One of the most essential things anyone should have is insurance. You would have health insurance or a medical policy bought either on your own or by your employer. Your vehicle will have motor insurance but there are times when you need to buy something above and beyond what your basic needs are.
Convenient and easy
Most consumers perceive buying insurance as a tedious process as you have to go through tons and tons of documentation. With products and demand for services to be more convenient, it is no surprise that a lot of these products have gone digital and here are some of them.
Pet insurance by MSIG
MSIG Insurance, one of the most established names in this sector recently announced its partnership with Oyen Sdn Bhd where you can now buy insurance for your pets through their online platforms. This is where you can buy medical coverage that will offer up to RM8,000 for medical treatment at the vet. The premium is quite low and can be as low as RM25 per month which can be catered for cats or dogs. Apart from that, the coverage also protects your pet from injuries or accidental damages as well as costs in the event of death.
This is seen as one of the more contemporary insurance packages because medical costs for pets have been increasing in recent years. Such a package would be ideal for millennials who are working from home a lot and tech-savvy as they can buy the policy online. It must be noted that the policy could also cover visits to registered vets.
Lifestyle Insurance by BigPay
BigPay, one of the e-wallets and digital payment companies affiliated with AirAsia has launched a new all-in-one lifestyle insurance plan. This insurance package will cover the holder with protection in case of accidental death and other lifestyle-related issues. It claims to be among the lowest premiums around which can be as low as RM0.08 sen per day (amounts to RM30 per year).
Calling it lifestyle insurance means that it not only involves accidents but also in the disruption of your lifestyle. This insurance is provided together with Allianz General Insurance and is available for BigPay users. Among the areas that the Lifestyle Insurance policy covers include:
- Up to RM15,000 in case of accidental death and RM15,000 for permanent disablement
- Protection for online purchases of RM300 and RM500 for basic and plus packages
- Protection for smart devices
- Protection in cases of loss of sports equipment
- Hospital Income Benefit of up to RM150 per day.
So, what does this mean?
It is evident that the lifestyle of the typical Malaysian has changed tremendously especially through 2020 and most likely because of the COVID-19 pandemic. It must be noted that Malaysians are more tech-savvy today while looking for products that are more relevant to them since most service providers are offering them. Furthermore, they are quite affordable and easier to manage as compared to conventional insurance packages.
