Citibank launches Bancassurance services

CITIBANK Bhd has enhanced its wealth management services by introducing Bancassurance – an insurance package specifically designed to meet customers' needs. 

Its vice-president (investment and insurance division) Charles Sik said in a statement that Bancasurance complemented the bank's investment portfolio. 

“It has always been our objective to provide a complete range of financial products and services and the inclusion of Bancassurance further enhances our services,” he said, adding that the bank provided not only the latest products and services but also the most suitable.  

Charles Sik (left) and Khor Hock Seng at the launch.

The Bancassurance products include Protector Plus and Endowment Plus plans, as well as three optional riders - Critical illness Rider, Waiver Plus Rider and Payor Plus Rider.  

Besides providing insurance protection, the Protector Plus guarantees 100% refund of premiums paid on maturity or in the event of a claim.  

The Endowment Plus is a flexible insurance plan that caters to the customers' future financial needs by giving them potentially higher returns with regular savings plus added life coverage.  

The first of the three optional features is the Critical illness Rider, which is suitable for individuals who want to increase their death, total and permanent disability and critical illness coverage with low outlay.  

The Waiver Plus Rider is best suited to customers who wish to continue enjoying policy benefits without having to pay for future premiums when diagnosed with a critical illness. 

Finally, the Payor Plus Rider is most fitting for parents who purchase an insurance plan for their child or spouse. 

In the event of the payor's death, total and permanent disability of a covered critical illness, the insurance will continue to take care of future premium payments. 

John Hancock Life Insurance (M) Bhd is the underwriter for Citibank's Bancassurance products.  

John Hancock president and chief executive officer Khor Hock Seng said: “This is a win-win partnership that offers both companies exciting new opportunities to expand our customer bases while reaching out to Malaysians who may not enjoy insurance protection,” he said. 

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