Allianz Life Insurance has partnered with Pos Malaysia to roll out a new life insurance plan called Pos LifeCare. Intended to be both affordable and accessible for the Malaysian public, the premium for this yearly renewable non-participating group term life insurance plan (under the Master Policy of Pos Malaysia) starts from as low as RM0.14 per day.
The Pos LifeCare plan provides up to RM7,000 coverage against death and total and permanent (TPD) disability, alongside additional benefits for accidental death or TPD, as well as death due to dengue and Covid-19 infection. On top of that, it also offers a hospital cash benefit if policyholders are hospitalised due to dengue fever.
Specifically, there are three options that are offered under the Pos LifeCare insurance plan to all Malaysians aged between 18 to 70 years of age, as shown in the table below:
|Options||Coverage/Benefits||Annual Premium (by age)|
|Plan 1||– Death or TPD benefit of RM3,000
– Additional benefits of RM10,000
– Hospital cash benefit of RM30/day (dengue fever)
|– 18 to 50 years old: RM50
– 51 to 60 years old: RM95
– 61 to 70 years old: RM160
|Plan 2||– Death or TPD benefit of RM5,000
– Additional benefits of RM20,000
– Hospital cash benefit of RM50/day (dengue fever)
|– 18 to 50 years old: RM65
– 51 to 60 years old: RM145
– 61 to 70 years old: RM250
|Plan 3||– Death or TPD benefit of RM7,000
– Additional benefits of RM30,000
– Hospital cash benefit of RM700/day (dengue fever)
|– 18 to 50 years old: RM85
– 51 to 60 years old: RM195
– 61 to 70 years old: RM360
The chief executive officer of Allianz Life, Joseph Gross, said that this partnership with Pos Malaysia aims to provide life insurance plans for all Malaysians in urban and rural areas. “Pos Malaysia has been connecting people and businesses for over 200 years. It has the largest delivery and touchpoint network in the country, which would widen the reach for us,” he said.
Gross also commented that the Pos LifeCare insurance plan included additional benefits for death due to Covid-19 infection or dengue fever because both diseases posed a major risk to Malaysians today. “In the event of death due to Covid-19 infection before 31 December 2022, we will pay the sum assured after the issue date of the insurance certificate with an attached death certificate stating Covid-19 infection as the cause of death,” he further explained.
Meanwhile, the chief executive officer of Pos Malaysia, Mohamed Rozaidi Md Sharif said that they look forward to leveraging Allianz Life’s expertise and comprehensive product portfolio to strengthen Pos LifeCare’s product proposition. This is in hopes that the plan options offered will fulfil the individual needs of Pos Malaysia’s customers.
The Pos LifeCare insurance plan is now available at all Pos Malaysia post offices nationwide; you can head on over to the nearest Pos Malaysia branch to find out more.