by NUR HAZIQAH A MALEK
Allianz Life Insurance Malaysia Bhd (Allianz Life) has launched a new premium investment-linked insurance plan (ILP) Allianz PrimeCover, which covers death, total and permanent disability (TPD) and critical illness (CI).
Allianz Life CEO Joseph Gross said the product targets customers who are seeking high insurance protection during their income productive years while planning for the next generation.
“Allianz PrimeCover aims to provide protection for the life assured and his or her family in the event of mishaps. If the life assured dies or is diagnosed with TPD, the family would be financially stable to move on in life,” he said in a statement.
He added that although the premiums are affordable, the plan assures life protection of up to tripled the insured amount or the account value, whichever is higher.
“Buyers, at point of sales, can also enjoy the flexibility to choose the premium payment term and coverage term which suit their needs and financial situation,” he said in a statement for the plan’s launch.
The minimum sum assured for the plan is RM500,000 for a person below age 50, while for a person whose age is 51 and above, the sum is RM350,000.
The plan comes with three choices of premium payment term, namely the six-pay, which is the six-year premium payment term, the 10-pay and full-pay with coverage term of up to age 60, 70, 80 or 100.
It also covers CI income for three years in the event that the life assured is diagnosed with a critical illness, allowing them to focus on their recover, and also has a Prime Booster benefit, which pays an amount equivalent to 1.5% of the basic sum assured in the policy once per five years starting from policy year 20 or age 60, whichever comes later.
Similarly, in conjunction with the plan’s launch, Allianz Life will be launching two plans which are named the cash bonus and complimentary sum assured campaigns, which are only eligible for the full-pay plan.
The cash bonus campaign offers a one-month basic premium to be given back to eligible customers via crediting the amount into the policy, while the latter campaign offers a complimentary 10% basic sum assured on death or TPD coverage until maturity.