9th February 2023 - 3 min read
Insurtech startup Fi Life has announced the launch of its first self-underwritten term life insurance product, which is said to be the cheapest available for women. Available online, it also comes with a guarantee that allows women below the age of 55 to obtain a refund of the difference in premiums if they find a cheaper life insurance policy.
In a statement, Fi Life said that its new term life insurance policy – which comes with a total and permanent disability (TPD) rider – offers the highest coverage among all life insurance policies that are seen online, up to a maximum of RM1 million for Malaysians (RM500,000 for non-Malaysians). Meanwhile, the minimum sum assured stands at RM100,000, provided depending on the policyholder’s age and income.
As for the “Cheapest Life Insurance For Women” guarantee that is available from today until 31 December 2023, it is applicable to all women between the age of 18 to 54, who purchase any Fi Life term life insurance policies with a TPD rider. Essentially, if you were to find another life insurance policy with a TPD rider that offers a lower premium for the same sum assured and benefits as your Fi Life policy within 60 days of purchasing it, then Fi Life will refund you an amount that is equivalent to the difference in premiums.
Fi Life also said that although the guarantee is offered only for women, the insurtech believes that its term life insurance is also the cheapest for men in their prime working age. Additionally, it offers coverage for foreign professionals with work permits as well.
Fi Life explained that its affordability stems from its status as a completely online insurance company; as such, it does not employ insurance agents. As agent commissions can come up to 40% of premiums during the initial six years of a typical life insurance policy, not employing insurance agents means Fi Life can pass on the commission savings to its consumers in the form of reduced premiums.
Founder and chief executive officer of Fi Life, Malek Ali further emphasised that it is Fi Life’s goal to make insurance easily accessible and affordable to those who need them the most. “As Malaysians, we also want to contribute to the financial inclusion of women in the country. With us, women will get more for their money when they sign up for a policy because a RM1 million life insurance policy from Fi Life can be as cheap as RM2 per day,” he said, adding that everything can be done conveniently online – from the application of a policy to making claims.
Fi Life’s launch of its self-underwritten life insurance product also marks an important milestone for the company; prior to this, Fi Life operated primarily as an online distributor for other insurance companies, namely AXA Affin General Insurance and Tokio Marine Life Insurance Malaysian. Now, however, Fi Life has received Bank Negara Malaysia’s (BNM) approval to participate in its regulatory sandbox, allowing the insurtech startup to roll out its own insurance products online.
(Source: Fi Life)
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