KUALA LUMPUR, Oct 2 (Bernama) -- Allianz Life Insurance Malaysia Berhad (Allianz Life) has unveiled AssuredLove, a new feature offering life insurance policyholders the choice of flexible death benefit annual payouts over five years or 10 years.
Allianz Life chief executive officer Charles Ong said the feature was designed to help customers plan their legacy planning strategies more effectively, thus ensuring the long-term financial stability of the beneficiaries.
"We are proud to introduce AssuredLove, a feature that reflects our commitment to providing innovative solutions that empower our customers.
"By offering flexible death benefit payout options, we aim to help our policyholders manage their legacy more effectively, ensuring their loved ones remain guided and supported in a way that aligns with their unique circumstances,” he said in a statement today.
He said that for policyholders opting for the five-year payout term, the first-year payout is 28 per cent of the death benefit, followed by 18 per cent annually for the next four years.
Meanwhile, for the 10-year term, the first-year payout remains at 28 per cent, with subsequent annual payouts of eight per cent for the remaining nine years.
"Interest will be accrued on the balance of the death benefit after the first annual payout. This interest will be paid together with the final annual payout or upon the termination of AssuredLove, whichever occurs first, providing additional financial growth over the payout period,” he said.
Charles Ong said AssuredLove can be attached to existing policies at no additional cost, as well as to several other life insurance products, including Allianz EverLink Signature, Allianz EverLink Plus, Allianz PremierLink, Allianz PremierLink Advance and Allianz PrimeCover.
The new feature is offered to all eligible policyholders, thus providing the opportunity to customise life insurance benefits according to one's financial requirements.
Those interested can contact Allianz Life or its authorised agents for more information.
-- BERNAMA
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