AIA’s No Limit Medical Plan

Yes, you hear me right! No lifetime limit. What’s the catch, you ask?

Nothing. This plan have been in the planning and finally after nine full months of carrying it, it was fully birth into the worl for us to enjoy.

What is in the market about limit are two typical types:-

1) Annual Limit
2) Lifetime Limit

So, this new plan, the Lifetime Limit is lift off. No need to worry about having not enough medical funds when you need it the most. There are cases where one striked with cancer and under treatments, RM200K or RM300K is simply not enough. So you want to top up then. But no one insurer will want to cover a sure lost client, don’t they?

Lesson : Buy it when you are healthy, you never know you need it.

Cost  :
Age 30 -Male ………………………………………… Age 36 – Male
RM490.50 pa (Room RM150package)                       RM642.00 pa (Room RM150 package) – minimum
RM588.00pa (Room RM200 package)                      RM770.00 pa (Room RM200 package)
RM878.50pa (Room RM350 package)                      RM1,155.00 pa (Room RM350 package) – maximum

Age 50 – Male ………………………………….. ………  .Age 60 – Male (Last Entry Age)
RM1,063.50 pa (RM150 package)                               RM1,833.00 pa (RM150 package) – minimum plan
RM1,925.00 pa (RM150 package)                               RM3,363.50 pa (RM350 package) – maximum plan

Age – 30 – Female …………………………….  ………Age – 36 – Female
RM604.50 pa (RM100 package)                                 RM792.00pa (RM100 package) – minimum plan
RM1,088.50 pa (RM350 package)                             RM1,428.00 pa (RM350 package) – maximum plan

Age – 50 – Female ………………………………..Age – 60 – Female
RM1,374.00 pa (RM100 package)                            RM2,037.00pa (RM100 package) – minimum plan
RM2,502.50 pa (RM100 package)                            RM3,766.00pa (RM350 package) – maximum plan

Kindly take note that the above are general guideline,  applies only to standard health cases and reimbursement basis. For details of benefits, kindly contact us for more information.

Our Contacts :

SOCSO (PERKESO) Coverage

Someone told me that Socso pays after a person died of disease, for the benefits of the disease family and the payment goes to the wife. All along I thought (and I believe it is to many of us belives as well) Socso pays on occupational harzard.

So I decided to check on them and true enough I found the info at their website at http://www.perkeso.gov.my/. When you log into it, go check out “Services” and under “Introduction” you will find the following:-

SOCSO administer two types of protection schemes ie Employment Injury Scheme (EIS) and Invalidity Pension Scheme (IPS) . The EIS provides protection to employees who are involved in accidents arising from out of employment, occupational diseases, and also commuting accident. PIS provides 24 hours coverage for workers from invalidity or dies irrespective of the cause of death. The other objective is to ensure payments are made to workers and dependants when an unexpected incident occurs.

How about that? Sounds interesting? Especially PIS is super attractive!! Yippie!

Inheritance Law for Malaysian (non Muslims)

I stumbled upon an article written on April 2005, that was about 4 years ago. Not sure how far the law have changes and here is the brief outline of the Estate Law for non Muslims from West Malaysia. If anyone who have the latest info, please do post your comment. I shall update here accordinly. The source link is appreciated and we will link to your site, if you wish so

