Kuala Lumpur, March 17 – RHB Bank Bhd together with its bancassurance partner Tokio Marine Life Insurance Malaysia Bhd has launched RHB Prime VantageLife, a limited payment investment-linked life insurance plan that allows the policy holder to secure up to RM1.5 million of financial security without the need for any medical check-up.
According to the 2015 Industry Performance by Life Insurance Association Malaysia (LIAM), the industry recorded a healthy growth in 2015 with higher insurance protection for Malaysians, where the per capital sum assured increased from RM 38,075 in 2014 to RM 39,929 in 2015.
Nevertheless, the 2012 Underinsurance Study in Malaysia showed that the average mortality gap for each member of a family is about RM100,000 to RM150,000. The per capital sum assured of RM39,292 was still way below the amount needed to support one family member in the event of death or disability of the breadwinner.
U Chen Hock, Executive Director, Group Retail Banking of RHB Banking Group said, “As customers strive to grow their wealth to achieve greater financial security, their progress is planned carefully to include their family. Through RHB Prime Vantage Life, we constantly strive to assist our customers to achieve these goals.”
One of the key highlights of RHB Prime VantageLife is about flexibility. Unlike the existing product in the industry where the coverage term is fixed up to certain age, there are up to three options come with different premium payment and coverage term for client to choose under RHB Prime VantageLife. Apart from that, policy holders are allowed to perform top-up in regular or one-off basis into their policy investment fund at any time to boost the wealth accumulation.
Chen Hock added that “With the launch of this new plan, we are targeting RM10 million worth of regular premiums under RHB Prime VantageLife for the next 12 months. This is a new addition to RHB’s wealth solutions to enhance the Affluent segment proposition, focusing on customer wealth preservation. For an added exclusivity for our affluent customers, we have put in place our in-house trustee experts to ensure that their legacy and wealth are well- preserved, and lifestyle needs are taken care of for generations to come”.
Toi See Jong, Chief Executive Officer of Tokio Marine Life said, “Tokio Marine Life remains committed in our partnership with RHB Bank by providing higher life insurance protection to policy holders who prefer a quality lifestyle for them and their loved ones.”
“With RHB Prime VantageLife, we recognise how important for one to have laid down a secure financial pillar for the family. Tokio Marine Life provides you the security and confident that you need, with our strong reputation and expertise of more than a century,” added Toi.
More than just a legacy plan, the policy holder can still gain a stream of guaranteed cash payment by attaching the Income Shield Rider. Client can opt to either receive or save the cash payment with Tokio Marine to earn interest. In addition, there are two premium waiver riders available for RHB Prime VantageLife, which are iLife Waiver and iPayor Waiver. The future premiums will be waived should any covered events happen to the life assured or payor, giving more peace of mind to the policy holder.