U for Life offers life insurance plans that provide a cover in case of sickness, accidents or death of the insurer. There are two types of life insurances offered that provides a protection of up to RM2,000,000.
Types of U for Life Insurance Plans
- Life Cover: This is an insurance policy that offers cash money in the event of death or total permanent disability. The insurance policy is applicable for both accidental as well as natural causes of death. Your payment sum increases as you get old in this scheme type. This insurance plan is endorsed by Tokio Marine Life Insurance Malaysia Berhad.
- Personal Accident Cover: If you are unable to take up a life insurance plan, U for Life offers you a Personal Accident Cover in case of death or total permanent disability due to an accident. The offered cover is worth RM1 million. The cover is granted if you die within 180 days of the accident.
- Critical Illness Advanced Payment Option: The package provides you with up to 25% of your life coverage if you get diagnosed with any of the following four critical illnesses: Cancer, heart attack, stroke, or open heart bypass surgery. The policy provides you with coverage up to the age of 65.
Features and Benefits of U for Life Insurance
- Depending on the plan, you can get a cash benefit of up to RM1 million in event of death or total permanent disability (TPD) of the insured individual up to the age of 65 years.
- If the death is caused because of accident by the age of 65, you can get a benefit up to RM2 million, depending on your plan.
- The Life Cover insurance plan provides you with an option of advancing 25% of coverage as a critical illness advanced payment until the age of 65 years. The types of critical illness include heart attack, cancer, stroke or a bypass surgery.
- If you continue to pay for the Personal Accident Cover plan, you can access a cover until the age of 75 years.
Eligibility Criteria for U for Life
- Nationality criterion: You need to be the citizen of the countries: Malaysia, Singapore, UK, USA, Canada, New Zealand, Australia, Ireland, or Brunei.
- Minimum age: 18 years
- Maximum age: 59 years
Documents Required for U for Life
- A valid copy of NRIC (Malaysian NRIC number)
- A valid Malaysian residential address
- Any other document as specified by the bank
U for Life Insurance for Foreigners
Individuals from countries like Canada, New Zealand, USA, UK, Australia, Ireland, and Brunei can apply for the life insurance schemes under U for Life.
U for Life Insurance Calculator
You can use the life insurance calculator on the official website of U for Life that will provide you an evaluation on protection gap and budget calculator. By using the tool, you can get an estimated calculation on how much insurance or takaful cover you need and what is the amount that you should pay. You need to fill in the details like your monthly income, monthly expenses, savings etc.
U for Life Insurance Claims
You can make claims on the policy by providing a written notice. Along with the notice, you need to submit the authenticated documents that proves the death or disability. The documents include:
- Identity proof of insurer and claimant
- Death certificate (if applicable)
- Doctor’s certificate
- Documents related to medical expenses
- Any other document if required
U for Life Insurance Contact info
If you require any additional information on the schemes under Y for Life, you can contact the officials on the following hotline: 03-2059 6188. You can also write an email to the bank representatives at [email protected].
How to Cancel U for Life Insurance Policy
If you fail to pay your premiums within the grace period as provided, your life insurance policy will lapse. No surrender value is provided by the U for Life policy and on cancelling it, your cover will remain intact until the next due date of the premium.
U for Life Insurance Policy FAQs
Q. What is the grace period given to pay the premium for U for Life schemes?
A. You are granted a grace period of 30 days for the schemes under U for Life to make the payment for the premium. After that, the policy will lapse.
Q. Where can I get further information about the policy?
A. You can visit www.insuranceinfo.com.my for any further details regarding the policy and its plans. You can also call the customer care department on the number given in the document above. In case of any doubt regarding the policy.
Q. Can an injury or permanent disability caused due to consumption of alcohol be included in policy benefits?
A. No. Disability or accidental death caused due to consumption of drugs or alcohol beyond legally permissible limits is not covered under the life insurance policy.
Q. Can the premium rates change?
A. The premium rates given by the company can alter due to various factors and the company will inform you about the changed rates by sending a notice 90 days prior.
Q. Where should I update my changed contact details?
A. You can send an email updating the latest contact details at [email protected] or send a fax on 03-2162 8068. You can also inform the customer care executives about the same through telephone at: 03-2059 6188.