U For Life

The national insurance and takaful penetration rate is up four-fold from 11% in 1988 to 56% today, the fact remains that this number falls far short of the country’s targeted penetration rate of 75% by 2020.

The “2013 Protection Gap in Malaysia” study commissioned by the Life Insurance Association of Malaysia (Liam), four to five out of every 10 Malaysians did not have life insurance. Complicating matters are the fact that those who do have some form of insurance, generally do not have sufficient coverage for their loved ones.

Currently, most consumers buy life insurance or family takaful products through an intermediary such as an agent. But there are those who are financially literate and savvy enough not to need financial advice or product recommendation. Online products will then appeal to them with straightforward, easy-to-understand and solely for protection products.

U for Life was launched in early 2015. It is Malaysia’s first online life insurance. Since its introduction, U for Life has signed up RM300mil in sum assured (no premium oferred) within eight months of its launch.