offer you higher returns in the future. If you’re young, you may want to consider purchasing a whole life policy as the premiums are low.

The policy money or claim benefits shall be paid to:

  • The Assignee if there was a valid assignment prior to the death of Life Assured
  • The Nominee if there was a valid nomination made prior to the death of Life Assured
  • The estate of the deceased Life Assured if there was no nomination and no will
  • The executor of the deceased Life Assured if there is a will (Grant of Probate) or Letter of Administrative/ Distribution Order is presented

 

While Malaysia may have one of the best public healthcare systems in the world, not all expenses are free of charge. Some treatments or drugs, for example, may still incur some fees, albeit at discounted rates. With insurance, the cost will not be so burdensome to the insured. 

At Gibraltar BSN, the main difference between the medical policies and critical illness (CI) policies is that medical policies deal with the coverage of your hospitalization fees, such as room & board and operational costs (like removing an appendix). CI policies, on the other hand, will payout a specific lump sum to the policy owner as soon as they have been diagnosed with one of the 5 CIs. Additionally, our CI policies also include an income replacement aspect, as individuals who have been diagnosed with a CI may lose their livelihoods, potentially jeopardizing the quality of life of themselves and their family members when hit with an unexpected diagnosis.

While you may use a medical card ad a cashless payment facility, it may not cover all the expenses incurred, such as tax, extra food, and other exclusionary items. We advise you to check with your agent or pursue your policy to understand what items your medical cards covers. 

A medical card covers all the expenses that you incur within the hospital setting. For example, if you are hospitalized due to pneumonia or appendicitis, your medical card will cover the expenses you incur during your hospitalization.

Meanwhile, if you are diagnosed with a critical illness such as cancer or diabetes that may not require you to be hospitalized, a critical illness plan will pay you a lump sum that you can use to pay for your medical needs as well as any other non-medical expenses that you may incur as a result of your illness. The non-medical expenses includes household help, cost of supplements, additional medical utensils for use at home and others. 

The following items are typically not covered:

  • Telephone charges
  • Newspaper
  • Miscellaneous Charges
  • Medical Report Fees
  • Glasses, hearing aids or fitting

This will depend on the risk-profile that you prefer. If you wish to learn more about your risk profile, please or contact our customer service at 1 300 22 6262.

We encourage all our customers to review their insurance needs on an annual basis.

It is the potential upside investment returns via Investment-Linked funds. We’ll send you semi-annual statement to know this savings amount.


After Purchasing a Plan

Before making a claim, we encourage you to contact our agent or our agent or reach out our Customer Care Personnel at 1 300 22 6262 to determine if you are covered for the event you’re making a claim for.

To expedite your claiming process, you should fill in this form, download the relevant claim forms from this page, and bring original/certified copies of the required documents listed in the same claims page. Should you need further assistance, feel free to consult us at your nearest Gibraltar BSN branch.

The supporting documents for each type of claim can be found under the “Types of Claims” section from our claims page here. Click on the relevant type of claim and look for the required documents listed. Please note that the submission requirements are basic points-of-references. We reserve the right to request for other relevant documents.

Please check out our claims page here and select the type of claim that you’d like to make to download the respective claim forms.

You may check the status of your claims by:

  1. Contacting our servicing agent
  2. Contact our Customer Careline at 1 300 22 6262 
  3. Sending us an email at customerservice@gibraltarbsn.com

Yes, you are advised to continue paying the premium until your claims decision has been finalized. Any excess premium will be refunded.

You may submit the relevant documents to us for further assessment. Documents required are:

  1. Relevant Claim Form
  2. Copy of Medical Report (certification of documents from other is required)
  3. Copy of medical bills / itemized bills
  4. Original receipt(s) for amount not coverable from other insurer 
  5. Copy of Approval letter or claims worksheet from other insurer

You may submit all the relevant documents for our further assessment.

Yes, you will need a copy of letter on the status of Death from Oversea Letter (certification of documents is required) from Jabatan Pendaftaran Negara.


Payments

You may download the Auto Debit Form to make the necessary updates and submit it to us upon completion via email or fax.

Your policy shall lapse or Automatic Premium Loan shall be applied as per terms and conditions of the policy contract.

You have 31 days grace period from the premium due date to remit the premium. Late in remitting the premium will leads to your policy lapse or went under Automatic Premium Loan.

You may change the mode of payment from Annually to Quarterly by completing the Request for Alteration form. The new payment mode will be effective upon anniversary of your policy.


Policy Servicing

You may register via Gibraltar BSN website to access your policy information. Alternatively, please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at customerservice@gibraltarbsn.com

The policy premium statement will be available in Gibraltar BSN Customer Web Portal in the month of March. You may view or download the statement from this page when it's available for download. 

You may download the Request For Alteration Form from Gibraltar BSN website for completion. Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30 am to 5.30 pm or email us at customerservice@gibraltarbsn.com for further assistance.

 

You may download the Request For Alteration Form from Gibraltar BSN website and submit to us upon completion.

It is a loan made by the Company to a Policy Owner with the cash value of the policy serving as security.

Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at customerservice@gibraltarbsn.com for further assistance.

Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at customerservice@gibraltarbsn.com for further assistance.

Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at customerservice@gibraltarbsn.com for further assistance.