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Finance Malaysia hopes this article doesn't come late to give you some info on Personal Income Tax filling for year of assessment 2012. Maybe due to the general election, which had diverts our attention lately. Lol. Anyway, do remember to file your income tax before 30th April oh!!! Well, here is the list of Personal Tax Relief for YA2012. And, I would like to highlight to you, in RED color words , some changes/differences from previous year. Personal Tax Relief for YA2012 Item No.11: This would replace Item 10 from YA2012-YA2017 with higher amount of RM6,000 Item No.23: Private Retirement Scheme (PRS) is the NEW item which can help you reduce tax further with additional RM3,000 tax relief from YA2012-YA2021. As such, Item No.22 would be replaced until after YA2021. All other items remained the same. Do reduce your tax payable by maximizing the tax relief amount. Remember to keep a record and file it properly. Happy tax filling. Thanks. Blue color: Tax relief that we can adjust e...

Every wonder why we didn't cover the IPO for Tune Ins ? Other than CNY mood, it's because of the unexciting part of this new stock. Why? Please read on... Tune Ins Holdings Sdn Bhd (TIH) operates 2 core businesses. First, it provides online insurance where insurance products are sold as part of the customer’s online booking process with their partners namely AirAsia, Tune Hotels and AirAsia Expedia. TIH also operates a general insurance business, through 83.26% owned subsidiary - TIMB. Why invest in Tune Insurance Holdings? Wide and cost effective distribution channels Provide ease in buying coverage Exclusive partnership with AirAsia Ability to ride on AirAsia’s robust growth Additional revenue and cost synergies from TIMB Robust industry prospects However, some of the above investing reasons had also became the disadvantages of TIH. It's reliant on AirAsia business is too important. TIH's success is very much depends on the success of AirAsia businesses, and because...

Heard about 1Care Malaysia healthcare plan? If no, then you must read this article thoroughly word by word. Because the the proposed healthcare system will drastically change the way we seek for treatment in the future. The main issue was " Is it viable to implement 1Care? ". Well, the intention is good for our community. The plan had a very beautiful definition as below: But... Concern is always there whenever Government want to implement something and that thing is managed solely by Government. Experience? Got (bad experience). Money? Got, but already drained somewhere (normally). You can't prevent Malaysians from worrying, especially when 1Care touches each and everyone of us for life. What are the concerns? Each person in different sector have different risk level . How to determine the amount of contributions of each contributor? Subsequently, how to determine the benefits package each individual entitled to? If the benefits was based on the amount of contribution...

While celebrating Father's day, I have a meaningful story to share with you. I visited a hospital in KL recently and to my surprise, I came across a little boy who was diagnosed with leukemia. More surprising, his age was only 8 years old. Oh my god, this little boy doesn't even know what leukemia was, and he had to suffer from such a young age!!! Through these torturing times, I believe his father's love is what he needed the most. God bless him. Do you know that almost 9/100 Malaysians aged above 35 suffer from diabetes ? Do you know that over 1/5 are expected to get cancer in their lifetime? The fact is, because of the stressful and unhealthy way of life today, lifestyle diseases are on the rise. Do you have any real example from your own little circle? We can, however, spare our self and our loved ones a lot of anxiety with comprehensive medical plans, which provide a financial cushion in times of need. Although these plans cannot prevent illnesses, it can help us to ...

Now, every cars can get covered... RHB Research: Bank Negara Malaysia (BNM) announced last week that effective immediately, members of the public will be able to obtain motor cover from all general insurers and their branches as well as at Pos Malaysia and its branches nationwide. All general insurers are committed to provide motor cover to all motorists including the "displaced vehicles" which generally comprise private vehicles exceeding 10 years old and motorcycles currently underwritten by the Malaysian Motor Insurance Pool (MMIP). Obligation to provide cover with NO excessive loading Based on this new ruling, general insurance players are obligated to provide cover to all insurance seekers, without excessive loading and cross selling of other classes of insurance to mitigate the risk. Although, general insurance players could still load the policies, albeit at a more reasonable amount and not 200-300% as previously charged by the MMIP for the so-called high-risk ...

Last year, Malaysia Automobile Association (MAA) reported a record number of cars sold. Are you one of them? If you're not in that statistic yet and planning to own a new car now, please read this post which could scare you away. In fact, petrol prices are heading up again since 2008 with prices of RON97 reviewing monthly. Without failed, the price of RON97 is going up consecutively for the past few months. Anyway, are you driving fuel-efficiency car like me? Despite that I am pumping RON95 petrol and driving the so called "fuel-efficiency" car, I still feel the pain of pumping money. Source: Malaysia Automobile Association What to do? If you don't eat, your car still have to " drink " ma. Uncertainties in Middle East is already spiking up oil prices globally. You think this is the worst for motorists like us? By "pouring oil on fire" (to make things even worse), government plans to gradually increase motor insurance premiums from 2012 onwards unde...

In Part 1, we have discussed the importance of nomination in insurance. But, what happens if it is someone else, like an uncle, niece or even a friend was named as nominee(s)? www.financemalaysia.blogspot.com   When a nominee is not automatically a beneficiary Under a non-Muslim's policy, the nominee in such a case is not entitled to the policy monies as a beneficiary. He or she only receives them as an executor , and must pass it on to the deceased's estate to be distributed according to the will . If there is a will, but the nominee in this case is not named as a beneficiary under the will, he or she will not get a single sen. If there is no will, then the property will be distributed according to the existing laws of distribution. What if I named my siblings (brother or sister) as a nominee? Well, it will form as a trust policy , and your siblings will act as an executor instead. So, please take note. Anyway, you can change your nomination, but must sought the consent from ...

