ASIA Life (M) Bhd has projected a 15% growth in total gross premiums to RM392mil for its financial year ending Dec 31, 2003.
Its chief executive officer Tan Beng Wah said the projection was reasonable since the company had achieved 12% growth to RM341mil in its previous financial year.
“It's a modest growth,” he told reporters after the launch of the company's fourth education plan – Asia FlexEd – in Kuala Lumpur yesterday by Transport Ministry Parliamentary Secretary Datuk Donald Lim.
“We expect to collect about RM8mil to RM10mil in premiums from the new plan over the next 12 months and RM1mil per month thereafter,” said Tan.
The three other education plans are Asia Cash Master, Asia Education Scholar and Asia Education Master. Tan said the four plans should collectively contribute about 26% or RM19.5mil to Asia Life's total new business premiums (NBP) this year, which was projected at RM75mil.
“Last year our NBP was RM67mil,” he said.
On the Asia FlexEd plan, Tan said it offered a guaranteed 110% cash payout on the initial sum assured in the final three years leading to the maturity of the policy.
“This reassures the parents that their children's education is not compromised because of the lack of funds at the critical stages,” he said, adding that other benefits provided by the new plan included cash bonuses. Moreover, the Asia FlexEd plan could provide policyholders with fixed or flexible premium contribution terms.
“We offer policyholders the opportunity to complete their premium contribution in 10 years, 8 years or even less depending on their needs,” Tan said, adding that the Asia FlexEd was the company's most innovative education plan by far. According to Tan, in 2000, only 14% of Malaysia's workforce had tertiary education but by 2010, this group was expected account for 35% or over a third of the workforce.
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