CEILLI@BM

CERTIFICATE EXAMINATION IN
INVESTMENT-LINKED LIFE
INSURANCE
TABLE OF CONTENTS
Isi Kandungan
Chapter 1
Introduction to Investment-Linked Life Insurance

Pengenalan Mengenai Pelaburan Berkait Insuran Hayat
Chapter 2
Key Considerations in Investment

Pertimbangan Utama Dalam Pelaburan
37
Chapter 3
Types of Investment Assets

Jenis-Jenis Aset Pelaburan
8 16
Chapter 4
Investment-Linked Life Insurance Products A World

Scenario
Produk Insurans Hayat Berkait Pelaburan-Senario Dunia
17 19
Chapter 5
Types of Investment-Linked Life Insurance Products

Jenis-jenis Produk Insurans Hayat Berkait Pelaburan
20 25
Chapter 6
Structure of Investment-Linked Funds

Struktur Dana Berkait Pelaburan.
26 27
Chapter 7
How Investment-Linked Life Insurance Products Work

Bagaimana Produksi Insurans Berkait Pelaburan
Berfungsi
28 32
Chapter 8
Benefits and Risks of Investing in Investment-Linked

Funds
Manfaat dan Risiko Melabur di Dana Berkait Pelaburan
33
Chapter 9
Comparison between Investment-Linked Life Insurance

and Traditional With-Profit Life Insurance Products
Berbandingan di Antara Produk Insurans Hayat Berkait
Pelaburan Dengan Produk Insurans Hayat Tradisional
Beserta Keuntungan
34 35
TABLE OF CONTENTS
Isi Kandungan
Chapter 10
Taxation and Law Covering Investment-Linked Life

Insurance Product
Percukaian Dan Undang-Undang berkaitan Produk
Insurans Hayat Berkait Pelaburan
36 39
Chapter 11
Identifying And Satisfying Customers Needs

Mengenalpasti dan Mewujudkan Keperluan Pelanggan
40 41
Chapter 12
Marketing and After-Sales Services, Ethics and Code of

Conduct
Pemasaran dan Khidmat Lepas Jualan, Kod Etika dan
Kod Perlakuan
42 52
CHAPTER 1INTRODUCTION TO INVESTMENTLINKED LIFE INSURANCE

Bab 1:Pengenalan Mengenai Pelaburan- Berkait
Dengan Insuran Hayat
1.Introduction
1. Pengenalan.
Investment-Linked insurance policies are insurance plan that offers policy owners a policy that is
directly connected to an investment performance
Pelan insurans berkait pelaburan adalah polisi yang menawarkan pemegang polisi suatu polisi
mempunyai kaitan secara langsung dengan prestasi pelaburan.
Values of units directly reflect the values of the underlying fund and fluctuate according to the
performance of these investment
nilai unit pegangan pelaburannya akan dipengaruhi secara langsung oleh nilai dana pelaburan yang
dipilih dan dan pelaburan tersebut terdedah kepada tekanan turun naik pasaran harga harian dan ia
mempengaruhi nilai polisi
policy owner are offered a range of funds in which they can choose to invest in which is then
managed by a team of professional fund managers
Pemegang polisi ditawarkan pelbagai dana berkait unit amanah dimana pemegang polisi boleh
membuat pelaburan
protection
premium
unit
Investment
CHAPTER 1INTRODUCTION TO INVESTMENTLINKED LIFE INSURANCE

Bab 1:Pengenalan Mengenai Pelaburan- Berkait
Dengan Insuran Hayat
Basic characteristics of Investment-Linked
Ciri-ciri utama Pelaburan berkait insurans hayat
no guaranteed cash value
tiada jaminan nilai harga
flexibility for policyholder to choose
Fleksibeliti dalam pemilihan
a) amount of coverage needed
amaun perlindungan yang diperlukan
b) types of investments
Jenis pelaburan
funds value fluctuate according to market forces
Nilai harga turun naik mengikut harga pasaran
The term Investment-Linked shall be similar to :
Istilah Berkait Pelaburan membawa maksud yang sama:

1. Investment-linked (Singapore)
Berkait Pelaburan (Singapura)
2. Unit-linked (UK)
Berkait Unit (UK)
3. Variable Life (US)
Hayat Boleh Ubah (US)
CHAPTER 2 KEY CONSIDERATIONS IN

INVESTMENT
BAB 2 PERTIMBANGAN UTAMA DALAM
PELABURAN
2.1 Introduction
2.1 Pengenalan
Investment
Objectives
Objektif
Pelaburan
Diversificatio
n
Kepelbagaian
Performance
of Investment
Prestasi
Pelaburan
Taxation
Treatment
Aspek
Percukaian
Availability of
Funds
Peruntukan
Dana Sedia
Ada
Basic Fundamental
Considerations When
Making An Investment
Decision
Asas pertimbangan utama
dalam membuat sesuatu
keputusan pelaburan
Accessibility
of Funds
Kemudahan
Mengunakan
Dana
Risk or
Security
Risiko atau
Jaminan
Investment
Horizon
Prospek
Pelaburan

INVESTMENT
PELABURAN
2.2 Investment Objectives
2.2 Objektif pelaburan
Types of investment can be categorized into 3 fundamental characteristics:
Jenis pelaburan boleh dibahagikan kepada 3 kategori asas:
Safety
Keselamatan
safe but low income
stream and growth
Selamat tetapi
kadar pendapatan
rendah dan
pertumbuhan yang
lambat
hedge against
inflation
Melindungi nilai
dari berlakunya
inflasi
eg. treasury bills,
fixed deposit
accounts
Cth: Bil
perbendaharaan,
akaun simpanan
tetap
Income
Pendapatan
higher risk,
higher return
Berisiko
tinggi ,
Pulangan
tinggi
eg.
bonds/fixed
deposit (low
risk),
equities/shar
es (high risk)
Cth:Bon/
Simpanan
tetap(berisik
o rendah),
ekuiti/saham
(Berisiko
tinggi)
Growth
Pertumbuhan
to realise
capital gains
Meraih
keuntungan
modal
long-term
growth
Pertumbuhan
jangka jauh
eg. common
stocks
Cth: Saham
biasa

INVESTMENT
PELABURAN
Funds for Paying

Necessary Expenses
& Taxes When A
Person Dies
Menyediakan dana
bagi membiayai
Perbelanjaan perlu
dan bayaran cukai
sekiranaya berlaku
kematian
Ensuring
Comfortable
Standard of Living
Memastukan
pencapaian taraf
hidup yang selesa
Providing Funds for

Dependents
Menyediakan dana
kepada tanggungan
Achiving Beyond
Financial Freedom
Mencapai sesiatu
tahap tertinggi yang
melangkaui jaminan
kebebasan kewangan
Providing Funds for

Education & Bring Up
Children
Menyediakan dana
pendidikan dan
kebajikan anak-anak
Other Investment Objectives
Lain-lain Objektif Pelaburan
Improve Financial
Position
Meningkatkan
kedudikan kewangan
keluarga
Achieving Financial
Freedom
Mencapai Jaminan
kebebasan kewangan
Retirement Income
Menyediakan
pendapatan
persaraan
Hedging Inflation
Melindungi nilai
inflasi
Liability Cancellation
Menyelesaikan
liabiliti

INVESTMENT
PELABURAN
2.3 Availability of Funds
2.3 Peruntukan Dana Sedia Ada
Ways to calculate how much funds are available for investing

Kaedah untuk mengira jumlah dana sedia ada untuk pelaburan
1. Cash Flow Analysis
Analisa Aliran Tunai
No
Income
RM
Expenditure
RM
Salary
Gaji
3,000.00
Housing Loan
Payment
Bayaran pinjaman
perumahan
1,000.00
Rental
Sewa
500.00
Groceries & utilities

Runcit &bil utiliti
500.00
Misc
Pelbagai
1,000.00
3
Total
Jumlah
3,500.00
2,500.00
Income Expenditure = RM 3,500 - RM 2,500 = RM 1,000

Pendapatan- Perbelanjaan= RM 3,500- RM 2,500 = RM1,000
Client can utilize RM1,000 to fund an investment plan.
Pelanggan mempunyai nilai bersih RM1,000 untuk digunakan sebagai pelaburan.

INVESTMENT
PELABURAN
2.
No
3.
NetAssets
Worth Analysis
RM
Aset
Analisa Ringkas Nilai Bersih
House
Rumah
220,000.00
EPF
KWSP
20,000.00
Total
Jumlah
240,000.00
Liabilities
Liabiliti
RM
Housing Loan
Balance
Baki Pinjaman
Rumah
200,000.00
200,000.00
Income Expenditure = RM 3,500 - RM 2,500 = RM 1,000

Pendapatan- Perbelanjaan = RM3,500 RM 2,500 = RM 1,000
Client can utilize RM40,000 to fund an investment plan.
Pelanggan boleh mengunakan dana sebanyak RM 40,000 sebagai pelaburan.
Based on the analysis, a viable and simple plan that will meet the clients investment
objectives is then offered.
Pelan pelaburan yang praktikal dan mudah dapat memenuhi kehendak dan objektif
pelanggan dapat dihasilkan dengan mengunakan analisa ini.

INVESTMENT
PELABURAN
2.4 Risk or Security
2.4 Risiko atau Jaminan
Important to know the investor risk profile before investing

Mengambil tahu tentang profil pelabur sebelum membuat pelaburan adalah amat
penting.
risk profiling can be done by finding out the age, income, family situation and etc.
Profil risiko boleh diukur dengan mengumpul maklumat seperti; umur ,pendapatan,
latarbelakang keluarga dan sebagainya.
For example,
Contoh,
An 80 year old will have lower risk appetite compared to a 20 year old. Therefore, the 80
year old will prefer bonds or fixed deposit compared to equities or stocks
seseorang yang berumur 80 tahun tidak akan takut untuk melabur berbanding seorang
yang berumur 20 tahun. Oleh itu, pelabur berusia 80 tahun itu akan memilih bon ataupun
In doing so, savings can be invested effectively to meet investment objectives.
Dengan melakukan analisa ini, simpanan akan dilaburkan ke medium yang lebih efektif
dan boleh mencapai matlamat pelabur.
2.5 Investment Horizon

2.5 Prospek Pelaburan
Investment Horizon length of time a sum of money is expected to be invested
Prospek pelaburan- Tempoh masa bagi sejumlah wang itu dijangkakan akan dilaburkan.
investment horizon is used to determine the investors income needs and desired risk
exposure, which is then used to aid in security selection.
Prospek pelaburan digunakan untuk menentukan keperluan pendapatan pelabur dan
kemampuannya menerima pendedahan risiko, dan ianya digunakan bagi membantu
memilih sekuriti atau saham yang bersesuaian.
10

INVESTMENT
PELABURAN
2.6 Accessibility of Funds
2.6 Kemudahan Menggunakan Dana
Clients invest with the objective to make money and at some point of time he will need the
money for whatever reason. Therefore, we can divide the accessibility of funds into 3
components :
Pelanggan akan melabur dengan motif utama untuk mendapatkan keuntungan dan
keuntungan tersebut digunakan untuk menampung perbelanjaan tertentu. Berpandukan motif
ini, dana boleh dibahagikan kepada 3 komponen penting:
a) Time Period/Investment Horizon
Jangka masa / Prospek Pelaburan
if the client need the fund in short period of time

Sekiranya pelanggan memerlukan dana dalam jangka masa pendek.
will not invest in long term investments, e.g. long term bonds, real estate
Tidak akan melabur dalam pelaburan jangka masa panjang cth; bon jangka panjang,
hartanah
will not invest in investments that will not allow him to unlock for a specific time frame
Tidak akan melabur sekiranyapelaburan tidak membenarkan pelanggan untuk
mendapatkan wang pelaburannya di dalam jangka masa ditetapkan.
b)Penalty
Penalti
the penalty client have to pay if he exits early
Penalti yang perlu dibayar sekiranya pelanggan kelurar daripada pasaran terlalu awal.
c) Entry Cost
Kos kemasukan
the cost of get into the investment
Kos yang perlu disediakan sekiranya mahu memasuki pasaran.
11

INVESTMENT
PELABURAN
2.7 Taxation Treatment
2.7 Aspek Pencukaian
Different types of investment portfolio enjoy different range of tax treatments.
Portfolio pelaburan yang berbeza menikmati layanan pencukaian yang berlainan.
2.8 Performance of Investment

2.8 Prestasi Pelaburan
Country's
Economic
Factors
Faktor-faktor
ekonomi negara
Regional & Global

Economic Factors
Faktor-faktor
ekonomi serantau
dan dunia
Competencies &
Capabilities of Management
Team
Keupayaan dan kecekapan
kumpulan pengurusan
Life Cycle of
Investment
Kitaran Hayat
Pelaburan
Factors Affecting
Performance Of
Investment
Invested
Company's Level
of Cost
Tahap kos syarikat
yang menerima
pelaburan
History of
Invested
Company
Sejarah Syarikat
yang menerima
pelaburan
Past Experience
Pencapaian dan
kejayaan
terdahulu
2.9 Diversification
2.9 Kepelbagaian
Diversification process of investing across different asset classes and across different
market segments
Kepelbagaian- Proses membuat pelaburan dipelbagai kelas aset, dan dipelbagai
segmen pasaran.
diversification can substantially reduce risk with small reductions in returns
Kepelbagaian mampu mengurangkan risiko pelaburan dengan sedikit pengurangan
dalama pulangan pelaburan
12
CHAPTER 3 TYPES OF INVESTMENT ASSETS

BAB 3 JENIS JENIS ASET PELABURAN
3.1 Investment Choices
3.1 Pilihan Pelaburan
Cash & Deposit
Tunai & Deposit
Fixed Income Securities

Sekutriti Pendapatan Tetap
Shares
Saham
Unit Trusts
Unit Amanah
Investment Trusts
Amanah Pelaburan
Properties
Hartanah
Derivatives
Derivatif
Commodities
Komoditi
Life Insurance
Insuran Hayat
Annuities
Anuiti
Exchange Traded Funds

Dana Bursa Dagangan
Sukuk Bonds
Bon Sukuk
Real Estate Investment Trusts

Amanah Pelaburan Hartanah
Capital Guaranteed Funds

Dana Jaminan Modal
3.1.1 Cash & Deposit

3.1.1 Tunai & Deposit
refers to all liquid instruments that carry little or no risk

Merujuk kepada semua bentuk instrumen cair yang mempunyai sedikit atau tiada risiko.
capital value will not increase and will not generate extra income
Nilai tunai modal tidak akan meningkat dan tidak akan menjana sebarang pendapatan.
a form of medium of exchange
Dianggap bernilai sebagai alat atau perantaraan pertukaran.
3.1.1.a Treasury Bills

3.1.1 Bil Perbendaharaan
government borrows money from its citizen via issuance of treasury bills
Kerajaan meminjam wang rakyat melalui penerbitan Bil Perbendaharaan
short term, usually a year
Jangka pendek, dalam masa setahun
considered as no risk unless the country is politically unstable
Paling selamat dan dianggap tiada risiko kecuali sekerinya keadaan politik tidak stabil.
13

3.1.1.b Bank Accounts
3.1.1 b Akaun Bank
time/fixed deposits placed with banks for fixed period with fixed interest rates
Deposit tetap yang disimpan di bank untuk tempoh tertentu dengan kadar faedah yang
ditetapkan
longer the period, higher the interest rates
Semakin panjang tempoh deposit yang dipilih, semakin tinggi kadar faedah.
Perbadanan Insurans Deposit Malaysia (PIDM)

established under Akta Perbadan Insurans Deposit Malaysia 2005
Ditubuhkan di bawah Akta Perbadan Insurans Deposit Malaysia 2005
to protect depositors against loss of deposits in the event of bank failure and promote financial
stability
Melindungi pendeposit dari mengalami kerugian sekiranya pihak bank gagal berfungsi, serta
memaju dan memperkembangkan kestabilan.
Objectives
Objektif
administer a deposit insurance system

Mentadbir sistem insurans deposit
provide insurance against loss of part/all of deposits of a financial institution
Menyediakan perlindungan insurans dan berlakunya kehilangan sebahagian atau kesemua
deposit yang disimpan di institusi kewangan.
provide incentives for sound risk management in the financial system
Menyediakan insentif pengurusan risiko yang lebih baik dalam sistem kewangan.
promote and contribute to the stability of Malaysian financial system
Mengalak dan menyumbang kearah kestabilan sistem kewangan di Malaysia
14

Main Functions
Fungsi Utama
assess and collect premiums/fees from banks
menilai dan mengutip premium atau yuran dari pihak bank
manage the Deposit Insurance Funds
Mengurus Dana Insurans Deposit
undertake resolution of non-viable banks (incapable banks)
Bertanggung-Jawab atas resolusi bank yang menghadap masalah
reimburse depositors should a bank become insolvent (unable to pay debts)
Membayar balik wang simpanan pendeposit sekiranya bank tidak mampu
membayarnya
comply with Shariah principles in respect of Islamic deposits and funds
Mematuhi prinsip-prinsip Shariah bagi urusan berkaitan dana dan deposit Islam
conduct ongoing public awareness and education initiatives
Mengendalikan kempen atau inisiatif pendidikan dan kesedar
Deposit Insurance
Deposit insurans
system that protects depositors against loss of deposit in the event of bank failure
Sistem yang melindungi pendeposit dari kehilangan wang depsoit yang disebabkan
kegagalan bank.
to enhance consumer protection framework and to promote financial system stability
Memperkemaskan rangka kerja perlindungan pelanggan serta memperkasa kestabilan
sistem kewangan.
managed by Perbadanan Insurans Deposit Malaysia
Diuruskan oleh Perbadanan Insurans Deposit Malaysia(PIDM)
15