Distribution of the property of a deceased(non-Muslim) The property of a deceased person is known as his estate. When a person dies without making a will, he dies intestate. The law provides for the distribution of the property of a person who dies without making a will. Below is the law in West Malaysia that applies to a non-Muslim. (Note: The same law applies to non-Muslims in Sarawak, but a different set of laws applies to Sabah and natives of Sarawak.) When a person dies without making a will, does all his property go to the government? No, it does not. When a non-Muslim dies without making a will, the property he leaves behind will be distributed among his family members according to the Distribution Act 1958. The same law applies to male and female deceased persons. How is the estate of the deceased person distributed? Generally, the estate will be distributed among the deceased’s immediate family: his parents, his spouse, and his issue. A person’s issue (descendants) includes his children and the descendants of his children who died before him. The distribution among the family is shown in the following table: If the deceased dies leaving… Parents get… Spouse gets… Issue gets… • parents only, but no spouse and issue whole estate - - • spouse only, but no parent and issue - whole estate - • issue only, but no spouse and parents - - whole estate • parents and spouse, but no issue 1/2 1/2 - • spouse and issue, but no parents - 1/3 2/3 • parents and issue, but no spouse 1/3 - 2/3 • parents, spouse and issue 1/4 1/4 1/2 What if a person dies leaving no parents, spouse and issue? If a person dies leaving no parents, spouse and issue, his estate will go to the following persons in order of priority: (a) his brothers and sisters (b) his grandparents (c) his uncles and aunts (d) his great grandparents (e) his great granduncle and grandaunts Therefore, if a person dies leaving no parents, spouse and issue, the estate will go to his brothers and sisters, who will share the estate equally. If a person dies leaving no parents, spouse, issue, brothers and sisters, the estate will go to his grandparents, and so on. Only when a person dies leaving no parents, spouse, issue, and any of the above family members, will the whole estate go to the government.

AKPK – Debts Counselling

Here is a comprehensive “booklet” or eBook on Debts Management and Personal Finance, produced by AKPK.

Foreign Currency, An Alternative Investment Option

The Star’s report on 11 May 2009

FOREIGN currency deposits offer investors another way to divest their money but analysts caution to be careful especially in these volatile economic times.

“When we talk about invetsment, stocks, bonds and properties are usually the first types of assets that come to mind.

“However, growing affluence and the need for diversification in investment have contributed to the growing importance of foreign currencies as an asset class,” OCBC Bank (M) Bhd head of consumer financial services Charles Sik said.

When foreign currencies are weak, it makes this investment choice all the more viable. In the past one year, for example, the Australian dollar has slid 12.2% against the ringgit, making it cheaper for investors to buy more of the unit and investing it in foreign currency accounts.

However, using only the Australia dollar as an example, an analyst said annual interest rates offered for an Australia dollar denominated account at banks in Malaysia was 2.08% for a three-month tenure and up to 2.8% for a tenure beyond one year.

This is higher than the local currency fixed deposit rate of 2.5% for 12 months.

Most central banks globally have slashed key benchmark interest rates drastically over the past few months to spur consumption in view of deteriorating economies. Some, like the United States, have ended up with an interest rate of close to 0%.

Because local banks generally use the respective country’s benchmark interest rates as a guideline in setting their foreign deposit rates, analysts feel that now is not the best time to indulge in a foreign currency investment type.

“With global markets still relatively unstable, the currency risk factor is also something one should consider,” a banking analyst said.

At OCBC, Sik said there were two main basic foreign currency deposit products, namely the foreign currency call account, which is quite similar to a savings account but denominated in foreign currency and the foreign currency time deposit product which is an account with fixed returns and maturity periods.

OCBC also has what is called yield enhancement deposits, commonly referred to as dual currency investments in Malaysia. These instruments pay higher interest rates compared to foreign currency time deposits, Sik said.

Sik said the bank had witnessed “strong growth” in foreign currency deposits, more so in the dual currency investments over the last six months.

Citibank Bhd head of wealth management products Aisyah Lam noted that local retail investors were now more discerning and keen to diversify their investment portfolios in order to reduce and spread their risk.

She said Citibank’s foreign currency deposits base had grown 20%, year on year. “This rate of growth is remarkable relative to the industry average of 7% to 8% on local currency deposits over the last few years,” Lam said.

She expects Citibank’s foreign currency base to double by year-end with strong support from its dual currency investments.

“The global foreign exchange market in recent years has been extremely vibrant, compared with the stock market giving investors opportunity to gain from buying foreign currencies that appreciate against other currencies within a specific timeframe,” she said.

