9th March 2026 - 3 min read
Online scams, snatch theft, and accidental injuries are risks most people hope never happen, yet the financial damage can be immediate when they do. For many young adults managing tight monthly budgets, even a small unexpected loss can disrupt rent payments, bills, or savings plans.
Maybank has introduced a micro-insurance product called One2Cover that is now available through the MAE app and the Maybank2u website. The plan is designed as a low-cost protection option for common digital and personal risks, with premiums starting from RM12 per year.
One2Cover is underwritten by Etiqa General Insurance Berhad and focuses on relatively small but common financial risks that people face in daily life. These include online banking fraud, accidental injuries, and losses linked to online shopping scams.
The product comes in two tiers. Plan A costs RM12 per year and Plan B costs RM30 per year. While the premiums are low, the coverage limits are also relatively modest, which reflects its design as a micro-insurance product rather than a full insurance policy.
Plan A provides coverage of up to RM10,000 for accidental death and up to RM10,000 for accidental total and permanent disability. It also includes protection of up to RM1,000 for losses caused by unauthorised transactions on the MAE app or Maybank2u website.
Plan B increases some of these limits. Coverage rises to RM12,000 for accidental death and accidental disability, while protection for unauthorised online transactions increases to RM3,000.
The higher tier plan also includes two extra protections that are not available in Plan A.
Plan B provides coverage of up to RM750 for losses linked to fraudulent online purchases made through fake websites or applications. It also offers mobile phone care protection of up to RM750 for damage or loss caused by snatch theft or burglary involving a home or vehicle.
These additions reflect risks that often affect younger consumers who rely heavily on smartphones and online shopping.
The financial impact of online scams or device theft is usually measured in hundreds or thousands of ringgit rather than the much larger sums covered by traditional insurance policies. Micro-insurance plans such as One2Cover attempt to fill that gap by offering basic protection at a much lower cost.
However, the trade-off is that coverage limits remain relatively small. Someone who experiences a large fraud loss or major medical emergency would still need other forms of insurance to cover those risks.
The plan therefore works best as an additional layer of protection rather than a replacement for comprehensive insurance policies.
Applications can be made directly through the MAE app or the Maybank2u website, which means customers can purchase the coverage without visiting a branch or filling out lengthy paperwork.
The product is open to Malaysians, permanent residents, and non-Malaysians with a valid passport who are between 16 and 65 years old.
The introduction of One2Cover reflects a broader trend toward smaller, digitally distributed insurance products that aim to cover specific financial risks at very low cost.
For consumers, the immediate change is the availability of an inexpensive protection option that can be purchased within existing banking apps. The premiums are small enough that they may fit easily into a monthly budget, although the coverage limits mean the policy is best viewed as supplementary protection.
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Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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