Benefits to Depositors
Maanfaat kepada pendeposit
deposit insurance protection is automatic
Perlindungan deposit insurans adalah automatik
PIDM protects depositors holding deposits with banks
PIDM melindungi pendeposit yang menyimpan wang di bank
no charge to depositors for deposit insurance protection
Tiada sebarang yuran atau bayaran dikenakan
should bank fail, PIDM will promptly reimburse depositors their deposit
Sekiranya pihak bank mengalami kegagalan. PIDM akan mengambilalih tanggungjawab
membayar balik deposit kepada pendeposit
Benefits to Financial System

Manfaat kepada sistem kewangan.
promotes public confidence in Malaysian financial system by protecting depositors
Meningkatkan keyakinan orang ramai terhadap sistem kewangan Malaysia melalui usaha
perlingdungan pendeposit
reinforces and complements the existing regulatory & supervisory framework by providing
incentives for sound risk management
Memperkukuh dan menyokong rangka kerja peraturan dan penyeliaan iaitu dengan
menyediakan insentif mengurusan risiko yang lebih baik.
minimize costs to financial system by finding least cost solution to resolve troubled banks
Meminimumkan kos keseluruhan sistem kewangan apabila ia berupaya menyelesaikan
masalah bank
contributes to stability of financial system by dealing with bank failure expeditiously and
reimbursing depositors promptly
Menyumbang ke arah kestabilan sistem kewangan dengan keupayaannya berutusan
terus dengan pihak bank yang menghadapi masalah dan membuat bayaran balik kepada
pendeposit dengan segera
16

3.1.2 Fixed Income Securities
3.1.2 Sekuriti Pendapatan Tetap
group of investment vehicles that offer fixed periodic return
Sekumpulan alat atau kaedah pelaburan yang menawarkan kadar pulangan tetap
secara berkala.
IOUs ( I Owe yoU informal document acknowledging debt) issued by
companies/government to raise funds
IOU atau surat pinjaman yang dikeluarkan oleh syarikat atau kerajaan untuk
mengumpulkan data.
little or no opportunity for appreciation in value
Sedikit atau mungkin tidak memperolehi peningkatan nilai.
3.1.2.a Government Bonds

3.1.2.a Bon Kerajaan
Government
Public
Kerajaan
Orang Awam
short term bonds, < 5 years to maturity -Bon Jangka pendek,< dari lima tahun
medium term bonds, 5 10 years to maturity- Bon Jangka Sederhana,5-10 untuk
matang
long term bonds, > 15 years to maturity, Bon Jangka Panjang> 15 tahun untuk
matang
17

Advantages
Kelebihan
very safe
sangat selamat
Disadvantages
Kekurangan
capital can be eroded in times of high inflation
Nilai modal pelaburan akan menyusut
sekiranya
kadar inflasi meningkat
marketability & income is guaranteed

Kebolehpasaran dan pendapatan
adalah dijamin
3.1.2.b Corporate Bonds

3.1.2.b Bon Korporat
Classified under 3 categories
Dikategorikan dibawah 3 kategori
1. debenture stocks Stok Debentur
2. loan stocks Stok Pinjaman
3. convertible stocks Stok Boleh Tukar
18

Debenture Stocks
Stok Debentur
-
effective secured
loans (loans backed
with assets) to a
company
Efektif dan pinjaman
yang terjamin
(Pinjaman disokong
dengan aset )
trustees (person who
holds asset for others)
are appointed on issue
of stocks
Pemegang amanah
dilantik untuk
menerbitkan stok
investor can take over
assets if company
defaults (unable to pay
back)
Pelabur boleh
mengambil alih aset
sekiranya syarikat
tidak dapat membayar
balik pinjaman
fixed interest rates for
fixed term
kadar faedah tetap
bagi tempoh tetap
Loan Stocks
Stok Pinjaman
-
unsecured loans
(loans backed with
nothing) to a company
Pinjaman tidak
bercagar
interest rates and
term are fixed
Kadar faedah dan
tempoh adalah tetap
higher interest rate as
it is less secure
Tiada jaminan
keselamatan
Convertible Stocks
Stok Boleh Tukar
-
can be converted into

an ordinary share of a
company on a fixed
date
Stok ini boleh ditukar
kepada saham biasa
syarikat pada tarikh
yang ditetapkan
19

BAB 3 JENIS-JENIS ASET PELABURAN
3.1.2.c Advantages & Disadvantages of Corporate Bond
3.1.2.c Kebaikan & Keburukan Bon Korporat
Advantages
Kelebihan
return
Pulangan tinggi
more marketable & can be sold for
profits
Boleh dijual & menjanjikan
keuntungan pertambahan modal.
Disadvantages
Keburukan
higher risk
Berisiko tinggi
3.1.3 Shares
3.1.3 Saham-saham
Shareholders is part owner of the company
Pemegang saham adalah pemilik syarikat
value of a share fluctuates according to markets view of companys worth
Nilai saham sentiasa turun naik bergantung kepada sentimen pasaran terhadap kekukuhan
syarikat berikut.
2 types of share
2 Jenis Saham
ordinary shares
Saham Biasa
preference shares
Saham utama
20

Shares
Jenis Saham
Ordinary Shares
Saham Biasa
Description
Penerangan
Preference Share
receive dividends
Menerima dividen
shareholders are owners of the company and has voting right
Pemegang saham adalah pemilik syarikat dan mempunyai
hak mengundi
can realize investment by selling share
Boleh merealisasikan pelaburan dengan menjual saham
only receive fixed dividend when enough profit is made

Hanya menerima dividen yang ditetapkan apabila syarikat
mendapat keuntungan
more secure but less profitable
Lebih selamat tetapi kurang menguntungkan
Disadvantages
Keburukan
Advantages
Kebaikan
investors participate directly in the future of the company

Pelabur memainkan peranan dalam menentukan masa
hadapan syarikat.
good dividends and capital appreciation
Dividen yang tinggi dan jangkaan peningkatan modal.
very liquid (can be traded in the open market)
Kecairan yang tinggi (boleh dijual di pasaran terbuka)
high risk
Risiko yang
tinggi.
21

3.1.4 Unit Trusts
3.1.4 Unit Amanah
pool of funds contributed by many investors kept in trust by a trustee and managed by
professional fund managers
Dana terkumpul yang diperolehi dari sumbangan para pelabur dan dana ini disimpan secara
amanah oleh pemegang amanah, diurus oleh pengurus dana profesional.
1. A trust deed is first established (this allows trustee to hold money/assets on behalf of
investors)
Surat ikat amanah diwujudkan (ini memboleh pemegang amanah menguruskan wang/
aset bagi pihak pelabur)
2. Another party, the fund manager manages the portfolio of investment
Pengurus dana mengurus portfolio pelaburan
22

3 way arrangement among investor, trustee and fund managers
Pelaburan unit amanah melibatkan tiga pihak iaitu pelabur, pemegang amanah dan
pengurus dana
a trust deed sets out;
Surat ikatan amanah menyataan perkara-perkara mengenai;
fund managers investment power
Bidang kuasa pengurus dana berkaitan aspek-aspek pelaburan
price structure
Struktur harga
registration of unit holders
Pendaftaran pemegang unit
remuneration to fund managers
Ganjaran/upah khidmat pegurus dana
accounting and auditing rules
Undang undang perakaunan dan pengauditan
Advantages
Kebaikan
Disadvantages
Keburukan
lower risk
wide range of funds
Risiko rendah
professional investment services
Servis pelaburan yang profesional
income from dividend can be
reinvested
Pendapatan daripada dividen boleh di
laburkan semula
range of investments available
Terdapat banyak jenis pelaburan
Bermacam-macam jenis dana
extra cost/charges
Kos/ caj tambahan
23

3.1.5 Investment Trusts
3.1.5 Amanah Pelaburan
similar to unit trusts
Sama seperti unit amanah
investment trust registered under Companies Act
Berdaftar di bawah akta Syarikat
investor therefore is purchasing shares in that company
Pelabur dengan tidak langsung membeli saham didalam syarikat
the company will invest in a wide range of equities and other investment
Syarikat akan melabur semula pelbagai kategori pelaburan dan ekuiti.
investment trust are close end funds (investment scheme that has fixed number of shares)
Amanah pelaburan adalah dana tertutup (skim pelaburan yang telah ditetapkan bilangan
saham)
up front charges are involved
Deposit deperlukan
Advantages
Kelebihan
more flexible
Lebih fleksibel
investor can borrow to finance their
purchase of the investment trust
Pelabur boleh mengunakan wang
untuk membiayai pembelian pelaburan
amanah
Disadvantages
Keburukan
greater risk exposure

Terdedah kepada risiko
24

3.1.6 Properties
3.1.6 Hartanah
there are basically 3 types of real estate investments
Terdapat tiga jenis pelaburan hartanah
o agricultural properties/ Hartanah pertanian
o domestic properties/Hartanah domestik
o commercial/industrial properties/ Hartanah Industri/Perdagangan
Agricultural Properties
Hartanah Pertanian
depends on :
Bergantung kepada:
quality of land
Kualiti tanah
location of land
Lokasi tanah
value of buildings on land
Nilai bangunan didirikan diatas
tanah
Domestic & Commercial/Industrial Properties

Hartanah Domestik/ Hartanah
industri/Perdagangan
depends on :
Bergantung kepada:
location of land
Lokasi tanah
types of building on land
Jenis bangunan diatas tanah
3.1.6.a Real Estate Investment Trust (REITs)

3.1.6.a Amanah Pelaburan Amanah (REIT)
similar to unit trust
Sama seperti unit amanah
REITs based companies will invest and manage & distribute rental as dividend
back to investors
Syarikat yang menjalankan REIT akan melabur dan, mengendali dan mengagihkan
sewa sebagai dividen kepada pelabur
Advantages Kebaikan
-
good capital appreciation

pertumbuhan modal yang lebih tinggi
steady flow of income
aliran pendapatan tetap
low risk investment
pelaburan berisiko rendah
Disadvantages Keburukan
hard to sell off

sukar dicairkan
25

3.1.7 Derivatives
3.1.7 Derivatif
financial instruments whose values are linked to the price of underlying instruments in cash
market
Instrumen kewangan dimana nilainya berkait rapat dengan harga sebenar instrumen
berkenaan dipasaran tunai.
e.g. stock index future is linked to a performance of a specific stock market
Cth: Indeks saham hadapan berkait rapat dengan prestasi saham tertentu.
3.1.7.a Options
3.1.7 a Opsyen
instead of trading directly in a security, investors can buy a right to purchase/sell security in
the future
Sekiranye tidak mahu berurusniaga sekuriti secara langsung,pelabur boleh membeli hak
untuk membeli/menjual sekuriti pada masa hadapan
expiration of an option usually adopted from 3-9 months, institutions can buy longer period
ranging from 1-5 years
Jangka hayat saham opsyen kebiasaanya disekitar 3-9 bulan. Institusi untuk tempoh yang
lebih panjang, dari 1-5 tahun
Advantages Kebaikan
-
potential to boost profits from share

movements
Berpotensi meningkatkan
keuntungan melalui pergerakan
saham
Disadvantages Keburukan
risky as investor must be prepared

to lose all his money
Berisiko dan bersedia menanggung
kerugian sehingga kehilangan
semua modal pelaburan
26

Put Option
Opsyen
Simpan
Call Option
Opsyen
panggilan
gives the holder the right to sell a particular stock at specified

price prior to expiration date
memberikan pemegang hak untuk menjual saham tertentu
pada harga yang ditetapkan kerana tamat tempoh
speculates a decline in price without selling the share
Membuat spekulasi penurunan harga tanpa membuat jualan
singkat
gives the holder the right to buy a particular stock at a
specified price, premium, any time, prior to the expiration date
Memberi hak kepada pemilik opsyen untuk memebeli saham
dengan harga tertentu atau harga premium tertentu pada bilabila masa sebelum tarikh tamat tempoh yang dinyatakan.
speculates a rise in share price without buying the share itself
Membenarkan spekulasi kenaikan harga saham tanpa
membuat sebarang belian.
3.1.7.b Warrants (Transferable Subscription Rights)

3.1.7 b Waran (Hak Langganan Boleh Pindah)
corporate created option to purchase within a specified time period, a stated number of
shares of the underlying stock at specified price
Badan korporat mencipta opsyen untuk membuat belian sejumlah saham yang mendasari
sesuatu stok dalam tempoh yang dinyatakan, dengan harga yang ditetapkan
gives the holder the option to subscribe the share in the company
Memberi hak kepada pemegang waran opsyen membuat langganan saham syarikat;
o at pre-determined ratio
Pada nisbah yang ditetapkan
o pre-determined subscription price
Pada harga langganan yang telah ditetapkan
o within a specified time period (life span of warrant is fixed at the beginning and cannot
be varied)
Dalam tempoh yang dinyatakan(jangka hayat waran telah ditetapkan lebih awal dan
tidak boleh dipinda)
27

warrants are seldom issued on their own but often issued free and attached to rights/loan
stocks as addition attraction allowing issuer to obtain lower interest rates
Waran tidak diterbitkan sendiri, tetapi biasanya diterbitkan secara percuma dan disertakan
sebagai hak atau stok pinjaman
warrants can be detached from loan stock and sold separately in securities market
Waran yang dikeluarkan boleh dikeluarkan dari stok pinjaman dan dijual secara berasingan
di pasaran sekuriti,
options attached to warrants can be exercised by subscribing for ordinary shares in cash,
by exchanging loan stocks or by a combination of both
Opsyen yang disertakan dalam waran boleh digunakan dengan melanggan saham biasa
secara tunai , iaitu dengan membuat pertukaran stok pinjaman atau kombinasi kedua
duanya
Advantages
Kebaikan
-
dont require a large initial startup
Tidak memerlukan modal awal
yang besar
pay the cost at later date
Pembayaran berlaku pada
kemudian hari
able to convert to common share
Boleh ditukar kepada saham biasa
Disadvantages
Keburukan
hard to sell off
Sukar untuk dicairkan
28

3.1.7.c Futures
3.1.7. c Niaga Hadapan
Agrees To Make Payment
At Expiry Date
Jaminan untum membayar
pada tarikh luput
Seller
Penjual
Futures Contract
Kontrak masa hadapan
Buyer
Pembeli
Delivers Instruments On A
Specified Future Date
Menghantar Instrumen pada
tarikh hadapan yang ditetapkan
Advantages
Kebaikan
protect gains made in cash market
Melindungi keuntungan yang diperolehi
dalam pasaran tunai
shift the risk of price fluctuation from parties
who are willing to bare the risk
Risiko turun naik harga dipindahkan kepada
mereka yang mahu menanggung risiko
price discovery (price of an asset is
determined through the interaction of buyers
and sellers)
Penetapan harga (nilai sesuatu aset
ditetapkan melalui interaksi antara penjual
dan pembeli)
Disadvantages
Keburukan
loss can result from the
change in price of the index
futures contract
Kerugian yang mungkin
dihadapi adalah akibat
perubahan harga kontrak
indeks hadapan
29

3.1.8 Exchange Traded Funds (ETF)
3.1.8 Dana Pertukaran dagangan (ETF)
investment funds traded on stock exchange
Didagangkan di bursa saham
holds assets such as stocks/bonds/commodity at same approximate price as net asset
mempunyai ciri-ciri urusniaga yang sama seperti dagangan tertutup, pada harga yang
yang mungkin lebih atau kurang dari nilai aset bersih
exist primarily for commercial buyer and sellers of the commodity
Secara utamanya adalah untuk pembeli dan penjual komersil komoditi
types of ETFs
Jenis-jenis ETF
o index ETFs
Indeks ETF
o commodity ETFs or ETCs
Komoditi ETF atau ETC
o bond ETFs
Bon ETF
o currency ETFs or ETC
Matawang ETF atau ETC
o actively managed ETFs
ETF yang diuruskan secara aktif
o exchange traded grantor trusts
amanah tukaran dagangan grantor
o leverage ETFs
ETF laverage
30

3.1.9 Sukuk Bonds
3.1.9 Bon sukuk
Arabic name for financial certificates, commonly referring to the Islamic equivalent of
bonds
Perkataan Arab yang bermaksud sijil kewangan tetapi lazimnya ia merujuk kepada
Bon berasaskan syariah Islam
Sukuk securities are structured to comply with the Islamic law and its investment
principles which prohibits the charging/paying of interest
Sekuriti Sukuk dirangka dengan mematuhi undang-undang dan prinsip pelaburan
islam yang melarang mengenakan atau mebayar faedah,
equity securities which has the following characteristic
Sukuk ialah sekuriti ekuiti yang mempunyai ciri ciri berikut.
o issued by pooled funds
Diterbitkan dari dana terkumpul (Dana bersama)
o based on hard assets that generate steady income and expectation
Bedasarkan aset sebenar yang menjana pendapatan yag berterusan dan
menepati jangkaan.
o may or may not be guaranteed
Mungkin diberi jaminan atau tidak oleh pengasas
o receive a fee equal to the income of underlying assets
Menerima bayaran yang bersamaan dengan pendapatan yang dijanakan dari
aset dimaksudkan
o securities are issued by Special Purpose Vehicles (SPVs), often subsidiaries of
banks/trusts
Sekuriti sukuk diterbitkan oleh Special Purpose Vehicle(SPV), biasanya
merupakan subsidiari bank atau amanah yang dipanggil SPV
o mostly issued in dollars
Diterbitkan dalam matawang Dollar
o differ from conventional bonds because they are based on tangible assets
instead of being based on debts
Berbeza dari bon konvensional kerana Sukuk berasaskan aset sebenar bukan
berasaskan hutang atau pinjaman.
o there are about 14 kinds of Sukuk but most used today are Sukuk Al Ijara &
Sukuk Al Mucharaka
Terdapat 14 jenis Sukuk, tetapi dua jenis sukuk yang digunakan pada masa kini
adalah Sukuk Al-Ijara dab Sukuk Al-Mucharaka
31

