Insurance provider Zurich Life Insurance Malaysia Berhad, and payment platform ShopeePay have announced an extension of their partnership, launching the former’s Savings & Protection Plan on the latter’s app. This can now be purchased by hitting the “Insurance” button on the app’s home page, then selecting “Endowment”.
According to the announcement, the Zurich Savings & Protection Plan that’s available via the ShopeePay app starts from RM500. This gets customers “a simple two-year solution that combines savings growth with life protection”. The company says that it is looking to lower the entry premium down to RM100 sometime in the future. Junior Cho, Country CEO of Zurich Malaysia, also said “next year, we will extend that same simplicity to family takaful, giving more Malaysians the choice of Syariah-compliant protection, and helping them be ready for every change life brings”.
Going back to the plan, this provides life and disability protection of up to 105% of the paid premium. As mentioned earlier, the plan matures after two years, though there are flexible early cash-out options as well. If you opt for this, ShopeePay says that you can “get back up to 99% of your premium back [sic]”. Finally, there’s the promise of guaranteed cash back every six months.
Cho also said, “Malaysia’s protection gap has always been about access. To close it, we must meet Malaysians in the places they already are, rather than expecting them to come to us”. Alain Yee, Head of ShopeePay Malaysia, adds, “while general insurance and general takaful provided vital protections and safety nets, the inclusion of ZLIMB plans on ShopeePay takes accessibility a step further with a more proactive approach. By lowering the barriers to entry, we are making it easier for more Malaysians to take meaningful steps towards strengthening their financial future”. Yee concluded with “together, we aim to make quality protection more affordable, understandable, and accessible to the communities that need it most”.
