Teman Anda Sepanjang Hayat Your Friend For Life
Memahami Bonus Tunai Polisi Insurans Hayat Anda Understanding Cash Bonuses Of Your Life Insurance Policies
LIFE INSURANCE ASSOCIATION OF MALAYSIA
Teman Anda Sepanjang Hayat Your Friend For Life
Memahami Bonus Tunai Polisi Insurans Hayat Anda Understanding Cash Bonuses of Your Life Insurance Policies
LIFE INSURANCE ASSOCIATION OF MALAYSIA No. 4, Lorong Medan Tuanku Satu Medan Tuanku, 50300 Kuala Lumpur Tel: 2691 6168, 2691 6628, 2691 8068 Fax: 2691 7978 E-mail:
[email protected] Http: //www.liam.org.my
PRAKATA Selama ini, pemegang polisi mengharapkan janji kontrak polisi mereka akan dipenuhi oleh syarikat insurans hayat. Mereka mengharapkan kadar bonus yang tercatat di dalam polisi mereka akan dibayar oleh syarikat insurans tanpa mengambil kira perubahan dalam kitaran ekonomi. Sememangnya, syarikat insurans hayat telah dan sedang menunaikan amanah tersebut. Namun begitu, perubahan dalam kitaran ekonomi di sepanjang tempoh sepuluh tahun ini telah memaksa syarikat insurans untuk menyemak semula kadar bayaran bonus. Matlamat buku kecil ini adalah untuk menjelaskan sebab-sebab kadar bayaran bonus atau dividen tunai berubah mengikut faktor ekonomi. Buku ini adalah sebahagian daripada projek yang telah dilaksanakan oleh Persatuan Insurans Hayat Malaysia (LIAM) untuk mendidik orang ramai tentang berbagai aspek insurans hayat. Ia merupakan kompilasi rencana-rencana yang telah diterbitkan bersama Utusan Malaysia, New Sunday Times dan Nanyang Siang Pau.
L. Meyyappan Presiden Persatuan Insurans Hayat Malaysia Kuala Lumpur Februari 2002
(i)
PREFACE For a long time, policyholders expect what the promises that they have signed for with their respective life insurance company be honoured. They would expect that the bonus rate stipulated in their policies would be paid regardless of the fluctuations in the economic cycles. True, life insurance companies have honoured, and still are honouring this trust. However, fluctuations in the economic cycles in the last 10 years require these companies to readjust their bonus rate payouts. This booklet sets out to explain the reasons why bonus payouts or cash dividends may vary due to economic factors. This booklet is part of an ongoing programme undertaken by the Life Insurance Association of Malaysia (LIAM) to educate Malaysians in various aspects of life insurance. It is a compilation of articles that first appeared in the Utusan Malaysia, New Sunday Times and Nanyang Siang Pau newspapers.
L. Meyyappan President Life Insurance Association of Malaysia Kuala Lumpur February 2002
(ii)
(iii)
Kandungan/ Contents/ Diterbitkan 1. Bonus: 2. Bonus: 3. Bonus: 4. Bonus:
di Utusan Malaysia: Faedah Daripada Perlindungan Tambahan Memahami Kadar Pembayarannya Ke Arah Keseimbangan Ekonomi Melabur Ikut Undang-Undang
1 5 9 14
Published in the New Sunday Times: 1. Adjusting Bonus Rate or Cash Dividend for Smoother Return 2. Time To Get Real About Payout Rates 3. Bonus Payment Projections Cannot Be Optimistic All The Time 4. Fine-Tuning Bonus Payouts To Meet Changing Economic Times 5. Equity Between Different Generations of Policies 6. Difficult Balancing Act With Lower Returns 7. Insurance Just Another Investment Tool
17 21 23 25 27 29 31
1. 2. 3. 4. 5. 6. 7. 8. 9.
33 34 36 38 40 42 44 46 48
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Contents of the articles in Bahasa Malaysia, English and Mandarin may differ due to updating of information or editing by the respective media at the point of publishing. Whilst every endeavor has been made to ensure the information provided is correct, the Life Insurance Association of Malaysia (LIAM) is not responsible for any misstatement expressed in the booklet. LIAM welcome the reproduction of any section of the booklet without prior permission.
ARTICLE 1
ADJUSTING BONUS RATE OR CASH DIVIDEND FOR SMOOTHER RETURN Policyholder Ms Wendy Ng bought a whole-life participating insurance policy of RM300,000 in 1980.
necessitate a cut in the bonus rates. Having not being educated in the principles of economics, Ms Ng could make no sense of what her insurance company was talking about.
At the time of the purchase, her agent told her that she would receive a yearly compound reversionary bonus of RM30 for every RM1,000 insured till the policy matured, or till she surrendered her policy upon death. She was happy with the terms and so she signed on the dotted line.
She could not understand why her bonus had to be cut, when she had trusted her agent who had told her that she would get the amount of bonus that she had signed up for as stipulated in the policy.
Early this year she read in the newspapers that her insurance company announced that it would be cutting bonus to RM25 for every RM1,000 insured for all “participating” policies from January 2001 onwards.
Over the next six to 12 months, hundreds of thousands of people like Ms Ng who have taken a life insurance policy may have their bonus in their policies cut.
She was rather upset, as for the past 20 years she received a yearly bonus of RM30 for every RM1,000 insured. And now the company is cutting RM5 or about 17 per cent off the bonus.
And there are many policyholders like Ms Ng who do not understand why their bonus should be cut. Invariably, most policyholders get angry with their respective insurance companies, blaming them for short-changing and betraying their trust.
The company explained that bonus payments depended on several factors mainly the return on investments. A continuing poor investment market may
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What are these bonuses? Why are bonuses paid at all? Why do insurance
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companies decide to cut bonuses now, after years of paying out high rates of bonus? The bonus that you get when you buy an insurance policy is the extra amount of money that is paid with the final benefit. It is really a form of coverage in addition to the sum that you have been insured for. However, the insurance policy that you buy, which could be an endowment (meaning up to a certain age) or a whole life (meaning till your death), must be “participating” (meaning you share in the company’s surpluses). And such a policy usually carries a slightly higher premium. The bonus rate is usually expressed as an amount in ringgit for every RM1,000 insured. The RM1,000 figure is used for easy calculation and for communicating to the policyholders. To get the actual amount of bonus paid, first you divide the sum you have been insured for by RM1,000 and then multiply the result by the rate of the bonus. In Ms Ng’s case, with the RM30 for every RM1,000 insured, her RM300,000 policy would have an annual bonus of RM9,000 (RM300,000 divided by RM1,000 multiply by RM30). 18
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And since Ms Ng’s bonus is a compound reversionary, then her RM9,000 will be “reverted” back to her policy, to earn interest as well. Insurance companies declare bonuses from surpluses, which technically is defined as “the difference between the life insurance fund and the policy liabilities”. In simple language, how fat the surplus is will depend on the returns on the investments as well as the insurance company’s liabilities and other factors. Past good performances have enabled insurance companies to build up surpluses, but these have been eroded by the very poor investments in the past several years. Whatever remaining surpluses there are will be depleted if the bonuses continue to be paid at the current levels. Hence, a cut is needed to rebuild and strengthen surpluses. This surplus is not calculated for each individual policyholder but for all policyholders, and is arrived at by using a basis of valuation in each year. To calculate how much to pay out in bonuses in future, companies make certain assumptions: F
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1) The mortality rate, which is the number of policyholders who die from year to year in the future.