3.1.10 Capital Guaranteed Fund
3.1.10 Dana Jaminan Modal
investment vehicle offered by certain institutions that guarantees the investor initial capital
from any losses provided that the investment is not redeemed before maturity date
Kaedah pelaburan yang ditawarkan oleh sesetengah institusi memberi jaminan ke atas
modal awal pelabur dari berlakunya kerugian
features of capital guaranteed fund
Ciri-ciri dana jaminan modal
o high asset allocation, usually up to 80 90% of total fund size
Peruntukan aset tertinggi, biasanya sehingga 80%-90% dari jumlah size dana.
o benchmark comparison with Fixed Deposit Rate
Perbandingan penanda aras lebih tinggi sedikit dari deposit tetap
o normally has an investment horizon of 3 5 years
Tempoh pelaburan biasanya antara tempoh 3-5 tahun
o usually has value per unit of RM 1
Harga/nilai seunit bermula dari RM 1
o higher initial investment compared to unit trust fund, usually has an minimum of RM
5,000
Modal pelaburan awal yang agak tinggi berbanding dengan lain lain dana unit
amanah. Amaun minimum biasanya bermula daripada RM5000
o not so high entry fee, service charge is at 1.5% at this moment
Bayaran yuran tidak terlalu tinggi , caj perkhidmatan ialah 1.5% (kadar semasa)
o there is a redemption fee before maturity ranging from 0.3% to 1.5% of net asset
value
Terdapat yuran penebusan sebelum tarikh matang diantara 0.3% hingga 1.5% dari
Nilai Aset Bersih (NAV)
o capital preservation feature is guaranteed
Ciri pengekalan modal adalah terjamin
o only available during specific period
Hanya wujud dalam waktu tertentu
32
CHAPTER 4 INVESTMENT-LINKED LIFE

INSURANCE PRODUCTS A WORLD SCENARIO
BAB 4- PRODUK INSURAN HAYAT-SENARIO
DUNIA
4.1 Introduction
4.1 Pengenalan
Investment-linked where insurance as well as investment returns are provided at the same
time has been around in all parts of the world for a long time. We will discuss its presence in
the United Kingdom, United States of America, Singapore and Malaysia.
Menawarkan perlindungan insurans dan dalam masa yang sama menjanjikan pulangan
pelaburan telah diamalkan sejak dahulu,Kita akan membincangkan tentang kewujudan
produk ini di U.K., U.S.A.,Singapura dan di Malaysia sendiri.
4.2 United Kingdom

Investment Linked insurance has been in United Kingdom for more than 30 years. The first
investment linked life insurance contract in the United Kingdom was an individual retire
annuity for the self employed introduced by London & Manchester Assurance Company
Limited 1957. The investment was linked to an external unit trust.
Bertapak dan berkembang di United Kingdom sejak lebih dari 30 tahun dulu. Kontrak insuran
hayat pertama diperkenalkan di UK ialah polisi anuiti persaraan individu bagi mereka yang
bekerja sendiri. Ia diperkenalkan oleh London & Manchester Assurance Company Limited
pada tahun 1957. Elemen pelaburan dihubung-kaitkan dengan unit amanah luaran
By 1960
6 insurers offering IL
contracts
6 syarikat menawarkan
Insurans Hayat
total new premium under
500,000 pounds collected
500,000 Pound telah
dikutip dibawah premium
baru
no single premium
collected
Tiada pungutan bagi
premium tunggal
By 1970
contracts
kontrak insurans hayat
total of 25 million pounds of
new annual premiums
collected
Sejumlah 25 juta pounds
premium tahunan baru
telah dikutip
53 million pounds of single
premium collected
Kutipan sebanyak 53 juta
pound bagi premium
tunggal
In 1996
contracts
kontrak insurans hayat
total of 543 million pounds
of new annual premiums
collected
Sejumlah 543 juta pound
untuk jpremium tahunan
4,448 million pounds of
single premium collected
4.48 juta pound untuk
premium tunggal
33

DUNIA
First new generation of Investment-Linked life insurance product was Hambro Whole Life
Plan introduced in 1977 which had fixed sum assured per investment of premium.
Generasi baru pertama bagi produk insuran hayat adalah Pelan Insurans Hayat Seumur
Hidup Hambro. Merupakan polisi insurans hidup berkait pelaburan diperkenalkan pada
tahun 1977 dan hanya mempunyai jumlah tetap untuk setiap premium pelaburan.
In 1979, Skandia Life Plan then allowed the policy owner to select the sum assured that
the policy owner required.
Pada tahun 1979, Skandia Life Plan membenarjab pemegang polisi untuk memilih jumlah
Insuran yag diperlukan oleh pemegang polisi.
4.3 United States of America

4.3 Amerika Syarikat (USA)
In United States, investment-linked plans are known as Variable Life Insurance. It was
offered in 1976.
Di Amerika Syarikat, pelan insurans berkait pelaburan jangka panjang adalah dikenali
sebagaai insurans hayat boleh ubah
pioneered by Equitable Life Assurance Society governed by
Diterajui oleh Equitable Life Assurance Society dan dibawah
o Investment Company Act, 1940 (Akta Syarikat Pelaburan 1940)
o Securities Act, 1933(Akta sekuriti 1933)
o Securities Exchange Act, 1934 (Akta bursa sekuriti 1934)
under the securities Exchange Act, 1934, the insurance company must register as broker
dealer and additionally, agency and agents must pass an exam and register with National
Association of Securities Dealers
Dibawah Akta Bursa Sekuriti,1934, syarikat insuran mestilah berdaftar sebagai PedagangBroker. Agen dan agensi perlu lulus ujian dan berdaftar dibawah Persatuan Pedagang
Pedagang Sekuriti Kebangsaan.
34

DUNIA
4.4 Singapore
4.4 Singapura
started in 1973
by NTUC
Income
Oleh NTUC
Income
in 1992
Prudential
introduced
single and
regular
premium
products
Prudential
memperkenal
kan premium
tunggal dan
premium
biasa
in 1997
Enhanced
Investment
Scheme and
Basic
Investment
Scheme merged
to form
Investment
Scheme
Skim Pelaburan
dipertingkatkan
dan Skim
Pelaburan Asas
bergabung
untuk
membentuk
Skim Pelaburan
expansion of the life insurance industry was due to the introduction of the Enhanced
Investment Scheme by the Central Provident Fund in 1993 which enables the
Central Provident Fund members who have cash of at least S$50,000 in their
ordinary account, to invest 80% of the excess in one or more of the eligible
investment instruments
Perkembangan industri insurans di Singapura ialah apabila diperkenalkan kepada
Skim Pelaburan Dipertingkatkan ( Enhanced Investment Scheme- EIS) pada tahun
1993 oleh Kumpulan Wang Pusat (Central Provident Fund -CPF). Ahli CPF yang
mempunyai $50000 dalam akaun biasa boleh melanur 80% dari simpanan
berkenaan dalam mana-mana instrumen pelaburan yang diluluskan dibawah skim
berkenaan.
35

DUNIA
only endowment policies were approved by Central Provident Fund as eligible
investment instrument
Hanya polisi endowmen yamg diluluskan oleh lembaga pengarah CPF sebagai salah satu
instrumen pelaburan.
4.5 Malaysia
4.5 Malaysia
in 1985, Syarikat Takaful Malaysia Berhad formed a simplified investment-linked life
insurance product
Pada tahun 1985, Syarikat Takaful Malaysia Berhad memperkenalkan produk insuran
berkait pelaburan dalam bentuk mudah.
the Takaful Investment-Linked Life Insurance policies were developed by the Takaful
companies as a response to the religious principles and practices of the Muslims (Syariah
laws)
Pelan Takaful keluarga berkait pelaburan telah mula dibangunkan dan diperkenalkan
oleh pengendali-pengendali takaful (syarikat insurans berasaskan islam)
in July 1997, Berjaya Prudential Assurance Berhad became the first traditional insurance
company to launch the 1st investment linked life insurance product
Pada Julai 1997, Berjaya Prudential Assurance Bhd menjadi syarikat insurans tradisional
pertama berjaya melancarkan produk insurans hayat berkait pelaburan.
36
CHAPTER 5 TYPES OF INVESTMENT-LINKED

LIFE INSURANCE PRODUCTS
BAB 5 JENIS JENIS PRODUK INSURANS HAYAT
BERKAIT PELABURAN
5.1 Introduction
5.1 Pengenalan
IL policies are life insurance policies with values directly linked to the investment
performance
Produk Insurans Hayat adalah insuran hayat yang mempunyai nilai kewangan yang
dihubung kait secara langsung dengan prrstasi pelaburan
5.1.1 How do investment-linked life insurance policies work?

5.1.1 Bagaimanakah polisi insurans hayat berkait pelaburan berfungsi?
units are allocated at life offices selling price (called offer price)
Unit-unit pelaburan diperuntukan berdasarkan harga jualan pejabat insuran hayat
(dipanggil harga tawaran)
units are cashed to meet death, maturity, surrender claims or expenses at buying price
(called bid price)
Unit-unit pelaburan ditunaikan untuk memenuhi keperluan kematian, matang, serahan
polisi atau perbelanjaan berkaitan dipanggil harga bida
37

BERKAIT PELABURAN
bid-offer spread the difference between offer and bid prices in market condition is 56%
Perbezaan antara harga tawaran dengan harga bida didalam keadaan pasaran normal
ialah 5%-6% dari harga tawaran. Perbezaan ini dikenali sebagai sebarang bidatawaran
difference of premium apportionment between traditional with profit life policies with
investment-linked life policies
Pembahagian premium polisi insurans hayat berkait pelaburan adalah serupa. Walau
bagaimanapun antara pembahagian yang agak berbeza adalah;
o higher return but depends on market volatility and higher degree of risk
Menawar potensi mendapat pulangan yang tinggi tetapi terdedah kepada keadaan
mudahruap pasaran dan risiko yang tinggi.
o offer more choices in terms of investment funds
Menawarkan lebih banyak pilihan jenis-jenis dana pelaburan
o may or may not be flexible
Mungkin lebih fleksibel atau sebaliknya
o investment element is known to the policy owner
Pemilik polisi telah diberitahu lebih awal tentang elemen pelaburan.
o structure of policy charges and investment content are more transparent
Struktur caj polisi dan kandungan pelaburan polisi insurans hayat berkait pelaburan
mudah difahami oleh pemilik polisi.
38

BAB 5 JENIS-JENIS PRODUK INSURANS HAYAT
BERKAIT PELABURAN
5.2 Definition
5.2 Definisi
Term/Terma
Definition/ Definisi
Policy Fee
Bayaran Polisi
administrative expenses of starting up a policy

Kos pentadbiran untuk mengeluarkan polisi
Annual Fund
Management Fee
Bayaran pengurusan
dana pengeluaran
professional investment management charges

a deduction of 0.5 % of investment units from 0.5% to
2% each year
Caj pengurusan pelaburan profesional melibatkan
potongan 0.5% daripada unit pelaburan dari 0.5%
kepada 2% setiap tahun
Offer Price
Harga tawaran
the price at which units are offered for sale by the Life
Office
Harga tawaran ialah harga unit pelaburan dibawah
polisi insurans hayat berkait pelaburan
Bid Price
Harga Bida
the price at which units are cashed out to pay for

charges under the policy or when the policy matures or
surrendered
Harga unit dibawah polisi insurans hayat berkait
pelaburan ketika polisi matang, atau apabila unit
pelaburan ditunaikan untuk menampung bayaran caj
polisi.
Bid-Offer Spread
Perbezaan Bida
Tawaran
difference between offer price and bid price

Berbeza daripada harga tawaran dan harga bida,
usually 5% to 6% of the offer price to cover expenses
in setting up the policy
5% sehingga 6% lebih tinggi dari harga tawaran untuk
penampung perbelanjaan pengeluar polisi.
39

BERKAIT PELABURAN
Term/Terma
Definition/ Definisi
Reduction in Allocation
of Units - Unallocated
Premium
Pengurangan
Peruntukan Unit- Tiada
Peruntukan Premium
some of the premiums are used to meet marketing

expenses and setting up expenses of the policy
Sesetengah premium digunakan untuk menampung
perbelanjaan pengeluaran polisi.
Surrender Charges
Caj Serahan
This is a charge deducted from the value of units at

surrender
Dipotong dari nilai unit pelaburan ketika membuat
serahan polisi.
Initial Unit
life office allocate the policy owners entire premium to
Unit Pelaburan Peringkat
units
Permulaan
Pejabat insuran hayat mungkin membuat peruntukan
semua premium yang dibayar oleh pemilik polisi untuk
membeli unit pelaburan
the 'initial units allocated in the early years will have a
higher annual management charges, heavy
discontinuance charges and their cash value is lower
than their face value for years
Unit permulaan dikenakan caj penamatan polisi yang
amat tinggi dan nilai serahan tunai adalah lebih rendah
daripada nilai muka polisi.
this method is much less common these days
Kaedah ini tidak selalu digunakan, berbanding masa
lalu.
Mortality Charges
Caj mortaliti
the mortality costs is dependent on age

Caj mortaliti adalah berhantung kepada umur pemilik
polisi
40

BERKAIT PELABURAN
5.3 Characteristics of Investment-Linked Life Insurance Policies
5.3 Ciri-ciri polisi insurans hayat berkait pelaburan
can be used for investments, savings and protection
Ia boleh digunakan untuk tujuan pelaburan , simpanan dan perlindungan
larger exposure to equity investments
Mempunyai pendedahan yang lebih meluas terhadap pelaburan ekuiti
cash values and protection benefits are determined by investment performance
Ditentukan melalui prestasi pelaburan aset
protection cost are met by explicit charges (stipulated openly in the policy terms) which
may vary with age and lever of cover and are covered by cancellation of units of the fund
except for single premium plans which may be met by a flat initial charge
Kos perlindungan biasanya diperolehi dari caj nyata (iaitu jenis-jenis dan peringkat caj
yang dikenakan oleh pejabat insurans hayatseperti terdapat dalam terma-terma polisi )
Caj bagi setiap polisi adalah berbeza mengikut umur dan amaunperlindungan serta
melalui caj pembatalan unit pelaburan. Untuk polisi premium tunggal, kos perlindungan
diperolehi melalui caj paras peringkat permulaan.
commissions and office expenses are met by variety of explicit charges which
normally the life office will give a six months notice prior to any change
Komisen dan perbelanjaan pejabat juga ditampung pelbagai caj nyata. Notis seawal 6
bulan perlu untuk membuat sebarang perubahan
cash value is the value of units allocated to the policy owner calculated at the bid price
Merupakan nilai unit pelaburan yang diperuntukan kepada pemilik polisi, dikira
berdasarkan harga bida,
41

BAB 5 JENIS-JENIS PRODUK INSURANS
HAYAT BERKAIT PELABURAN
5.4 Types of Investment-Linked Life Insurance Coverage
5.4 Jenis-jenis polisi insurans hayat berkait pelaburan
5.4.1 Single Premium Investment-linked Whole Life Plan
5.4.1 Pelan Insurans Hayat Seumur Hidup Berkait Pelaburan Premium
Tunggal
one-off premium is paid which is used to purchase investments unit and provides a
certain level of life cover
Pelaburan premium tunggal yang digunakan untuk membeli unit pelaburan dan
menyediakan perlindungan tertentu.
o in Malaysia, single premium policies must have a minimum premium of RM 3,000
minimum insurance protection is 125% of single premium paid and subjected to a
minimum of RM5,000 in Malaysia
DI Malaysia, polisi premium tunggal mestilah dengan premium minimum sebanyak
sekurang-kurangnya RM3,000 dan 125% untuk amaun perlindungan insurans dari
premium yang dibayar, tertakluk kepada amaun minimum RM5,000
emphasis is on long term savings and investment therefore only offers nominal life
protection
Menekankan kepada simpanan pelaburan jangka panjang. Hanya menawarkan
perlindungan insurans yang paling nominal.
top-ups, withdrawals and surrenders are allowed
Tambah nilai, tarik diri dan penyerahan semula adalah dibenarkan
42

BERKAIT PELABURAN
5.4.2 Regular Premium Investment-linked Whole Life Plan
5.4.2 Pelan Insuran Hayat Seumur Hidup Berkait Pleaburan Premium Tetap
premium is paid on a regular interval, either monthly, quarterly, half yearly or annually premium
will be used to purchase units in an investment fund serves 2 purpose which is investment and
life protection as the main objective premium holidays, top-ups, withdrawals and surrenders
are allowed
Bayaran premium ini dibayar secara tetap dan lebih kerap samada secara bulanan , suku
tahunan atau tahunan. Atas budi bicara dan peraturan pentadbiranpejabat insuran hayat ,
pemilik polisi dibenarkan membuat pengeluaran dan serahan polisi selepas beberapa tahun
polisi berkuat kuasa.
5.4.3 Investment-linked Individual Pension Plan

