Secure your life insurance policy at OCBC Bank in Malaysia
As you grow old, you need to protect yourself with life insurance in Malaysia. Life insurance is an agreement wherein the insurer agrees to pay a death benefit to the proclaimed beneficiaries upon the death of the insured client. The aim of life insurance is to provide financial assistance to the surviving beneficiaries after the death of the insured policyholder. The insurer will assess the cost of living of the policyholder’s beneficiaries to determine what kind of policy will be taken by the account holder.
OCBC Bank, one of the largest well-known banks in Malaysia offers life insurance policies. They offer two types of life insurance policies; the term life coverage and the whole life coverage. While you’re still young, protect yourself with life insurance in Malaysia. Choose the best plan that suits your beneficiaries.
In obtaining life insurance, you should be oriented enough about the terms and conditions of the policy. However, the policy will be discussed to you, and if you’re in doubt, you can open up a question. In OCBC Bank, you can choose from the two types of life insurance policies. You can click here for more information.
The Term Life Coverage
In this type of life insurance, beneficiaries will receive a lump-sum amount upon the death or lifelong disability of the insured policyholder. This policy has flexible terms of 10-30 years, and it has fixed premium rates. This policy only covers death and disability circumstances. There will be an additional benefit of 200% on the net insurance amount in case of sudden death or disability. This policy is under MaxMoney Back.
Under the 1Malaysia Micro Protection Plan, the policy is renewable up to 66 years old. The premium costs RM10 per month, and it covers death and disability. This policy includes hospital income benefits. The policy is available for 18-60 years old.
The Whole Life Coverage
In this type of policy, you can customize your policy wherein you can choose the subsidiary benefits like personal and hospital benefits. This type of policy includes a lump-sum payout upon death and lifelong disability. This policy assures cash payment computed as 5% of the insured amount, and it’s payable every 3 years. Premiums are payable until 54 years of age. This policy is covered until 88 years of age.
In purchasing a policy, the insurer will base some factors like age, gender, nicotine use, medical history, family health history, dangerous hobbies, travelling to dangerous places, and even driving records. You need to undergo evaluative examinations to determine what policy fits for you. The evaluation may takeweeks, but if you need a quick policy, you can consider getting online instant-approval life insurance.
Life insurance is a policy wherein it assures you that your loved ones are safe financially when you reach sudden death or permanent disability. You need to also ensure that the policy you’re purchasing is from a trusted bank or insurer. Aside from the customer friendly services, OCBC bank offers insurance such as; personal/family, home, and mortgage, takaful, travel and life insurance. For more information, you can check here.