As a matter of marketing strategy, some companies may declare several levels of reversionary bonus, varying with the class of policy or with the date such a policy is effected or the age of the person insured. Other companies may just declare a uniform rate for all participating policies.
2) The interest rate, which is the returns the company gets from its future investments of its funds. 3) The expenses, or the amount of money spent in future on such items as management and administrative expenses, and agents’ commissions.
The second type of bonus — cash bonus — comes in the form of cash payment or dividends, with no compounding of interest.
There are two types of bonuses — reversionary and cash (the latter is also called cash dividends).
For this form of bonus, most insurance companies provide their policyholders with two options — either you take out the cash yearly or leave the money with the company to accumulate and enjoy the interest as well.
A reversionary bonus is one where the sum is not paid out immediately as cash but is “reverted” back to the policy to enhance its coverage and maturity value.
There is also a third type of bonus called the “terminal or final” bonus, where the policyholder gets to enjoy the benefits of capital appreciation of the company’s equity and real estate investments.
There are two types of reversionary bonuses — simple and compounded. A simple reversionary bonus is a flat bonus with no interest compounded, and it is declared as a proportion in percentage terms of the sum insured only.
Such a bonus is paid upon maturity of an endowment policy or upon the death of the person insured or when a wholelife policy is surrendered. Usually the longer a policy has been in force, the greater will be the amount of “terminal” bonus allotted to it.
A compound reversionary bonus is one where the bonus earned in the past could also earn interest in the current year, and is declared as a percentage of the total of the sum insured plus existing bonuses. Y
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policy, while a cash bonus or dividend can also be cashed out but without the policyholder giving up his policy. However, there are some companies that allow policyholders to cash out their reversionary bonus without surrendering their policies.
the excess credited to surplus. In bad times, they declare a bonus higher than the actual return by taking the shortfall from the surplus.
Like Ms Ng, many policyholders may be wondering whether their respective insurance companies can cut the bonuses at will.
The cut in bonus during a continuous period of poor investment performance is needed to rebuild surpluses and to strengthen the solvency or financial strength of the company so that the companies can fulfill all policyholders’ liabilities.
Yes, any insurance company, using proper valuation methods carried out by an actuary that it has appointed, can lower or raise the bonus rate or cash dividend payout.
The insurance company can make the announcement either in major newspapers or in the notice it sent to policyholders regarding their bonus payout.
Why are insurance companies doing this? To provide a smoother return. In good times, the companies declare a bonus lower than the actual return, with
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• New Sunday Times, 23 September 2001.
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ARTICLE 2
TIME TO GET REAL ABOUT PAYOUT RATES When our policyholder Ms Wendy Ng signed on the dotted line for her RM300,000 insurance policy (see earlier articles), her agent told her to have complete trust in the company in delivering what had been spelt out in the document.
cuts. People have sleepless nights over how to address the problem of telling policyholders.” Some insurance companies see the whole issue as a business philosophy. As far as they are concerned, they take the position that life insurance is a longterm business.
So when the company cut her bonus she wondered whether she could trust the company to keep to its word about paying the future rate of bonus as projected.
They want to establish an element of trust that they deliver what they have projected. To them the issue is really where they can afford to pay, they will continue to pay. They want the public to continue trusting them.
It is said that trust is a feel-good intangible thing. When you trust someone, you believe that whatever has been projected will be carried out.
Be it as it may, those buying a life insurance policy must be fully aware that bonuses are NOT guaranteed.
Undoubtedly to many policyholders like Ms Ng, the cut in bonus rates has dented, though not shattered, their confidence.
Bonuses are paid out only if there are surpluses from the life funds, which arise from good investment returns and after accounting for liabilities and other factors.
And to some accepting the cut, which may have come suddenly, is a bitter pill that is hard to swallow.
Even if there are strong surpluses in any single year, insurance companies may choose to retain some of these in
As an insurance agent once said: “It gives no pleasure to tell clients of the
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the interest of maintaining a steady bonus payout in future. The situation is similar to that of a public-listed company paying dividends. There is no guarantee that the company will pay a dividend each year; nor is there a guarantee it will pay the same rate of dividend each year. It is also the same with any public-listed company where in any one year when it makes exceptionally good profits, it does not mean that the company will pay out the entire amount of its earnings. It would
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still pay part of it and yet retain the rest for future expansion of the company. It must be remembered that decisions to cut the bonus rates do not reflect a weakness of the financial strength of an insurance company. In fact a good or bad rating that an insurance company gets from a credit rating agency has nothing to do with how consistent the company pays bonuses. • New Sunday Times, 30 September 2001.
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ARTICLE 3
BONUS PAYMENT PROJECTIONS CANNOT BE OPTIMISTIC ALL THE TIME the benefit of illustrating the long-term worth of their products when marketing them to potential policyholders.
When policyholders take up a participating life insurance policy, they have the belief that the bonus to be declared by the life insurance company concerned would bear a semblance of what had been declared in the past.
If the projections are far too optimistic compared to past trends or even compared to competitors, then the stage is set for bonus revisions down the road.
However, to be fair no policyholder should hold the insurance company to what have been projected by them 10 or 20 years ago when the document was signed then.
The real cap to such optimistic projections is the interest rate that the insurance companies can reasonably be expected to deliver to their clients in the long term.
In simple economics the real returns, net of costs and expenses, can fall to very low levels in a poor investment climate.
There are a number of factors which may throw the insurance companies’ projections and assumptions askew. These are mortality rates, interest rates and expenses.
Ultimately, the argument that the greater good must always prevail must take precedence. Products that insurance companies sell are priced at levels that do not threaten the solvency of the insurance company in the long run. It is to no one’s benefit if an insurance company goes bust.
A prolonged unforeseen downturn in the stock market could knock the interest rates assumptions askew. Insurance companies will always try to avoid a negative yield spread, meaning the gap between a guaranteed return on the policy to the policyholder and the actual return from their investments.
The onus therefore lies with the insurance companies to refrain from using far too optimistic projections for
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Thus it boils down to insurance companies consistently generating a level of return on investments of their insurance funds that is comfortable enough for them to pay their policyholders the promised rate of bonuses over the long term. In the 1970s and 1980s when interest rates and returns on investments were high, insurance companies had no problem delivering what they had promised their policyholders. But from the mid-1990s, especially after the Asian financial crisis which was an unforeseen and unexpected economic and financial event, the Malaysian stock market and local interest rates went all the way downhill, and had yet to recover to pre-crisis levels. The possible reduction in bonus rates by Malaysian insurance companies is very much in line with current international practices. Though this is the first time bonus rates are reduced in Malaysia, it has been a common practice in many developed countries for many years.
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In the United Kingdom, for example, bonuses tended to increase as interest rates and returns on investments increased from 1950 onwards. But when investment returns declined since 1990, the life insurance industry in the United Kingdom as a whole eventually has had to reduce the bonus rates. A similar situation exists in other countries such as the United States and Japan, where the bonus rates payable on life insurance policies are revised periodically to reflect the actual returns on investments. In Singapore, some insurance companies have cut their bonus rates, as the circumstances in the island republic are very similar to Malaysia’s, where the investment returns are driven by prolonged low interest rates.
• New Sunday Times, 7 October 2001.
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ARTICLE 4
FINE-TUNING BONUS PAYOUTS TO MEET CHANGING ECONOMIC TIMES Of course in between periods of prosperity there were the slowdowns and a recession, but these were just viewed as part of the long economic cycle of prosperity that needed to get rid of the excesses once a while. Then came the Asian crisis of 1997, which almost wiped out the nation’s wealth, and the people’s prosperity almost vanished into thin air.
