HSBC, Allianz Life launch wealth growth and life protection plan in Malaysia

The plan offers a minimum sum assured of MYR1m and payment flexibility.

Allianz Life Insurance Malaysia Berhad and HSBC Bank Malaysia have jointly launched EliteDiamond, an investment-linked plan offering wealth growth and life protection.

Offered by HSBC, the plan offers a minimum sum assured of MYR1m, and a limited premium payment term of either five, six, or eight years, according to a press release.

The plan also has an extra safety net of additional 400% of basic coverage in case of accidental death in public conveyance, elevator, or burning of a public building.

Clients can choose the right investment funds based on their risk appetite and switch between funds.

Clients can also flexibly choose the sum assured, payment term, and coverage term, according to HSBC and Allianz Life.

It will also offer a guaranteed increasing loyalty bonus of 11% of the sum assured at the end of the 10th policy year, or when the life assured attains age 54, the press release said.

HSBC has been the exclusive bancassurance distributor of Allianz Life insurance products since 2012.