A term life insurance provides coverage for a limited period of time. Some policies offer you the option to renew them, and some can be bought just once in a lifetime. Allianz offers a few term life insurance policies to suit the varying needs of the general public in Malaysia.
Types of Allianz Term Life Insurance Plans
- Allianz i-EssentialCover: This is an online non-participating term-plan that provides coverage for a period of 10 years. This policy offers three plans—Plan 200, Plan 300, and Plan 500. These plans differ in the premium amount and the benefit amount offered.
- Allianz Power Shield:The Power Shield policy offers a flexible coverage term from 5 years up to an age of 80 years. You can opt for a permanent coverage without further underwriting. Choose the income replacement plan to get better protection in case of total and permanent disability (TPD).
- Allianz PremierLink Advance:This investment-linked term insurance policy assures a minimum sum of RM500,000 in case of death or TPD. The payment term can either be 6 years or 10 years based on your choice.
- Allianz Kasih Hayat: Get a death benefit when you enrol for this non-participating term plan with a yearly renewable scheme. The benefits of this policy can be received until an age of 71 years.
- Allianz Ability Life:This term insurance policy provides financial cover to people with disabilities. You can renew the policy every year up to an age of 69 years and get a death benefit of up to RM50,000.
Benefits of Allianz Term Life Insurance:
- Offers benefit in case of death.
- Some plans offer TPD benefits.
- Short and flexible premium payment tenure.
- Option to convert a term insurance policy into a whole life protection policy without further underwriting.
Allianz Term Life Insurance Coverage
|Insurance Plan||Primary Coverage||Coverage Term||Protection Level|
|Allianz i-Essential||Death/TPD||10 years||From RM200,000 up to RM500,000 (based on the plan chosen)|
|Allianz Power Shield||Death/TPD||5 years or any term up to an age of 80 years||Up to RM4 million/life assured|
|Allianz PremierLink Advance||Death/TPD||6 years or 10 years||Up to RM4 million|
|Allianz Kasih Hayat||Death||1 year; renewable||RM10,000 or RM20,000|
|Allianz Ability Life||Death||1 year; renewable||RM25,000 or RM50,000|
- Entry Age: 16 years to 60 years.
- A certified copy of the claimant’s NRIC on both sides/passport.
- In case of death, provide a certified copy of the death certificate and the burial permit.
- e-Payment Authorisation Form.
- Original policy document.
- In case of TPD, provide a medical report from the treating doctor.
- In case of TPD, provide detailed bills indicating the doctor’s fee, medicine charges, and test charges.
- A police report in case of death or TPD due to accident.
- Original receipts from the hospital.
Allianz Term Life Insurance for Foreigners
Currently, Allianz provides insurance policies only to Malaysian citizens.
Allianz Term Life Insurance Claims
Step 1: Download the Claims form from the official website of Allianz.
Step 2: Submit the duly filled form to an Allianz Life branch.
Step 3: Allianz staff will process your application.
Step 4: You will receive a notification from the insurer on the status of your application.
Step 5: If approved, the claim will be settled within 5 working days.
- Email: firstname.lastname@example.org or email@example.com.
- Local customers: 1-300-88-1028.
- Landline: +603 2264 0700.
- Fax: +603 2264 8499.
- Send an online message via the Talk To Us page on the official website of Allianz.
- Send a mail to the head office at the address:
- Allianz Arena, Ground Floor,
- Block 2A, Plaza Sentral,
- Jalan Stesen Sentral 5,
- Kuala Lumpur Sentral,
- 50470 Kuala Lumpur.
- Visit the nearest branch.
How to Cancel Allianz Term Life Insurance
- Provide a written letter notifying the insurer of your decision to cancel the policy.
- The policy may not provide surrender value upon cancellation.
Choose the term life insurance if you need protection for a short period of time. You can also choose term insurance if you already have another insurance policy, and need an extra protection.
Q. How long would it take to process my claims application?
A. It may take around 7 working days for the insurer’s staff to process your claims application.
Q. Will I get the claims settlement in the form of cash?
A. Any claims for injuries or total and permanent disability will be paid via e-payments. Death claim settlement is made in the form of a cheque.
Q. Can I buy more than one policy to get a bigger cover?
A. No. You can only buy one Allianz i-EssentialCover per life.
Q. How is the premium calculated?
A. Premium is basically determined based on the coverage amount and the plan chosen. It can also depend on the entry age.
Q. How does the investment-linked insurance policy work?
A. A share of your premium will be invested in the funds you choose. When you surrender your policy, the balance left in your investment account will be paid to you. In addition, you will also get the insurance policy benefits such as for death or TPD. The specific details on the percentage of investment share and other benefits depend on the policy chosen.
Q. When can I make a death claim?
A. You must make a death claim within 2 months from the date of death of the life assured.