Lam said US$3,000 was required to open a foreign exchange deposit account at Citibank.

Hire Purchase Loan Calculator

Here are some useful link if you want to calculate the loan instalments and total interest paid.

AMBANK

MAYBANK

BANKINGINFO

AKPK

MONEY3

Dollar Cost Averaging Investment Strategy

Keys to Investing Success: Dollar Cost Averaging

Austin Pryor

Dollar-cost-averaging (DCA) is a systematic “formula” strategy that requires that you make your buying and selling decisions based solely on mechanical guidelines. Here’s all you do: (1) invest the same amount of money (2) at regular time intervals.  The amount and frequency are up to you. You could invest $1,000 every three months. Or $100 every month. The important thing is to pick an amount you can stick with faithfully over many years.

Your constant dollar amounts “force” you to buy more shares when the price is low and fewer shares when the price is high. In effect, you are buying more at bargain prices and relatively little at what might be considered high prices. Of course, only when you look back years from now will you know when prices really were bargains and when prices were too high.

The beauty of DCA is that it frees you from the worry of whether you’re buying at the “wrong” time. It is critically important to ignore all market fluctuations when employing a dollar-cost-averaging strategy!

Most investors who obtain poor returns in the market are victims of their own emotions. Only after prices have been rising sharply do they work up enough courage to buy fund shares. And about the only time they ever sell shares is when they become especially fearful after prices have plunged. The result is that they buy high and sell low, the very opposite of their ambition.

You can make your DCA investments as frequently as you wish: weekly, monthly, or even quarterly. However, for best results, it is better to make more frequent investments. The reason for this is that market lows may not occur near the time you are scheduled to make an investment. The more frequently you invest, the greater likelihood your program will enable you to buy shares near intermediate-term lows.

A DCA strategy almost makes you hope that the market will fall so you can accumulate more shares for your money!

© Sound Mind Investing

Published since 1990, Sound Mind Investing is America’s best-selling financial newsletter written from a biblical perspective. Visit the Sound Mind Investing website .

Legal Fee

After searching on the internet for available resources of the fee structure, I am amazed that the body that is suppose to uphold the profession, I can’t seem to find the file nor any information. Finally I found it on Kamarul Irzuan’s blog.

FIRST SCHEDULE

[Paragraph 2(a)]

Sale and Transfer

Consideration or Adjudicated Value	Scale of Fees
For the first RM150,000	1.0% (subject to a minimum fee of RM300)
For the next RM850,000	0.7%
For the next RM2,000,000	0.6%
For the next RM2,000,000	0.5%
For the next RM2,500,000	0.4%
Where the consideration or adjudicated value is in excess of RM7,500,000	Negotiable on the excess (but shall not exceed 0.4% of such excess)

Notwithstanding the above rates, in the case of any transaction governed by the Housing Development (Control and Licensing) Act 1966 [Act 118] or any subsidiary legislation made under that Act, the remuneration of the solicitor having the conduct of and completing the transaction, whether acting for the vendor or the purchaser, shall be-
	(a)	RM250, if the consideration is RM45,000 or below;
	(b)	75% of the applicable scale fee specified, if the consideration is in excess of RM45,000 but not more than RM100,000;
	(c)	70% of the applicable scale fee specified, if the consideration is in excess of RM100,000 but not more than RM500,000; or
	(d)	65% of the applicable scale fee specified, if the consideration is in excess of RM500,000.