When our policyholder Ms Wendy Ng bought her life insurance policy in 1980, the country was in the midst of a growing prosperity. Development was everywhere. The 1970s and the 1980s, and even till the middle of the 1990s, the Malaysian economy was growing at an impressive average of seven to nine per cent a year.
Unemployment swelled, incomes fell, and private consumption shrank. Shops were empty, and the ringgit spun into space out of control until a string of capital control measures brought it back to earth.
Everywhere and everything were booming. Primary commodities were having their run of prices. Exports rose to record levels, and external foreign reserves were rising. It was certainly economic party time.
Interest rates fell, and today they reached record low levels. Banks are flushed with cash, as no one wants to spend; neither are there many borrowers. Foreign investments dwindled as the capital controls insulated the affected economy.
Prosperity was written on the faces of almost everyone. Standards of living improved tremendously, even for those living in the rural areas. Jobs were aplenty. Money flowed in by the billions of ringgit. Interest rates rose, and despite this borrowings for business and for buying houses were still considered cheap. Y
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The last 25 to 30 years of the economy have been a roller-coaster ride for many people. Those who went through it can understand the agony of those trying to predict what’s in store in the future, even for as short as the immediate future. For many years, the prosperity has generated very good investment returns for insurance companies. Even the high interest rate regime has been more than a blessing. So when Ms Ng took out her life insurance policy, her insurance company was able to deliver consistently the high rate of bonus that had been projected. After all, with returns from investing the insurance funds so good, and getting high interest income a breeze, insurance companies did not mind sharing the gains with their policyholders. Indeed, many other insurance companies were offering even better bonus rates too as the race to compete for a bigger market share of the retail life insurance business picked up, reaching its peak in boom times.
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But the last five years or so have seen an economic maelstrom with a vision ahead so blur that many insurance companies are getting more cautious than ever. It would be suicidal for insurance companies to keep on giving high bonus rates, while at the same time getting meagre below the line returns from their investments, and with interest rates staying near the floor. Cutting bonus rates is not an easy task for life insurance companies to do. Not that they could not face their policyholders, but more that some of the policies may mature in the next few years. And to cut the bonus of such policies now would seem to many as a “cruel” act. But to insurance companies the choice is a matter of survival. As it has been said, it does no one any good if the insurance company folds up on account of maintaining high bonus rates. Everyone loses.
• New Sunday Times, 14 October 2001.
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ARTICLE 5
EQUITY BETWEEN DIFFERENT GENERATIONS OF POLICIES difference is that there is no volatility because “different generations support one another”, which is really a concept of ‘smoothened’ returns to policyholders.
The fast changing economic environment, from one of prosperity to one of gloom but not doom, has created what the insurance industry would call “inequity” between different generations of policies.
Adjustments to bonuses paid out are then a way to fine-tune the life fund to the changing economic environment.
In the 1970s and 1980s when interest rates were higher, and investment returns better, life insurance policies were sold with attractive bonus rates. But newer policies in the mid- and late 1990s were sold with lower-yield benefits.
Thus, as the interest rates and rates of return on investments go lower, insurance companies must adjust their bonus rates downwards, and policyholders’ expectations must also be changed accordingly.
The revisions of the bonus rates is merely an attempt on the part of insurance companies to achieve an “equity” between different generation of policies.
In this context, the annual bonus, in the form of reversionary or cash bonus, can be said to be the stable portion of returns in the form of dividend and interest income.
Under what is commonly known as the concept of “inter-generational support”, in all participating life insurance plans, the premium of policyholders go into a life fund.
The terminal bonus then reflects the realised and unrealised capital gains on the life fund. Logically, if there is volatility in the returns on investment and interest rates, then the terminal bonus is the one to be adjusted.
In a wider perspective, by buying an insurance policy, people are in fact investing in a managed fund, where risks and rewards are shared. The only Y
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But looking into the future, if rates of return are expected to trend lower, then either the reversionary, cash or terminal bonus would have to be adjusted, depending on the product. On the other side of the coin, there is a counter-argument that to use “maintaining the equity between different generation” as a reason for the cut could be a lame excuse. This argument goes that this “inequity” starts in the year a life insurance company knows of the likelihood of the projected bonuses not being met. Instead, the insurance companies keep maintaining the bonus rate in the face of competition or other business considerations. The argument says that the environment of low interest rates has been around since the 1990s, and that there is no denying that insurance companies are not aware of this. It has been said that life insurance companies, through their actuaries, are supposed to monitor the likelihood of meeting their bonus commitments on a yearly basis. They are required to perform tests to ensure bonuses declared can be
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sustained for at least the coming years. In Malaysia, the low interest rate regime started in mid-1999. According to Bank Negara , the average discount rates for Treasury Bills fell from around 5.5 per cent a the beginning of 1999 to 2.7 per cent after June 1999 (for threemonth), from around 5.6 per cent to around two to three per cent (for sixmonth), and from 5.6 per cent to around 3.3 per cent (for 12-month). In the 20-odd years before 1999, the interest rates for Treasury Bills stayed very much in the five to seven per cent range. Similarly, the market indicative yields for Malaysian Government securities have fallen from around seven to eight per cent to about three to four per cent in the last 10 years. As a comparison, the dividends that the Employees Provident Fund pays its contributors have also fallen in the last 20 years from 8.5 per cent to the present six-odd per cent.
• New Sunday Times, 21 October 2001.
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ARTICLE 6
DIFFICULT BALANCING ACT WITH LOWER RETURNS (which are essentially the premiums of the policyholders) are lower than the bonus rates projected to the policyholders.
What policyholder Ms Wendy Ng wants when she signed up for her life insurance policy is that the insurance company deliver to her what it has been projected.
Insurance companies have always tried to avoid such a situation.
In a generally stable economic environment, which existed in the 1970s and 1980s, delivering what has been projected is easy.
But with the trend for lower interest rates and lower returns on investments moving increasingly lower and lower, doing the balancing act has become more than a challenge.
But with the ever-changing economic and financial environment where uncertainty is the only known stable factor, delivering what has been projected has become a challenge for many life insurance companies.
In Malaysia investments of life insurance funds by insurance companies are regulated by the main regulatory body, Bank Negara.
With a poorer investment climate very much upon Malaysia (the stock market is substantially down from its peak and interest rates are hitting the floor), insurance companies are finding it even more difficult to avoid what financial analysts could call a “negative yield spread”.
Under the Insurance Act 1996, which governs all those doing insurance businesses in the country, there is a schedule that spells out how the funds are to be invested. For low-risk assets, the life insurance fund can invest in the aggregate a minimum of 20 per cent with no maximum limit, while for cash and deposits there is no limit.
In simple terms this means the returns that an insurance company gets from investing its life insurance funds
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For shares there is a maximum limit of 30 per cent in the aggregate, and for each individual investment there is a maximum limit of five per cent of the investee company’s equity.
aggregate and five per cent for any one borrower or group of borrowers. There is no limit for zero coupon bonds.
For immovable properties, the maximum limit in the aggregate is 20 per cent, and for equity and property trusts 10 per cent in aggregate but for individual investment, it is five per cent of the total issue of the trust fund.
The argument that the regulations are too restrictive with regards to how life insurance funds are to be invested is equally as valid as the argument that regulations have to be strictly enforced to ensure credible investment principles are applied since the money invested come from policyholders.
For policy loans there is a maximum limit of 20 per cent in aggregate, and for secured and unsecured credit facilities, the limit is 40 per cent in
• New Sunday Times, 28 October 2001.
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ARTICLE 7
INSURANCE JUST ANOTHER INVESTMENT TOOL per cent (including capital gains). And the expectation is that the rate of return will trend even lower in the coming years.
