KUALA LUMPUR: Fi Life Sdn Bhd today launched its first self-underwritten life insurance product, available online – offering the cheapest life insurance for women.
This follows Bank Negara Malaysia’s (BNM) approval of Fi Life’s participation in its regulatory sandbox. Now, any woman below the age of 55 will enjoy the lowest life insurance premium in Malaysia or get the difference refunded –the first such guarantee in the Malaysian market.
According to BNM, only half of Malaysian working adults aged 20-59 have life insurance or takaful protection. And of those who are insured, their coverage is woefully inadequate.
This new term life insurance policy by Fi Life, represents a milestone in bringing affordable protection to millions in Malaysia.
In addition, Fi Life offers the highest sum assured of RM1 million among all life insurance policies offered online. It is also the cheapest life insurance for men in their prime working ages and covers foreign professionals with work permits too.
Fi Life does not employ insurance agents as it is a completely online insurance company.
Given that agent commissions can amount up to 40% of premiums for the first six years of a typical life insurance policy, Fi Life is able to considerably reduce its premiums and pass on the commission savings to its customers.
“As one of the first movers in Malaysia’s nascent digital insurance market and the first to offer online life insurance, we have been working hard to make insurance more affordable for Malaysians. We believe nobody should have to choose between protecting themselves and their loved ones or being uninsured due to cost. It is imperative that we make insurance easy and affordable. So it is more accessible to those that need them the most,” said Malek Ali (pic), founder and CEO of Fi Life.
He added, “As Malaysians, we also want to contribute to the financial inclusion of women in the country. With us, women will get more for their money when they sign up for a policy because a RM1 million life insurance policy from Fi Life can be as cheap as RM2 per day. Most importantly, they will be empowered by the ability to get it without relying on others.”