“WHY YOU SHOULD CHOOSE TO RECEIVE CLAIM PAYMENTS VIA DIRECT DEPOSIT INTO YOUR BANK ACCOUNT (i.e. “E-PAYMENT”)”?
- Why should I choose to receive funds via e-payment?
- Faster - funds should be available on the 2nd working from the day the payment was approved by the Company’s authorized personnel
- Convenient - removes the need to travel and deposit the cheque at the bank as payments are credited directly into your bank account
- Safer - misplaced, lost, fraud or expired cheques will no longer be an issue
- Will there be any registration fee imposed if I want to use e-payment?
No, you can enjoy the service free of ANY charges.
- What do I have to do to receive funds via e-payment?
You need to complete the Fund Transfer Authorisation Form (“the Form”) and provide your bank account information as stated in the Form when you submit your claims form.
- What are the required supporting documents if I choose to receive e-payment?
The following original documents are required for verification:
i. National Registration Identity Card (“NRIC”), passport, or other acceptable identification documents; and
ii. A (a) Beneficiary’s bank statement; OR (b) Relevant page of the bank account showing beneficiary’s name and account number; OR (c) Details of beneficiary’s bank account printed from bank’s website; OR (d) Written confirmation from bank on your bank account details.
- Is there any restriction on the type of bank account that can be assigned for e-payment?
You can assign any of your existing active saving or current account held under your name or in the case of a joint account that has your name as one of the accountholders. The saving or current account must be maintained with one of the financial institutions offering MEPS Inter-Bank GIRO (IBG) service.
Please refer to the following website for a current list of IBG members http://www.myclear.org.my/faqs/interbank-giro-faqs/
- Can I change my bank account information?
Yes, you are allowed to change your bank account details by submitting a fresh Fund Transfer Authorisation Form together with the required supporting documents. No cost will be charged for this purpose.
- When will my bank account be credited?
Payment will be made electronically into your bank account by your insurance company as soon as your claim has been approved. Generally, funds will be made available in your bank account within the same day of payment. However, depending on the processes adopted by your bank, you may receive the payment on the same day or a day after.
- Will I be notified once the insurance company has made the payment?
Yes, our bank will send you an email notification to your email address as provided by you in the Form. Therefore it is important that you provide us with a valid email address in the Form.
- How will my bank account information be used and will it remain confidential?
Your bank account details and other related information:
- Will be used solely for the purpose of enabling payments to be credited directly into your bank account; and
- Is protected under the Personal Data Protection Act 2010 (“PDPA”) that strictly prohibits the disclosure of such information to any person unless customer or his personal representative has consented or in situation that we are permitted to do so, in line with the requirements under the PDPA. It should be noted that by signing the Form to provide your bank account information, you will be authorising the disclosure of your bank account information to parties’ necessary to affect a payment to you e.g. insurance company, financial institutions, service providers
- What will happen to funds that cannot be credited into my bank account?
If funds cannot be credited into your bank account due to, for example, incorrect bank account number, closed or inactive bank account, inconsistency of NRIC/Passport number or Business Registration number, you will be contacted by us or our agent to validate your bank account details. However, this may lead to unnecessary delay to the payment process. To avoid this issue, please ensure that your bank account details are correct and active upon providing such information to us. Otherwise, we will remit the payment to you via cheque.
- Do I need to provide my bank account information separately for e-payment for each of my policy if I have more than one policy?
If you want all your payments to be paid to the same bank account, you need to indicate so to your insurance company at the point of submitting your claim form.
Alternately, you can opt to assign different bank accounts for each of your policy maintained with the same insurance company. To do so, you will need to provide your insurance company with the details of the bank accounts for each of your policy.
If you have more than one insurance company, you will need to inform every insurance company separately as bank account information is not shared with other insurance companies.
- What if I die before the insurer pays out my claims proceeds and the bank has frozen my account. Where does the money go then?
All monies due to a policyholder in the event of his death will go to the administrators of his estate or to the nominees named in the policy.
- I have previously claimed from an insurer and already provided my bank details. Do I need to re-submit all the bank supporting details to insurer every time I submit a claim?
It is recommended that you provide your bank details each time you submit a claim. This will ensure that your insurer is provided with the up to date bank details as there is always the possibility that you may overlooked informing your insurer of a change in your bank account.
- Is it compulsory for a claimant/applicant to fill up the bank a/c section of the claim form? What If I do not wish to reveal my banking details – how do I get paid?
