Source: MSIG, 27 May 2021
MSIG Insurance (Malaysia) Bhd (“MSIG Malaysia”) has launched two new critical illness insurance products. These are EZ Plus Critical Care which covers most prevalent critical illnesses; cancer, stroke, heart attack, and kidney failure; and Cancer Care 365 which is focused specifically on cancers. Both of MSIG’s new critical illness products provide policyholders with a lump sum payment for any of the covered critical illnesses, at the early and/or critical stages of the illness.
While most Malaysians are familiar with conventional medical insurance products and plans (typically the ones which provide a medical card), critical illness insurance is designed to provide an extra blanket of financial protection in the unfortunate event of them being diagnosed with a critical illness.
MSIG is launching both products to provide very targeted, very affordable, critical illness insurance which can be accessed by more Malaysians. Consumer awareness of the costs of healthcare have risen recently and many people who may not previously have considered critical illness cover now understand the need to do so. Likewise, others, who may already have existing coverage, can see the value in extending or ‘topping up’ their critical illness coverage by adding MSIG’s affordable plans to provide additional financial protection for themselves and their families.
MSIG’s EZ Plus Critical Care product offers a lump sum payout of up to RM200,000 along with a variety of other benefits including recuperative, supplementary medicine and travel allowances if the policyholder is diagnosed with a covered illness. There is also an additional no claim bonus which provides a 10% per annum increase in the initial sum insured for every no-claim-year up to 5 years. To provide customers with greater flexibility and ensure affordability, EZ Plus Critical Care gives customers two options of plan with differing benefits and costs.
The Cancer Care 365 insurance product has been designed to specifically address the concerns of people worried about the risk of developing cancer. The product offers a lump sum payout of up to RM250,000, which can be increased by an additional 50% in the event of the policyholder developing gender-related cancer. The product also provides other benefits which include payment of allowances for recuperation, supplementary medicine, purchase of mobile data and compensation for surviving parent(s) in the event of death as a result of a cancer. The Cancer Care product provides customers with three plan options which enables them to choose the level of coverage and cost with which they are most comfortable.
While conventional medical insurance covers the cost of treatment and medication when people are hospitalised, critical illness insurance can provide extra financial support to enable people to get back on their feet quickly. The lump sum payout can help cover any big expenses such as additional nursing and therapy costs, which they may have incurred beyond their medical policy, as well as helping people cope with potential disruptions to their work and income. This can help minimise financial and lifestyle stress for both them and their loved ones, which can also contribute positively to their recovery.
Mr. Chua Seck Guan, CEO of MSIG Malaysia, said, “As we all know, the cost of treating critical illnesses is getting more expensive every year and the impact that it makes on people’s lives is growing ever larger. Unfortunately, critical illness can affect any of us when we least expect it and are completely unprepared. As an insurer who cares, we want more Malaysians to have access to extra financial support which will give them the confidence they need to seek treatment earlier (which ensures a better chance of recovery) and also helps them cope with the unexpected changes in lifestyle that can arise from a critical illness.”
He continued, “These two new critical illness products were developed by MSIG with our policyholders in mind. We felt that there was some space in the market to provide Malaysians with better access and affordability when it comes to critical illness cover, particularly as there is more awareness of its importance right now. We wanted to create new products that encourage more Malaysians to protect themselves and take advantage of this type of additional coverage. Choosing the right product is not always easy, so we wanted to bring more affordable and flexible options to the Malaysian market.”
Interested parties can contact a MSIG Insurance Adviser or visit the following product pages on www.msig.com.my for more information.
MSIG EZ Plus Critical Care – https://www.msig.com.my/personal-insurance/products/ez-plus-critical-care/
MSIG Cancer Care 365 – https://www.msig.com.my/personal-insurance/products/cancer-care-365/