RULES UNDER THE FIRST SCHEDULE

1. A solicitor shall act only for the vendor/transferor or the purchaser/transferee and the remuneration of the solicitor shall be in accordance with the applicable scale fee specified based on the consideration for, or the adjudicated value of, the transaction.
2. A solicitor acting for the purchaser may also act for his client in the subsequent sale.
3. A solicitor acting for the purchaser may also act for his client in the financing transaction.
4. In a transaction involving a property put up by a solicitor for sale by public auction on behalf of his client-
	(a)	if the property is sold-
		(i) the remuneration of the vendor’s solicitor for conducting the sale (including drafting and settling conditions of sale) shall be the full scale fee specified based on the sale price of the property; (ii) if the same solicitor thereafter acts for the vendor to complete the transaction (including investigating the title, preparing, perusing and completing the instrument of transfer), his additional remuneration shall be 50% of the full scale fee specified based on the sale price of the property; (iii) the remuneration of the purchaser’s solicitor shall be the full scale fee specified based on the sale price of the property; and (iv) where a property held under the same title is divided into lots for convenience of sale and the same purchaser buys several such lots and one transfer is effected in respect of such lots, the remuneration of the solicitor specified in subparagraphs 4(a)(i), (ii) and (iii) shall be based on the aggregate prices of such lots;
	(b)	if the property is not sold, the remuneration of the vendor’s solicitor (including drafting and settling conditions of sale) shall be-
		(i) 50% of the full scale fee specified based on the reserve price; (ii) if there is no reserve price, 50% of the full scale fee specified based on the highest bid as certified in writing by the auctioneer; or (iii) if there is no reserve price and no bid, in accordance with rule 1 of the Sixth Schedule;
	(c)	if the property is not sold at the first attempt but is sold at a subsequent attempt, the remuneration of the vendor’s solicitor for the first attempt shall be in accordance with subparagraph 4(b)(i), (ii) or (iii), and for the subsequent successful attempt, the remuneration of the vendor’s solicitor shall be the full scale fee based on the sale price of the property; and if the property is not sold after two or more attempts, the remuneration of the vendor’s solicitor for the first attempt shall be in accordance with subparagraph 4(b)(i), (ii) or (iii) and for each subsequent unsuccessful attempt, the remuneration of the vendor’s solicitor shall be in accordance with rule 1 of the Sixth Schedule; and
	(d)	where a property held under the same title is divided into lots for convenience of sale, the remuneration of the vendor’s solicitor specified in subparagraph 4(b)(i) and (ii) shall be based on the aggregate of the reserve prices, or if there are no reserve prices, the aggregate of the highest bids as certified in writing by the auctioneer.
5. The scale of fees in this Schedule shall also apply to transfers of charges and leases, based on the consideration for such transfers or the adjudicated value.
6. In addition to any other fees payable to a solicitor under this Order, a solicitor who arranges-
	(a)	a sale for a vendor (other than a sale by public auction in which event rule 4 of this Schedule shall apply); or
	(b)	a purchase by a purchaser,
and negotiates the price and terms and conditions thereof, shall be entitled to an additional negotiating fee equivalent to the full scale fee specified in this Schedule.
7. The remuneration specified in this Schedule shall be inclusive of all normal and necessary attendances up to the completion of the transaction, including the drawing up of a sale and purchase agreement and the preparation and registration of the instrument of transfer or the deed of assignment where no individual document of title or strata title has been issued.

End.

There are 5 other schedules remaining and you may refer to Malaysian Bar Council official Website at http://www.malaysianbar.org.my/solicitors_remuneration_order_2005/ . If you have any question regarding this schedule please email me or just leave a comment.

Kota Damansara-Cheras rail line right on track

News as reported by Start Online HERE

PETALING JAYA: More than one million Klang Valley residents will benefit from the much awaited new Kota Damansara-Cheras rail transit line.

The Government had earlier said the new line and extensions should be ready by 2012. Sources said with the average construction period taking three to four years, work would have to start by the end of this year.

The 40km route covers some of the most densely populated areas in the Klang Valley such as Damansara and Cheras as well as the fast growing area of Kota Damansara.

It will also serve the heart of the Golden Triangle, the business and financial hub of Kuala Lumpur.

Currently, the area is only served by KL Monorail, which is already suffering from overcrowding.