5.4.3 Pelan Persaraan Individu Berkait Pelaburan
high allocation of premium to investment through accumulating the funds to retirement
Melibatkan peruntukan premium yang tinggi untuk dijadikan modal pelaburan melalui
pengumpulan wang persaraan,
1) no life insurance cover

in basic plan
Conventional
Tiada
perlindungan
insuran hayat didalam
pelan asas
2) only return of
investment upon death
Pulangan pelaburan
sekiranya meninggal
dunia
Recent Development
1) life insurance cover
being funded by
cancellation of
investments of pension
plans
Further Development
1) all or part of funds can
be converted into a
traditional with-profit life
insurance as an
alternative to switch to
another investment-linked
fund
43

BERKAIT PELABURAN
5.4.4 Investment-linked Permanent Health Plan
5.4.4 Pelan keishatan kekal berkait pelaburan
instead of providing death coverage, they offer other forms of coverage such as
permanent health and dread disease/living insurance plan
Sebagai mengantikan pelan perlindungan kematian, mereka menawarkan
perlindungan insurans dalam bentuk berbeza seperti insurans kesihatan kekal dan
insurans penyakit berbahaya.
o provides health coverage such as disability income
o Menawarkan perlindungan seperti pendapatan hilang upaya.
o contains cash values unlike traditional health products that does not have cash
values
o Menyediakan nilai tunai tidak seperti produk insurans kesihatan tradisional lain.
5.4.5 Investment-linked Dread Disease Plan

5.4.5 Pelan penyakit merbahaya berkai pelaburan
pays out an amount in the event of a diagnosis of heart attack, stroke, coronary artery
bypass, end stage renal failure or total permanent disability
Mempertingkatkan nilai polisi seandainya diri yang diinsuranskan didiagnoskan
menghidap penyakit serangan jantung , strok, pintasan koronori arteri, kerosakan
pinggang peringkat akhir atau hilang upaya kekal dan menyeluruh.
5.4.6 Investment-linked Education Plan

5.4.6 Pelan pendidikan berkait pelaburan
entitles to a tax relief of RM3,000
layak pelepasan cukai sebanyak RM 3,000
44

BERKAIT PELABURAN
5.4.7 Investment-Linked Takaful Policies
5.4.6 Pelan Takaful berkait pelaburan
combines investment and Takaful covers
Mengabungkan konsep pelaburan dan perlindungan takaful.
premium is invested in Shariah approved investment funds

Premium dilaburkan adalah dana pelaburan yang diluluskan oleh lembaga Shariah
Unique of IL Takaful Policies

Ciri-ciri unik polisi takaful berkait pelaburan
1. flexibility to choose your own level of protection and investment
Diberi kelonggaran untuk memilih tahap amaun perlindungan dan pelaburan yang
bersesuaian.
2. can vary the amount of your contribution
boleh mengubah amaun sumbangan atau caruman
3. fund switching is allowed
menukar dana pelaburan semasa kepada lain-lain jenis dana pelaburan.
4. can redeem part of the investment-linked units at any point of time
boleh menebus sebahagian dari unit pelaburan anda pada bila-bila masa
5. can choose from a variety of investment funds
Boleh memilih untuk melabur dipelbagai dana pelaburan
45
CHAPTER 5 TYPES OF INVESTMENT-LINKED LIFE

INSURANCE PRODUCTS
BERKAIT PELABURAN
Takaful Concept
Konsep Takaful
1. In an investment-linked Takaful, Takaful participants will undertake an agreement
(aqad) to become one of the participants.
didalam pelan takaful berkait pelaburan, peserta takaful akan mengikat kontrak (akad)
untuk menjadi ahli.
2. Takaful participants make contribution.
Peserta takaful membuat sumbangan
3. Part of the Takaful participant's contribution will be allocated to a Takaful fund in the
form of participative contribution (tabarru). Takaful participants agree to mutually help
each other, should any of the participants suffer a misfortune arising from death or
disability. If participants did not make any claim during the period of Takaful, they are
entitled to a share of the surplus in the Takaful fund.
Dalam produk takaful berkait pelaburan, sebahagian dari sumbangan akan
diperuntukan ke dalam dana takaful dalam bentuk sumbangan tabarru(derma). Ahli
takaful bersetuju untuk untuk saling membantu antara satu sama lain sekiranya
terdapat peserta lainyang ditimpa kesusahan disebabkan kematian atau hilang
upaya. Sekiranya pemilik polisi tidak membuat sebarang tuntutan sepanjang tempoh
polisi, ia layak untuk berkongsi lebihan/keuntungan dana takaful
4. The balance of the contributions will be used to purchase the investment-linked units.
The profit will be shared between the participants and the Takaful operator based on
the concept of surplus sharing according to a pre-agreed ratio.
Lebihan akan dikongsi bersama antara peserta dan pengendali takaful berdasarkan
konsep perkongsian keuntungan, iaitu mengikut nisbah yang dipersetujui.
5 The Takaful operator acts as a manager to oversee the management of the
investment fund. In return, the Takaful operator receives a fee (ujrah) for its service.
Pengendali takaful bertindak sebagai pengurus dana bagi mengawasi pengurusan
dana pelaburan. Pengendali takaful akan menerima (ujrah) atas khidmat yang diberi.
46

BERKAIT PELABURAN
5.5 Risk Based Capital Framework
5.5 Garis panduan modal berasaskan risiko
1. The Risk-Based Capital Framework for Insurers (RBC) came into effect on 1 January
2009
rangka kerja Modal Berasaskan Risiko (Risk-Based Capital RBC) berkuatkuasa pada 1
Januari 2009
Aims of RBC:
Matlamat RBC:
to better align the regulatory capital requirements with the underlying risk exposure
Menyelaraskan peraturan keperluan modal berdasarkan pemdedahan risiko
improve the transparency of prudential buffers
Meningkatkan tahap ketelusan zon penampan yang berhemat
allow greater flexibility for insurers to operate at different risk levels
Kefleksibelan syarikat insurans mengendali tahap risiko berbeza tapi bersesuaian
dengan tahap pengurusan
47

BERKAIT PELABURAN
1. The policy on overall investment strategy should cover, at least, the following elements :
1. Dasar- dasar strategi pelaburan hendaklah mencakupi antara lain, perkara-perkara
berikut:
the investment objectives, both at company and fund-specific levels
objektif pelaburan, peringkat dana tertentu dan juga syarikat
the risk and liability profile of the insurer
Profil risiko dan liabiliti syarikat
the strategic asset allocation, i.e. the long-term asset mix
Peruntukan aset strategik, cth: gabungan aset jangka panjang
the extent to which the holding of certain types of assets is restricted or disallowed
Garis panduan setakat mana jenis-jenis aset tertentu dihadkan atau tidak dibenarkan
an overall policy on the usage of derivatives and structured products
Dasar yang menyeluruh mengenai aspek penggunaan derivatif dan produk yang
tersusun
48
CHAPTER 6 STRUCTURE OF INVESTMENTLINKED FUNDS

BAB 6: STRUKTUR DANA BERKAIT PELABURAN
6.1 Introduction
6.1 Pengenalan
Accumulation Units
Unit Pengumpulan
investment income is ploughed

back into the fund
Pendapatan atau pulangan
diperolehi dari dana ini akan
dimasukkan semula kedalam
dana yang sama
unit price increases over time
Harga unit pelaburan akan
meningkat
Distribution Units
Pengagihan Unit
investment income is used to

purchase additional units
Digunakan untuk membeli unit
tambahan
unit price remains unchanged but
number of units increases
Harga unit pelaburan kekal tidak
berubah tetapi pemilik polisi
berpeluang memperolehi unit
tambahan
49

6.2 Types of Investment-Linked Funds
6.2 Jenis-jenis dana berkait unit pelaburan
Types of Funds
Jenis-jenis dana
Cash Funds
Dana tunai
Equity Funds
Dana Ekuiti
Bond Funds
Dana Bon
Property Funds
Dana Harta
Investment Vehicles
Instrumen kewangan
Specialized
Funds
Dana Khas
Managed Funds
Dana Terurus
Balanced Funds
Dana Terimbang
Risk Level
Tahap
risiko
cash/bank deposits
Low
tunai./ deposit bank
Rendah
equity assets (stocks, shares)
High
Ekuiti harta (saham,stok)
Tinggi
government/corporate bonds
Moderate
kerajaan./korporat
Sederhana
real estate
Moderate,
hartanah
Low
defer redemption of units (typically up to 12
Liquidity
months)
Sederhana
Menangguh tarikh penebusan unit pelaburan , kecairan
(menjangkau tempoh 12 bulan)
rendah
based on specific regions/industry
Currency
Berdasarkan kawasan geografi/industry
Risk Exist
e.g. ASEAN fund, Emerging Market Fund,
Risiko
International Bond Fund
matawang
Cth. Dana ASEAN, Dana pasaran baru, Dana Wujud
bon antarabangsa dan sebagainya
variety of asset allocation
Moderate
Pelbagai jenis aset
Sederhana
depends on fund managers
Bergantung kepada pengurus dana
fixed proportion of assets
Moderate
Nisbah tetap
Sederhana
e.g. 70% of funds in equities, 30% in bonds
Cth: 70% dana adalah dalam bentuk ekuiti 50
dan 30% dana bon

6.3 Risk-Return Profile
6.3 Profil risiko pulangan
RISK
Bond
Funds
X
X
Cash
Funds
Managed
Funds
X
X
X
Equity
Funds
Balance
Funds
RETURN
The risk return graph shows higher return usually comes with higher risk
51

6.4 Switching
6.4 Pertukaran
policy holders can switch part or all of his investments from one fund to another
Pemegang polisi boleh menukar bahagian pelaburan daripada satu dana ke dana
yang lain
switching of funds may be
Penukaran dana ini mungkin:
o free of charge
o Secara percuma
o free for a limited number of switches within given period and charges imposed for
subsequent switch
o Ditawarkan secara percuma untuk bilangan unit yang terhad dan caj dikenakan
untuk permohonan pertukaran seterusnya.
o specific charge for each and every switch
o Dikenakan caj tertentu untuk setiap pertukaran
switching is useful for financial planning as policy holder can change the asset
allocation according to his investment needs changes
Kemudahan pertukaran amat berguna bagi tujuan perancangan kewangan.
e.g. When policy holder is in 30s might invest 100% on equity fund but gradually
switch to 30% in equity fund and 70% in bond fund as he reaches retirement age
Cth; sekiranya pemilik polisi berumur awal 30an melabur 100%premium dalam
dana ekuiti, menukar pelaburannya secara beransur-ansur menjadi 30% dalam
dana ekuiti dan 70% dalam dana bon apabila pemilik polisi mencapai usia
persaraan.
52
CHAPTER 7 HOW INVESTMENT-LINKED

INSURANCE PRODUCTS WORK
BAB 7 BAGAIMANA PRODUK INSURANS
BERKAIT PELABURAN BERFUNGSI
7.1 The Working of Investment-Linked Life Insurance
7.1 Gerak kerja Insurans Hayat Berkait Pelaburan
IL fund is nominally divided into a number of units.
Insurans hayat berkait pelaburan dibahagi-bahagikan kepada beberapa unit kecil
the holders of these units will either profit or suffer loss from the rise or fall in the value of the
investments.
Pemilik unit akan samada memperolehi keuntungan ataupun menanggung kerugian akibat
pergerakan turun naik nilai pelaburan dana ini.
for example:
Sebagai contoh
53

BAB 7 BAGAIMANA PRODUK INSURANS
BERKAIT PELABURAN BERFUNGSI
no reserve is held for IL life insurance policies to help level out the short-term
fluctuations in the value of the investments.
Polisi insurans hayat berkait pelaburan tidak mempunyai rezab bertujuan menyokong
kestabilan sekiranya berlaku ketidakseimbangan dalam dana .
IL policy owners take the full impact of the changes in investment conditions.
Pemilik polisi akan menerima kesan sepenuhnya apabila berlaku perubahan dalam
pelaburan.
the value of the policy will therefore depend on two factors :
Nilai polisi bergantung kepada dua faktor:
o
value of each of the units/ Nilai setiap unit
number of units/Bilangan unit terkumpul dalam polisi berkenaan.
7.2 Top-Ups
7.2 Tambah Nilai
policy owner can top up at any time subject to a minimum amount.
Pemilik polisi dibenarkan membuat pelaburan tambahan atau tambah nilai polisi
the top-up premiums will be used in full (after deducting charges for top-ups) to
purchase additional units of the investment-linked fund which will be added to the
existing units in the policy owners account
premium ini akan digunakan sepenuhnya (selepas ditolak caj tambah nilai) untuk
membeli unit tambahan dana berkait pelaburan . Belian tambahan ini akan menambah
bilangan unit sedia ada dalam akaun pemilik polisi.
54

BAB 7 BAGAIMANA PRODUK INSURANS BERKAIT
PELABURAN BERFUNGSI
7.2 Methods of Calculating Benefits
7.2 Cara mengira keuntungan
7.2.1 Number of Units
7.2.1 Bilangan Unit
Single Pricing Method
Kaedah harga tunggal
Dual Pricing Method

Kaedah dua harga
1. balance premium = (premium allocated)

(charges)
2. number of units = (balance premium amount)
(unit price)
number of units = (premium paid) (offer price)
Example:
1. Balance Premium
= RM4,000 (RM4,000x 5%)
= RM3,800
2. No. of Units
= RM3,800 RM1
= 3,800 units
Example:
RM 4,000 RM1 = 4,000 units
7.2.2 Cash Values

7.2.2 Nilai tunai
Kaedah harga tunggal
Dual Pricing Method

Kaedah dua harga
cash value = (number of units x unit price)

(mortality charges) (Policy Fee)
cash value = (number of units x bid price) (mortality

charges) (policy fee)
cash value = (3,800 units x RM1) (3,800 units

xRM1.00 x1%) - (RM100)
= RM3,800 RM138
= RM3,662
cash value = (4,000 units x RM0.95) (4.000 units

xRM0.95 x1%) (RM100)
= RM3,800 RM138
= RM3,662
55

PELABURAN BERFUNGSI
7.2.3 Annual Yield on Gross Premium
7.2.3 Hasil tahunan atas premium kasar
Annual Yield on Gross Premium

Annual Yield
RGP
= ( Return on Gross Premium, RGP )
1/n
= Ending Value of Investment

Beginning Value of Investment
Single Pricing Method Kaedah Harga Tunggal

Still using the example above, suppose the unit price after 10 years is RM 1.97
Diandaikan harga unit selepas 10 tahun ialah rm1.97
Ending Value of Investment:
Nilai akhir pelaburan
= (Number of Units x Unit Price)
(Mortality Charges)
(Policy Fee)
= (3,800 units x RM1.97)
(3,800 units x RM1.97 x 1%)
RM100
= RM7,486.00 RM174.86
= RM7,311.14
RGP
Pulangan atas premium kasar
= (RM7,311.14 RM4,000.00)
= RM1.828
Annual Yield
Pulangan Tahunan
= (RM1.828)1/10 1
= 1.062 1
= 0.062 or 6.2%
Beginning Value of Investment

Nilai awal pelaburan
= 4,000 units x RM1.00
= RM4,000
56
CHAPTER 7 HOW INVESTMENT-LINKED INSURANCE

PRODUCTS WORK CHAPTER 7
PELABURAN BERFUNGSI
Dual Pricing Method Kaedah dua Harga

Still using the example above, suppose the unit price after 10 years is RM 1.97
Diandaikan harga unit selepas 10 tahun ialah rm1.97
Bid Price
Harga bida
= RM1.97 x (100% - 5%)
= RM1.8715
Ending Value of Investment:
Nilai akhir pelaburan
= (Number of Units x Unit Price)
(Mortality Charges)
(Policy Fee)
= (4,000 units x RM1.8715)
(4,000 units x RM1.8715 x
1%) (RM100)
= RM7,486.00 RM174.86
= RM7,311.14
RGP
Pulangan atas premium kasar
= (RM7,311.14RM4,000.00)
= RM1.828
Annual Yield
Pulangan tahunan
= (RM1.828)1/10 1
= 1.062 1
= 0.062 or 6.2%
57

PELABURAN BERFUNGSI
7.2.4 Withdrawal & Surrender Value
7.2.4 pengeluaran & nilai serahan
Single/Dual Pricing Method kaedah harga tunggal dan dua harga
Policy owners may make withdrawals in term of two methods:
Pemegang polisi boleh membuat pengeluaran melalui dua cara
1. number of units
2. fixed monetary amount through cancellation of

units
If the policy owner withdraws number of units,

he will receive:
If the policy owner withdraws RM , the number of

units cancelled is:
Single Pricing: x Unit Price
RM Unit Price/ Bid Price
Dual Pricing : x Bid Price

If unit price = bid price = RM2;
If the policy owner withdraws RM3,000 then the

number of units that will be cancelled is :
Policy owner withdraw 500 units, he will receive :

RM3,000 RM 2 = 1,500 units.
500 units x RM 2 = RM1,000
58

PELABURAN BERFUNGSI
7.2.4 Death Benefit
7.2.4 Manfaat kematian
Unit Value + Sum Assured

death benefit = (number of units x unit price) +
sum assured covered
Unit value or Death Cover
either value of units or death cover,

whichever is higher
Dual Pricing Method

death benefit = (number of units x bid price) +
sum assured covered
59
CHAPTER 7 HOW INVESTMENT-LINKED INSURANCE

