Allianz Life Malaysia floats new investment-linked plan

Allianz PrimeCover has three options for premium payment terms.

Allianz Life Malaysia has launched a new premium investment-linked plan (ILP), a statement read.

Allianz PrimeCover is the first protection plan in the market that combines death, total and permanent disability (TPD) and critical illness (CI) income under one plan. It comes with three options of premium payment terms, namely six-pay (six-year premium payment term), 10-pay and full-pay with coverage terms of up to ages 60, 70, 80 or 100.

The minimum sum assured for this plan is $122,000 (MYR500,000) for those aged 50 and below, and $85,000 (MYR350,000) for those aged 51 and above.

It also has Prime Booster benefit, which pays an amount equivalent to 1.5% of the basic sum assured into the policy once every five years starting from policy year 20 or age 60, whichever is later. This helps to build up the account value to achieve more savings for legacy purposes.

Allianz Life will also be launching the Cash Bonus and Complimentary Sum Assured campaigns. The campaigns are only eligible for the full-pay plan.