Allianz Life Introduces Limited-Pay Universal Life Insurance, Allianz Legacy Plus
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Allianz Life Insurance Malaysia has rolled out its new Allianz Legacy Plus plan, a limited-pay universal life insurance that aims to help its customers secure their legacy for their loved ones. Offering coverage up to the age of 88, it enables policyholders to also lock in their funds for a specified period while tapping into a range of perks, including auto-increases in the insured amount and loyalty bonuses.

Open to those aged between 30 to 65 years old, the Allianz Legacy Plus plan comes with a conditional no lapse guarantee that will cover unforeseen costs and fees, provided the premiums are paid up to date. The policy also features an auto-increase benefit to help policyholders hedge their funds against inflation, automatically increasing their insured amount at prescribed intervals from the 21st policy year onwards. Depending on your entry age, you may enjoy a maximum total auto-increase of 45%.

In addition to that, policyholders will be paid a compounding loyalty bonus of 0.5% of the account value, starting from the beginning of the 21st policy year until the policy matures. There is also a guaranteed maturity benefit, which ensures that policyholders will receive either the account value or a specified percentage of the insured amount (up to 145%), whichever is higher.

Meanwhile, in terms of protection, the Allianz Legacy Plus offers a high non-medical limit of up to RM4 million, with no medical check-up required. As for fees and charges, Allianz noted that the premium charge will depend on your chosen premium payment term. There is also a monthly policy fee of RM7, cost of insurance (which will be deducted monthly from the policy account), and fund management charge.

According to the chief executive officer of Allianz Life, Charles Ong, Allianz Legacy Plus was conceived to meet the people’s post-Covid-19 needs, who want more certainty out of their policies without committing to a long period of premium payment. “As such, we introduced Allianz Legacy Plus, which has a short premium commitment period, allowing our customers to lock in their legacy without long-term payments. In addition, there is a guaranteed payout for the insured amount and the coverage continues regardless of market conditions,” he said.  

Ong also highlighted that this new product is apt for those who wish to create a legacy that can be passed on to their loved ones as a gift. “This product is also suitable for business owners who want to create an instant legacy for their loved ones without impacting important cash flow liquidity for the business. With this protection plan, we are providing our customers with a chance to write their own legacy,” he stated.

(Sources: Allianz Life Insurance, BusinessToday)

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