Tuesday, June 26, 2012

1MCA Member Group Insurance Scheme

Photo from The Star article
An uncle told us about the 1MCA Member Group Insurance Scheme that he signed up for. Of course have to be MCA member to be eligible. This looks like PA/disability insurance. There's a news article about the insurance scheme in The Star.

This got me interested to look it up on MCA website. Found some strange terms and conditions. Well, they are the ones who came up with the package so they are entitled to make the rules. It's only valid until 30 April 2013, and anyone which they think have low morality cannot be a nominee/beneficiary (^_^)

3.      Enforcement of the Insurance Policy
    1. The master policy shall take effect from 1st May 2012 to 30th April 2013.
    2. The coverage of the policy shall take effect upon the receipt and acceptance of the duly completed forms which have been forwarded to the Insurance Company and shall be in force till 30th April 2013.
5.      Nominee / Beneficiary
a.       Must be a next of kin such as spouse, children, parents or siblings, etc.
b.      Not applicable to anyone who is a drug addict, gambler, bankrupt or a person with low morality.
c. Maximum of 3 nominees is allowed (must indicate clearly the percentage of shares therein)

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