Restrictions on how the life insurance funds are to be invested work well in an era of prosperity where the stock and money markets are enjoying good returns.
At the same time, expenses, which are also considered when calculating the bonus rate for policyholders, have been maintained at their relatively high levels within the same 10-year period.
But in a downturn where returns are getting to be less than the costs of investing the funds, the restrictions can constrict the earnings potential of the fund.
Total expenses for the period were maintained at 30 to 45 per cent of annual premium income, with agency renumerations accounting for 20 to 35 per cent, insurance companies’ staff renumeration three to four per cent, and other expenses five to 12 per cent.
The restriction on how the life fund is to be managed is one contributing factor to the declining returns on investments. The rate of return on investments, which is also dropping over the last 10 years, is the other contributing factor.
Despite what policyholders may think of the cut in the bonus rates, and despite the insurance industry’s concern with declining investment returns and interest rates, policyholders should be rest assured that life insurance companies are seeking to optimise their investment returns.
According to figures compiled, the net rate of interest earned, or the rate of return on investments, was around 7.2 per cent (excluding capital gains) and around 10 per cent (if capitals were included) in 1990.
And this is done within the constraints of safety and all available investment instruments for life insurance funds.
By 1999, this figure dropped to 6.5 per cent (excluding capital gains) and 8.9
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More importantly, the industry will continue to manage its business prudently so as to ensure that future expectations of policyholders are met. As a financial adviser once put it: “At the end of the day, insurance policies are just another investment tool. Their attractiveness, like shares or bonds, depend largely on their level of returns.” For our policyholder Ms Wendy Ng, her life insurance policy is another form of investment with a steady income.
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In good times, the income is higher; in bad times there is less income. But so long as the original sum assured remains intact and can be redeemed upon her policy maturing or on her death, there is no reason why Ms Ng cannot sleep soundly at night. And so should all other policyholders.
• New Sunday Times, 4 November 2001.
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BAHAGIAN 1
BONUS : FAEDAH DARIPADA PERLINDUNGAN TAMBAHAN Cik Aminah, seorang pemegang polisi telah membeli polisi penyertaan seumur hidup sebanyak RM300,000 pada tahun 1980. Ketika pembelian, ajennya telah memberitahu bahawa beliau akan menerima bonus berbalik majmuk tahunan sebanyak RM30 bagi setiap RM1,000 yang diinsuranskan sehingga polisi matang, atau sehingga penyerahan polisi selepas kematian. Cik Aminah amat gembira dengan perjanjian tersebut dan terus menandatanganinya dengan segera. Pada awal tahun ini, Cik Aminah terbaca di dalam akhbar bahawa syarikat insurans beliau telah mengumumkan pemotongan bonus kepada RM25 bagi setiap RM1,000 yang diinsuranskan bagi kesemua polisi penyertaan bermula Januari 2001. Beliau berasa kurang puas hati kerana telah menerima bonus tahunan sebanyak RM30 bagi setiap RM1,000 yang telah beliau insuranskan selama 20 tahun yang lalu. Sekarang, syarikat
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itu pula akan memotong RM5 atau lebih kurang 17% daripada bonus tersebut. Syarikat insurans pula menjelaskan disebabkan hala pulangan pelaburan yang rendah dan juga bagi memperbaiki ketidakadilan di antara generasi polisi yang berbeza, pemotongan sebegitu tidak dapat dielakkan. Oleh kerana kurang arif di dalam prinsipal ekonomi, Cik Aminah tidak dapat menerima apa yang telah dijelaskan oleh syarikat insuransnya. Dia tidak faham mengapa bonus tersebut mesti dipotong, sedangkan dia mempercayai apa yang telah diberitahu oleh ejennya yang beliau akan menerima jumlah bonus ternyata di dalam polisi yang telah ditandatanganinya. Bagi tempoh enam sehingga 12 bulan yang akan datang, beratus ribu orang seperti Cik Aminah yang telah mengambil polisi insurans hayat akan mengalami pemotongan ke atas polisi mereka.
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Dan juga terdapat ramai pemegangpemegang polisi seperti Cik Aminah yang tidak faham mengapa bonus mereka perlu dipotong. Dan sepertinya juga, kebanyakan pemegang polisi akan berasa marah dengan syarikat insurans masing-masing, dan menyalahkan mereka kerana mengkhianati kepercayaan mereka. Apakah sebenarnya bonus-bonus tersebut? Mengapakan bonus-bonus dibayar? Mengapakah syarikat-syraikat insurans memutuskan untuk pemotongan bonusbonus pada masa sekarang setelah bertahun-tahun membayar dengan kadar bonus yang tinggi? Bonus yang telah anda terima apabila anda membeli polisi insurans adalah jumlah wang tambahan yang dibayar dengan faedah yang terakhir. Ianya merupakan satu bentuk perlindungan tambahan kepada jumlah yang telah diinsuranskan. Bagaimanapun, polisi insurans yang telah anda beli, yang mungkinnya satu endowmen (bermaksud sehingga sesuatu tahap umur) ataupun seumur hidup (bermaksud sehingga kematian), mestilah bersifat “penyertaan” (bermaksud anda berkongsi dengan keuntungan syarikat). Dan polisi-polisi tersebut biasanya mengenakan premium yang lebih tinggi.
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Kadar bonus biasanya dinyatakan sebagai jumlah di dalam ringgit bagi setiap RM1,000 yang diinsuranskan. Angka RM1,000 digunakan bagi memudahkan pengiraan dan berkomunikasi dengan pemegang pemegang polisi. Bagi mendapatkan jumlah sebenar bonus yang dibayar, anda mestilah membahagikan jumlah yang telah anda insuranskan kepada RM1,000 dan kemudiannya menggandakan dengan kadar bonus. Di dalam kes Cik Aminah, dengan RM30 bagi setiap RM1,000 yang diinsuranskan, polisinya sebanyak RM300,000 sepatutnya mendapat bonus tahunan sebanyak RM9,000 (RM300,000 dibahagikan kepada RM1,000 dan digandakan dengan RM30). Dan oleh kerana bonus Cik Aminah adalah bonus berbalik majmuk, jumlah RM9,000 akan “dikembalikan” semula kepada polisi beliau di mana ianya juga layak untuk menerima faedah.
Perolehan Syarikat insurans mengisytiharkan bonus daripada perolehan keuntungan, yang secara teknikal didefinisikan
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sebagai “perbezaan di antara dana insurans hayat dan liabiliti polisi.” Secara mudah, besarnya keuntungan adalah bergantung ke atas pulangan pelaburan dan juga liabiliti sesebuah syarikat insurans dan juga faktor-faktor lain. Keuntungan ini tidak dikira ke atas pemegang polisi secara individu, tetapi untuk kesemua pemegang-pemegang polisi dan ianya diperolehi dengan menggunakan asas penilaian setiap tahun. Untuk mengira berapa banyak bonus yang perlu dibayar pada masa akan datang, syarikat akan membuat beberapa andaian tertentu : 1.
Kadar kemortalan, apakah angka pemegang polisi yang meninggal dunia tahun ke tahun pada masa hadapan.
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Kadar faedah, iaitu pulangan yang diperolehi daripada pelaburan dananya pada masa hadapan
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Kos perbelanjaan, atau jumlah wang yang akan dibelanjakan ke atas perkara-perkara seperti perbelanjaan pengurusan dan pentadbiran serta komisen ejen.
