Allianz Life chief product officer of strategy and product division, Chin Tze How, said the plan was an affordable entry level insurance at a minimum of RM200 a month.
"We want to attract young Malaysians, especially the Generation Y population between 21 and 35 years-old to start saving again. Allianz PrimeSaver provides the flexibility in choosing preferred premium payment terms of six to 20 years and a coverage of 20 to 30 years."The fund can either be withdrawn or reinvested with Allianz," he said at the launch of the product here on Wednesday.
Speaking to Bernama after the launch, Chin said, the company was confident of achieving the target because the product was easy to be understood by the public.
"Plus with a strong agency force of about 10,000 agents nationwide, this would also help boost sales of the new product," he said.
Chin said the Allianz PrimeSaver would also come with an annual guarantee cash payment (GCP) of 10% for the first 10 years and GCP of 20% from year 11 to 20.
"Customers will start receiving the GCP payment at the end of the first year," he said.
Meanwhile, AMB chief executive officer, Zakri Khir, said the Allianz PrimeSaver was the first insurance plan introduced by Allianz Life this year.
"We might introduce another new plan by year-end," he said. - Bernama