Industry statistics have shown that the insurance and takaful penetration rate has remained fairly static within the range of 54% to 56% over the last five years, and this includes those who own multiple insurance and takaful covers.
If double-counting is eliminated, only 35% of Malaysians are insured.
Furthermore, only 4% of lower income households have some form of life insurance or family takaful cover.
In line with its commitment to meet the needs of the wider population segment, Zurich Malaysia (Zurich Life Insurance Malaysia Berhad and Zurich Takaful Malaysia Berhad) recently introduced Zurich SureCover and Takaful SureCover.
Both products are life protection plans that offer customers hassle-free application and affordable premium from as low as RM75 a month.
Its “guaranteed acceptance” feature allows customers to secure the plans regardless of their health conditions and occupation.
Zurich Malaysia Life Insurance and Family Takaful general manager Mukesh Dhawan said the companies aimed to enable more Malaysians to obtain protection for themselves and their loved ones without having to worry about medical check-ups and hefty premium commitments.
“At Zurich, we believe the experience of owning or purchasing your first insurance or takaful plan should be straightforward, hassle-free and easy on your finances.
“With Zurich SureCover and Takaful SureCover, we have simplified the application process to help and motivate as many people as possible to secure adequate protection, irrespective of their health conditions.
“They are ideal plans that provide the ultimate convenience especially for first-timers,” he said.
Other the key features of the packages are guaranteed acceptance for applicants from age 35 to 80, guaranteed death benefit with high accidental death benefit, maturity benefit and repatriation benefit.