E-payment is the most efficient and safest mode of payment. However, in the event you do not wish to receive payments directly to your bank account, you need not provide us with your bank account details.
- I am a foreign worker. I do not have bank account. Can I authorize payment to my employer’s bank account?
It is always advisable for an employee, either a Malaysian or a foreign worker to open a bank account. However, if a foreign worker does not have a bank account, he can authorize the payment to the employer’s bank account. This, however, is a private arrangement between the foreign worker and the employer. The insurance company will not be liable in the event the payment is not paid out by the employer to the employee.
- I have been adjudicated a bankrupt and unable to open a bank account. How do I get paid?
If you have been adjudicated a bankrupt, then you would have to obtain Insolvency Office’s consent for your insurer to make the claim payment to the party approved by the Insolvency Office.
- Will Chubb Insurance Malaysia Berhad (“Chubb”) be charging Goods & Services Tax (“GST”)?
Yes, Chubb is registered with Royal Malaysian Customs Department (“RMCD”) as a taxable person and our GST registration number is 001477705728. As a GST-registered person, we are required to charge goods and services tax on our taxable supply of goods and services made to our customers. Tax invoice must be issued by Chubb for all taxable general insurance policies to reflect the GST charged.
- Are all policy premiums subject to GST at a standard-rate?
Generally, the provision of general insurance policies is a taxable supply of services. Chubb is required to charge and account for GST at the standard rate (6%) on the general insurance premiums, unless the supply qualifies for the zero-rating as per the Zero-Rated Order P.U. (A) 272. For example, the insurance policy for the transportation of passengers or goods, internationally.
- Am I eligible for a refund from RMCD on the GST charged on the insurance policy that I purchased?
In order to get a refund from RMCD (claim input tax credit), you need to - Be a GST-registered person, - Purchase the policy in the course or further to your taxable business - Possess a valid tax invoice. There are other requirements to satisfy or exclusions to being able to get a refund, which you should get the full details from your tax consultants or RMCD.
- Is there any difference if I renew my policy earlier than 1 April 2015?
No. GST is still chargeable on supply of insurance for the period of coverage that is on and after 1 April 2015 and it is not possible to avoid GST through early renewal. However, RMCD have given relief (that is, not subject to GST) for: - Policies where service tax has been paid before 1 April 2015, - Motor or Fire insurance premiums paid before 1 April 2015, where the policy coverage starts before 1 April 2015.
- How do I calculate the portion of premium subject to GST?
GST will be charged on the premium for the portion of policy spanning on or after the GST effective date (1 April 2015). Example: Period of Insurance: 1 January 2015 – 31 December 2015 (Total 365 days) Number of Days from GST effective date until Policy expires: 275 Total Premium: RM3,650 Premium subject to GST: RM2,750 (RM3,650 X 275 / 365 days) GST Payable: RM165 (RM2,750 x 6%)
- I have paid service tax on my existing policy. Do I still have to pay GST based on pro-rata basis after 1 April 2015?
No. Refer to Q4, if you have paid service tax before 1 April 2015, no GST will be charged even on the portion spanning after 1 April 2015. FREQUENTLY ASKED QUESTIONS
- Are Free Trade Zones (FTZ) and those previously exempted from service tax, continue to be not subject to GST?
No. Although GST replaces service tax, the 2 taxes operate differently Service tax is chargeable on insurance policies issued to businesses with some exceptions, whereas GST would be applicable for:
i. all taxable insurance policies issued to individual or business policyholders, and
ii. ii. all taxable insurance policies made by Chubb to customers in designated areas such as Labuan, Langkawi, and Tioman, as well as the Free Industrial Zone and Free Commercial Zone.
- What is the impact if I refuse to pay the GST?
GST has been imposed by the Malaysian Government, and a policyholder (where applicable) would be required to pay it. Because of this, the full amount due (inclusive of GST, where applicable) shall form part of the Terms and Conditions of all our insurance policies.
- Are indemnity payments and settlement subject to GST?
No. A Claims settlement does not represent a supply by the Insurer nor does it represent consideration for a supply made by the Policyholder. Hence, Claims settlement is not subject to GST.
For more information on GST:
Please kindly refer to GST Portal at RMCD’s Website http://gst.customs.gov.my/. Or you may email us your queries on your policy contract by including your policy number or other relevant information