Terdapat dua jenis bonus, bonus berbalik dan tunai (tunai juga dikenali
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sebagai dividen tunai). Bonus berbalik adalah di mana jumlah itu dibayar terus secara tunai tetapi “dikembalikan” kepada polisi untuk mempertingkatkan perlindungan dan nilai matangnya. Terdapat dua jenis bonus berbalik, iaitu mudah dan majmuk. Bonus berbalik mudah adalah bonus setara di mana faedahnya tidak digandakan dan ianya diisytiharkan sebagai berkadar mengikut peratusan jumlah yang diinsuranskan sahaja. Bonus berbalik majmuk adalah di mana bonus yang diperolehi pada masa yang lalu akan juga memperolehi faedah mengikut tahun semasa dan ianya disytiharkan sebagai peratusan keseluruhan jumlah yang diinsuranskan dicampur dengan bonus yang sedia ada. Sebagai satu strategi pemasaran, sesetengah syarikat mungkin mengisytiharkan beberapa tahap bonus berbalik, berubah mengikut kelas polisi atau mengikut tarikh sesuatu polisi dikuatkuasakan ataupun mengikut umur orang yang diinsuranskan. Syarikat-syarikat insurans lain pula mungkin akan mengumumkan kadar seragam bagi kesemua polisi-polisi penyertaan.
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Jenis bonus yang kedua –– bonus tunai, ianya adalah di dalam bentuk bayaran tunai atau dividen tanpa faedah berganda. Bagi bonus bentuk ini, kebanyakan syarikat insurans memberi pemegangpemegang polisinya dua pilihan, sama ada mengambil wang tunai setiap tahun atau membiarkan wang itu di dalam syarikat dan mengumpulkannya untuk menikmati faedahnya sekali. Terdapat juga jenis bonus ketiga yang dikenali sebagai bonus “terminal atau final”, di mana pemegang polisi boleh menikmati faedah-faedah pengiktirafan kapital ekuiti syarikat dan pelaburan hartanah. Bonus sedemikian dibayar semasa polisi endowmen matang atau semasa kematian orang yang diinsuranskan ataupun semasa penyerahan polisi seumur hidup. Biasanya semakin lama polisi berkuatkuasa, lebih besar jumlah “terminal” bonus yang akan diperuntukkan. Di antara bonus berbalik dan bonus tunai atau dividen, ada terdapat satu perbezaan. Bonus berbalik boleh di tunaikan oleh pemegang polisi semasa penyerahan polisi, manakala bonus
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tunai atau dividen boleh juga ditunaikan tanpa perlu menyerahkan polisi. Seperti juga Cik Aminah, ramai pemegang polisi yang mungkin tertanya-tanya sama ada syarikat insurans masing-masing boleh membuat pemotongan bonus sesuka hati. Ya; mana-mana syarikat insurans, dengan menggunakan kaedah-kaedah penilaian yang bersesuaian dan dikendalikan oleh aktuari yang dilantik, boleh menurunkan atau menaikkan kadar pembayaran bonus atau dividen tunai. Dan syarikat insurans boleh mengisytiharkan kadar baru tanpa perlu mendapatkan kelulusan daripada Bank Negara, iaitu badan pengawal yang menyelia industri insurans tempatan. Syarikat insurans juga boleh mengumumkan sama ada di dalam akhbar-akhbar tempatan atau di dalam notis yang dihantar kepada pemegangpemegang polisi tentang pembayaran bonus mereka.
• Utusan Malaysia, 16 Julai 2001.
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BAHAGIAN 2
BONUS : MEMAHAMI KADAR PEMBAYARANNYA Tatkala Cik Aminah menandatangani polisi insurans bernilai RM300,000, ejennya telah meyakinkan Cik Aminah supaya memberi kepercayaan penuh bahawa syarikat insurans tersebut akan menunaikan kesemua perjanjian yang terkandung di dalam kontrak polisi insurans. Oleh itu apabila syarikat tersebut membuat pemotongan kadar bonus, beliau berasa sangsi sama ada dia harus mempercayai yang syarikat tersebut akan terus menunaikan janji tentang pembayaran bonus-bonus akan datang seperti yang telah diusulkan. Kepercayaan tiada nilai dan ukuran, apabila anda mempercayai seseorang anda yakin bahawa setiap cadangan akan dilaksanakan seperti yang telah dirancang. Tidak dinafikan, keyakinan Cik Aminah dan juga pemegang-pemegang polisi lain telah terjejas teruk walaupun tidak musnah dengan pemotongan kadar bonus itu. Dan bagi kebanyakan mereka pemotongan yang mendadak itu, adalah seperti pil pahit yang harus ditelan.
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Seorang ejen pernah berkata, “Adalah sesuatu yang sukar untuk menyampaikan berita pemotongan kadar bonus kepada pelanggan. Mereka tidak dapat tidur lena memikirkan cara yang terbaik untuk menyampaikan berita tersebut”. Sebilangan syarikat insurans menyifatkan isu tersebut sebagai satu falsafah perniagaan. Bagi mereka, insurans hayat adalah satu perniagaan jangka panjang. Mereka mahu mewujudkan elemen keyakinan bahawa mereka akan menunaikan apa saja seperti yang telah dirancang. Bagi mereka juga, isu sebenarnya ialah mereka akan terus membuat pembayaran selagi mereka mampu untuk berbuat demikian. Mereka mahu orang ramai supaya terus meyakini mereka. Walau apapun, bagi mereka yang membeli polisi insurans hayat mestilah sedar bahawa bonus-bonus itu tidak dijamin sepenuhnya. Bonus-bonus hanya akan dibayar jika sekiranya terdapat keuntungan daripada tabungan hayat yang diperolehi hasil daripada pulangan
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pelaburan yang cekap dan setelah diambil kira liabiliti dan faktor-faktor lain.
penarafan baik ataupun tidak, tiada kaitan dengan ketekalan syarikat membayar bonus-bonus.
Jika ada sebarang keuntungan besar pada sesuatu tahun yang tertentu, syarikat insurans mungkin akan memilih untuk menyimpan sebahagiannya supaya dapat membuat peruntukkan bagi pembayaran bonus yang konsisten pada masa yang akan datang.
Sebilangan syarikat insurans mendapat penarafan (rating) “triple A” yang berterusan walaupun mereka telah membuat pemotongan kepada kadar bonus mereka. Dan sesetengahnya pula masih mendapat penarafan (rating) “triple B” walaupun mereka tidak membuat sebarang pemotongan kepada kadar bonus mereka.
Situasi ini adalah serupa dengan syarikat awam tersenarai yang membayar dividen. Tiada jaminan bahawa syarikat akan membayar dividen ataupun memberi dividen dengan kadar setara setiap tahun. Ianya juga tidak berbeza dengan mana-mana syarikat awam tersenarai yang pada sesuatu tahun itu menerima keuntungan berlipat ganda, ianya tidak bermakna bahawa syarikat itu akan membahagikan keseluruhan keuntungannya. Mereka mungkin mengagihkan sebahagiannya sebagai bonus dan menyimpan sebahagian yang lain untuk memperkembangkan syarikat pada masa yang akan datang. Haruslah diingat bahawa keputusan pemotongan kadar bonus tidak bermakna sistem kewangan sesebuah syarikat insurans itu lemah. Sebenarnya kadar penarafan (rating) yang dinilai oleh agensi kredit penarafan terhadap syarikat insurans sama ada mendapat 6
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Memang benar pemegang polisi mengambil polisi penyertaan dengan harapan bahawa bonus yang akan diumumkan adalah serupa dengan apa yang telah diterima pada masa-masa lepas.
