23 Mar - 3 min read
Allianz Life Insurance Malaysia has rolled out an improved premium investment-linked insurance plan which covers death, total and permanent disability (TPD), and critical illness (CI). The Allianz PrimeCover plan is described as the first in the market to provide high protection for the above three conditions in one affordable plan.
To begin, the plan offers a minimum sum assured of RM500,000 for those who are aged below 50 years old, and RM350,000 for those aged 51 and above. It also has a built-in CI Relief Benefit, which covers CI income for three years in the event that you are diagnosed with a critical illness, allowing you to focus on your recovery.
On top of that, the plan comes with a Prime Booster benefit, which adds 1.5% of the basic sum assured in your policy to the account value, enabling you to achieve more savings in later years. This is provided once every five years, all the way until the maturity of your policy. The benefit starts from the 20th policy year or age 60, whichever is later.
Moreover, you are given the flexibility of choosing your premium payment term and coverage term to suit your needs and financial situation. Specifically, there are three choices of premium payment terms: 6-pay (six-year premium payment term), 10-pay, or Full Pay. Meanwhile, the coverage terms that are available for you to choose from are up to the age of 60, 70, 80, or 100.
According to the chief executive officer of Allianz Life, Joseph Gross, the Allianz PrimeCover plan is intended for customers who are seeking high insurance protection during their income productive years while planning for the next generation. “Allianz PrimeCover aims to provide protection for the life assured and his or her family in the event of mishaps. If the life assured dies or is diagnosed with TPD, the family will be financially stable to move on in life,” he said.
Gross also emphasised that despite the affordability of the premiums, the Allianz PrimeCover plan assures life protection of up to 3x the insured amount or the account value, whichever is higher.
In conjunction with the roll-out of the Allianz PrimeCover plan, Allianz Life is now offering some extra benefits to go with it if you sign up and opt for the Full Pay premium payment term. These include a one-month basic premium cash bonus (credited into the policy) and a complimentary 10% sum assured on death or TPD coverage until maturity.
You can find out more about the Allianz PrimeCover plan on Allianz Life’s website.
(Source: The Malaysian Reserve)
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