Allianz Life Malaysia launches short-term insurance plan

It only requires a six-year premium payment commitment.

Allianz Life Insurance Malaysia is launching Allianz MoneyBack, an insurance plan which offers short-term commitment, according to an announcement.

Allianz MoneyBack only requires policyholders to commit to a six-year premium payment to avail life protection coverage for 15 years and a money back guarantee when the policy has matured. Policyholders will receive a Maturity Benefit, a lump sum payment of the total premium paid over the first six years if no claim is made during the 15-year coverage period.

The plan offers death and accidental death benefits for a premium as low as $35 (MYR135) per month, whereby the latter will provide the next of kin with 200% of the insured amount should accidental death occur between the third policy year and before the insured reaches the age of 71.

It also offers a discount when purchasing high coverage. The higher the coverage amount, the larger the discount. The enrolment process only requires clients to answer one health question when purchasing the policy.