Tidak adil Tetapi adalah tidak adil untuk pemegang polisi menuntut syarikat insurans supaya mematuhi kesemua perancangan yang telah dimeterai selama 10 tahun atau 20 tahun yang lalu sewaktu dokumen ditandatangani. Dari segi ekonomi mudah, pulangan sebenar, kos dan perbelanjaan bersih boleh merosot mengikut suasana pelaburan yang lemah. Pada dasarnya, pertikaian adalah tentang amalan supaya sentiasa S
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memberikan sesuatu yang terbaik kepada pemegang-pemegang polisi. Produk-produk yang ditawarkan oleh syarikat insurans mestilah pada tahap harga yang berpatutan yang tidak mengancam kesolvenan sesebuah syarikat insurans pada masa akan datang. Tiada sesiapa yang akan beruntung sekiranya sesebuah syarikat insurans diisytiharkan muflis. Tanggungjawab sebenarnya adalah terletak di tangan syarikat insurans supaya tidak mengunjurkan huraian faedah jangka panjang yang terlampau optimis semasa mempromosikan produk kepada pelanggan yang berpotensi. Jika unjuran terlampau optimis berbanding dengan arah aliran yang lepas ataupun apabila dibandingkan dengan pesaing-pesaing yang lain, ini akan mengakibatkan syarikat insurans terpaksa membuat kajian semula untuk menurunkan kadar bonus yang ditetapkan. Terdapat berbagai-bagai faktor yang boleh menyebabkan unjuran dan andaian syarikat insurans tidak dapat ditepati. Ini adalah kadar kematian, kadar faedah yang dikenakan dan juga perbelanjaan sesebuah syarikat. Syarikat insurans sedaya upaya mengelakkan kadar hasil negatif di antara pulangan jangkaan terhadap polisi kepada pemegang polisi dan pulangan sebenar hasil daripada pelaburan mereka. T
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Untuk berbuat demikian, syarikat insurans terpaksa menjana tahap pulangan pelaburan dana insurans mereka secara konsisten sehingga mereka mampu untuk membayar pemegang-pemegang polisi mereka kadar bonus mengikut apa yang telah dijangkakan. Pada sekitar tahun 1970an dan 1980an, semasa kadar faedah dan pulangan pelaburan adalah tinggi, syarikat insurans tidak menghadapi sebarang masalah menunaikan apa yang telah dijanjikan kepada pemegang-pemegang polisi. Tetapi bermula pertengahan 1990an, terutama selepas krisis kewangan Asian yang merupakan satu peristiwa ekonomi dan kewangan yang diluar jangkaan, pasaran saham dan kadar faedah di dalam negara Malaysia menjunam dan masih belum pulih seperti ke tahap sebelum krisis. Pemotongan bonus oleh syarikatsyarikat insurans yang mungkin berlaku di Malaysia adalah sejajar dengan amalan semasa antarabangsa. Walaupun ini merupakan kali pertama kadar bonus dipotong di Malaysia, ianya adalah satu perkara biasa di kalangan negara-negara membangun sejak bertahun-tahun yang lalu. Di United Kingdom, contohnya, bonus terus meningkat semenjak tahun 1950
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kerana kadar faedah dan pulangan pelaburan yang tinggi. Tetapi apabila pulangan pelaburan merosot sejak tahun 1990, industri insurans hayat di United Kingdom secara keseluruhannya terpaksa mengurangkan pembayaran kadar bonus. Situasi yang sama wujud di negara-negara lain seperti Amerika Syarikat dan Jepun, di mana kadar bonus yang dibayar ke atas polisi insurans hayat telah dikaji dari masa ke semasa bagi menggambarkan pulangan sebenar pelaburan.
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Di Singapura, sebilangan syarikat insurans telah membuat pemotongan kadar bonus mereka, kerana situasi dan keadaan di pulau tersebut hampir serupa dengan keadaan Malaysia, di mana pulangan pelaburannya ditentukan oleh kadar faedah yang rendah dan berlanjutan.
• Utusan Malaysia, 23 Julai 2001.
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BAHAGIAN 3
BONUS : KE ARAH KESEIMBANGAN EKONOMI Sewaktu Cik Aminah seorang pemegang polisi, membeli polisi insuran hayatnya dalam tahun 1980, ekonomi negara kita Malaysia sedang berkembang dengan pesatnya. Pembangunan kelihatan di mana-mana. Di dalam tahun 70an dan 80an, dan juga sehingga pertengahan tahun 90an, ekonomi Malaysia begitu memberangsangkan dan tumbuh pada kadar purata di antara 7 ke 9 peratus setahun. Di mana-mana dan apa sahaja semuanya begitu menggalakkan. Harga komoditi utama melambung tinggi. Ekspot mencapai ke tahap tertinggi dan rizab luar negara semakin meningkat. Ianya memang merupakan masa untuk ekonomi berpesta. Kemewahan dikecapi oleh hampir kesemua orang. Tahap sara hidup penduduk bertambah baik termasuk bagi mereka yang tinggal di kawasan luar bandar. Peluang pekerjaan terbuka luas. Wang ringgit masuk berbilionbilion ringgit. Kadar faedah pula turut meningkat. Sungguhpun begitu,
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pinjaman untuk perniagaan dan pembelian rumah dikira masih rendah. Sudah tentunya di antara tempoh perkembangan dan pertumbuhan akan adanya masa lembap dan kemelesetan. Tetapi semuanya dianggap sebagai sebahagian daripada kitaran ekonomi jangka panjang yang sekali-sekala diperlukan untuk menghapuskan lebihan. Kemudian krisis Asia 1997 menjelma, di mana ianya hampir memusnahkan kekayaan negara. Kemewahan yang dikecapi orang ramai selama ini hampir hilang dalam sekelip mata. Kadar pengangguran meningkat, pendapatan merosot dan perbelanjaan persendirian (private consumption) susut. Premispremis perniagaan kosong dan nilai Ringgit jatuh merundum tidak terkawal sehinggalah rangkaian kaedah kawalan modal berjaya memulihkannya semula. Kadar faedah jatuh, dan kini ianya mencapai tahap rekod terendah. Bankbank dibanjiri dengan wang tunai kerana orang ramai tidak mahu berbelanja dan tiada peminjam. Pelabur
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asing semakin berkurangan kerana kaedah kawalan modal telah melindungi keadaan ekonomi yang terjejas. Banyak syarikat jatuh ke dalam jurang hutang lapuk dan sebahagiannya pula terpaksa tutup kedai. Sehingga kini, keadaan ekonomi masih tidak menentu. Di dalam masa 25 hingga 30 tahun yang lalu, ekonomi telah membentuk pusingan ‘roller-coaster’ bagi ramai orang. Sesiapa yang telah melaluinya akan faham betapa seksanya bagi mereka yang cuba membuat ramalan apakah yang akan berlaku seterusnya, tidak kira walau sesingkat mana jangkamasa ramalan itu. Bertahun-tahun lamanya, kemewahan itu telah menghasilkan pulangan pelaburan yang begitu menguntungkan kepada syarikat-syarikat insurans. Malahan rejim kadar faedah yang tinggi itu pula lebih merupakan restu kepada mereka. Jadi apabila Cik Aminah mengambil polisi insurans hayatnya, syarikat insurans beliau mampu menunaikan dan memberi kadar bonus yang tinggi secara konsisten seperti yang telah diusulkan.
