Allianz Life unveils premium investment-linked plan
KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd has introduced Allianz PrimeCover which combines death, total and permanent disability (TPD) and critical illness income under one plan.
It said Allianz PrimeCover is a new premium investment-linked insurance plan that comes with three choices of premium payment term, namely six-pay (six-year premium payment term), 10pay and full-pay with coverage term of up to ages 60, 70, 80 or 100.
The minimum sum assured for this plan is RM500,000 for a per- son aged 50 and below while it is RM350,000 for a person aged 51 and above, Allianz Life said in a statement.
It said Allianz PrimeCover also provides critical illness income for three years in the event the assured is diagnosed with a critical illness.
Allianz Life said it is also equipped with Prime Booster benefit, which pays an amount equivalent to 1.5 per cent of the basic sum assured into the policy once every five years starting from policy year 20 or age 60, whichever is later.
It said this helps to build up the account value to achieve more savings for legacy purposes.
Chief executive officer Joseph Gross said the product targets customers who are seeking high insurance protection during their income-productive years while planning their financial legacy for the next generation.
“If the life assured dies or is diagnosed with TPD, the family will be financially stable to move on in life.”
Allianz Life said in conjunction with the new product launch, it will also be launching the cash bonus and complimentary sum assured campaigns for full-pay plan subscribers.
Under the cash bonus campaign, a one-month basic premium will be given back to eligible customers by crediting the amount into the policy, while the complimentary sum assured campaign offers a complimentary 10 per cent basic sum assured on death/TPD coverage until maturity.