Kuala Lumpur, 8 May 2020 – As the world braces against the unprecedented and ongoing nature of the COVID-19 outbreak, many Malaysians are making more health-minded purchases and long-term financial decisions amidst rising levels of anxiety and economic uncertainty, according to a recent survey by Kantar1.
Recognising the widespread concern, increasing economic challenges faced by individuals and growing families, as well as a stronger demand and consideration for insurance and takaful protection, AIA Malaysia today announced three (3) special offers which are aimed to help cushion the ill effects of COVID-19 whilst ensuring Malaysians continue to be adequately protected during this challenging time.
The special offers and a summary of their benefits are:
- Premium/Contribution waiver for first three (3) months
- In a move never seen before in the industry, AIA has set out to waive premiums/contributions for the first three (3) months for customers who purchase A-Life ProtectTerm or participate in A-Life Kasih Famili – two of its affordable, basic life insurance and Family Takaful plans – in the month of May.
- This means customers would still be able to enjoy the benefits and coverage under these plans throughout the period that the premiums/contributions are waived. On top of that, they will also receive free additional hospitalisation and death coverage for COVID-19 as well as complimentary medical advice on COVID-19 until 30 September and 30 June respectively.
- The offer is open to new customers who sign-up for any of these plans between 6 May and 31 May 2020 or until the first 50,000 policies/certificates (combined) are taken up, whichever comes first. Terms and conditions apply.
- In a move never seen before in the industry, AIA has set out to waive premiums/contributions for the first three (3) months for customers who purchase A-Life ProtectTerm or participate in A-Life Kasih Famili – two of its affordable, basic life insurance and Family Takaful plans – in the month of May.
- 50% additional death coverage for COVID-19 for free
- AIA is the first insurance and takaful provider in the industry to offer an additional 50% death coverage due to COVID-19 at no cost to its customers.
- This means, if an insured/person covered passes away due to COVID-19, an additional 50% of the basic amount covered will be paid to his/her beneficiary, up to a maximum of RM100,000 or RM250,000 per life depending on the plan.
- The additional death cover, which is provided until 31 December 2020, is offered to all new customers who sign-up for AIA’s selected conventional life insurance, takaful and bancassurance plans between 6 May and 31 May 2020. This includes the newly launched A-Enrich Wealth insurance savings plan that not only provides a 20-year coverage with only 10 years of premium payments, but also rewards customers for practising good financial habits.
- AIA is the first insurance and takaful provider in the industry to offer an additional 50% death coverage due to COVID-19 at no cost to its customers.
- Free additional COVID-19 coverage period extended
- AIA has earlier in February announced that it would provide additional insurance and takaful coverage for COVID-19 to its customers at no cost. The additional coverage comes with a hospitalisation benefit of RM200 per day up to 30 days of hospitalisation if the insured/person covered is diagnosed with COVID-19 and kept in quarantine at any of Ministry of Health Malaysia’s designated hospitals. And if the individual passes away due to COVID-19, an additional lump sum of RM10,000 will be paid to his/her beneficiary.
- This free additional coverage which is originally to be available until 30 June 2020 has now been extended to 30 September 2020, in view of the ongoing pandemic.
- All AIA existing Individual Life, Family Takaful, Flex PA and Easy Cover PA customers are eligible to receive this free additional coverage. It is also offered to new customers who sign-up for any of these plans before 30 September 2020.
- AIA has earlier in February announced that it would provide additional insurance and takaful coverage for COVID-19 to its customers at no cost. The additional coverage comes with a hospitalisation benefit of RM200 per day up to 30 days of hospitalisation if the insured/person covered is diagnosed with COVID-19 and kept in quarantine at any of Ministry of Health Malaysia’s designated hospitals. And if the individual passes away due to COVID-19, an additional lump sum of RM10,000 will be paid to his/her beneficiary.
Heng Zee Wang, Chief Marketing Officer of AIA Bhd., said: “The COVID-19 pandemic has unfortunately caused many individuals and families to face financial constraints. However, we at AIA believe that having adequate protection should not come with a huge sacrifice because now more than ever, insurance and takaful protection have become a necessity and much-needed safety net for ourselves and our families.
“It is our hope that these latest offerings will help ease the financial roadblocks faced by Malaysians and provide them with accessible means to get the right coverage for themselves and their loved ones, especially in this time of uncertainty.
“We will continue to play our part in the fight against the virus. As our country enters the next phase of the Movement Control Order and economic recovery, we remain committed to providing further support and strength for Malaysians to ride out this extraordinary time. We will continue to respond to our customers’ needs and concerns, and ultimately help them and their families live Healthier, Longer, Better Lives,” added Zee Wang.
For full details on these special offers, please visit www.aia.com.my
[1] Source: COVID-19 Barometer Study Wave 2 by Kantar Insights
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