Allianz Life Insurance Malaysia Berhad (Allianz Life) and Pos Malaysia Bhd have partnered up to introduce an affordable and accessible life insurance plan, Pos LifeCare for all Malaysians amidst the Covid-19 pandemic.
The plan provides coverage against death and total and permanent disability (TPD) benefits, with additional benefits for accidental death or TPD, as well as death due to dengue and Covid-19 infection.
The Pos LifeCare plan also offers hospital cash benefit in the event policyholders are admitted to the hospital due to dengue fever. It is a yearly renewable non-participating group term life insurance product under the Master Policy of Pos Malaysia.
Allianz Life Chief Executive Officer, Joseph Gross said the partnership aims to provide life insurance plans for all Malaysians in both urban and rural areas.
“Pos Malaysia has been connecting the 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.
“Pos LifeCare is a basic plan that will be offered to all Malaysians aged 18 to 70 years old who walk into Pos Malaysia branches,” he said.
Pos Malaysia Chief Executive Officer of Postal Services, Mohamed Rozaidi Md Sharif said, “We are proud to partner Allianz Life in bringing an affordable life insurance plan for Malaysians, offering a premium from as low as RM0.14* per day. We are looking forward to leveraging on Allianz Life’s expertise and comprehensive product portfolio to strengthen Pos LifeCare’s product proposition and to fulfil the individual needs of our customers.”
Available now at all Pos Malaysia post offices nationwide, Pos LifeCare offers three different plans. Plan 1 provides a death or TPD benefit of RM3,000; additional benefits of RM10,000; and hospital cash benefit due to dengue of RM30 per day.
Meanwhile, life assured under Plan 2 qualify for a death or TPD benefit of RM5,000; additional benefits of RM20,000; and hospital cash benefit due to dengue of RM50 per day. Lastly, Plan 3 offers a death or TPD benefit of RM7,000; additional benefits of RM30,000; and hospital cash benefit due to dengue of RM70 per day.
The annual premium for Pos LifeCare varies according to age groups. For Malaysians aged 18 to 50 years old, the annual premium for Plan 1 is RM50; Plan 2 is RM65; and Plan 3 is RM85.
Individuals aged 51 to 60 years old need to pay an annual premium of RM95 for Plan 1; RM145 for Plan 2; and RM195 for Plan 3. As for Malaysians aged 61 to 70 years old, the annual premium for Plan 1 is RM160; Plan 2 is RM250; and Plan 3 is RM360.
“Pos LifeCare offers additional benefit for death due to Covid-19 Infection or dengue fever, which are key concerns among Malaysians today. Last year, the Health Ministry expected an increase in dengue cases from early June until September 2020, due to the rising trend in the last five years,” Gross said.
In 2019, Malaysia recorded the highest number of dengue cases in four years at 130,101, compared with the previous historic high of 120,836 cases in 2015.
“In the event of death due to Covid-19 infection before Dec 31, 2022, we will pay the sum assured after the issue date of the Certificate of Insurance with an attached death certificate stating Covid-19 infection as the cause of death,” Gross added.