Well, one of the most important objective of having an insurance policy is to ensure that our loved ones are always financially well-prepared. However, that objective will failed if we did not make the necessary nomination in our policy. By naming our loved ones as nominees, you can ensure that they will receive the monies from your policy fast and easy . This is where an insurance policy will be the most useful to them. Think about our loved ones !!! What if I did not make a nomination? Failure to do so means that the insurance company would not be able to make payment until a court has given your loved ones a Grant of Probate (where there is a will) or Letters of Administratio n (where there is no will). In other words, WAIT for months if not years. What if I did make a nomination? Good. If you are a non-Muslim and you have nominated your spouse, child or parent (where there is no surviving spouse or child), they are entitled to the policy monies without having to wait for the ti...

Recently, theStar highlighting a serious issue pertaining to insurance claims - Fraud Claims . It even started with staggering paragraph "Fingers have been chopped off, medical ailments exaggerated and even death faked - all for the purpose of fraudulent insurance claims". Among the issues: RM500 mil in bogus insurance claims are detected each year At least 2 insurance firms have folded as a result of high compensation claims compounded by fraud Insurance firms fight back by setting up special fraud detection units Regarding to this topic, Finance Malaysia would like to shares some views here pertaining to the effects on Malaysians as a whole. And, most importantly, the impact of insurer would definitely pass it to people insured. Why I said so? First, you must understand how insurance companies compute their premiums charged to each clients. If the insurer is financially stronger, it may charged a lower premium for the same amount of coverage on its policies. In other wor...

Effectively today (31st December 2010), the deposit insurance limit will be increased to RM250,000 per depositor per bank, announced Perbadanan Insurans Deposit Malaysia (PIDM). Below is the summary of the said announcement:- The new PIDM Bill 2010 has been passed in Parliament. The limit of RM250,000 will protect 99% of retail depositors in full. Under the new Bill, foreign currency depositors will now enjoy deposit insurance protection. The enhanced financial consumer protection package also includes the expansion of PIDM's mandate to include the administration of the Takaful and Insurance Benefits Protection System (TIPS). Licensed insurance companies and registered Takaful operators will automatically become member institutions of PIDM. PIDM was given the powers to intervene in or resolve troubled insurer members and ensure prompt payments to claimants. PIDM is Malaysia Government agency, mandated by Parliament, to protect depositors against the loss of their funds in the...

I believe almost every credit card users had been offered a new type of insurance - credit card insurance . What is credit card insurance? it insured you of the outstanding amount owed in your credit card it covers death and disablement of credit card holders it charges card holders an insurance  premium annually normally And, in my case, it offers me a better plan which only charge me if there is any outstanding credit card loan. If you're a prompt paymaster, this is definitely the better option for you. If you agreed on the deal, all you need is to answer ' YES ' through the phone. Then, they will issue a contract notes and mail to your home address. Ya... Pretty easy and convenient though. But, is it worth to have such insurance? Finance Malaysia opine that it is not worth, and its a waste of money because of the following points:- Credit card supposed is for our ease of making purchases, especially for those 0% installment deals. Those who opts cred...

Referring to previous article "Issuance of New Family Takaful Licenses" on 1st September 2010, many people are skeptical about Great Eastern's (GE) partner -- Koperasi Angkatan Tentera Malaysia (KATM). Given the other 3 new consortium which partner with banks, I am not surprise by those reactions. To recap, the 4 new family takaful licenses: AIA with Alliance Bank Ambank with Friends Provident Fund (UK) ING with Public Bank and Public Islamic Bank GE with KATM KATM , the country's Armed Forces multi-purpose cooperative, is however, no stranger to the insurance industry and it is a substantial shareholder of PacificMas with 16.4% stake. Meanwhile, Pacific Insurance Bhd is a wholly-owed subsidiary of PacificMas. (See picture below to see the GE-KTAM relationship) Why with KATM? KATM has 140,000 members which could be a huge market for GE to tap into. Another reason is that GE has to look into it's agents rice-bowl as well, if GE was to tied up with a local bank. I...

Still remember Obama’s health care bill which was passed recently? Why Obama want every citizen of US to have a chance to insured themselves? Because Obama knows the reasons below… In reality, insurance cannot protect property or lives, but it can protect those insured against the adverse financial consequences of losing property and lives. Likewise, an insured person cannot be protected against dying or disease, but the dependent is protected financially if such events occur unexpectedly. In any of such similar cases, the insured would be in economic dire straits if not for the financial protection conferred by insurance. In short, insurance as an economic device provides the insured with financial certainty in an environment that is filled with the possibility of losses. In providing such benefits, insurance brings peace of mind to people – and to society at large. Another benefit of insurance is its ability to provide for more optimal use of economic resources . Without insuran...

Want to save more from Tax? Read on…     Although this article is somewhat considered late for individual tax-payers this year, this could be useful next year anyway. When you buy insurance, besides getting the comprehensive protection and a worthwhile investment that will keep you financially stable should the unexpected happen, one more feature are very important for every tax payers.   Under Malaysian Income Tax Act 1967, you will also enjoy tax relief benefits provided. These tax incentives are given by Malaysia government to encourage us get have a protection plan, thus, inducing a good living life among Malaysians.   So what’s tax deductible? How much? Premiums on life insurance and/or deferred annuities. Premiums on education or medical benefits. How much tax relief? - Up to Rm6,000 for life insurance premiums and EPF contributions. - Up to Rm3,000 for medical and education policies premiums.   You may qualify for tax relief under Education policies if...