PRODUCTS WORK
PELABURAN BERFUNGSI
7.3 Regular Premium Policies
7.3 Polisi Premium Tetap
Major characteristics of regular premium policies:
Ciri-ciri utama polisi premium tetap adalah:
flexibility to vary the level of regular premiums payments, making single premium top-ups
or taking premium holidays
Pemilik polisi diberi pilihan untuk memilih mod (kekerapan) bayaran yang bersesuaian ,
pilihan tambah nilai premium tunggal atau memilih premium holiday
may surrender all his units or partially surrender his units
Pemilik polisi boleh menyerahkan atau membatalkan kesemua atau sebahagian unit
pelaburannya
may vary the sum assured
Pemilik polisi boleh mempelbagaikan amaun perlindungan
may increase or reduce the level of his regular premium subject to certain constraints
Boleh menambah atau mengurangkan amaun bayaran premium tetapnya ketahap yang
dibenarkan insurer
60
CHAPTER 8 STRUCTURE OF INVESTMENT-LINKED

FUNDS
BAB 8 MANFAAT DAN RISIKO MELABUR DI DANA
BERKAIT PELABURAN
8.1 Introduction
Premiums in investment linked insurance plan is not only allocated in life insurance cover
but also is invested in specific investment fund of policy holders choice. Like all financial
instruments, benefits and risk of purchasing this form of investment must be considered.
8.2 Pengenalan
Pelan insurans berkait pelaburan adalah merupakan insurans hayat yang mengabungkan
elemen perlindungan dan pelaburan . Ia bukan sahaja untuk tujuan perlindungan insurans
malah ia juga meliputi pelaburan di dana pelaburan yang tertentu. Sama seperti instrumen
kewangan yang lain terdapat dipasaran, risiko dan manfaat juga perlu diambil kira
61

BERKAIT PELABURAN
8.2 Benefits
8.2 Manfaat
Benefits
Manfaat
Pooling
Disatukan
Flexibility
Fleksibiliti
Expertise
Kepakaran
Description
this fund normally consist of wide range of equity and stocks and
fixed income securities
Mengandungi pelbagai pilihan stok ekuiti dan sekuriti pendapatan
well diversified fund has a better risk characteristics than a less
diversified one
Mempunyai ciri-ciri risiko yanglebih baik berbanding dengan dana
yang kurang kepelbagaian
investment linked products are simple with clear structure, therefore
policy holders can make changes easily
Produk-produk berkait pelaburan mempunyai ciri-ciri rekabentuk
mudah dengan struktur komponen yang jelas fungsinya dan mudah
untuk dipinda .
e.g. level of premium payment, premium holidays, add single
premium top-ups, make withdrawals, change sum assured and
switch his investment between funds easily
Cth: tahap bayaran premium , menangguhkan bayaran premium,
membuat tambah nilai premium tunggal, membuat pengeluaran,
mengubah amaun perlindungan insurans dan membuat
pertukaran dana pelaburan.
investment linked funds are managed by professional are managed
by professionals therefore may able to achieve high return over
long term in accordance to the investment objective
Diurus oleh pengurus dana profesional yang memiliki kepakaran
untuk melabur dalam dana pelaburan yang boleh menghasilkan
pulangan tinggi dalam tempoh jangka panjang dan menepati
objektif.
62

BAB 8 MANFAAT DAN RISIKO MELABUR DI
DANA BERKAIT PELABURAN
Investment
Risks
Risiko
pelaburan
Charges
caj
death and disability benefits of investment linked policy are

based on sum assured and value of units
Manfaat kematian dan hilang upaya dalam polisi insurans hayat
berkait pelaburan adalah berdasarkan jumlah insurans/nilai unit
pelaburan.
cash and maturity date are equal to the values of units
Nilai tunai dan nilai matang polisi adalah bersamaan dengan nilai
unit sahaja
the administration fee, insurance charge, fund management fee
etc., of life insurance policy are not guaranteed, they are
subjected to regular review and can be changed by insurer after
giving a written notice over a specific period
Bayaran pentadbiran, caj insurans, bayaran pengurusan dana
dan sebagainya yang biasa dikenakan dibawah polisi insurans
hayat berkait pelaburan pada kebiasaanya adalah tidak dijamin.
Ia tertakluk kepada penilaian semula yang dilakukan secara
berterusan/ syarikat insurans berhak meminda caj yang
sepatutnya dikenakan kepada pemilik polisi dengan menghantar
notis secara bertulis dalam tempoh tertentu.
63

BAB 8 MANFAAT DAN RISIKO MELABUR DI
DANA BERKAIT PELABURAN
Benefits
Manfaat
Access
Ekses
Administration
Pentadbiran
Description
policy holder can gain access to well
diversified investment linked funds
managed by professionals with initial
investment as low as RM 4,000
Pemilik polisi boleh memasuki dan

membuat pelaburan dengan mudah dalam
pelbagai dana berkait pelaburan diurus
pengurus profesional dengan pelaburan
awal serendah RM4,000
policy holder is relieved of the day to day
administration of his investment
Tidak akan dibebani dengan kerja-kerja
pentadbiran mengurus pelaburan.
able to keep track via unit statements
provided regular by insurance company
Hanya perlu meneliti penyata pelaburan
yang disediakan secara berkala oleh
syarikat insurans.
unit price is published in financial page of
major newspapers
Harga unit pelaburan akan disiarkan di
akhbar-akhbar utama tempatan
64

BERKAIT PELABURAN
8.3 Risks of Investing In Investment Linked Funds
8.3 Risiko Melabur Dalam Dana Berkait Pelaburan
Investment
Risks
Risiko
Pelaburan
Charges
Caj
death and disability benefits of investment linked policy are

based on sum assured and value of units
Manfaat kematian dan hilang upaya dalam polisi insurans hayat
berkait pelaburan adalah berdasarkan dari jumlah insurans/nilai
unit pelaburan.
cash and maturity date are equal to the values of units
Nilai tunai dan nilai matang polisi adalah bersamaan dengan
nilai unit sahaja.
the administration fee, insurance charge, fund management fee
etc., of life insurance policy are not guaranteed, they are
subjected to regular review and can be changed by insurer after
giving a written notice over a specific period
Bayaran pentadbiran, caj insurans, bayaran pengurusan dana
dan sebagainya dikenakan dibawah polisi insurans hayat berkait
pelaburan pada kebiasaanya adalah tidak dijamin. Ia tertakluk
kepada penilaian semula yang dilakukan secara berterusan.
65
CHAPTER 9 COMPARISON BETWEEN INVESTMENT-LINKED

LIFE INSURANCE AND TRADITIONAL WITH PROFIT LIFE
INSURANCE PRODUCTS
BAB 9 PERBANDINGAN DIANTARA PRODUK INSURANS
HAYAT BERKAIT PELABURAN DENGAN PRODUK INSURANS
HAYAT TRADISIONAL BERSERTA KEUNTUNGAN
9.1 Introduction
9.1 Pengenalan
When comparing insurance products, following criteria are used:
Apabila membandingkan produk insurans , kriteria-kriteria berikut digunakan
investment returns and risks
Pulangan pelaburan dan risiko
premium computation
Pengiraan premium
death benefit
Manfaat kematian
surrender value
Nilai serahan
option to top-up
Pilihan tambah nia
66
CHAPTER 9 COMPARISON BETWEEN INVESTMENTLINKED LIFE INSURANCE AND TRADITIONAL WITH

PROFIT LIFE INSURANCE PRODUCTS
HAYAT BERKAIT PELABURAN DENGAN PRODUK
INSURANS HAYAT TRADISIONAL BERSERTA
KEUNTUNGAN
9.2 Table of Comparison
9.2 Jadual Perbandingan
CRITERIA
PREMIUM
INVESTMENT RETURN
INVESTMENT RISK
NON-FORFEITURE
CLAUSE
TOP UP
RIGHT TO CHOOSE
INVESTMENT FUND
PREMIUM
ADJUSTMENT
TRADITIONAL GUARANTEED
WITHOUT
WITH
PROFIT
PROFIT
Level
Level
O
O
O
O
INVESTMENT-LINKED
Natural
P
P
(Limited)
(Limited)
(Subject to minimum &

maximum requirements)
BONUSES
PARTIAL WITHDRAWAL
P
P
SUM ASSURED
ADJUSTMENT
SURRENDER VALUE
DEATH & TOTAL

PERMANENT DISABILITY
BENEFIT
TRANSPARENCY ON
CHARGES
(Declared Bonuses)
Guaranteed
Cash Value
(except term
insurance)
Guaranteed Cash
Value + Non
Guaranteed Bonus
Basic Sum
Assured
Basic Sum
Assured + Non
Guaranteed Bonus
O
P
Total Fund Value (TFV)
67
CHAPTER 9 COMPARISON BETWEEN INVESTMENT-LINKED

LIFE INSURANCE AND TRADITIONAL WITH PROFIT LIFE
INSURANCE PRODUCTS
HAYAT BERKAIT PELABURAN DENGAN PRODUK
INSURANS HAYAT TRADISIONAL BERSERTA KEUNTUNGAN
Non Forfeiture Clause
cash values can be paid out to or used in the case the policy is lapsed or surrendered
nilai tunai boleh dibayar atau digunakan dalam sekiranya polisi luput atau diserahkan
kembali
Cash Bonus
Bonus Tunai
once declared can be withdrawn immediately or kept within the policy
Apabila kadar bonus diisytiharkan, bonus tunai boleh dikeluarkan bila-bila masa atau
dikekalkan didalam polisi.
Reversionary Bonus
Bonus Terbalik
bonus under policy is paid at the time of death/maturity
Bonus berbalik dalam polisi ini dibayar ketika berlaku tuntutan kematian/ polisi
matang
can be simple (based purely on original sum assured)
bonus mudah (semata-mata berdasarkan jumlah insurans )
can be compounding (compounded based on original sum assured + previous
bonuses)
Bonus kompaun (berdasarkan jumlah insurans dan bonus terdahulu)
Terminal Bonus
Bonus Terminal
payable only on maturity/death
Pembayaran ketika berlaku kematangan/kematian
usually expressed as percentage of total bonuses
Biasanya dinyatakan dalam peratusan dari jumlah bonus.
68
CHAPTER 10 TAXATION AND LAW COVERING INVESTMENT-LINKED

LIFE INSURANCE PRODUCT
BAB 10 PENCUKAIAN DAN UNDANG-UNDANG BERKAITAN PRODUK
INSURANS HAYAT BERKAIT PELABURAN
10.1 Introduction
10.1 Pengenalan
1. The investment-linked life insurance is regulated by:
1.
Insurans hayat berkait pelaburan adalah dibawah penyelian;

Insurance Act, 1996 and its Regulations / Akta Insurans, 1996 dan undang-undangnya
Companies Act, 1965/ Akta Syarikat 1965
Contracts Act, 1950/ Akta Kontrak 1950
legal provisions governing the common law of agency
Peruntukan undang-undang yang menguasai common law agensi
2. Premiums that are collected are invested to produce sufficient income to meet the
obligations of the company. Laws of the country may require insurance companies to
adopt a particular investment strategy so that the companies solvency and ability to meet
claims are not affected.
2 Premium yang dikumpulkan akan dilaburkan dipelbagai pengantara pelaburan yang
mampu menjana pulangan yang mencukupi dan memenuhi tanggunjawab syarikat
insurans. Terdapat peruntukan undang-undang yang mengkehendaki syarikat insurans
mengamalkan strategi pelaburan tertentu agar kesolvenan syarikat dan kemampuan nya
memenuhi tuntutan dari pemilik polisi dapat dipenuhi,
69
CHAPTER 10 TAXATION AND LAW COVERING

INVESTMENT-LINKED LIFE INSURANCE PRODUCT
BAB 10 PENCUKAIAN DAN UNDANG-UNDANG BERKAITAN
PRODUK INSURANS HAYAT BERKAIT PELABURAN
10.2 Taxation of Investment-Linked Life Insurance
10.2 Aspek pencukaian insurans hayat berkaitan pelaburan
1. Income Tax Act, 1967 is governing IL life insurance.
. Akta Cukai Pendapatan 1967 penyelia Insurans hayat berkait pelaburan.
2. The rates of tax and relief are usually reviewed annually.
Kadar cukai dan pelepasan cukai (relief) biasanya akan dikaji semula setiap tahun.
premium of life
insurance/deferred
annuity premium
individuals life
individuals spouses
life
joint lives of the
individual & his/her
spouse
EPF
Maximum
RM6,000
3. An addition of RM 3,000 tax deduction under Section 49 (1B) of Income Tax Act, 1967
can be used for education and medical premium.
Tambahan pengurangn sebanyak Rm 3,000 dibawah seksyen 49(1B) Akta Cukai
Pendapatan 1967 atas bayaran premium insurans pendidikan dan perubatan.
4.
70
CHAPTER 10 TAXATION AND LAW COVERING INVESTMENTLINKED LIFE INSURANCE PRODUCT

4. Gains from unit trust are tax exempted where as realized gains of a life fund is taxed
8%. Therefore, returns distributed to policy owners are tax free as it is taxed at the
company level.
pendapatan daripada unit amanah adalah dikecualikan daripada cukai manakala
keuntungan modal dari dana insurans modal dikenakan cukai sebanyak 8%. Oleh itu,
pemilik polisi insurans hayat berkait pelaburan adalah dikecualikan cukai kerana
telahpun dikenakan cukai diperingkat syarikat,
5. Surrendering units in an IL insurance should not attract tax as it is capital receipts
(funds that are not from operating activities of a business, e.g.. sales from capital
assets).
penjualan unit pelaburan dalam insurans hayat berkait pelaburan tidak dikenakan
cukai kerana ia adalah penerimaan keuntungan modal.
10.3 Law Covering Investment-Linked Life Insurance

10.3 Undang-undang Yang Mengawal Insurans Hayat
1. The main purposes of Insurance Act 1996:
1. Tujuan utama Akta Insurans 1996 diperkenalkan;
protection of public interest
melindungi kepentingan awam
promoting fairness and equity
mengutamakan keadilan dan kesaksamaan
fostering of competence
mempamirkan keupayaan
playing a developmental role
memainkan peranan kearah pembangunan industri
71

10.3.1 BNM Guidelines Investment-Linked Business
10.3.1 Garis panduan BNM mengenai perniagaan berkait pelaburan.
Definition of IL
Life
Business
Definisi
perniagaan
insurans hayat
berkait
pelaburan
Requirement for
Approval
Syarat-syarat
kelulusan
Separate Funds
Dana
Berasingan
effecting and carrying out out a contract of insurance on human

life/annuaity where the benefits are wholly or partly from property or
any description or by reference to the value of, or the income from,
preperty of any description or by reference to fluctiations in, or in an
index of, the value of property of any description
Menguatkuasa dan melaksanakan kontrak insurans atas hayat
manusia dan anuiti dimana sebahagian atau keseluruhan manfaat
ditentukan dengan merujuk kepada nilai, atau pendapatam, atau
mana-mana harta yang terdedah kepada keadaan turun naik harga,
atau indeks nilai mana-mana harta.
except with the approval of Bank Negara Malaysia, no licensed
insurer shall carry on investment-linked life insurance business
Insurer berlesen tidak dibenarkan menjalankan perniagaan insurans
hayat berkait pelaburan tanpa kelulusan bertulis Bank Negara
Malaysia (BNM)
insurers are required to maintain separate funds
Insurer dikehendaki mewujudkan dan menyelenggara dana yang
berasingan..
assets of each IL funds must be kept separated from all other assets
of insurer
Aset setiap dana berkait pelaburan perlu diuruskan berasingan dari
lain-lain aset milik syarikat.
each fund must have sufficient assets to meet its liabilities
Setiap dana mestilah mempunya aset yang mencukupi untuk
memenuhi liabiliti.
72

Investment
Limits
Had pelaburan
Bank Negara Malaysias circular JPI: 1/1997 on Specification of

Assets for the Purpose of a Licensed Insurers Margin of Solvency
Pekeliling BNM JPI:1/1997 mengenai Spesifikasi Aset Bagi
Tujuan Margin Kesolvenan Insurer Berlesen
o specifies class/description of assets of a licensed insurer
o Memperincikan kelas atau butiran aset milik insurer berlesen
o specifies the extend of a class of assets/description of assets
o Memperincikan butiran aset berkenaan
o IL funds can be invested 100% in equities
o Dana berkait pelaburan yangmembolehkannya melabur 100%
dalam dana ekuiti
general restriction to reduce risk exposure:
Sekatan umum untuk mengurangkan pendedahan risiko
o investment in securities SHOULD NOT EXCEED 5% of paid up
capital of the investee company/not more than 5% of the total
value of the assets, whichever is lower
o Pelaburan dalam sekuriti tidak boleh melebihi 5% dari jumlah
nilai aset dana, yang mana lebih rendah
o investment in loans/debentures SHOULD NOT EXCEED 5% of
total value of assets of the fund
o Pelaburan dalam debenturs hendaklah tidak melebihi 5% dari
jumlah nilai aset dana
73

