Allianz targets income loss with critical illness cover

Only 37% of Malaysians can fund living expenses beyond three months after an income disruption.

Allianz Life Insurance Malaysia Berhad (Allianz Life) has launched a new critical illness plan, HealthCover Prime, designed to support individuals facing income loss during illness recovery.

The product launch addresses findings from Bank Negara Malaysia’s Financial Capability and Inclusion Demand Side Survey 2024, which revealed that only 37% of Malaysians can cover their living expenses for more than three months following an income disruption.

HealthCover Prime provides financial coverage for prolonged recovery periods, recurring illnesses, and hospitalisations. 

Key features of the plan include a Multi-Pay Benefit for claims across various critical illness categories, a Recurrence Benefit for repeated instances of advanced-stage cancer, heart attack, or stroke, and total potential payouts reaching up to 635% of the insured amount.

The plan also includes a Gender Specific Cancer Benefit for advanced-stage breast and prostate cancers, alongside a Catch All Booster Benefit covering eligible intensive care unit admissions and surgical hospitalisations even if no critical illness claim is filed.