9 Jun - 6 min read
Most people pay for their insurance premiums by signing up for an auto-debit, usually with a credit or debit card. This is undoubtedly convenient as the price of your premium will be automatically charged to your card at regular intervals. However, the drawback is that debit cards rarely offer rewards for your spending, and many credit card providers limit their cashback or rewards benefits for insurance payments. While there are selected credit cards that do offer benefits for insurance transactions, another payment option you could explore to earn rewards is e-wallets.
Currently, not all insurance providers accept e-wallets as a mode of payment for insurance premiums, so we’ve made things a bit easier for you. Here is a list of insurance providers in Malaysia that do accept e-wallets for insurance premiums.
Insurance premiums can easily go to the thousands of Ringgit each year – it isn’t unheard of for the heads of the house to be forking out five-figure sums in insurance premiums for the family. So, any kind of returns (either in cashback or rewards points) can add up to be a significant value.
As mentioned earlier, many credit card providers limit their cards’ benefits for insurance payments. On the other hand, many of these providers do offer rewards and cashback for e-wallet top ups, so the big advantage of using e-wallets is the ability to “double-dip” on rewards. In addition to using a cashback or rewards points credit card to top up your e-wallet, you are also entitled to the rewards and benefits offered by the e-wallet providers, too.
All the same, this benefit varies from e-wallet to e-wallet; for example, GrabPay has included insurance transactions under its list of transactions that do not qualify for GrabRewards points (so no double dipping here), but you can still earn Boost Coins from insurance-related payments on the Boost app. Meanwhile, Touch ‘n Go eWallet doesn’t have a rewards points system, but transactions above RM10 earn stamps to unlock rewards.
Prudential allows customers to pay for their premiums online via its online portal, PRUAccess Plus. Accepted modes of payment through PRUAccess Plus include current and savings accounts, Mastercard or Visa credit or debit cards, and the Boost and TNG e-wallets.
The Hong Leong Assurance online Customer Portal HLA360° offers the widest array of e-wallets that you can pay your insurance premiums with online. Besides that, the online portal also accepts FPX payments, and Visa/Mastercard debit or credit cards.
Gibraltar BSN is listed under Boost’s in-app Bill payment option, allowing you to easily pay your Gibraltar BSN premium directly from the Boost app. Just go to the Bills tab and look for Gibraltar BSN under the Insurance category to start paying your premiums conveniently via Boost.
You can also use Boost, Touch ‘n Go, AliPay, and WeChat Pay e-wallets over the counter at Gibraltar BSN branches. However, this is less convenient as you will have to physically visit a branch to settle your premium payments.
Zurich also accepts as many as six different e-wallets that you can pay your insurance premiums with. However, you can only pay via e-wallet if you visit one of Zurich’s Life and Family Takaful branches in person. Moreover, e-wallets are only accepted for life insurance and family takaful policies, and not for general insurance and general takaful.
According to FWD Takaful’s customer service representative, FWD Takaful accepts these three e-wallet payments for annual contribution payments only. You can find out more about using e-wallets as a method of payment for your premium by emailing [email protected].
Generally, Great Eastern Malaysia does not currently support any e-wallets as a mode of payment for its premiums. However, Boost allows you to purchase and pay for a range of specialised micro-insurance products that are offered as part of a partnership between Boost and Great Eastern. These insurance products can be found exclusively on the Boost app, and you can use your Boost e-wallet to set up recurring payments. For some products, you can even cover the cost of insurance using Boost Coins.
Here’s the short answer: if you have a credit card that offers valuable returns on e-wallet transactions, then yes, it’s worth considering. By topping up your e-wallet with a credit card and subsequently using your e-wallet to pay for your premium, you are effectively earning some form of return from both your credit card and e-wallet. As we mentioned earlier, many credit cards exclude insurance transactions from getting any benefits, so this is a good way to get around that and reap some rewards on your insurance spend.
Of course, it also depends on the method of acceptance used by the various insurance providers. If you are only able to use e-wallets when you pay over the counter at physical branches, the inconvenience and time spent may outweigh the benefits you gain by paying via e-wallet. Similarly, while paying online is much easier, manually making payments via an online portal is still slightly less convenient than a standing instruction on your card.
In conclusion, the question of whether to use e-wallets for insurance premiums will depend on a variety of factors – from the type of credit card you use, how your insurer accepts e-wallet payments, and your own personal preference. Hopefully, this article will have given you the necessary information to weigh up your own options – and decide which is the best method of payment for you.