Valuation of
Assets
Penilaian aset
Valuation of
Liabilities
Peilaian Liabiliti
Age Limit of
Policy Owners
Had umur
pemilik polisi
Free Look
Provision
Peruntukan
tempoh
bertenang(Free
Look)
amount of cash value and death benefits for IL insurance are based
on the values of underlying assets of the fund
Amaun nilai tunai dan manfaat kematian polisi insurans hayat
berkait pelaburan adalah berdasarkan nilai aset dana berkait
pelaburan
assets of IL must be valued frequently to provide accurate unit
prices
Aset berkenaan hendaklah dibuat penilaian secara berkala dan
lebih kerap bagi menyediakan maklumat tepat mengenai harga unit
pelaburan.
annual actuarial valuation certifying level of reserves for cash
values, death claims, administrative expenses and other benefit
payments of IL must be done by the Appointed Actuary and
submitted to Bank Negara Malaysia within 3 months of the end of
the financial year
Penilaian aktuari yang mengesahkan tahap rezab nilai tunai,
tuntutan kematian, perbelanjaan pemtadbiran dan lain-lain bayaran
manfaat dana berkait pelaburan hendaklah dibuat oleh pakar
aktuari yang dilantik oleh insurer dan mengemukakan laporan
kepada BNM dalam tempoh tiga(3) bulan pada penghujung tahun
kewangan
the policy owner of an IL insurance policy must be at least 18
years old
Pemilik polisi insurans hayat berkait pelaburan hendaklah berumur
sekurang-kurangnya 18 tahun
no restriction of the age of life assured
Tiada had umur untuk diri yang diinsuranskan
IL policies must have a free look provision of 15 days
Polisi insurans hayat berkait pelaburan hendaklah mempunyai
peruntukan free look atau tempoh bertenang selama 15 hari
policy owner may return the policy to the insurer and premium paid
in respect of the policy will be refunded within 15 days after delivery
Pemilik polisi boleh memulangkan polisi berkenaan kepada insurer
dan insurer hendaklah membayar balik dengan segara sebarang
premium yang telah dibayar dalam temph 15 hari selepas
74
menerima polisi

Minimum
Death Benefit
Manfaat
kematian
minimum
minimum death benefit of RM 5,000 or 125% of the single

premium, whichever is higher
Had minimum manfaat kematian tidak kurang dari 5000 atau 125%
dari premium tunggal,yang mana lebih tinggi.
Minimum
Premium
Payment
Bayaran
premium
minimum
single premium policies must have at least minimum of premium of

RM 3,000
Polisi premium tunggal hendaklah mempunyai premium minimum
sebanyak sekurang-kurangnya RM3000
to ensure a meaningful level of investment outlay for benefit of
policy owners
Untuk mencerminkan jumlah pelaburan yang munasabah, untuk
memberi maanfaat kepada pemilik polisi
Intermediation
Perantaraan
marketed by agents specifically trained and equipped with product

knowledge
Dipasarkan oleh agen-agen yang dilatih khusus dan dilengkapi
pengetahuan produk secukupnya
basic qualification would be MII Certificate Examination in
Investment Linked Life Insurance (CEILI)
Kelayakan asa adalaha Seijil Peperiksaan Insurans Hayat Berkait
Pelaburan (Certificate Examination in Investment-linked Life
Insurance - CEILLI)
75
CHAPTER 10 TAXATION AND LAW COVERING

INVESTMENT-LINKED LIFE INSURANCE PRODUCT
Disclosure of
Information
Pemberitahuan
maklumat
Sales Materials/Illustrations
Risalah Jualan/ Illustrasi
o general description of insurance policy and objective of fund and
the manner in which investment income is distributed to policy
owners
o Keterangan umum mengenai dasar pelaburan dan objektif dana
serta kaedah yang digunakan untuk mengagihkan pulangan
pelaburan kepada pemilik polisi
o policy benefits will be affected by performance of funds and
factors affecting it, provide hypothetical illustration whenever
possible
o Manfaat polisi adalah berdasarkan prestasi pelaburan dana dan
lai-lain faktor yang mempengaruhi manfaat polisi hendaklah
disediakan ilustrasi andaian yang dapat membantu pemilik polisi
memahami tentang manfaat polisi
o policy owners must be clearly informed of the investment risk
which are borne solely by policy owners
o Pemilik polisi hendaklah diberitahu dengan jelas bahawa risiko
pelaburan yang terdapat dalam polisi berkenaan akan
ditanggung sepenuhnya oleh pemilik polisi sendiri
o maximum amount of initial charge, management fee, mortality
cost and any other charges borne by policy owner must be
stated
o Amaun maksimum caj permulaan, caj pengurusan, kos mortaliti
dan lain-lain caj yang perlu ditanggung oleh pemilik polisi
hendaklah dinyatakan dengan jelas
o basis of computation of all policy benefits, bid & offer prices of
units, units allocation and procedure for creating and cancelling
of units must be stated
o Asas pengiraan manfaat polisi, harga bida dan harga tawaran
unit , peruntukan unit dan prosedur membentuk dan
membatalkan unit pelaburan hendaklah dinyatakan
76

Disclosure of
Information
Pemberitahuan
maklumat
o basis and frequency of valuation of assets underlying the fund

o Asas penilaian dan kekerapan membuat penilaian aset dana
hendaklah dinyatakan
o all guarantees to policy owners including guaranteed minimum
death and maturity benefits, minimum surrender values and
surrender penalty must be stated
o Jaminan yang diberikan kepada pemilik polisi termasuk
jaminan minimum faedah kematian, polisi matang, nilai
serahan dan penalti serahan hendaklah dinyatakan dengan
terang dan jelas.
o statement of fund performance for past 5 years must be
available
o Penyata pencapaian pelaburan dana untuk tempoh 5 tahun
sebelumnya perlu disediakan
o clear worded warning that the value of policy may rise & fall,
the assumption shown are hypothetical and for illustration only
must be placed
o Kata-kata amaran seperti nilai polisi mungkin akan meningkat
atau menurun, keputusan pelaburan yang ditunjukkan
hanyalah sebagai satu ilustrasi sahaja dan dinyatakan dengan
jelas
o any other information that Bank Negara Malaysia may deem
necessary from time to time
o Lain-lain maklumat yang difikirkan wajar oleh BNM dan akan
diberitahu dari masa ke semasa
77

Disclosure of
Information
Pemberitahuan
maklumat
Statement to Policy Owner

Penyata untuk pemilik polisi
o number and values of units held at end of previous statement
period
o Jumlah dan nilai unit pegangan pada penghujung tempoh
penyata yang lepas
o number and values of units bought/sold during statement period
o Jumlah dan nilai unit yang dibeli/dijual ketika tempoh penyata
o charges incurred, e.g. initial charge, management fee, mortality
& rider costs etc. during statement period
o Caj seperti caj permulaan , caj pengurusan , kos mortaliti dan
rider dan sebagainya yang ditanggung ketika tempoh penyata
o total amount of premium received during the statement period
o Jumlah amaun premium yang diterima ketika tempoh penyata
o current death benefit and surrender value at end of current
period
o Nilai semasa manfaat kematian dan nilai serahan pada
penghujung tempoh penyata
o amount of outstanding loan if any, at the end of statement period
o Baki pinjaman , sekiranya adam pada penghujung tempoh
penyata
o any information that Bank Negara Malaysia deem necessary
from time to time
o Lain-lain maklumat yang dinyatakan oleh BNM, sekiranya perlu
78

Disclosure of
Information
Pemberitahu
an maklumat
Fund Performance Report to Policy Owners

Laporan prestasi dana kepada pemilik polisi
o summary of audited financial statement of the fund
o Ringkasan penyata kewangan dana yang telah diaudit
o trend analysis of not less than 5 years where available on the net
investment return of the fund
o Analisa aliran pulangan pelaburan bersih dana tidak kurang dari
lima tahun
o composition and list of investments held by the fund as of reporting
date
o Komposisi dan senarai pegangan pelaburan sehingga ke tarikh
laporan dibuat
o any charges levied against the fund during the year
o Lain-lain caj yang dikenakan keatas dana dalam tahun semasa
o statement on changes in the investment objective, orientation,
restrictions & limitations during the original intent
o Kenyataan menegnai perubahan objektif pelaburan , orientasi ,
sekatan dan pembatasan sepanjang tempoh laporan dan selaras
dan tujuan asala
o any other information Bank Negara Malaysia deem necessary from
time to time
o Lain-lain maklumat yang dinyatakan oleh BNM, sekiranya perlu
79

10.4 Other Legal Requirement
10.4 Lain-lain keperluan perundangan
utmost good faith

Kejujuran mutlak
principle of indemnity
indemniti
principle of proximate cause
Sebab hampiran
insurable interest
Kepentingan boleh insurans
law pertaining to formation of contracts, to agencies and to companiesas
Undang-undang berkaitan dengan syarat-syarat pembentukan kontrak untuk agensi dan
syarikat insurans
80
CHAPTER 11 IDENTIFYING AND ESTABLISHING CUSTOMER

NEEDS
BAB 11 MENGENALPASTI DAN MEWUJUDKAN KEPERLUAN
PELANGGAN
11.1 Introduction
11.1 Pengenalan
Process of Providing Advice
Proses menawarkan khidmat nasihat
Establishing
Relationship with the
Client
Mewujudkan hubungan
dengan pelanggan
Implementation of the
Agreed
Recommedations
Melaksanakan
cadangan yang telah
dipersetujui
Gathering All Relevant

Financial Data
Mengumpulkan semua
maklumat penting
kewangan
Establishing Current
Financial Position and
Goals
Mengenalpasti
kedudukan kewangan
semasa dan matlamat
kewangan
Discuss Possible
Recommendations
Membincangkan
cadangan-cadangan
yang difikirkan wajar
Develping Plans and

Strategies to Meet the
Goals
Merangka pelan dan
strategi untuk
mencapai matlumat
Monitoring the Portfolio

Mengawasi portfolio
11.2 Establishing Relationship with a Client

11.2 Mewujudkan hubungan dengan pelanggan
convince the client that he is in a position to assist the client to fulfill his financial goal
Meyakinkan pelanggan yang ia berada dikedudukan yang paling sesuai untuk membantu
memenuhi cita-cita dan matlamat kewangan
do preliminary screening of the clients financial objectives and goals
Membuat proses awal ke arah pembentukan objektif dan matlamat kewangan pelanggan
81

NEEDS
BAB 11 MENGENALPASTI DAN MEWUJUDKAN
KEPERLUAN PELANGGAN
11.3 Gathering All Relevant Financial Data
11.3 Mengumpulkan semua matlumat penting kewangan
conduct a thorough fact-find process to obtain all relevant information about the
customer before making recommendations
Mengendalikan kerja-kerja mencari maklumat dan mengumpul data penting sebagai
persedian untuk memulakan langkah seterusnya
agent must fill up Customer Fact Find Form (CFF) which addresses:
Ejen perlu melengkapkan Borang Carian Maklumat Pelanggan (CFF) yang meliputi
o customers personal and dependent details
o Keterangan diri pelanggan dan tanggungannya
o life and financial priorities and goals
o Kehidupan, keutamaan kewangan dan matlamat
o risk profile
o Profil risiko
o net worth analysis
o Analisa nilai bersih
o cash flow analysis
o Analisa aliran tunai
o recommendation and record of advice
o Cadangan dan nasihat
82

NEEDS
PELANGGAN
11.4 Establishing Financial Position and Goals
11.4 Mengenalpasti kedudukan kewangan semasa dan matlamat
kewangan
agent have to analyze and help to establish the clients current financial position
and his future goals
Agen perlu menganalisa data-data berkenaan dan mengenalpasti kedudukan
kewangan semasa serta masa depan pelanggan.
11.5 Developing Plans and Strategies

11.5 Merangka pelan dan strategi
agents have to develop pertinent plans that will help the client to realize his goals
Agen perlu merangka pelan cadangan yang dapat membantu pelanggan
merealisasikan impiannya
the analysis will give recommendation that will satisfy the clients need in areas:
Analisa data akan melahirkan cadangan yangg dapat memenuhi kehendak dan
keperluan pelanggan
o adequate insurance coverage for liability cancellation, basic protection, medical
cover, disability cover, dread diseases cover and etc.
o Perlindungan insurans yang mencukupi, meliputi pelrindungan pembatalan
liabiliti, pelrindungan asas, manfaat perubatan, manfaat hilang upaya,
perlindungan penyakit berbahaya dan sebagainya
o planning for childrens education
o Pelan pendidikan anak-anak
o retirement planning
o Pelan persaraan
o asset accumulation
o Pengumpulan harta
o estate planning
o Pelan hartanah
83

NEEDS
PELANGGAN
11.6 Discuss Possible Recommendations
11.6 Membincangkan cadangan yang difikirkan wajar
agents must have detailed discussion with the clients

Agen perlu membincangkan secara mendalam dengan pelanggan
agents must be able to mitigate questions
Agen seharusnya mampu menjawab sebarang pertanyaan yang timbul
agents will have to make changes to recommendation, if any
Agen mungkin perlu meminda sedikit sebanyak cadangan (sekiranya ada)
11.7 Implementation of the Agreed Recommendations

11.7 Melaksanakan cadangan yang telah dipersetujui
implementation is done per the discussion
Perlaksanaan mengikut apa yang dibincangkan dan dipersetujui bersama
changes of the amount of cover/premium must be communicated to the client before it
is put through
Perubahan dalam amaun perlindungan atau premium, ia hendaklah diberitahu
pelanggan terlebih dahulu sebelum dilaksanakan
11.8 Monitoring the Portfolio

11.8 Mengawasi portfolio
sending a quarterly/yearly report to the client

Menghantar laporan suku tahunan atau tahunan kepada pelanggan
ensuring fund growths are in tandem with the initial objectives
Memastikan bahawa pertumbuhan dana adalah selaras dengan objektif asal
assisting the clients to make the necessary switching and adjustments
Membantu pelanggan sekiranya terdapat pertukaran atau pengubahsuaian
doing a policy review on half annual/annual basis
Membuat penilaian semula polisi setiap enam bulan atau tahunan
84
CHAPTER 12 MARKETING AND AFTER SALES SERVICES,

ETHNICS & CODE OF CONDUCT
PELANGGAN
12.1 Marketing
12.1 Pemasaran
Marketing management process responsible for identifying, anticipating and satisfying
customers requirements profitability
Pemasaran- Proses pengurusan yang bertanggung-jawab mengenalpasti, menjangkakan
dapat memenuhi keperluan pelanggan secara menguntungkan
in the past tend to be sales oriented, now market oriented
Lebih cenderung mengamalkan orientasi pasaran berbanding orientasi jualan pada masal
lalu.
generally, a market oriented insurance company should undertake these following
functions:
Umumnya, syarikat insurans yang berorientasikan pemasaran perlu mengambil
tanggunjawab terhadap perkara-perkara berikut;
planning &
control
Perancang
an &
kawalan
sets the company's marketing

objectives & sales goal for each
product/product line
Merancang objektif pemasaran &
jualan produk & barisan produk
market
identification
Mengenalpasti
pasaran
selection of segments (group of

customers with similar needs)
pemilihan segmen, (mengelaskan
pelanggan mengikut keperluan
sama)
product
development
Pembangunan
produk
develop different policies to meet the

needs of the segment mewujudkan
polisi mengikut keperluan segmen
selection of
distribution
channel
Pemilihan
saluran
pengedaran
selection of suitable channels for

distributing the policies to the
customers Pemilihan saluran
pengedaran terhadap pelanggan
Promotion
promosi
identification & selection

of suitable promotional
activities
pengenalpastian dan
pemilihan aktiviti
promosi yang
bersesuaian
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PELANGGAN
12.1.1 Market Oriented Agent
12.1.1 Agen berorientasikan pemasaran
sales plan allows insurance agents to perform the function of planning and controlling
Pelan jualan adalah penting kerana ua membolehkan ejen insurans melaksanakan
fungsi perancangan dan pengawalan
sales plan include:
Pelan jualan mengandungi;
sales goal
Matlamat jualan
objectives (can be in terms of target market)
Objektif-sasaran pasaran
sales strategy
Strategi jualan
implementation and control
Perlaksanaan dan kawalan

agents are required to possess
Agen perlu mempunyai:
product knowledge
Pengetahuan mengenai produk
market knowledge
Pengetahuan mengenai pasaran
selling techniques
Teknik penjualan
knowledge of buying process
Pengetahuan mengenai proses belian
knowledge of selling process
Pengetahuan mengenai proses jualan
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PELANGGAN
12.2.2 Consumer Buying Decision Process
12.2.2 proses keputusan pembelian pengguna
problem
recognition
Mengenalpasti
masalah
information
search
Mencari matlumat
evaluation of
alternative
policies
Penilaian polisi
alternatif
Purchase
Pembelian
become aware of risk/potential opportunity

Menyedari tentang risiko/peluang
feels the need for product to protect him from financial
difficulties/satisfy his needs
Keperluan memiliki produk yang boleh
melindungi dari ancaman
masalah kewangan/memuaskan kehendak
consumer searches for information

