What do I need to know about AmBank AmMega?
AmMega is a special investment account that comes in two parts, combining a Fixed Deposit ( FD) and Single Premium Life Insurance Plan.
You'll need a minimum of RM10000 to sign-up. Half the amount you invest will be your allocated to your interest-earning fixed deposit, the remaining RM5000 makes up the premium in your insurance plan.
So, to make it clear, if you deposit RM10000 you'll only be earning interest from the RM5000 in the fixed deposit account. The high interest rate is great but to benefit from it you must commit to the Insurance premium too.
What does the insurance cover?
The insurance plan is a Single Premium Non-Participating Whole Life Policy. Basically, this means that you pay for the premium only once! It covers you from unfortunate events such as death, for up to age 85 and total and permanent disablement up to the age of 65. The Whole Life policy offers you up to five times the premium payout.
How do I withdraw the money?
You have the option to have the interest credited every six months into your Savings or Current Account. Like any other FD you can also wait patiently till maturity to withdraw the whole amount.
Is this Am Mega fixed deposit protected?
Yes, you get absolutely free protection. PIDM protects the AmMega fixed deposit against loss caused by bank failure.