Pelaburan Lebih-lebih lagi dengan pulangan
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pelaburan yang besar dan kadar faedah simpanan yang tinggi, syarikat insurans tidak keberatan berkongsi keuntungan dengan pemegang-pemegang polisi mereka. Malah banyak lagi syarikat-syarikat insurans lain yang menawarkan kadar bonus yang lebih baik sebagai satu persaingan untuk mendapatkan bahagian yang lebih besar di dalam perniagaan insurans hayat yang berada di puncak sewaktu ekonomi melambung tinggi. Tetapi dalam jangka waktu lima tahun yang lalu kita dapat melihat kitaran ekonomi yang begitu kabur dan tidak menentu menyebabkan syarikat insurans menjadi lebih berhati-hati. Adalah tidak bijak sama sekali untuk syarikat insurans hayat tetap meneruskan pemberian bonus dengan kadar yang tinggi, sedangkan pada masa yang sama menerima pulangan yang sangat kecil dan di bawah tahap minima dengan kadar faedah simpanan yang sangat rendah. Memotong kadar bonus bukanlah satu perkara yang mudah untuk dilakukan bagi syarikat-syarikat insurans. Bukannya mereka tidak mahu bersemuka dengan pemegang-pemegang polisi, tetapi memandangkan bahawa banyak polisi-polisi yang akan matang
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dalam jangkamasa beberapa tahun ini dan dengan memotong bonus polisipolisi tersebut sekarang, akan kelihatan seperti suatu perbuatan yang tidak adil pada pandangan orang. Tetapi syarikat-syarikat insurans tiada pilihan lain, kerana perkara itu dilakukan adalah semata-mata supaya mereka dapat bertahan. Seperti apa yang telah diperkatakan, ia tidak akan membawa sebarang kebaikan jika syarikat insurans meneruskan pembayaran kadar bonus yang tinggi. Semua orang akan mengalami kerugian. Ini pernah berlaku di negara Jepun di mana kadar faedah menjunam sehingga ke tahap sifar selama beberapa tahun. Malah dengan perubahan suasana ekonomi yang begitu pantas, daripada kemewahan kepada kelembapan, telah mengakibatkan apa yang dikatakan oleh industri insurans sebagai “ketidakstabilan ekuiti” di antara dua generasi pemegang polisi yang berbeza. Di waktu 70an dan 80an apabila kadar faedah simpanan adalah tinggi dan pulangan pelaburan lebih baik, polisi insurans hayat telah ditawarkan dengan kadar bonus yang sungguh menarik. Tetapi bagi polisi-polisi terkemudian iaitu pada pertengahan dan lewat 90an syarikat-syarikat insurans telah mula menawarkan polisi dengan kadar hasil dan faedah yang lebih rendah.
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Semakan kadar bonus itu adalah merupakan sebagai salah satu cubaan bagi pihak syarikat insurans untuk mengembalikan keseimbangan “ekuiti” di antara perbezaan dua generasi polisipolisi ini. Mengikut konsep yang lebih dikenali sebagai “inter-generational support”, kesemua premium polisi insurans hayat penyertaan akan dimasukkan ke dalam dana hayat syarikat insurans. Di dalam perspektif yang lebih luas, apabila seseorang membeli polisi insurans, dia sebenarnya telah melabur di dalam dana terurus, di mana risiko dan ganjaran dikongsi bersama. Apa yang berbeza cuma tidak wujudnya ketidakstabilan kerana polisi-polisi dua generasi yang berbeza ini sebenarnya menyokong di antara satu sama lain, di mana kesemua pemegang polisi akan menerima ganjaran yang sama. Penyelarasan terhadap bonus-bonus yang dibayar adalah sebenarnya untuk mengemaskinikan dana hayat supaya selaras dengan perubahan suasana ekonomi.
Menurun Oleh itu, apabila kadar faedah simpanan dan kadar pulangan pelaburan menurun, syarikat insurans mesti menyelaras kadar bonus ke tahap yang lebih rendah.
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Dengan itu juga harapan dan jangkaan pemegang-pemegang polisi haruslah berubah dengan sewajarnya. Di dalam konteks ini, bonus tahunan sama ada di dalam bentuk tunai ataupun bonus berbalik, boleh dikatakan sebagai pulangan yang stabil di dalam bentuk dividen dan faedah. Bonus terminal akan mencerminkan keuntungan modal dana hayat yang sebenar. Secara lojik, jika berlaku ketidakstabilan di dalam pulangan pelaburan dan kadar faedah simpanan, terminal bonuslah yang perlu diselaraskan. Tetapi dengan keadaan sekarang, dan jangkaan masa depan, jika kadar pulangan dijangka akan lebih menurun, sama ada bonus berbalik, tunai atau bonus terminal perlu diselaraskan kesemuanya, bergantung kepada sesuatu produk insurans hayat itu. Di samping itu terdapat pertentangan pertelingkahan bahawa pemotongan bonus dilakukan demi untuk mengekalkan ‘ekuiti’ di antara dua generasi yang berbeza adalah merupakan satu alasan yang tidak kukuh. Syarikat insurans sebenarnya telah dapat menjangkakan dengan lebih awal tentang kemungkinan bonus-bonus tersebut tidak dapat ditunaikan. Sebaliknya mereka berkata bahawa syarikat insurans mengekalkan kadar bonus semata-mata untuk bersaing dan
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juga disebabkan oleh faktor-faktor perniagaan yang lain. Pertelingkahan itu juga berkata bahawa kadar faedah simpanan yang rendah telah dihadapi semenjak tahun 90an lagi dan tidak dapat dinafikan yang syarikat insurans sememangnya sedar akan perkara ini. Syarikat-syarikat insurans hayat bersama aktuari-aktuari mereka sepatutnya mengawasi dan mengawal sebarang kemungkinan dan berusaha untuk menunaikan komitmen bonus setiap tahun. Mereka dikehendaki menjalankan ujian-ujian untuk memastikan bonus-bonus yang akan diumumkan dapat dikekalkan untuk beberapa tahun yang akan datang. Di Malaysia, rejim kadar faedah yang rendah telah bermula di dalam pertengahan 1999 dan ianya masih belum dapat dipulihkan. Mengikut laporan tahunan Bank Negara, purata kadar diskaun untuk Bill Khazanah jatuh daripada 5.5 peratus pada permulaan 1999 kepada 2.7 peratus selepas Jun 1999 (untuk tempoh tiga bulan), daripada 5.6 peratus kepada 2-3 peratus (untuk tempoh 6 bulan), dan daripada 5.6 peratus ke 3.3 peratus (untuk tempoh 12 bulan). Dalam jangkamasa 20 tahun yang lampau, iaitu sebelum tahun 1999,
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kadar faedah untuk Bill Khazanah tetap berada di lingkungan tahap 5 ke 7 peratus. Begitu juga, petunjuk kadar hasil pasaran untuk sekuriti Kerajaan Malaysia telah jatuh daripada sekitar 7 ke 8 peratus, ke sekitar 3 ke 4 peratus bagi tempoh 10 tahun yang lalu. Sebagai perbandingan, dividen yang telah dibayar oleh Kumpulan Wang
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Simpanan Pekerja kepada pencarumnya bagi tempoh 20 tahun yang lalu juga telah jatuh daripada 8.5 peratus ke kadar yang sekarang iaitu cuma setakat 6 peratus sahaja.
• Utusan Malaysia, 30 Julai 2001.
