MSIG Launches Two New Critical Illness Products

Additional Options to Provide Better Choice, Accessibility and Affordability for Customers

KUALA
LUMPUR, MALAYSIA – Media OutReach – 27 May 2021 – MSIG Insurance (Malaysia) Bhd (“MSIG Malaysia”) has launched
two new critical illness insurance products. These are EZ Plus Critical Care
which covers most prevalent  critical
illnesses; cancer, stroke, heart attack and kidney failure; and Cancer Care
365 which is focused specifically on cancers. Both of MSIG’s new critical
illness products provide policyholders with a lump sum payment for any of the
covered critical illnesses, at the early and/or critical stage of the illness.

While
most Malaysians are familiar with conventional medical insurance products and
plans (typically the ones which provide a medical card), critical illness
insurance is designed to provide an extra blanket of financial protection in
the unfortunate event of them being diagnosed with a critical illness.

MSIG
is launching both products to provide very targeted, very affordable, critical
illness insurance which can be accessed by more Malaysians. Consumer awareness
of the costs of healthcare have risen recently and many people who may not
previously have considered critical illness cover now understand the need to do
so. Likewise, others, who may already have existing coverage, can see the value
in extending or ‘topping up’ their critical illness coverage by adding MSIG’s
affordable plans to provide additional financial protection for themselves and
their families.

MSIG’s
EZ Plus Critical Care product offers a lump sum payout of up to
RM200,000 along with a variety of other benefits including recuperative, supplementary
medicine and travel allowances if the policyholder is diagnosed with a covered
illness. There is also an additional no claim bonus which provides a 10% per
annum increase in the initial sum insured for every no-claim-year up to 5 years.
To provide customers with greater flexibility and ensure affordability, EZ
Plus Critical Care gives customers two options of plan with differing
benefits and costs.

The
Cancer Care 365 insurance product has been designed to specifically
address the concerns of people worried about the risk of developing cancer. The
product offers a lump sum payout of up to RM250,000, which can be increased by
an additional 50% in the event of the policyholder developing a gender-related
cancer. The product also provides other benefits which include payment of
allowances for recuperation, supplementary medicine, purchase of mobile data
and compensation for surviving parent(s) in the event of death as a result of a
cancer. The Cancer Care product provides customers with three plan options
which enables them to choose the level of coverage and cost which they are most
comfortable with.

While
conventional medical insurance covers the
cost of treatment and medication when people are hospitalised, critical illness
insurance can provide the extra financial support to enable people to get back
on their feet quickly. The lump sum payout can help cover any big expenses such
as additional nursing and therapy costs, which they may have incurred beyond
their medical policy, as well as helping people cope with potential disruptions
to their work and income. This can help minimise financial and lifestyle stress
for both them and their loved ones, which can also contribute positively to their
recovery.

Mr
Chua Seck Guan, CEO of MSIG Malaysia, said, “As
we all know, the cost of treating critical illnesses is getting more expensive
every year and the impact that it makes on people’s lives is growing ever
larger. Unfortunately, critical illness can affect any of us when we least
expect it and are completely unprepared. As an insurer who cares, we want more
Malaysians to have access to extra financial support which will give them the
confidence they need to seek treatment earlier (which ensures a better chance
of recovery) and also helps them cope with the unexpected changes in lifestyle
that can arise from a critical illness.”

He
continued, “These two new critical
illness products were developed by MSIG with our policyholders in mind. We felt that there was some
space in the market to provide Malaysians with better
access and affordability when it comes to critical illness cover, particularly
as there is more awareness of its importance right now. We wanted to create new
products that encourage more Malaysians to protect themselves and take
advantage of this type of additional coverage. Choosing the right product is
not always easy, so we wanted to bring
more affordable and flexible options to the Malaysian market.”

Interested parties can contact a MSIG Insurance
Adviser or visit the following product pages on www.msig.com.my for more information.