Insurtech company PolicyStreet has collaborated with digital lending marketplace Direct Lending to roll out a new product called DirectCare+. Described as an embedded personal accident microtakaful with a loan protection feature, it is PolicyStreet’s very first microtakaful product offering.

In a joint statement, PolicyStreet explained that DirectCare+ will complement Direct Lending’s existing Auto Service Financing Plan, a shariah-compliant 12-month instalment plan meant for car services or repairs. Essentially, the new DirectCare+ offering will offer the following benefits:

Coverage	Details
Personal accident coverage	Up to RM15,000 compensation in the event of accidental death and permanent disability
Khairat Kematian	RM3,000 lump sum for funeral costs in the event of accidental death
Loan protection for accidental death	Covers remaining loan amount (financing taken under Direct Lending’s Auto Service Financing Plan) in the event of accidental death
Unemployment loan protection due to accidental permanent disability	Continued loan coverage for up to 12 months in the event of accidental permanent disability and subsequent unemployment

As for the premium, PolicyStreet noted that Direct+ would cost between RM10 to RM30, depending on the coverage period selected. However, there is an introductory campaign (from today until 30 April 2024) where eligible Direct Lending customers who tap into the Auto Service Financing Plan can enjoy free coverage for three months, and are also able to extend the coverage period up to 12 months at special rates:

Coverage period	Contribution (non-campaign)	Contribution (for eligible customers during campaign)
3 months	RM10	Free
6 months	RM20	RM10
12 months	RM30	RM20

If you’re interested to check out PolicyStreet’s DirectCare+, it can be accessed entirely online, either through Direct Lending’s platform or via a QR code at over 1,400 affiliated workshops nationwide.

Co-founder and group chief executive officer of PolicyStreet, Yen Ming Lee said that the launch of DirectCare+ is a significant milestone for the insurtech company. “DirectCare+ not only expands our reach to a wider audience but also enhances accessibility to insurance, especially for underserved communities during this Ramadan season,” he said.

Founder and director of Direct Lending, Hui Yik Seong also echoed the sentiment. “This collaboration aims to ease the financial burden of vehicle repair or service, which if overlooked or delayed, can impact a car’s performance and jeopardise safety on the roads. By offering a more inclusive and user-friendly car service instalment plan, with added free personal accident insurance protection, we hope Malaysians can have a safe journey home without financial stress,” he said.

To note, PolicyStreet obtained its Reinsurer and General Insurer Licence from the Labuan Financial Services Authority (LFSA) in 2021. It is also an approved Financial Adviser and Islamic Financial Adviser by Bank Negara Malaysia.

• TAGS:
• BNM
• Direct Lending
• DirectCare+
• Hui Yik Seong
• Labuan Financial Services Authority
• Microtakaful
• Personal Accident Insurance
• PolicyStreet
• Yen Ming Lee