By TMR / pic credit: MCISLifeMY FB
MERCHANTRADE Insure-Life, a life insurance plan underwritten by MCIS Insurance Berhad (MCIS Life) and marketed by Merchantrade Asia Sdn Bhd, has been recognised as the “lowest life insurance premium, as low as RM1 (per month)” by the Malaysia Book of Records (MBR).
The plan, which can also be redeemed using the RM75 Perlindungan Tenang Voucher (PTV) Programme introduced by the Government of Malaysia recently, follows MCIS Life and Merchantrade commitment to address the underserved segments in the country by offering a more accessible protection plan for all, they said in a joint statement today.
“Migrant workers play a significant role in driving the country’s economic growth, thus it is important to ensure this segment of the population who work alongside Malaysians, have equitable access to financial protection during uncertain times,” said MCIS Life CEO and Managing Director, Prasheem Seebran.
The Life Insurance Association of Malaysia (LIAM) said the number of new policies shrank by 7.1% to 1.2 million units last year from 1.3 million units in 2019.
LIAM said the trend showed that during these unprecedented times, consumers were generally more mindful about their spending and tailoring their purchases to smaller traditional policies (lower protection) due to the COVID-19 crisis which might have affected their financial situation.
The “Merchantrade Insure-Life” plan offers consumers a Basic Sum Insured starting from RM4,000, and is 100% payable for death of the life assured, on all causes including COVID-19.
A Double Basic Sum Assured would also be payable for death of the life assured caused by dengue fever, Chikungunya fever, Malaria, Japanese Encephalitis, Avian Influenza or the Zika virus.
The plan is made available for purchase at all 99 Merchantrade retail branches and through the Merchantrade Money e-wallet application.
The Merchantrade Insure-Medic plan provides medical insurance coverage for refugees, for charges consistent with the third (3rd) Class Room and Board, in a non-corporatised Malaysian Government Hospital in conformance to the charges specified under Fees Act 1951, Fees (Medical) Order 1982.