The migrant workforce in Malaysia will get a minimum Rm1 monthly insurance cover while refugees too will get their own cover.
MCIS Insurance Berhad (MCIS Life) has teamed up with Merchantrade Asia Sdn Bhd to offer the insurance protection plans.
The plans are available to locals and foreigners, targeting the underserved communities in the country.
The new plan is most timely given the Covid-19 pandemic and lack of accessibility to affordable insurance and healthcare.
Speaking at the signing ceremony to kick-start the partnership, MCIS Life CEO and Managing Director, Prasheem Seebran, says, “We believe that everyone should be able to have access to life insurance. Migrant workers play a significant role in driving the country’s economic growth.
“So, it is important to ensure this segment of the population, which works alongside Malaysians, has equitable access to financial protection during uncertain times. This is critical to give them peace-of-mind. To date, we have paid out three claims amounting to RM16,000 to the beneficiaries in a foreign country, which were processed within five working days.”
PLAY A BIGGER PART
According to recent figures from the Malaysian Employers Federation, there are approximately 2.3 million documented migrant workers in Malaysia, which accounts for about seven per cent of the country’s 32.7 million population.
As reflected in MCIS Life’s brand promise, “People Helping People”, the life insurer aims to play a bigger part in the larger Malaysian family through promoting mutual protection and assistance to all segments of the population.
Prasheem explains, “This new life insurance plan is designed to be affordable, from as low as RM1 per month, making it the most value-for-money life insurance plan in the country. Additionally, the new plan features a hassle-free claims process and easy accessibility by leveraging Merchantrade Asia’s wide network.
The new micro life insurance plan is underwritten by MCIS Life, and distributed by Merchantrade Asia under its “Merchantrade Insure Life” plan.
It offers the following benefits:
- Flexible sum insured with monthly premium from as low as RM1 for a Basic Sum Insured of RM 4,000
- 100% of the Basic Sum Assured payable for the death of the life assured due to all causes including COVID-19
- Double Basic Sum Assured payable for the death of the life assured due to specific illnesses including dengue fever, Chikungunya fever, Malaria, Japanese Encephalitis, Avian Influenza or the Zika virus.
This affordable micro-insurance plan is available at all of Merchantrade’s 99 retail branches nationwide as well as through its Merchantrade Money e-wallet application, increasing accessibility to the underserved population as well as Malaysians.
Supporting MCIS Life’s mission to provide equitable insurance and health protection to Malaysia’s invisible population, MCIS Life has introduced another new medical plan for the refugee community registered with UNHCR, the UN Refugee Agency, in Malaysia.
The new medical plan, distributed by Merchantrade under its “Merchantrade Insure Medic” portfolio, allows the eligible insured to be reimbursed for claims directly into their Merchantrade Money e-wallet with up to RM6,000 claims limit annually. The plan will cover:
- Government Hospital daily room and board,
- Intensive Care Unit / Cardiac Care Unit,
- Surgical fees and in-hospital related services,
- Outpatient treatment – Pre- and post-hospitalisation treatment, home nursing care, day surgery expenses, daycare procedure, kidney dialysis and cancer treatment. *Terms and conditions apply
“The launch of this new medical plan for refugees scored another first for MCIS Life. The medical plan, currently the only one of its kind in the country, provides protection to the refugee community against escalating medical costs, at the same time, alleviating the additional burden on the nation’s healthcare system. This move is in line with MCIS Life’s mission to make life insurance protection inclusive and accessible to all community segments,” Prasheem added.
Commenting on the partnership with MCIS Life, Merchantrade Asia’s Managing Director, Ramasamy K Veeran, says, “Creating breakthrough products such as this enriches communities and reduces the gap. We hope to make insurance and financial protection more affordable and easily accessible to the underserved population in Malaysia.”
“At Merchantrade we’re creating an ecosystem of relevant services through industry partnerships and collaborations, creating new ways to make them available to all walks of life, our vision is to bring a whole new level of convenience to everyday lives, be it migrants or Malaysians alike”.
“MCIS Life has been serving Malaysia for more than 60 years, we take pride in our history and aim to continue offering innovative insurance products to the market,” Prasheem concluded.