Pelanggan akan mula mencari maklumat
the intensity of efforts depends on consumer's experience in purchasing the product, importance of purchase, value
involved
Kesungguhan untuk mencari matlamat bergantung kepada, pengalaman membeli produk, kepentingan membuat
belian,dan nilai kewangan yang diperuntukan
evaluate product based on criteria then decides which seller to buy from
Penilaian produk dibuat berdasarkan kriteria kriteria dan kemudian memutuskan siapakah penjual
yang akan dihubungi
studies conducted in USA indicates most important factors for selection of an insurer
Kajian yang dijalankan di USA menunjukkan antara faktor-faktor penting pemilihan insurer
reputation of insurer (60%), quality of coverage & service provided (26%), policy benefits (14%)
Reputasi insurer (60%),kualiti perlindungan & perkhidmatan disediakan (26%), manfaat polisi (14%)
other factors which have influence on the consumer buying decisions:
Faktorlain yang mempengaruhi keputusan belian pengguna ialah;
agent's personality & friendliness, professional capability, premium and other terms
Personaliti & keramahan agen, keupayaan profesional eje, premium dan lain-lain syarat.
after evaluating the alternative products based on criteria and factors, consumer makes the
decision to buy
Selepas membuat penilaian produk alternatif berdasarkan kriteria dan faktor, pengguna
akanmembuat keputusan untuk membeli.
buyer begins evaluate his purcahsee

Pengguna akan membuat penilaian terhadap pembelian.
agents delivers a policy promptly keeps in contact with his customers and provides important
information of risk evaluation have better change of securing loyalty of customer
post - purchase
Agen akan menyerahkan dokumen polisi secara peribadi dan akan mengekalkan hubungan
evaluation
Penilaian selepas dengan pelanggannya. Agen akan menyediakan maklumat penitng mengenai risko untuk
memenangi hati dan kesetian pelanggan
belian
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PELANGGAN
12.2.3 The Selling Process
12.2. 4 Proses penjualan
1. locating the prospective customer
1. Lokasi bakal pelanggan
insurance agents potential customers are called prospects
Bakal pelanggan kepada agen insurans dipanggil prospek.
names of prospects can come from
Senarai nama prospek diperolehi daripada;
a) current & past customers / pelanggan terbaru atau pelanggan sedia ada
b) friends, relatives & neighbors/rakan-rakan, kaum keluarga dan jiran
c) business associates/ rakan niaga
d) social & professional contacts/ rakan sosial dan profesional
e) coupons & enquiries from telemarketing & advertising activities/ kupon dan pertanyaan dari
aktiviti tele-pemasarandan pengiklanan
f) enquiries from internet home pages/ carian dari laman web internet
g) Seminars or education classes/ seminar atau kursus
h) newspaper & magazine articles or notices/ akhbar harian & artikel di majalah atau notis
pemberitahuan
i) mailing list and directories/ senarai pos dan direktori
j) company records and reports/ rejid dan laporan syarikat
2. creating a sales presentation

2. Menyediakan penerangan jualan
sales presentation is promotional message to stimulate interest & motivate prospect to
purchase products recommended (maybe informal or highly structured)
Penerangan jualan ialah mesej promosi yang digunakan untuk menimbulkan minat dan
mendorong pelanggan untuk membeli produk(mungkin dibuat secara tidak formal atau
penerangan formal yang disusun rapi )
insurance agents MUST use sales brochures/sales illustration authorized by insurance
Agen insurans dikehendaki menggunakan risalah atau ilustrasi jualan yang disahkan insurer.
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PELANGGAN
3. conducting sales interview
3. Mengendalikan temujanji jualan
create a desire for the product which would satisfy the prospects need
Perlu mewujudkan keinginan terhadap produk yang mampu memenuhi keperluan
prospek.
4. handling objections
4. Menangani bantahan
success of sales interview depends on agents skill in handling objections
Kejayaan sesuatu temuduga jualan bergantung kepada keupayaan dan kecekapan
ejen menangani bantahan.
agents must learn how to answer questions and handle objections which help to
close the sale
Agen perlu belajar menjawab soalan-soalan yang dikemukakan dan cara bagaimana
untuk menangani bantahan secara berhemah dan dapat menjamin kejayaan
temuduga.
5. closing the sales
6. Memuktamatkan penjualan
prospect will decide to buy or not to buy
Prospek akan membuat keputusan untuk membeli produk atau tidak
sales are not always closed at the end of first presentation
Jualan tidak semestinya berakhir dengan pembelian
if more meetings are required, agents should try set up a date for follow up interview
Sekiranya pelu, agen perlu berusaha untuk mendapatkan temujanji seterusnya bagi
melakukan temuduga susulan.
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PELANGGAN
12.2.4 After Sales Service
12.2.4 Perkhidmatan lepas jualan
successful sales does not free agents from further interaction with his customers
Kejayaan memuktamatkan jualan tidak melepaskan agen dari berinteraksi atau
berhubung dengan pelanggan
insurance contracts require agents to provide after-sales services on continuous
basis
Kotrak insurans memerlukan agen untuk menyediakan servis perkhidmatan yang
berterusan
follow up stage helps ensure customers remains satisfied with the purchase
Khidmat susulan membantu memastikan pelanggan berpuas hati dengan
pembelian.
o after sales call can reduce the customer feeling uncertain about the purchase
o Panggilan lepas jualan dan mengurangkan perasaan tidak pasti terhadap
pembelian produk.
Cognitive Dissonance a psychological state in which customers feel uncertain and
often question whether they should have purchased a product at all/an alternative
brand/another product rather than the one they have actually bought
Kognitif disonansi-merupakan teori dalam psikologi sosial yang dimana pelanggan
merasa tidak pasti dan mempersoal samada perlu atau tidak membeli produk /
produk alternatif/ produk lain daripada produk yang telah dibeli
90

PELANGGAN
many insurers have rules covering activities that must be completed within
the time a policy is sold and issued
Kebanyakan insurer mempunyai syarat-syarat dan aktiviti yang perlu
dilakukan dalam tempoh semasa jualan dimuktamadkan dan polisi
dikeluarkan.
o make sure application is complete and all the proposers answer have
been recorded accurately and clearly
o Memastikan borang permohonan adalah lengkap diisi dan semua
jawapan benar, jelas dan tepat..
o provide timely response to any applicant or company any questions or
requests
o Memberi maklumbalas dengan segera terhadap apa-apa pertanyaan
atau permintaan samada dari pelanggan atau pihak syarikat.
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PELANGGAN
delivery of policy is also an important aspect of after sales service, it gives
agent an opportunity to:
Penghantaran polisi juga merupakan aspek penting dalam penyediakan
perkhidmatan lepas jualan kepada pelanggan memberi peluang pada
agen untuk melakukan perkara-perkara berikut;
o dispel the customers cognitive dissonance by reassuring the policy
owner and other family members about their decision to buy the policy
o Menghilangkan perasaan ragu-ragu atau konflik kognitif pelanggan
dengan memberi keyakinan kepada pelanggan dan ahli keluarga
bahawa keputusan membeli polisi adalah wajar dan tepat.
o provide basis for future sales by reminding the policy owners about any
currently unmet/future financial needs or expectation
o Menyediakan asas untuk jualan masa hadapan iaitu dengan
mengigatkan pemilikpolisi tentang keperluan semasa yang belum
dipenuhi atau keperluan kewangan masa hadapan
o re-emphasize the insurance agents commitment to provide the policy
owner quality service
o Memberi penekanan yang lebih serius tentang tanggungjawab ejen
menyediakan khidmat yang berkualiti kepada pemilik polisi.
o encourage policy owner to call the agent if the policy owner has any
problems/questions that need to be answered
o Mengalakkan pemilik polisi menghubungi ejen sekiranya menghadapi
masalah atau memerlukan jawapan pada persoalan yang mungkin
timbul.
o explain the policys provisions, terms and conditions
o Menjelaskan peruntukan, terma dan syarat yang terkandung dalam
polisi.
o obtain names of referred leads and other prospects
o Mendapatkan senarai nama rujukan atau prospek
o strengthen the customer relationship and help encourage persistency
o Mengukuhkan ikatan hubungan perniagaan dan kadar persistensi
perniagaan
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PELANGGAN
12.3 Ethics and Conducts
12.3 Etika dan perlakuan
Ethics should include:
Etika merangkumi berikutnya;
i. behaving with complete integrity in an insurance agents professional life
i. Tingkahlaku yang penuh kejujuran dalam kehidupan profesional ejen insurans.
'integrity' means uniformity, consistency, straightforwardness, directness and
honesty
integriti bermaksud kejujuran ,keseragaman , kesungguhan, telus, berterus terang
dan lurus.
ii. complying with the law and with the best principles and practice relating to financial
advice
ii. mematuhi undang-undang, prinsip dan amalan berkaitan khidmat nasihat kewangan
iii.behaving in a professional and honorable manner towards those with whom the
insurance agent is in contact in business
iii.Mengamalkan tinggahlaku profesional dan terhormat ketika berurusan dengan
pelanggan insura hayat
'conduct' means every aspect of what a person does and how the person does it
tingkahlaku bermaksud setiap aspek perbuatan yang dilakukan dan bagaimana ia
dilakukan.
'honorable' means to act always in a manner that a person can be proud of in the
future whenever the incident reoccurs to in the person's memory
terhormat bermaksud sentiasa nertindak dengan cara paling wajar dan dikagumi
suoaya dimasa akan datang ia akan sentiasa menjadi ingatan kepada individu yang
menerima khidmat berkenaan.
iv. observing and applying the relevant codes of good practices
iv. Mematuhi dan mengamalkan kod amalan terpuji dan berkaitan
93

PELANGGAN
12.3.1 LIAMs Guidelines on the Code of Conduct
12.3Garis pandual LIAM mengenai kod perlakuan
Part 1 Guidelines on the
Code of Conduct
Bahagian 1- Garis panduan
kod perlakuan
1. Statement of Philosophy
Kenyataan falasah
2 Coverage
liputan
3. Monitoring Devices
Kaedah pengawasan
Part 2 Life Insurance Selling

Bahagian 2 penjualan insurans
hayat
Part 3- Statement of Life

Insurance Practice
Bahagian 3- kenyataan amalan
insurans hayat
1.Introduction
1. Introduction
Pengenalan
Pengenalan
2. General Sales Principles

Prinsip umum penjualan
3.Explanation
penerangan
2. Claims
tuntutan
3. Proposal Forms
borang cadangan
4. Seven Principles of the

Guidelines
tujuh prinsip garis
panduan
5. Code of Conduct
kod perlakuan
4. Disclosure of Underwriting
4. Policies and Accompanying
Information
Documents
memberitahu maklumat
polisi dan dokumen iringan
pengunderaitan
5. Accounts and Financial Aspects
5.Sales Materials/Advertisements
risalah jualan/pengiklanan
Aspek perakaunan dan

kewangan
94

PELANGGAN
12.3.1.1 Part 1 Guidelines on the Code of Conduct
12.3.1.1 Bahagian 1- Garis panduan kod perlakuan
the life insurance business is based on the philosophy of risk sharing
Perniagaan insurans hayat adalah berasaskan dari falsafah berkongsi risiko
It is a business based on trust and honesty, requiring a high degree of responsibility and
professionalism
Merupakan perniagaan berteraskan saling mempercayai dan kejujuran, menuntut
tanggungjawab dan tahap profesionalisma tinggi
the confidence of policy owners and members of the public in the integrity and honesty
of life insurers shall be safeguarded and enhanced
Keyakinan pemilik polisidan orang ramai terhadap intergriti dan kejujuran syarikat
insurans hayat pelru dipertahankan dan dipertingkatan
life insurers shall at all times see that their business is soundly managed to ensure the
safety of policy owners' savings and the credibility of their companies. Life insurers shall
maintain a policy of efficient and prompt service to policy owners and, to assist and
advise them where necessary, with the aim of promoting goodwill
Syarikat insurans hayat hendaklah pada setiap masa memastikan agar perniagaan yang
dijalankan dan diurus dengan teratur bagi memastikan jaminan keselamatan simpanan
pemilik polisi dan kewibawaan syarikat sentiasa terpelihara. Insurer hendaklah
memasarkan produk yang berkualiti dan menyediakan perkhidmatan yang cemerlang
kepada pemilik polisi, membantu dan memberi khidmat nasihat dimana perlu, dengan
matlamat utama ialah untuk memelihara kebajikan pelanggan.
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PELANGGAN
12.3.1.2 Part 1 Coverage
12.3.1.2 Bahagian 1 Liputan
the guidelines cover all employees of a life insurer operating in Malaysia
Garis panduan ini digunakaapakai dan meliputi semua kakitangan syariat insurans
hayat di Malaysia.
the guidelines set out the minimum standards of conduct expected of all employees of
an insurer
Menetapkan panduan minimum perlakuan yang sepatutnya diamalkan oleh semua
kakitangan syarikat insurans
insurers, if they so desire, are free to formulate more comprehensive sets of rules for
maintaining ethical standards amongst their employees
Pihat syarikat boleh merangka set peraturan sendiri demi memelihara perlakuan yang
beretika dikalangan kakitangannya.
12.3.1.3 Part 1 Monitoring Devices
12.3.1.3 Bahagian 1- Kaedah pengawasan
all employees and intermediaries to sign a declaration
Kakitangan dan agen perlu menandatangan borang pengisytiharan
the heads of department to ensure compliance with the guidelines
Ketua jabatan bertanggungjawab untuk memastikan semya kakitangan mematuhi garis
panduan
breaches observed are to be reported to an audit/disciplinary committee which reports
directly to the Board of Directors. In addition, the committee is required to submit
quarterly reports to Bank Negara Malaysia on breaches observed and the actions taken.
Tingkah laku yang tidak yang tidak mematuhi kod perlakuan yang dilaporkan kepada
jawatan kuasa audit/disiplin hendaklah dirujuk terus kepada ahli lembaga pengarah
syarikat. Sebagai tambahan, jawatankuasa hendaklah mengahantar laporan uku
tahunan kepada Bank Negara Malaysia untuk diambil tindakan.
maintain centralized records of breaches
Menyelenggara rekod pelanggaran kod perlakuan secara berpusat,
report immediately cases of fraud to the police and Bank Negara Malaysia
Melaporkan dengan segera sebarang kes penipuan kepada pihak polis dan Bank
Negara Malaysia
96

PELANGGAN
12.3.1.4 Part 1 The 7 Principles Underlying Guidelines
12.3.1.4 Bahagian 1- 7 prinsip garis panduan
to avoid conflict of interest
Mengelak konflik kepentingan

to avoid misuse of position
Mengelak penyalahgunaan kuasa
to prevent misuse of information
Mengelak penyalahgunaan maklumat
to ensure completeness and accuracy of relevant records
Memastikan rekod yang diselenggara adakah lengkap dan tepat
to ensure confidentiality of communication and transactions
Memastikan tahap kerahsiaan komunikasi dan urusniaga
to ensure fair and equitable treatment of all who are associated with the life
insurance company
Memberi layanan adil dan saksama kepada semua pemilik polisi dan orang
ramai yang terlibat
to conduct business with the utmost good faith and integrity
Menjalankan urusniaga dengan penuh percaya mutlak dan jujur
97

KEPERLUAN PELANGGAN
12.3.1.5 Part 1 Code of Conduct as a guide
12.3.1.5 Bahagian 1- Kod perlakuan-sebagai panduan
the guidelines are intended to serve as a guide for;

Garis panduan dirangka bagu tujuan dijadikan asas rujukan dan panduan
o
the promotion of proper standards of conduct, and
Memperkenalkan standard perlakuan yang bersesuaian, dan
establishing sound and prudent business practices amongst life insurance

companies
Mewujudkan amalan perniagaan yang berhemat dan telus disyarikat insurans

hayat
it is not the intention of the guidelines to restrict or replace the matured judgment of
employees in conducting their day-to-day business
Garis panduan ini tidak bertujuan menghalang atau menafikan hak membuat
keputusan rasional yang biasanya dibuat dalam mengendalikan tugas harian
when in doubt as to the implications of the Code of Conduct, employees are to seek
guidance from their respective heads of department, who may, if, necessary seek
guidance from their company's management or from Bank Negara Malaysia
Apabila timbul sebarang keraguan mengenai implikasi Kod Perlakuan, kakitangan
insurer digalakkan mendapatkan khidmat nasihat dan panduan dari ketua jabatan dan
sekiranya perlu, merujuk masalah berkenaan kepada pihak pengurusan syarikat atau
Bank Negara Malaysia
98
CHAPTER 12 MARKETING AND AFTER SALES

SERVICES, ETHNICS & CODE OF CONDUCT
KEPERLUAN PELANGGAN
12.3.2.1 Part 2 Introduction
12.3.2.1 Bahagian 2- Pengenalan
the term 'life insurance' used in the Code of Ethics and Conduct covers all types of:
Terma insurans hayat yang digunakan dalam kod etika dan perlakuan merangkumi
semua jenis
o
home service life insurance
Insurans hayat perkhidmatan rumah-ke-rumah
ordinary life insurance
Insurans hayat biasa
Annuities
anuiti
pension Contracts
Kontrak pasaran
investment-linked insurance
Insurans berkait pelaburan
permanent Health Insurance
Insurans kesihatan kekal
the Code applies to intermediaries, including employees of a life insurance company,

selling life insurance; registered insurance brokers are specifically excluded, as they are
subject to a separate professional code of conduct
Kod etika ini meliputi perantara,iaitu semua individu termasuk kakitangan insurans
hayat. Broker insurans dikecualikan kerana mereka tertakluk kepada kod perlaku
profesional yang berlainan
99

