PETALING JAYA, 26 Feb 2021:
MCIS Insurance Bhd (MCIS Life) has teamed up with Merchantrade Asia Sdn Bhd – Malaysia’s largest money services business – to offer a life insurance protection plan to Malaysians and foreigners alike, targeting to specifically benefit the underserved communities in Malaysia.
MCIS Life chief executive officer and managing director Prasheem Seebran described the new plan as being timely, given the Covid-19 pandemic and lack of accessibility of this underserved community to affordable insurance and healthcare.
“Migrant workers play a significant role in driving the country’s economic growth. So, it is important to ensure this segment of the population, which works alongside Malaysians, has equitable access to financial protection during uncertain times.
“To date, we have paid out three claims amounting to RM16,000 to the beneficiaries in a foreign country, which were processed within five working days.”
He noted that recent figures from the Malaysian Employers Federation showed approximately 2.3 million documented migrant workers in Malaysia, which accounts for about 7% of the country’s 32.7 million population.
“This new life insurance plan is designed to be affordable, from as low as RM1 per month, making it the most value-for-money life insurance plan in the country. Additionally, the new plan features a hassle-free claims process and easy accessibility by leveraging on Merchantrade Asia’s wide network.”
The plan offers the following benefits:
- Flexible sum insured with monthly premium from as low as RM1 for a basic sum insured of RM4,000,
- 100% of the Basic Sum Assured payable for death of the life assured due to all causes including Covid-19,
- Double basic sum assured payable for death of the life assured due to specific illnesses – including dengue fever, Chikungunya fever, malaria, Japanese encephalitis, avian influenza or the Zika virus.
He said this affordable micro insurance plan is available at all of Merchantrade’s 99 retail branches nationwide as well as through its Merchantrade Money e-wallet application – increasing accessibility to the underserve population as well as Malaysians.
MCIS Life has also introduced another new medical plan for the refugee community registered with UNHCR, the UN Refugee Agency, in Malaysia.
The new medical plan, distributed by Merchantrade under its “Merchantrade Insure Medic” portfolio, allows the eligible insured to be reimbursed for claims directly into their Merchantrade Money e-wallet with up to RM6,000 claims limit annually.
The plan will cover:
- Government hospital daily room and board,
- Intensive care unit / cardiac care unit,
- Surgical fees and in-hospital related services,
- Outpatient treatment: pre- and post-hospitalisation treatment, home nursing care, day surgery expenses, day care procedure, kidney dialysis and cancer treatment.
“The medical plan, currently the only one of its kind in the country, provides protection to the refugee community against escalating medical costs, at the same time, alleviating the additional burden on the nation’s healthcare system,” Prasheem explained.