Life Insurance in Malaysia
Life insurance in Malaysia is regulated by Bank Negara Malaysia by law. The laws are The Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA). The Civil Law Act 1956 includes provisions for the payment of life insurance proceeds.
AIA Insurance Malaysia provides conventional and Islamic life insurance products and policies in Malaysia as governed by these regulations and laws.
Contact Insurance Agent for Life Insurance
Click the button below to contact AIA Insurance Agent Levine Lee, to answer your questions on this insurance plan.
Or send in an enquiry. We will contact you to create the best insurance quotations to fit your personal insurance plan needs.
AIA life insurance agents and life planners in Malaysia have to sit for exams and be licensed to sell insurance products from AIA. They need to have an agent code issued by AIA. And life insurance agents in Malaysia need to be members of the Life Insurance Association of Malaysia (LIAM).
AIA Investment Linked Life Insurance – Signature Beyond 2
AIA Investment Linked Life Insurance – Signature Beyond 2
The price shown is the starting monthly premium price. This is a life insurance plan to protect your family’s finances. The best life insurance plan for a total coverage of life’s risks:
- Death benefit
- Total and Permanent Disability (TPD)
- Critical Illness Coverage with Reset Capability
- Accidental death coverage 200% payout
- Accidental death coverage in a lift or public transportation 300% payout
- Accidental death coverage from a natural disaster 600% payout
- Higher maturity cash value
Contact AIA Business and Life Insurance Agent Levine Lee for a Custom Quote.
Or checkout this product as an order. No payment will be taken nor asked. The order will be seen as a request for a custom quotation for your needs.
All life insurance companies in Malaysia would have a similar set of life insurance products as follows:
1. Term Life Insurance
2. Whole Life Insurance
3. Investment Linked Life Insurance
4. Female Life Insurance Plan
5. Child Life Insurance Plan
Additional Insurance plans that provide benefits for an insured person’s health and life status:
6. Medical Insurance Plan
7. Personal Accident Insurance Plan
8. Cancer Insurance Plan
9. Critical Illness Insurance Plan
The number of Malaysians living to be 60+ years old is around 3 million people. And growing year on year.
In the event a person becomes permanently disabled, which means a total loss of independent existence, they have no more income for cash-flow to survive. To pay for the nursing care or home will cost a lot, especially when people can live longer with the higher quality of healthcare in Malaysia.
A life insurance policy pays out on total and permanent disability. The cash flow loss from the loss of income, can be covered fast by a good life insurance plan.
It should be borne in mind that Malaysia has among the highest road accident rates in region. Even Vietnam has its accident rates dropping. It is most prudent to get a life insurance plan to get fast coverage for such a situation. The screen shot below, from a dashcam, shows the lack of road safety leading to such dangerous accidents.
A life insurance plan in Malaysia pays the amount insured based on the following events:
1. Death of insured person
2. Total and Permanent Disability of insured person
Additional insurance benefits will be per the insurance plan or policy structure or combination of plans:
1. Outpatient Medical bills payment
2. Hospitalization bills payment
3. Surgical bills payment
4. Special coverage for critical illnesses
5. Special coverage for female critical illnesses
6. Special coverage for child critical illnesses
7. Special coverage for cancers
8. Special coverage for mother’s pregnancy and childbirth complications
9. Special coverage for baby’s birth emergencies and birth defects
10. Special coverage due to accidents
11. Return on premiums paid based on guaranteed payments (Traditional Policy, non-investment linked policy)
12. Return on premiums paid based on fund investment performance 
Individuals and Group Members within Malaysia. Life Insurance coverage in Malaysia is for a named insured person. The name or names of the insured persons have to be listed in the insurance policy.
The policy owner has to have an insurable interest in the insured person. This means the policy owner will face a financial loss if the insured person dies or is disabled permanently.
The insurable interest groups are:
1. Immediate family members
2. Company’s key person, employees
3. Registered financial institutions eg. Banks
The non-insurable interest groups are:
1. Siblings
2. Friends
3. Companions
The policy owner is not necessarily the insured person. For example, for a baby insurance plan, the parent is the policy owner and the insured person is the baby.
Groups mean companies, businesses and associations registered in Malaysia. Who buy life insurance to insure their named employees or members. 
By Malaysian law, neither the policy owner nor insured person get the benefits or proceeds.
The named nominee is the named legal entity (trustee, company or person) in the policy that gets the benefits and proceeds of the life insurance plan from the life insurance company.
It is advisable for policy owner to nominate nominees for distribution in the event of death. Policy owner has option not to nominate by writing Will for Estate Planning.
A well established and reputable insurance company in Malaysia would be well versed with the Malaysian laws on insurance, and will state these clearly in its insurance policy.
As the most important part of an insurance policy is how the life insurance claim will be accepted, processed and paid out by the insurance company.
It all depends on the life insurance plans selected. To get an idea click on the image below to see indicative prices and premiums to be paid.
Get Insurance Advice from Our Experienced Life Insurance Agent in Malaysia
Contact our Life Planning Advisor to get in touch with us and start your personal coverage or choose your plan now. Get covered correctly. Be advised correctly. Call Levine Lee today to be advised on the best insurance protection personalized for you. Or send us the form below on your interest.
AIA Investment Linked Life Insurance – Signature Beyond 2
AIA Investment Linked Life Insurance – Signature Beyond 2
The price shown is the starting monthly premium price. This is a life insurance plan to protect your family’s finances. The best life insurance plan for a total coverage of life’s risks:
- Death benefit
- Total and Permanent Disability (TPD)
- Critical Illness Coverage with Reset Capability
- Accidental death coverage 200% payout
- Accidental death coverage in a lift or public transportation 300% payout
- Accidental death coverage from a natural disaster 600% payout
- Higher maturity cash value
Contact AIA Business and Life Insurance Agent Levine Lee for a Custom Quote.
