How does the OAC Family Protector work?
This is a personal accident insurance plan designed to look after not only you but your family as well, therefore you will get to save on individual premiums, managing multiple policies and have peace of mind that your family will always be taken care of. It is a comprehensive policy that looks after all the same issues that could affect an adult, while extending that protection to a child as well.
What does the plan cover?
Much like its other counterparts the OAC Family Protector Personal Accident plan will offer coverage against accidental death and permanent disability, along with medical expenses, funeral expenses, repatriation benefits, and a hospital income. This does not include the additional covers that come with the policy.
The additional benefits offered by this policy includes a guardian’s allowance where if you have a child who is hospitalized, OAC will pay you a weekly allowance if you have to be away from work to look after them. The conditions for this benefit is that the child in question is between 15-days and 15 years old. Similarly, if your child is unable to attend examinations due to hospitalization then OAC will offer reimbursement for the cost of the examination up to RM3000.
Another piece of coverage that this policy comes with is the reimbursement cover for the purchase of prosthesis should you need it.
Is there a no claim bonus?
Yes, there is. For every year that no claim is made and the policy is renewed there will be a 5% increase in the capital sum insured. The increase will continue steadily to a maximum of 25%. On that note, similar to your faithfulness to the policy, there is a long marriage bonus as well, where the longer you and your spouse are together the higher your Accidental Death benefit becomes.
Who can apply for this plan?
The plan is open to families, so anyone over the age of 18, married and have a child can sign up for the policy whenever you want. Children covered under the policy must be more than a year old and can stay under the protection umbrella until they turn 18, or 23 should they still be full time students.