Allianz Life launches new insurance plan PrimeCover

KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd launched its premium investment-linked insurance plan (ILP) Allianz PrimeCover which combines death, total & permanent disability (TPD) and critical illness income.

The insurer said on Monday the plan comes with a six-pay (six-year premium payment term), 10-pay and full-pay with coverage term of up to age 60,70,80 or 100. Under the plan, the minimum sum assured is RM500,000 for a person whose age is 50 and below, while RM350,000 for a person whose age is 51 and above.

Allianz Life chief executive officer, Joseph Gross said this product is for customers seeking high insurance protection during their income productive years while planning for their financial legacy for the next generation. He said under the plan, if the life assured dies or is diagnosed with TPD, the family would be financially stable to move on in life.

“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.

Allianz PrimeCover provides critical illness income for three years if the life assured is diagnosed with a critical illness, allowing them to focus on their recovery.

It also has Prime Booster benefit, which pays an amount equivalent to 1.5% of the basic sum assured into the policy once every five years starting from policy year 20 or age 60, whichever is later. This helps to build up the account value to achieve more savings for legacy purposes.

In conjunction with this new product’s launch, Allianz Life will launch two campaigns -- the cash bonus and complimentary sum assured campaigns. The campaigns are only eligible for the full-pay plan.

Source: The Star