PELANGGAN
The responsibility is placed on the member companies of LIAM to enforce the code and
to use their best endeavors to ensure compliance with the various provisions of the
code, by all those involved in selling their policies. The audit/disciplinary committee of
the insurer is responsible for monitoring compliance of the life insurance intermediaries.
The committee is also responsible for the submission of the quarterly report to Bank
Negara Malaysia on breaches observed in a quarter and the corrective or punitive
actions taken.
Syarikat insurans yang menjadi ahli LIAM dipertanggungjawab untuk menguatkuasakan
kod etika dan menggunakan segala kebijaksanaan untuk memastikan semua
kakitangan yang terlibat dalam bidang penjualan agar mematuhi peruntukanperuntukan yang terkandung dalam kod berkenaan. Ahli jawatankuasa audit/disiplin
syarikat insurans hayat adalah bertanggungjawab mengawasi pematuhan kod etika
oleh pengantara insurans hayat. Jawatankuasa tersebut juga bertanggungjawab
mengemukakan laporan suku tahunan ke Bank Negara Malaysia, memberitahu
sebarang kes pelanggaran atau tidak mematuhi kod etika dan perlakuan serta
sebarang tindakan pembetulan/hukuman.
in the case of complains from policy owners that an intermediary has acted in breach of
the Code, the intermediary shall be required to cooperate with the life insurance
company concerned in establishing the facts
Sekiranya terdapat aduan pemilik polisi terhadap perantara yang tidak mematuhi kod
etika dan perlakuan, perantara diminta memberi kerjasama kepada prinsipalnya bagi
mengumpul maklumat dan bukti yang diperlukan
an intermediary is to conduct business at all times with utmost good faith and integrity
Perantara perlu menjalankan urusniaga dengan penuh percaya mutlak dan jujur
sepanjang masa.
100

KEPERLUAN PELANGGAN
12.3.2.2 Part 2 General Sales Principles
12.3.2.2 Bahagian 2- Prinsip umum penjualan
Intermediaries SHOULD:
Perantara HARUS:
Intermediaries SHOULD NOT:

Perantara TIDAK DIBENARKAN:
Produce their Registered

Intermediary Authorization Card
Mempamirkan kad kuasa perantara
bedaftar sebagai pengenalan diri
Ensure the policy proposed is
suitable to the needs
Memastikan polisi dicadangkan
menepati kehendak dan keperluan
pelanggan
Give advice only
Memberi cadangan dan nasihat
sahaja
Treat all information as completely
confidential
Menganggap semya maklumat yang
diberi adalah sulit
Make clear comparisons on
characteristics with other types of
policies
Membuat berbandingan dengan lainlain polisi dengan jelas
Render continuous service to
policyholders
Memberi perkhidmatan berterusan
kepada pemilik polisi
Make inaccurate or unfair criticism of

any insurers
Membuat kritikan yang tidak tepat
atau tidak adil kepada lain-lain
syarikat insurans
Attempt to persuade a prospective
policyholder to cancel any existing
policies unless these are clearly
unsuited to the policyholders needs
(twisting)
Memujuk pemilik polisi untuk
membatalkan polisi sedia ada,
kecuali sekiranya polisi berkenaan
benar-benar tidak sesuai dengan
keperluan pemilik polisi (pembelitan)
Intermediaries includes all agents and employees except insurance brokers.

Perantara termasuk semua agen dan kakitangan kecuali broker insurans.
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PELANGGAN
12.3.2.3 Part 2 Explanation of the Contract
12.3.2.3 Bahagian 2 Penerangan mengenai kontrak
the intermediary shall:
Perantara hendaklah:
explain all the essential provisions of the contract, or contracts, to ensure as far as
possible that the prospective policy owner understands what he is committing himself
to
Menerangkan kepada pemilik polisi semua peruntukan-peruntukan penting yang
terkandung dalam kontrak insurans yang dicadangkan supaya pemilik polisi
memahami apakah tanggungjawab yang perlu dilaksanakan
draw attention to any restrictions including exclusions applying to the policy
Menarik minat pemilik polisi terhadap mana-mana pembatasan dan pengecualian
didalam polisi
draw attention to the long term nature of the policy and to the consequent effects of
early discontinuance and surrender
Menarik perhatian pemilik polisi tentang kesan jangka panjang polisi akibat yang akan
ditanggung sekiranya polisi dibatalkan atau diserahkan lebih awal.
draw attention to whether the policy qualify for tax relief or otherwise
Memberitahu pemilik polisi samada ia layak mendapat relif cukai pendapatan atau
sebaliknya
102

PELANGGAN
Where a policy offers participation in profits, or otherwise depends on variable factors
such as investment performance, descriptions of the benefits shall distinguish between
fixed and projected benefit. In the case of a collateral policy where maturity proceeds
are for loan settlement, which are dependent on non-guaranteed benefits, the sales
illustration should mention that "there is no guarantee that the full loan amount will be
available on maturity".
Untuk polisi insurans hayat beserta keuntungan atau yang bergantung kepada faktorfaktor variebel seperti prestasi pelaburan, keterangan mengenai manfaat polisi
hendaklah dibezakan antara manfaat yang dijangka dan manfaat yang dijamin.
Sementara polisi cagaran dimana prosid kematangan akan digunakan untuk
menyelesaikan bayaran pinjaman yang bergantung kepada manfaat tidak dijamin,
ilustrasi jualan perlu memasukkan kenyataan amaun penuh pinajaman ketika polisi
matang adalah tidak dijamin
Where projected benefits are illustrated, it should be made clear where applicable, that
they are based on certain assumptions, for example, future bonus declarations, and
hence are not guaranteed, and these benefits declared in the future may be lower or
higher than those presumed, (past performance may not necessarily be repeated in
the future). In the case of investment-linked policies, it should be made clear that unit
values may fluctuate up or down depending on the value of the underlying
investments.
103

PELANGGAN
Sekiranya terdapat ilustrasi jangkaan manfaat yang akan diperolehi, ilustrasi
berkenaan hendaklah dibuat dengan terang dan jelas, dang menyatakan ilustrasi
adalah berdasarkan dari beberapa andaian seperti
bonus
yang mungkin akan
diisytiharkan dan oleh itu tidak dijamin , manfaat yang diisytiharkan pada masa
hadapan mungkin lebih rendah atau lebih tinggi dari apa yang dijangkakan
(pencapaian terdahulu tidak semestinya akan berulang dimasa akan datang). Untuk
polisi insurans berkait pelaburan, ia harus dijelaskan bahawa nilai unit mungkin akan
mengalami turun naik harga, bergantung kepada nilai yang mendasari aset pelaburan
berkaitan.
When an intermediary has been supplied with an illustration by the life office, he shall
use the whole illustration in respect of the contract which he is discussing with the
prospective policy owner, and no other, and shall not add to it or select only the most
favorable aspects of it. The Sales illustrations shall be prepared in accordance with the
recommendations for bonus/interest/dividend/yield illustrations outlined in Appendix 1
of the Code.
Sekiranya perantara dibekalkan ilustrasi jualan yang disediakan oleh pihak syarikat,
ejen hendaklah mengunakan ilustrasi berkenaan sepenuhnya dan membincangkan
dengan prospek sahaja. Ejen tidak dibenarkan menambah atau memilih aspek yang
paling menguntungkan sahaja ketika berbincang dengan prospek. Ilustrasi jualan
hendklah disediakan mengikut cadangan ilustrasi bonus/faedah/ dividen/hasil hasil
yang digariskan dalam Appendix 1 Kod Etika& Perlakuan.
104

PELANGGAN
12.3.2.4 Part 2 Disclosure of Underwriting Information
12.3.2.4 Bahagian 2 Memberitahu maklumat pengunderaitan
the intermediary shall on receiving the completed proposal form or any other material :
Perantara hendaklah memastikan borang cadangan insurans lengkap diisi dan;
o avoid influencing the proposer and make it clear that all the answers or statements
are the proposer's own responsibility;
o Elakkan daripada mempengaruhi pencadang dan beritahu pencadang bahawa
semua jawapan atau kenyataan yang diberi adalah tanggungjawab pencadang

o Ensure that the consequences of non-disclosure and inaccuracies are pointed out to
the proposer
o Memberi peringatan tentang akibat yang akan ditanggung sekiranya tidak
memberitahu maklumat dan/ atau memberi maklumat tidak tepat.
105

PELANGGAN
12.3.2.5 Part 2 Accounts and Financial Aspects
12.3.2.5 Bahagian 2 Aspek perakaunan dan kewangan
The intermediary shall:
Pengantara harus;
acknowledge receipt (which unless the intermediary has been otherwise authorized by
the life office shall be on his behalf) and maintain a proper account of all moneys
received in connection with an insurance policy and shall distinguish the premium from
any other payment included in the money
Mengakui penerimaan(kecuali perantara tidak diberi kuasa untuk berbuat demikian

oleh prinsipal) dan mengemaskini rekod akaun semua bayaran yang diterima berkaitan
dengan polisi insurans dan mengasingkan bayaran premium dari lain-lain bayaran
yang direkodkan dalam akaun berkenaan
forward to the company without delay any moneys received for life insurance
Mengemukakan dengan segera bayaran premium diterima kepada prinsipal
106

PELANGGAN
12.3.3.1 Part 3 Introduction
12.3.3.1 Bahagian 3 Pengenalan
aim reduce formalities involved in issuance of new policies and payment of a claim
audit/disciplinary committee of the insurer is responsible for monitoring compliance to the
guidelines by insurer
Tujuan- mengurangkan formaliti dalam mengeluarkan polisi baru dan bayaran tuntutan.
Jawatankuasa audit /disiplin syarikat insurans hayat bertanggungjawab mengawasi aspek
pematuhan garispanduan yang dikenakan keatas semua syarikat insurans hayat.
12.3.3.2 Part 3 Claims

12.3.3.2 Part 3 Tuntutan
the guidelines require that an insurer may not unreasonably reject a claim. In particular, an
insurer may not reject a claim on grounds of non-disclosure or misrepresentation of a matter
that was outside the knowledge of the proposer
Garis panduan ini mengkehendaki insurer boleh
if there is a time limit for notification of a claim, the claimant will not be expected to do more
than to report a claim and subsequent developments as soon as reasonably possible
Sekiranya terdapat had tempoh masa dalam pemberitahuan tuntutan, pihak yang menuntut
tidak boleh dipertanggungjawabkan untuk melakukan lebih dari memberitahu apa yang
sepatutnya dan lain-lain perkembangan lanjut mengenainya, dalam tempoh masa yang
munasabah
107

PELANGGAN
on the claimant proving the insured event and the right to receive the claim, the claim
has to be settled without undue delay
Sekiranya pihak yang menuntut berjaya membuktikan ketulenan tuntutan yang dibuat
dan hak untuk menerima bayaran tuntutan, insurer perlu membayar tuntutan tesebut
dengan segera.
the insurer shall not collect any claim processing fees from the policy owner or the
beneficiary
Insurer tidak dibenarkan mengutip bayaran memproses tuntutan dari pemilik polisi
atawu warisnya
12.3.3.3 Part 3 Proposal Forms

12.3.3.3 Part 3 Borang cadangan
if the proposal form calls for the disclosure of material facts a statement should be
included in the declaration, or prominently displayed elsewhere on the form or in the
document of which it forms part :
Sekiranya borang cadangan meminta pencadang memberitahu semua fakta matan,
suatu kenyataan mengenainya hendaklah dimasukkan dalam bentuk perisytiharan, atau
lebih baik ianya tertera diruang yang mudah dilihat dalam borang cadangan, atau pada
dokumen yang dinyatakan
o
drawing attention to the consequences of failure to disclose all material facts.
Menarik perhatian pencadang tentang akibat yang akan ditanggung sekiranya

gagal memberitahu semua fakta matan
warning that if the signatory is in any doubt about whether certain facts are
material, these facts should be disclosed
108

BAB 12 PEMASARAN DAN KHIDMAT LEPAS JUALAN, KOD
ETIKA DAN KOD PERLAKUAN
o Amaran yang menyatakan sekiranya terdapat tanda-tanda yang boleh menimbulkan
keraguan tentang kesahihan samada ia fakta matan atau tidak, fakta tersebut perlu
dinyatakan
a life insurer shall provide a copy of the proposal form relating to the policy owner together
with the policy
Syrarikat insurans hayat perlu menyediakan salinan borang cadangan dan dilampirkan
bersama-sama dengan polisi ketika menyerahkan kepada pemilik polisi
12.3.3 4 Part 3 Policies and Accompanying Documents

12.3.3 4 Part 3 polisi dan dokumen iringan
insurers will continue to develop clearer proposal forms and policy documents taking into
consideration the legal nature of insurance contracts
Insurer akan terus berusaha untuk menyediakan borang cadangan dan polisi yang lebih
jelas dan mudah difahami , mengambil kira aspek-aspek perundangan yang berkaitan
dengan kontrak
the policy and accompanying documents must indicate whether there are rights to a
surrender value
Polisi dan dokumen iringan hendaklah menyatakan samada terdapat hak pemilik polisi
untuk menyerahkan polisinya. Sekiranya hak tersebut wujud, ia hendaklah ditrangkan
dengan terang dan ntyata.
in respect of a proposal for whole-life or endowment, the sales literature should bring out
the following features of these contracts;
109
CHAPTER 12 MARKETING AND AFTER SALES

SERVICES, ETHNICS & CODE OF CONDUCT
BAB 12 PEMASARAN DAN KHIDMAT LEPAS JUALAN, KOD
ETIKA DAN KOD PERLAKUAN
Berkaitan dengan cadangan insurans seumur hidup atau endowmen, penerangan
jualan sepatutnya mengandungi perkara-perkara berikut;
o these are long-term contracts

o Ia merupakan kontrak jangka panjang
o surrender values, especially in the early years, are often less than the total
premiums paid. The Policy will not have a cash value on termination until policy
owner has paid premium for three years or more
o Nilai serahan terutamanya pada tiga tahun terawal, adalah lenih rendah berbanding
dengan nilai jualan premium yang telah dibayar. Polisi tidak akan mempunyai nilai
tunai sekiramya ia ditamatkan kuatkuasanya, kecuali premium telah dibayar untuk
tempoh tidak kurang tiga tahun
12.3.3 5 Part 3 Sales Materials/Advertisements

12.3.3 5 Bahagian 3 Risalah jualan/ pengiklanan
insurers will ensure that information contained in the sales material/advertisement is

correct and truth and thus not misleading to the public
Insurer akan memastikan bahawa semua maklumat yang terkandung dalam risalah
jualan/ pengiklanan adalah benar dan tepat dan tidak mengelirukan orang ramai
110
THE END
TAMAT
111

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CERTIFICATE EXAMINATION IN

Introduction to Investment-Linked Life Insurance

Key Considerations in Investment

Types of Investment Assets

Investment-Linked Life Insurance Products A World

Types of Investment-Linked Life Insurance Products

Structure of Investment-Linked Funds

How Investment-Linked Life Insurance Products Work

Benefits and Risks of Investing in Investment-Linked

Comparison between Investment-Linked Life Insurance

Taxation and Law Covering Investment-Linked Life

Identifying And Satisfying Customers Needs

Marketing and After-Sales Services, Ethics and Code of

CHAPTER 1INTRODUCTION TO INVESTMENTLINKED LIFE INSURANCE

CHAPTER 1INTRODUCTION TO INVESTMENTLINKED LIFE INSURANCE

Istilah Berkait Pelaburan membawa maksud yang sama:

CHAPTER 2 KEY CONSIDERATIONS IN

CHAPTER 2 KEY CONSIDERATIONS IN

CHAPTER 2 KEY CONSIDERATIONS IN

Funds for Paying

Providing Funds for

Providing Funds for

CHAPTER 2 KEY CONSIDERATIONS IN

Ways to calculate how much funds are available for investing

Groceries & utilities

Income Expenditure = RM 3,500 - RM 2,500 = RM 1,000

CHAPTER 2 KEY CONSIDERATIONS IN

Income Expenditure = RM 3,500 - RM 2,500 = RM 1,000

CHAPTER 2 KEY CONSIDERATIONS IN

Important to know the investor risk profile before investing

2.5 Investment Horizon

CHAPTER 2 KEY CONSIDERATIONS IN

if the client need the fund in short period of time

CHAPTER 2 KEY CONSIDERATIONS IN

2.8 Performance of Investment

Regional & Global

CHAPTER 3 TYPES OF INVESTMENT ASSETS

Fixed Income Securities

Exchange Traded Funds

Real Estate Investment Trusts

Capital Guaranteed Funds

3.1.1 Cash & Deposit

refers to all liquid instruments that carry little or no risk

3.1.1.a Treasury Bills

CHAPTER 3 TYPES OF INVESTMENT ASSETS

Perbadanan Insurans Deposit Malaysia (PIDM)

administer a deposit insurance system

CHAPTER 3 TYPES OF INVESTMENT ASSETS

CHAPTER 3 TYPES OF INVESTMENT ASSETS

Benefits to Financial System

CHAPTER 3 TYPES OF INVESTMENT ASSETS

3.1.2.a Government Bonds

CHAPTER 3 TYPES OF INVESTMENT ASSETS

marketability & income is guaranteed

3.1.2.b Corporate Bonds

CHAPTER 3 TYPES OF INVESTMENT ASSETS

can be converted into

CHAPTER 3 TYPES OF INVESTMENT ASSETS

CHAPTER 3 TYPES OF INVESTMENT ASSETS

only receive fixed dividend when enough profit is made

investors participate directly in the future of the company

CHAPTER 3 TYPES OF INVESTMENT ASSETS

CHAPTER 3 TYPES OF INVESTMENT ASSETS

wide range of funds