MCIS Insurance Berhad (MCIS Life), in collaboration with Merchantrade Asia Sdn Bhd, Malaysia’s largest money services business is offering a life insurance protection plan to Malaysians and foreigners.
The package includes features such as a flexible sum insured with monthly premiums as low as RM1 for a Basic Sum Insured of RM 4,000, 100% of the Basic Sum Assured payable for death of the life assured due to all causes like Covid-19, and double Basic Sum Assured payable for death of the life assured due to serious illnesses such as dengue, Chikungunya, Malaria, and others.
MCIS Life Chief Executive Officer and Managing Director, Prasheem Seebran said they are targeting to specifically benefit the underserved communities in Malaysia and this new plan is most timely given the Covid-19 outbreak and lack of accessibility to affordable insurance and healthcare.
Prasheem said that they believe that everyone should be able to have access to life insurance, especially migrant workers that play a significant role in driving the country’s economic growth.
“It is important to ensure this segment of the population, which works alongside Malaysians, has equitable access to financial protection during uncertain times and this is critical to give them a peace of mind.
“We have paid out three claims amounting to RM16,000 to the beneficiaries in a foreign country, which were processed within five working days.”
He further added as the life insurer aims to play a bigger part in the larger Malaysian family through promoting mutual protection and assistance to all segments of the population as reflected in MCIS Life’s brand promise, “People Helping People”,
Prasheem explained that the new life insurance plan is designed to be affordable, from as low as RM1 per month, making it the most value-for-money life insurance plan in the country.
Additionally, the new plan features a hassle-free claims process and easy accessibility by leveraging on Merchantrade Asia’s wide network.
“The new micro life insurance plan is underwritten by MCIS Life, and distributed by Merchantrade Asia under its “Merchantrade Insure Life” plan.
“This affordable micro insurance plan is available at all of Merchantrade’s 99 retail branches nationwide as well as through its Merchantrade Money e-wallet application, increasing accessibility to the underserved population as well as Malaysians”, Prasheem said