The plan also offers additional benefits for accidental death or TPD, death due to dengue and Covid-19, and hospital cash benefit
by HARIZAH KAMEL / Pic by BERNAMA
POS Malaysia Bhd and Allianz Life Insurance Malaysia Bhd have together introduced Pos LifeCare, an affordable and accessible life insurance plan that provides death, and total and permanent disability (TPD) coverage.
The Pos LifeCare plan also offers additional benefits for accidental death or TPD, death due to dengue and Covid-19 infection, and hospital cash benefit in the event policyholders are admitted to the hospital for dengue fever.
Pos Malaysia postal services CEO Mohamed Rozaidi Md Sharif said they 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 look forward to leveraging Allianz Life’s expertise and comprehensive product portfolio to strengthen Pos LifeCare’s product proposition and to fulfil the individual needs of our customers,” he said in a statement yesterday.
Allianz Life CEO 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 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 which will be offered to all Malaysians aged 18 to 70 years old who walk into Pos Malaysia branches,” he said.
The yearly renewable non-participating group term life insurance product under the Master Policy of Pos Malaysia is 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.
Plan 2 qualifies 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.
Gross further explained that Pos LifeCare’s additional benefit for death due to Covid-19 infection or dengue fever is because the diseases 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.
In 2019, Malaysia recorded the highest number of dengue cases in four years at 130,101, compared to 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 insurance certificate with an attached death certificate stating Covid-19 infection as the cause of death,” Gross added.