AIA Berhad offers two term life insurance products—A-LifeProtectTerm and A-Plus LifeExtra. Both the policies offer protection against death and come with additional benefits, including flexible coverage terms, guaranteed plan renewal, and more.
Types of AIA Term Life Insurance Plans
- A-LifeProtectTerm: Choose the kind of plan you need based on the length of coverage and affordability—level term plan, 5-year term plan, and yearly renewable plan. Upon 5-year term plan and yearly renewable plan, get guaranteed renewal without underwriting.
- A-Plus LifeExtra: The policy is an optional benefit that can be attached to an investment-linked insurance plan. A-Plus LifeExtra offers you the freedom to choose the coverage term—10 years or 20 years. Get coverage of 100%-200% of the basic plan’s coverage amount. Your nominee will receive a lump sum in case of your death.
AIA Term Life Insurance Features & Benefits
- Get death and total and permanent disability cover.
- Choose the coverage term of your choice.
- Affordable annual premium amount.
AIA Term Life Insurance Coverage
Coverage table for A-LifeProtectTerm:
|AIA Insurance Policy Type||Primary Coverage||Coverage Term||Protection Level|
|Level Term Plan||Death||Based on your choice.||A minimum of RM25,000. The maximum cover depends on the underwriting.|
|Total & Permanent Disability|
|5-year Term Plan||Death||5 years. Renewable.|
|Total & Permanent Disability|
|Yearly Renewable Term||Death||A year. Renewable.|
Coverage table for A-Plus LifeExtra:
|Top Coverage||Coverage Term||Protection Level|
|Death||10 years or 20 years.||100% or 200%; based on your choice.|
- Entry Age: 16 years to 65 years (varies with the plan chosen).
- Claimant Statement.
- Certified death certificate.
- Proof of claimant’s relationship with the deceased.
- NRIC of Claimant.
- Original policy document.
AIA Term Life Insurance for Foreigners
AIA offers term life insurance to foreigners.
AIA Term Life Insurance Claims
- Offline: Download the Claims Form from the official website of AIA. Fill the form with accurate information. Submit the Claims Form along with the required documents at the nearest AIA branch office or to your insurance agent.
- Online: Log into your AIA account on the official website of AIA. Select EMPLOYEE CLAIM under MY CLAIMS. Fill the online form and submit it.
- Call at the number 1300-88-1899.
- Send a mail to the head office of AIA.
- Drop by the nearest AIA branch.
- Send a message online via AIA’s official website.
How to Cancel AIA Term Life Insurance Policy
- Provide a written letter to the insurer to cancel the policy.
Choose the term life insurance based on your preference and affordability to get a cover for death or total and permanent disability. Read the terms and conditions associated with the chosen plan thoroughly before you give your consent for the policy. This is because term life insurance is a commitment and does not always guarantee you a return.
Q. Does the premium amount vary for a term plan?
A. The premium amount may vary based on the age when you renew your term plan. However, the premium amount is fixed and does not vary with time when it comes to a level term plan.
Q. Why should I choose term life insurance over whole life insurance?
A. Choose the term life insurance over whole life insurance in the following cases:
- If you need a cover for only a specific number of years.
- If you think a whole life insurance is not affordable.
- If you have another life insurance policy and need extra protection.
Q. Do I get a tax relief on the premiums I pay?
A. An annual life insurance premium of up to RM6,000 may qualify for tax relief. The decision is up to the discretion of the Inland Revenue Board of Malaysia.
Q. Are the costs of insurance for these policies guaranteed?
A. The cost of insurance for A-LifeProtectTerm is guaranteed, but the cost of insurance for A-Plus LifeExtra is not guaranteed.
Q. What does a free-look period mean?
A. A free-look period is a duration of 15 days from the date of receipt of your policy document. If you cancel the policy within this period, you will receive a refund of full premiums paid. However, you will not receive a refund on the medical expenses.