According to a recent study commissioned by the Life Insurance Association of Malaysia (LIAM), Malaysians are generally under-insured compared to their peers in neighbouring countries like Singapore, Hong Kong, South Korea and Japan. Today, life insurance and family takaful provides insurance protection for only 55.5% of the total population.
This gap prompted Hannover Re and Tokio Marine Life Insurance Malaysia Bhd to collaborate in offering the country’s first online life insurance platform under U for Life. It is designed to offer a simple, instant and affordable way to buy life insurance online. Hanover Re is the third largest reinsurer in the world and the main stakeholder in this collaboration, while Tokio Marine Life Insurance Malaysia is the insurer.
Signing up a U for Life insurance policy is just at your fingertips now via a straight through platform. Through the convenience of an internet connection, Malaysians can now sign-up for their first life insurance policy within 10 minutes by answering a set of simple questions. In addition to that, U for Life policies are highly affordable with monthly payments as low as RM9.85 for a RM100,000 coverage. Assistance is also readily available on the U for Life platform via an interactive chat feature.
“U for Life has created an internet insurance platform with a basic term life product that acts as a convenient tool for the insurance agents and bank partner RHB in reaching out to potential customers and to increase productivity. I am confident that our strategic collaboration with U for Life will offer real value to Malaysians as well as our business partners and of course, our agents,” said Mr. Toi See Jong, Chief Executive Officer of Tokio Marine Life Insurance Malaysia Bhd.
The U for Life platform was developed by Intelligent Life, a New Zealand-based software developer for the insurance industry with a proven track record in countries like New Zealand, Australia, the United States of America, South Africa and China.
You can get more information on the insurance policy at: https://uforlife.com.my/
