27 Oct - 3 min read
On-demand digital lifestyle insurer VSure.life (VSure) has rolled out two new personal accident (PA) insurance plans, namely the Flexi-Fit and EzPA plans. Specifically, the Flexi-Fit is targeted at physically active individuals, whereas EzPA is an annual PA plan offering coverage for permanent disablement or death caused by an accident.
According to a statement, FlexiFit is underwritten by VSure, and is designed with the sporting community in mind. Aside from providing compensation for sports injuries, the plan also offers reimbursements for the loss or damage of sports equipment, identity theft protection, as well as Covid-19.
The Flexi-Fit plan is also currently available for selected sporting events, namely runs and marathons, although VSure aims to add cycling and hiking to the list in the near future as well. Interested individuals can purchase the plan for permitted sporting events, and it will provide coverage throughout the selected duration.
VSure further said that it is also looking to collaborate with marathon organisers and other sporting events driven by public participation to promote the Flexi-Fit plan. This is on top of events that are organised by the company itself, such as a previous MalaysiaKu Run event and an upcoming Pink Run in support of the Majlis Kanser Nasional (MAKNA).
Alongside Flexi-Fit, VSure has also launched EzPA, an annual PA insurance that provides protection against injuries caused by accidents, which ultimately result in permanent disability or death. Priced at less than RM8 per person, VSure emphasised that all Malaysians will be able to acquire protection for themselves and their loved ones at an affordable rate.
“It is with great pleasure that we are able to announce Flexi-Fit and EzPA, and we are grateful that through our various partners and governing bodies such as Bank Negara Malaysia (BNM), we are able to realise our vision to provide more convenient and affordable protection to Malaysian citizens. To heal as a nation, we must make important strides towards improving accessibility of important health benefits such as insurance for all Malaysians,” said the co-founder, chief executive officer, and managing director of VSure, Eddy Wong.
VSure elaborated in its statement that insurance premiums have been increasing between 6% to 8% per year, making it difficult for most B40 and M40 households to purchase typical insurance plans. This is attributed in part to the rising medical costs in Malaysia, as seen in the 13.1% increase in just 2019 and 2020.
VSure had obtained approval from BNM in August 2021 to offer on-demand insurance and protection plans for the public, becoming the first digital insurer to do so. Meanwhile, the new Flexi-Fit and EzPA plans are already available for purchase via the VSure mobile application. You can download the app via Google Play or the App Store.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world