A-LifeProtectTerm is a life insurance plan where you can select the level of protection you need at affordable prices. You can choose from three available plans—level term plan, 5-year term plan, and yearly renewable plan.
Types of A-LifeProtectTerm
Depending on your affordability and length of coverage, you can pick from the following types of A-LifeProtectTerm insurance policies:
- Level term plan: You can choose from the different options in terms of coverage term or maturity age based on your convenience and preference.
- 5-year term plan: The coverage period for this plan is fixed at 5 years, but can be renewed upon expiration.
- Yearly renewable plan: The coverage period expires every year and can be renewed on expiration.
Benefits of A-LifeProtectTerm Insurance Plan
- Coverage period of up to 80 years of age.
- RM25,000 is the minimum sum assured; however, the maximum sum assured depends on the underwriting.
- You can renew the insurance policy without going through the hassle of underwriting again, in case of a 5-year term plan or a yearly renewable term plan.
- You can add coverage for total permanent disability or TPD based on the type of plan you purchase.
The eligibility criteria for each of the 3 categories are different and are given below:
|Type||Minimum Age for Entry (years)||Maximum Age for Entry (years)|
|Level Term||16||Varies according to coverage term chosen; not more than 65 years|
|Yearly Renewable Term||16||64|
A-LifeProtectTerm Insurance for Foreigners
A-LifeProtectTerm insurance policy is open for you to purchase even if you are a foreigner.
A-LifeProtectTerm Insurance Calculator
AIA’s official website provides a calculator where you can enter your details such as gender, age, annual income, annual expenses, existing insurance plans, etc., to calculate the insurance cover you are eligible for.
A-LifeProtectTerm Insurance Claims
You can submit the claims in the following two modes:
- Offline Mode: You can download the Claims Form according to the type of claim you are making from the official website of AIA. You must fill the form, attach all the necessary documents and hand it over to your Life Planner or submit it to any of the AIA Customer Centres for processing. Enter your bank account details very carefully, as the approved claims get credited to the bank account directly.
- Online Mode: Log into your account on the official website of AIA and select ‘My Claims’ option under ‘My AIA’ in the menu list. Click on the ‘Employee Claim’ to fill the Claims Form. You can then submit the form online. The status of the claim can be tracked after 48 hours online under ‘Claim Details’ page.
As an AIA customer, you can contact 1300-88-1899 for more information on your insurance policies. AIA provides specialised customer service for foreigners who have purchased insurance policy with AIA by contacting the number 603 2056 1111. Alternately, you can also write your queries and send your email to firstname.lastname@example.org.
How to Cancel A-LifeProtectTerm Insurance Policy
Since A-LifeProtectTerm insurance policy has no cash value involved, you can send a letter to the Customer Servicing Department located in Kuala Lumpur requesting to cancel the insurance plan. The mailing address is given below:
Customer Servicing Department,
Level 6, Wisma AIA,
99 Jalan Ampang,
50450 Kuala Lumpur.
Q. Do the term plans under A-LifeProtectTerm have conversion privilege?
A. Yes. The term plans under A-LifeProtectTerm have conversion privilege. The insurance plan can be converted into any other permanent plan which does not include critical illness cover. This can be done without another underwriting before you reach 65 years; yet the plan should be in force at the time of conversion. The sum assured for conversion should not be less than RM25,000.
Q. What is the coverage tenure for the Level Term plan.
A. The coverage tenure can be a period of 10, 15, 20, 25 or 30 years for the Level Term plan. It can also be up to an age of 55, 60, 65, 70, 75 or 80 years of age.
Q. Does the premium increase with increase in age?
A. The premiums remain constant throughout the coverage tenure. However, the 5-Year Term and the Yearly Renewable Term include a premium rate that increases with your age. The rate depends on your age at the time of plan renewal.
Q. Are the premiums subject to tax relief?
A. Yes. The premiums you pay may be eligible for tax relief of not more than RM6,000 under annual life insurance premium and EPF. However, the final decision on providing tax relief is made by Inland Revenue Board of Malaysia.
Q. Does the policy consider free-look period?
A. Yes. A-LifeProtectTerm insurance policy includes free-look period of 15 days. If you cancel the policy within the free-look period you are entitled to receive a refund on the entire premium you have paid sans the medical expenses, if any.