You are advised to refer to the Product Disclosure Sheet before participating in the plan, and to refer to the terms and conditions in the certificate document for the details of the important features of the plan.
CoFAP is administered on behalf of the members by VSure.life as a platform for members to share their financial burden in accordance with the Program Guidelines.
The financial assistance that members receive under CoFAP come from all Members’ collective funds that are placed in a Trust Account.
Whether other members choose to assist a member will be totally voluntary (not guaranteed in any way), as no other member or VSure.life will be compelled by law to make such sharing funding. However, any member’s failure to pay the Member’s Funds as required will result in that disqualification for financial assistance presently and/or in the future as stipulated in the Program Guidelines.
CoFAP is not, and should never be construed as, a contract for insurance or takaful nor is it offered through an insurance company or takaful operator. CoFAP is also not a substitute for insurance policy or takaful certificate required under any legislation.
There is no transfer of risk for any purpose from members to VSure.life or from a member to other members; nor is there a contract of indemnity or guarantee between VSure.life and any members or amongst the members themselves. Neither VSure.life nor members are considered as an insurer under Malaysian law. CoFAP is not subject to the insurance or takaful regulatory requirements or consumer protections of the country.
Please note that neither VSure.life nor the members guarantee or promise that the Eligible Financial Payout will be shared by the members of CoFAP. Whether a Member’s Eligible Financial Payout are shared by other members or whether a Member receives any Eligible Financial Payout or whether or not CoFAP continues to operate, a member will always remain personally liable at all times for any and all of his or her unpaid medical expenses.
It is the Member’s responsibility to refer and get adequate understanding on the Program Guidelines from time to time. Any amendment on the Program Guidelines will be notified via VSure.life mobile app.