Alliance Bank Partners With Manulife To Launch EliteLife Signature Legacy Insurance Plan

Alex Cheong Pui Yin

18th March 2024 - 3 min read

Alliance Bank has collaborated with insurer Manulife Malaysia to launch a new insurance offering called the EliteLife Signature Legacy plan. It is a legacy insurance plan that is tailored to address the needs of individuals who wish to secure their financial legacies for future generations while enjoying substantial insurance coverage up to the age of 99.

In a joint statement, Alliance Bank – who serves as the bancassurance partner to distribute the plan – said that the EliteLife Signature Legacy plan is both comprehensive and flexible, and policyholders can opt for coverage terms of up to age 70, 80, or 99. Among other things, it covers areas like estate creation, fair inheritance, and wealth protection, and also comes with a range of loyalty rewards and bonuses.

Here’s a quick look at some of the key features and benefits of the EliteLife Signature Legacy plan:

Category	Benefits	Coverage/Details
Insurance coverage	Death & total permanent disability (TPD) benefit	Receive minimum RM500,000 or account value, whichever is higher
Insurance coverage	Senior care benefit in the event of old-age disability (70 years old onwards)	Receive up to RM2 million or account value, whichever is higher
Loyalty rewards and bonuses	Welcome bonus	– Receive additional 3% of insurance premium – Credited when you pay your premium for the first two policy years
	Loyalty bonus	– Receive additional 0.5% of your account value – Credited to your policy every two years, starting from end of 10^th policy year
	Income booster	– Receive special bonus of 5% and 8% of your account value at the end of the 15^th and 20^th policy year, respectively
	Payout at age 70, 80, or 99 (depending on when the policy expires)	Face amount or account value, whichever is higher, will be payable upon policy expiry

On top of these existing benefits, you’re also able to enhance your protection with optional riders that can provide accidental death benefit, or allow critical illness and payor waiver. There are also special discounts if you purchase plans with a specified minimum face amount. As for premium payment tenure, you have a choice of either five or eight years – whichever suits your preference.

Group chief executive officer of Alliance Bank, Kellee Kam said that the introduction of the EliteLife Signature Legacy plan aligns with the bank’s commitment to help customers with their financial planning as they seek holistic, health, wealth, and wellness solutions.

“Beyond offering peace of mind in legacy planning, this exclusive plan supports customers’ goals of building up their savings for sustainable wealth and helps them build a legacy that will ensure a secure future for their loved ones,” said Kam.

Chief executive officer of Manulife Malaysia, Vibha Coburn also concurs, noting that both foresight and protection are required to cultivate a lasting legacy. “With EliteLife Signature Legacy, we are empowering individuals to create enduring financial security, ensuring thoughtful legacy planning to shield against unforeseen challenges. Our innovative legacy planning product is not just an insurance solution. It is a testament to our commitment to safeguarding the future, ensuring that generations to come inherit the strength of financial security,” he said.

(Source: Alliance Bank [1, 2])

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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