Malaysia’s First Life Insurer In The BNM Sandbox Offers Affordable, Simple, and Accessible Protection
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One of the biggest challenges that Malaysia’s governing bodies have tried to address is the low insurance penetration rates among the population. The numbers are certainly a worrying sight: only 36.5% of the population have life insurance or family takaful coverage, and just 22% have personal health insurance.

What exacerbates things is that Malaysia – which already has one of the highest healthcare costs in the Asia Pacific region – will continue to see rising healthcare costs in the coming years. The rising medical costs are already evident pre-pandemic; Covid-19 serves yet another highlight of the importance of being adequately protected. So why aren’t more Malaysians doing so?

There are a variety of factors, of course, but they can mostly be filtered to three main ones: cost of insurance, the seemingly complicated nature of insurance products, and the inconvenience of the application as well as the claims process. 

As Malaysia’s First Life Insurer In The BNM Sandbox, DearTime is driven by the belief that life insurance is a fundamental right of every life, not a privilege. Thus, DearTime has stepped up to make insurance affordable, simple, and accessible – all via its DearTime mobile app.

So, how does DearTime work? Let’s find out.

Effortless Protection with DearTime Mobile App

Recently launched, DearTime is Malaysia’s 1st life insurer in the BNM Sandbox that provides a fully digital process of buying, editing, and claiming your DearTime insurance. 

Accessible to all Malaysians at their fingertips, DearTime makes it easy for eligible Malaysians to purchase insurance underwritten by DearTime in approximately 5 minutes. User verification is done via the app with no medical check-up required.

Purchase the Insurance that You Need with No Frills

With DearTime, you don’t have to worry about complicated insurance jargons or unnecessary plans that are bundled together in an insurance package.

DearTime offers straightforward and pure protection insurance products which are: Medical, Critical Illness, Death, Disability, and Accident* – comprehensive protection that can be purchased separately so you can buy only what you need.

As a life insurer that operates 100% digitally without intermediary costs, DearTime offers the convenience of buying, editing, and claiming your DearTime insurance fully digitally. Hence, being covered by DearTime saves time and money.

DearTime offers insurance products with coverage and benefits as follows:

Insurance Products
Details
Medical• Coverage: A yearly renewable term plan that covers medical bills for hospitalisation and treatments
• Annual Limit: RM100,000
• RM200 Daily Cash Allowance for Government Hospital Stay or Deductible for Private Hospital Stay 
• Premium: Average of RM47/month (varies according to age, gender, occupation, and deductible chosen)
• Eligibility: Aged 2 weeks old to 55 years old, renewable up to 70 years old 

Critical Illness• Coverage: A yearly renewable term plan that offers a lump sum coverage amount if diagnosed with 1 of the 45 critical illnesses 
• Premium: Average of RM11/month for every RM100,000 coverage amount (varies according to age, gender, and occupation)
• Eligibility: Aged 2 weeks old to 60 years old, renewable up to 100 years old

Death• Coverage: A yearly renewable term plan that offers a lump sum coverage amount for death due to any causes
• Premium: Average of RM7/month for every RM100,000 coverage amount (varies according to age, gender, and occupation)
• Eligibility: Aged 2 weeks old to 65 years old, renewable up to 100 years old

Disability• Coverage: A yearly renewable term plan that offers a lump sum coverage amount for Total Permanent Disability (TPD) due to any causes
• Premium: Average of RM2/month for every RM100,000 coverage amount (varies according to age, gender, and occupation)
• Eligibility: Aged 2 weeks old to 65 years old, renewable up to 70 years old

Accident• Coverage: A yearly renewable term plan that offers a lump sum coverage amount for death or suffering from TPD due to accident, whichever happens first
• Premium: Average of RM3/month for every RM100,000 coverage amount (varies according to age, gender, and occupation)
• Eligibility: Aged 2 weeks old to 65 years old, renewable up to 70 years old
• *Purchase of Death plan is required

Edit Your Insurance Coverage to Fit the Different Stages of Your Life

What is unique about DearTime’s insurance products is the ability for the policy owner to easily edit their insurance coverage according to their current financial status or situation. 

This is especially convenient, because it is good practice to review and potentially upgrade your policies after a big life change: a new job, getting married, having children – these life events usually mean a change to your financial commitments and as such, so should your insurance needs.

Naturally, editing your insurance coverage can easily be done via the DearTime app. 

All it Takes is Just a Scan to Claim

When an unwanted life event happens, claiming your insurance benefits from DearTime is simple and effortless – there are more important things at hand, after all.

True to its business model as a life insurer that operates 100% digitally, every step of processing your claim is done entirely digitally as opposed to the traditional way of making a claim that involves the printing of many physical papers.

To initiate a claim, the DearTime app requires a facial recognition scan for verification – either you or your nominee can do this. A unique claim code will be generated for you to flash it to any of DearTime’s panel hospitals. After that, you just need to wait to receive your approved claim payout to be transferred directly into your bank account.  

The process of claims disbursement for all DearTime products usually takes within seven working days upon receipt of the medical report from the panel hospital.

Pay It Forward – Help Restore the Quality of Life of Fellow Malaysians

In line with its efforts to make insurance accessible to all Malaysians, DearTime also introduces the first-of-its-kind Sponsored Insurance to benefit the B1-B2 segment within the B40 household income group who earn RM3,170 and below.

When you purchase insurance from DearTime, you can allocate up to 10% of your premiums to the DearTime Charity Fund as Thanksgiving. The DearTime Charity Fund will automatically sponsor the first person in line from the B1-B2 segment with insurance.

Therefore, when you get covered by DearTime, you are not just buying insurance for yourself; you are sponsoring someone who cannot afford it too.

On the other hand, if your household income falls under the B1-B2 segment and cannot afford to purchase insurance, you are eligible to apply to be sponsored with insurance from DearTime. The application will open soon. Please stay tuned. 

***

Purchasing your first insurance should not be intimidating. Insurance is a fundamental right of every life and not a privilege, hence all the more reason why getting insurance should be made affordable, simple, and accessible. 

Check out how DearTime makes insurance processes of buying, editing, and claiming effortless for every Malaysian through the DearTime mobile app. You can download the app now at www.deartime.com.

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