The barrier to buying life insurance online seems to be fading, with U for Life Sdn Bhd chalking up RM165 million in sum assured within four months after it began offering such services in May.
“There is certainly a need to increase the life insurance penetration rate in this country, and I’m confident our online insurance platform can contribute towards realising that objective,” said general manager Iskandar Ezzahuddin.
He said Malaysia’s first Internet insurance platform provider has proven more people are shifting from the traditional way via agents to a paperless, simple and instant policy buying processes with just a few mouse clicks.
The encouraging response from the Malaysian public has convinced the firm to invest up to RM5 million over the next 12 months to create awareness on the importance of life insurance and also to boost purchases on its platform.
Aside from basic term-life insurance, U for Life also offers add-on coverage for critical illnesses such as cancer, heart attacks, stroke or heart bypass surgery – where the customer will be given the option to receive a 25% advance payment of coverage.
“This is an optional advanced payment, where you are covered for the ‘BIG 4’ critical illnesses.
“If you are diagnosed with any one of these critical illnesses, before age 65, Tokio Marine will pay 25% of your cover in advance for your treatment. The remaining cover will be payable upon your death or total permanent disability.”
Iskandar said there are plans to offer medical and health policies too on the online platform.
The sole insurance product now offered charges premiums from RM9.85 monthly for RM100,000 coverage.
The yearly renewable life insurance plan covers till the age of 75 with a RM500,000 maximum sum assured.
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