Or checkout this product as an order. No payment will be taken nor asked. The order will be seen as a request for a custom quotation for your needs.
Life Insurance Benefits in Malaysia
Life insurance is a protection against financial loss that would result from the premature death of an insured. This is paid by an individual or by a business. A business would get this as a keyman insurance policy.
Life insurance
The named recipient receives the proceeds and is thus protected from the financial consequences of the death of the insured. The death benefit is paid by the life insurer to be considered for the payment of the premium made by the insured party.
AIA A-Life Protect Term Life Insurance Yearly Plans Malaysia
AIA A-Life Protect Term Life Insurance Plans Malaysia
A-Life Protect Term life insurance provides death coverage of the person insured, within the term period at affordable premium. The plans listed here are the Yearly Renewable Term plans. And includes disability coverage as listed below.
Suitable for Business’ Keyman Insurance and Individuals’ Estate Planning needs.
Life insurance can pay your recipient money as a lump sum or as regular payments if you die. It’s designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide. The amount of money paid out depends on the level of cover you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.
Do you need life insurance?
You will need to have a life insurance if you have:
- Dependants, e.g. school-age children
- A partner who relies on your income, or
- A family living in a house with a mortgage that you pay
You might also want a policy which covers your funeral expenses. You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect.
If you want to provide for your family financially if you die, think about getting life insurance.
Reason to buy life insurance
Regardless of how much you earn, no one knows what the future holds. The least you can do is to secure your family’s financial future by buying a life insurance policy. Here are five reasons for buying a life insurance policy.
Looking after your loved ones even after you’re gone
This is the most important aspect of life insurance that one needs to factor in. Your family is dependent on you even after you’re gone and you certainly don’t want to let them down. Whether it’s for replacing lost income, paying for your child’s education or making sure your spouse get the much-needed financial security, life insurance could save the day for your surviving dependents.
Supplements your retirement goals
Who wouldn’t like their retirement savings to last until they do? With an insurance plan, you can ensure you have a regular stream of income every month. Putting money in an annuity is like a pension plan – put in some money regularly in a life insurance product and enjoy a steady income every month even after retirement.
Peace of mind
Death is unavoidable. In the face of tragedy, the least you can do for your family is to secure their financial future.
Even if it is a small policy, you know that you’ve done all you can to help them tide over difficult times.
AIA A-Life Lady360 Insurance Plans
This is a women’s personal insurance plan from AIA Insurance.
- A-Life Lady360 provides you comprehensive coverage up to the age 80.
- Comprehensive female cancer financial protection.
- Childbirth cash rewards claimable with the child’s birth certificate.
- Collect back the maturity benefit at 150% of coverage amount.
- The plan details and downloads are in the detailed description below
Send in this pre-order to get the official proposal for you. Nothing needs to be paid for this pre-order.
Help achieve long-term goals
Since it is an instrument that keeps you invested for the long term, it would help you achieve your long-term goals such as buying a home or planning your retirement.
It also provides you with diverse investment options that come along with different types of policies.
Some policies are tied to certain investment products that pay dividends based on their performance. If you are opting for an investment-linked policy, be sure to read the fine print to be fully aware of the potential risks and returns.
You may not be qualified for it later
Life insurance policies run on uncertainties. You may be healthy now and paying a premium may seem to be an added financial burden, but if you suddenly fall ill, you may not be allowed to but a life insurance policy. Therefore, it is imperative to buy one early on in your life because it remains in force if your health deteriorates later on. Insurance companies allow you to attach certain riders or benefits to your existing or new policy.
Types of Life Insurance
Life insurance is a contract between an individual with an insurable interest and an insurance company to transfer the financial risk of a premature death to the insurer in exchange for a specified amount of premium. The three main components of the life insurance contract are a death benefit, a premium payment and, in the case of permanent life insurance, a cash value account.
There are two main types of life insurance:
Term life insurance policy
Run for a fixed period of time (known as the ‘term’ of your policy) – such as 5, 10 or 25 years. These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy terms. This policy is also commonly used for a Key man Insurance Policy.
Whole Life Insurance Policy
Will pay out no matter when you die, as long as you keep up with your premium payment.
How much does Life Insurance cost?
Life insurance can be very good value. Often just a few cents day is all you need to provide your loved ones with plenty of financial protection (depending on your age and health status). For example, the younger you are and the less likely you’re to die from a medical condition, the cheaper your policy is likely to be.
But insurance monthly payments (also known as premiums) do vary, so it’s a good idea to shop around. Check exactly what is covered for the level of the monthly payment. The price you pay for a life insurance policy depends on a number of things. These include:
- Age
- Health
- Whether you smoke
- The length of the policy
- Lifestyle
Contact Life Insurance Expert
Financial Security – It is There When Needed
Levine can help you to protect yourself and the future of your loved ones. Get immediate financial security. Don’t touch your savings. Let insurance provide it.
She can help provide financial security in times of hardship and will be able to ease the financial burden of your dependents in your absence.
Contact our AIA INSURANCE AGENT LEVINE LEE to get in touch with us and start your personal coverage, group coverage or choose your plan now. Get covered correctly. Be advised correctly. Call Levine Lee (+6012-684 0948) today to be advised on the best insurance protection personalized for you. Or send us the form below on your interest.
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