The new line, which sources said would cost between RM4bil and RM5bil and will be mostly elevated, will provide the much needed expansion to the current 56km, 48-station light rail transit network, especially in view of the rising fuel prices and the new emphasis on public transport.

The line was announced in October 2006 by Deputy Prime Minister Datuk Seri Najib Tun Razak but little has been heard about it since then.

The alignment, made available to The Star, showed the new line running from Kota Damansara along Persiaran Surian to the Damansara-Puchong Expressway and then heading towards the city centre along the Sprint Expressway, through Bangsar Baru and Jalan Bangsar.

It will then run parallel to the existing Kelana Jaya LRT line (formerly Putra-LRT) to KL Sentral, Pasar Seni and Masjid Jamek before heading to the Golden Triangle along Jalan Raja Chulan.

The route will then pass Pasar Rakyat in Bukit Bintang and then Jalan Tun Razak where it will join Jalan Cheras.

It will continue along the road and the Cheras-Kajang Expressway to the Balakong interchange near Cheras Batu 11.

Passengers will be able to switch with the existing Kelana Jaya LRT line at Bangsar, KL Sentral, Pasar Seni and Masjid Jamek; and the Ampang LRT line (formerly Star-LRT) at Masjid Jamek and Maluri.

There will be around 30 stations along the line, including the interchange stations.

Sources said the route was a “desktop alignment” which would form the basis for the eventual line. The number of stations has also not been finalised.

The final alignment and number of stations is unlikely to vary in any major way from the “desktop” plan.

As with the other lines, the new line will be owned by Syarikat Prasarana Negara Bhd and operated by RapidKL.

While the Government has yet to announce when work will begin on the new line, sources pointed to the “positive statements” by Second Finance Minister Tan Sri Nor Mohamed Yakcop after a briefing session with Backbenchers last Thursday.

Nor had announced that public transport would be getting more incentives, allocations and assistance in Budget 2009 and future budgets.

Sources said the Government was also currently conducting the mid-term review of the 9th Malaysia Plan and there were concerted efforts to get the new line in.

Besides the new line, the Government is also trying to get extensions to the Kelana Jaya and Ampang Lines started.

The extensions will cover Subang Jaya, USJ, Kinrara and Puchong and meet at Putra Heights.

Malaysia My Second Home (MM2H)

Applicants are expected to be financially capable of supporting themselves for ten years on this programme in Malaysia, without the need to work in the country.  Besides fulfilling the basic financial criteria of Fixed Deposit placement of RM150,000 (for those aged 50 and above) or RM 300,000 (for those aged below 50), applicants should furnish documentation on their financial position to strengthen their application.

i Aged Below 50 years old

Open a fixed deposit account of RM300,000.00. After a period of one year, the participant can withdraw up to RM240,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes. Must maintain a minimum balance of RM60,000.00 from second year onwards and throughout stay in Malaysia under this programme.

ii Aged 50 years and above

Can either choose to: - Open a fixed deposit account of RM150,000.00 ; OR - Show proof of monthly off-shore income of RM10,000.00 in government pension. After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM90,000.00 for approved expenses relating to house purchase, education for children in Malaysia and medical purposes. Participant must maintain a minimum balance of RM60,000.00 from the second year onwards and throughout his/her stay in Malaysia under this programme.

Note

1 Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only. 2 Participants need to obtain approval from Ministry of Tourism before proceeding to withdraw the fixed deposit 3 Participants under this programme may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this programme. However, they must obtain prior approval from the Ministry of Tourism.

Medical Report All applicants and their dependents (spouse and children) are required to submit a medical report from any private hospital / registered  clinic in Malaysia.

Medical Insurance Approved participants and dependents (spouse and children) must possess a valid medical insurance policy which is applicable in Malaysia.

Restrictions

Participants under Malaysia My Second Home Programme are not allowed to work/be employed while staying in Malaysia. In addition, they should not participate in activities that can be considered as sensitive to the local people and a threat to the security of the country. Source : Malaysia My Second Home Site