DISCOVER the Road to Financial FREEDOM!

I sign up for Purchase Protection Plan by Chartis Malaysia Insurance Bhd last month. The insurance company would then Up sell you Purchase Protection Plan Plus.

You may read more about Purchase Protection Plan at Purchase Protection Plan For MasterCard Credit Cardholders

The Purchase Protection Plan Plus cover:

1) Accident Death – RM75,000

2) Insures against loss of your Personal Property or Items purchased with your MasterCard credit card in the event of Theft, Burglary, Robbery and Accidental Damage within 60(vs 30) days from the date of items purchased.

3) The Annual Aggregate Limit(RM) for Classic, Gold, Titanium, Premium and Platinum Mastercard Credit Cardholders is Maximum of RM 27,500 per annum.(vs RM7,500)

vs= Free Protection Plan (refer example below)

For free protection Plan, The Annual Aggregate Limit(RM) for Classic, Gold, Titanium, Premium and Platinum Mastercard Credit Cardholders is Maximum of  RM7,500.

For  Purchase Protection Plan Plus, The Annual Aggregate Limit(RM) for Classic, Gold, Titanium, Premium and Platinum Mastercard Credit Cardholders is Maximum of RM 27,500 per annum

You have to pay RM120.00 per annum in order to enjoy The Purchase Protection Plan Plus upgrade.

The Purchase Protection Plan Plus premium would be deducted RM10.00 monthly from your MasterCard credit card and you will receive a written policy.

I politely decline to accept the offer as the Free Protection Plan is sufficient for me.

Since there is no policy send for  Free Protection Plan, I got this SMS confirmation.

The effective date of the protection always start on first of the following month.

Thing to notes when you sign up:

1) There will be  a Deductible  of 10% of the coverage limit.

For example if your claim is RM7,000.00, then you will only received RM6,300.00

2) This Policy does not cover any loss or damage to:

a) property that is insured under any other insurance policy unless its coverage does not extend to cover such loss or damage;

b) property that is covered under a guarantee or warranty unless the loss or damage is not otherwise covered;

c) consumables and perishables;

d) motor vehicles, motorcycles or their motors, equipment and accessories (including communication devices solely for use in the vehicle), bicycles, marine craft, aircraft, model airplanes and boats;

e) business property or property purchased to be used for a business purpose;

f) cash, bank and currency notes, cheques, travelers cheques, money orders, postal orders, postage stamps, securities, negotiable instruments of any kind, bullion, rare or precious coins, documents or tickets of any kind, unset gemstones; livestock, pets, animals, plants or other living creatures.

3) Excluded Causes

Chartis Malaysia Insurance Bhd  shall not be liable for any loss or damage caused by or arising from:

a) mechanical, electrical or electronic breakdown, failure or derangement;

b) theft from any unattended vehicle;

c) marring or scratching, denting, chaffing, deterioration, depreciation, alteration, maintenance, any process of cleaning or drying, repairing, renovation, bleaching, dyeing, restoring or servicing;

d) leakage, loss of weight, shrinkage, evaporation, bulging, buckling, contamination, insect or vermin, inherent vice, wear and tear, rust, corrosion, mildew, atmospheric or climatic conditions (including wind, rain, hail, sleet, snow and frost) and any other gradually operating causes; delay, seizure, confiscation, destruction, requisition, retention or detention by Customs or other Government or Public Authority or official;

e) the intentional, deliberate or fraudulent acts of the Insured Person or his representatives, or anyone residing in the same household or to whom the Personal Property has been entrusted;

f) mysterious disappearance or unexplained loss;

g) transit by air, vessels or ships, trains or vehicles, or any other mode of Public Transportation unless the Personal Property is in the Insured Person physical possession at the time of Loss;

h) product defects, faulty or defective design, material or workmanship, latent defect;

i) ionizing radiation or contamination by radioactivity from nuclear waste from the combustion of nuclear fuel, or the radioactive toxic explosive or hazardous properties of any nuclear assembly or nuclear component thereof;

j) any Personal Property for which Insured‟s Member Banks have been informed of disputes over the charges made for purchase of the Personal Property under the Insured Person‟s MasterCard credit card.

Sources from Purchase Protection Plan website

Definitions

** “Accident/Accidental” shall mean an involuntary, external forcible and violent event that gives rise to damage that is unforeseen, fortuitous and not premeditated and occurs independently of all other causes.

**  “Burglary” means loss of Insured Personal Property following forcible and violent entry or exit from the premises or committe

** “Robbery & Hold-up” means loss of Insured Personal Property following assault or violence or the threat of it.

**  “Theft” means any act of stealing or attempted threat including snatch theft or pick-pocketing but excluding Burglary, Robbery & Hold-up.

Please sign up for Purchase Protection Plan if you have not done so. It is FREE anyway! 😀