AmMetLife Lifestyle brings both life protection and investment benefits together in a single insurance policy. The policy is a non-participating, open-end, regular premium, investment-linked plan.
Benefits of AmMetLife LifeStyle Plan
- You can receive total and permanent disability (TPD) benefits up to RM1 million.
- On death or on TPD while the policy is in force, you can receive the basic sum assured and the current value of units.
- You can receive TPD benefits up to the age of 65 years.
- You will be eligible to receive the basic sum assured until the policy is in force and you are detected with a critical illness.
- You get critical illness coverage up to the age of 99 years.
- The policy allows you to make partial withdrawal from the policy.
- You can increase your cover by increasing the premium with top-ups if you think you can afford a better protection than the existing basic sum assured.
- You can switch between funds offered by AmMetLife.
The eligibility criteria for purchasing the policy is given below:
- Minimum age is 30 days
- Maximum age is 60 years
- Minimum age is 18 years
- Maximum age is 60 years
AmMetLife LifeStyle Insurance for Foreigners
AmMetLife has limited the insurance policy for Malaysian citizens only.
AmMetLife LifeStyle Insurance Claims
Claim submission is a hassle-free process with AmMetLife. You must notify the insurance company that you want to make a claim through telephone, email, fax or by visiting the company’s head office or branch office. The notification must be done within 90 days from the date of loss.
On notification, you will receive the claims form to be filled. You have to fill the form and provide all the necessary documents while submitting the form. Then, your claim will be processed and on approval you will receive your claim amount.
You can contact the customer care executives through the hotline number 1300 88 8800 or through fax on the number +603 2171 3000. You can also drop-in your queries through an email to firstname.lastname@example.org. Another way to reach the customer care associates is to send an SMS with your query to 33911 in the format AML
How to Cancel the AmMetLife LifeStyle Insurance Policy?
If you are not satisfied with the insurance policy for any reason, you can cancel the policy at any time. You must contact AmMetLife agent, customer service, AmMetLife’s official website or the branch office to collect the Cancellation form. You have to fill the necessary details on the form and get the consent of the required parties on the form.
You have to accompany the Cancellation form with the supporting documents and submit them to AmMetLife agent or hand it over at the nearest branch office or send it across via email.
Q. Are there any conditions for making partial withdrawal?
A. Yes. You can make partial withdrawal only if you have a minimum investment balance of RM2,000 across all the funds. Also, AmMetLife specifies that the minimum withdrawal amount must be RM1,000.
Q. What are the charges applicable for partial withdrawal from the policy?
A. You will have to bear a partial withdrawal charge of RM50 and goods and services tax (GST) of RM3 on each partial withdraw you make.
Q. Why should I top-up the premium of my policy? What is the minimum top-up amount?
A. Top-up is a way to increase the maturity value of your existing policy. You can top-up your policy value with a minimum of RM50.
Q. Do you charge for switching between funds? What is the cost incurred for switching?
A. The first two switches in every policy year are not charged. All the further switches are charged at RM53, inclusive of GST, per switch.
Q. What are the available options of funds for investment?
A. AmMetLife provides you with 11 options for investment. Some of the options are listed below:
- AmMetLife Equity Fund
- AmMetLife Bond Fund
- AmMetLife Dividend Fund
- AmMetLife Global Emerging Market Fund
- AmMetLife Precious Metal Funds
You can refer to the official website of AmMetLife or read the policy agreement for details on the funds.