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BAHAGIAN 4
BONUS : MELABUR IKUT UNDANG-UNDANG Apa yang diinginkan oleh pemegang polisi Cik Aminah apabila dia menandatangani polisi insurans hayatnya ialah supaya syarikat insurans menunaikan usulan-usulan mereka. Semasa ekonomi di dalam keadaan yang stabil iaitu di sekitar tahun 1970an dan 1980an syarikat insurans tiada masalah untuk menunaikan kesemua usulan. Tetapi dengan keadaan ekonomi dan kedudukan kewangan yang sentiasa berubah sekarang, menunaikan usulan dan ramalan adalah merupakan satu cabaran kepada semua syarikat insurans hayat. Dalam suasana pelaburan yang begitu lemah di Malaysia (pasaran saham telah jatuh merosot dan kadar faedah mencecah ke paras terendah), syarikat insurans mendapati begitu sukar untuk mengelakkan apa yang dikatakan oleh penganalisa kewangan sebagai “kadar hasil negatif ” (negative yield spread). Secara mudah, ia bermakna pulangan pelaburan yang diperolehi oleh syarikat insurans daripada pelaburan dana insurans hayat (premium terkumpul
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pemegang-pemegang polisi) adalah lebih rendah daripada kadar bonus yang telah diusulkan kepada pemegang-pemegang polisi. Syarikat insurans sentiasa berusaha untuk mengelakkan keadaan yang sedemikian. Tetapi dengan arah aliran kadar faedah dan pulangan pelaburan yang terus merosot, membuat perseimbangan adalah begitu mencabarkan bagi syarikat insurans. Di Malaysia, pelaburan dana insurans hayat oleh syarikat insurans dikawalselia oleh Bank Negara Malaysia dan di bawah Akta Insurans 1996. Akta tersebut telah menyediakan jadualjadual pelaburan yang perlu dipatuhi oleh syarikat-syarikat insurans. Bagi aset berisiko rendah, dana insurans hayat boleh dilaburkan dengan agregat minimum 20 peratus dan tiada limit maksimum, sementara bagi wang tunai dan deposit tidak dihadkan. Dihadkan Bagi saham-saham pula, dihadkan
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kepada limit maksimum dengan agregat 30 peratus dan bagi setiap pelaburan persendirian limit maksimumnya adalah 5 peratus daripada ekuiti syarikat yang melabur. Bagi harta tidak alih, limit maksimum adalah 20 peratus secara agregat dan bagi ekuiti dan harta amanah dengan agregat 10 peratus, tetapi untuk pelaburan persendirian adalah sebanyak 5 peratus daripada keseluruhan terbitan dana amanah. Bagi pinjaman polisi, ianya dihadkan kepada limit maksimum sebanyak 20 peratus dan untuk kemudahan kredit bercagar dan kredit tanpa cagaran, hadnya adalah secara agregat 40 peratus dan 5 peratus untuk mana-mana peminjam atau peminjam berkumpulan. Untuk bon kupon sifar tiada sebarang limit yang dikenakan. Pertikaian tentang peraturan dan undang-undang pelaburan yang terlampau ketat adalah bersamaan dengan pertikaian bahawa peraturan dan undang-undang yang ketat haruslah diterapkan bagi memastikan sistem pelaburan yang teratur kerana wang yang dilaburkan itu adalah milik pemegang-pemegang polisi. Sekatan-sekatan yang dikenakan ke atas cara dana hayat harus dilaburkan adalah sesuai sewaktu ekonomi melambung
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tinggi di mana pasaran saham dan pasaran wang menerima pulangan yang tinggi. Tetapi semasa ekonomi merosot di mana pulangan yang diperolehi adalah kurang daripada kos pelaburan, sekatan-sekatan tersebut hanya akan menghalang potensi untuk mendapatkan lebih pulangan. Selain daripada kadar pulangan ke atas pelaburan yang telah jatuh selama 10 tahun yang lalu, sekatan-sekatan yang dikenakan ke atas pelaburan adalah merupakan antara faktor yang menyebabkan pulangan pelaburan merosot. Mengikut statistik yang telah dikumpulkan, pada tahun 1990, kadar faedah bersih yang diperolehi, atau kadar pulangan pelaburan adalah di sekitar 7.2 peratus (tidak termasuk untung modal) dan di sekitar 10 peratus (jika termasuk modal). Sehingga 1999, angka ini telah jatuh ke paras 6.5 peratus ( tidak termasuk untung modal) dan 8.9 peratus (termasuk untung modal). Dan kadar pulangan ini dijangka akan terus merosot di masamasa yang akan datang. Pada masa yang sama, kos perbelanjaan yang diambil kira apabila menghitung kadar bonus pemegang polisi masih berada di tahap yang tinggi di sepanjang 10 tahun tersebut.
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Ganjaran
harapan masa depan pemegangpemegang polisi dapat dipenuhi.
Jumlah perbelanjaan dalam jangkamasa tersebut adalah merangkumi 30 ke 45 peratus daripada pendapatan premium tahunan, di mana 20 ke 35 peratus untuk ganjaran ejen, 3 ke 4 peratus untuk ganjaran kakitangan syarikat insurans dan 5 ke 12 peratus untuk lain-lain perbelanjaan. Walaupun dengan apa yang difikirkan oleh pemegang polisi akan pemotongan kadar bonus dan juga kebimbangan seluruh industri insurans hayat tentang kemerosotan pulangan pelaburan dan kadar faedah, pemegang-pemegang polisi boleh tetap yakin bahawa syarikat insurans hayat akan terus berusaha mengoptimumkan pulangan pelaburannya. Dan ini semuanya dilakukan mengikut sekatan-sekatan keselamatan dan instrumen-instrumen pelaburan dana insurans hayat yang sedia ada. Dan yang lebih pentingnya ialah industri insurans akan terus mengendalikan perniagaan mereka dengan lebih berhati-hati untuk memastikan bahawa jangkaan dan
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Seperti yang pernah dikatakan oleh penasihat kewangan, “Di suatu ketika nanti, polisi-polisi insurans akan menjadi sebahagian instrumen pelaburan. Dengan kesemua daya tarikan yang ada, seperti juga saham dan bon, ianya banyak bergantung kepada tahap pulangannya.” Bagi Cik Aminah sipemegang polisi, polisi insurans hayatnya adalah merupakan satu bentuk pelaburan dengan pendapatan yang tetap. Pada masa ekonomi kukuh, pendapatan yang diterima tentulah tinggi, dan sewaktu ekonomi lembap, sudah tentunya pendapatan menurun. Tetapi selagi jumlah asal yang diinsuranskan tidak terjejas dan boleh ditebus apabila polisi matang ataupun semasa kematian, tidak ada sebab untuk Cik Aminah dan pemegang-pemegang polisi yang lain tidak dapat tidur lena.
• Utusan Malaysia, 6 Ogos 2001.
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Ahli-Ahli Persatuan Insurans Hayat Malaysia Member Companies of the Life Insurance Association of Malaysia
1.
Aetna Universal I nsurance Berhad
2.
AMAL Assurance B hd
3.
American I nternational A ssurance Company Limited
4.
Arab-Malaysian A ssurance Berhad
5.
Asia Life (M) Berhad
6.
EON CMG Life Assurance Berhad
7.
Great Easter n Life A ssurance (M alaysia) Berhad
8.
Hannover Life R e, Malaysian B ranch
9.
Hong Leong A ssurance Berhad
10.
John Hancock Life I nsurance (M alaysia) Berhad
11.
Malaysia N ational I nsurance Berhad
12.
Malaysian A ssurance Alliance Berhad
13.
Malaysian Life R einsurance G roup Berhad
14.
Mayban Life A ssurance Berhad
15.
MBA Life A ssurance Berhad
16.
MCIS Insurance Berhad
17.
Prudential A ssurance M alaysia Berhad
18.
Talasco I nsurance Berhad
February 2002 49