Tuesday, April 14, 2009

MAA aims to maintain RM1b life policy sales: BT

MALAYSIAN Assurance Alliance (MAA Assurance) Bhd hopes to maintain its life insurance premium sales of RM1 billion for this year, says its top chief, reports Business Times (March 24, 2009).
"We are bullish on our sales as we anticipate take-up for protection plans to increase, and as we also shift our emphasis from selling single-premium policies," said its chief executive officer Muhamad Umar Swift at a press conference on the release of its latest endowment plan held at Kuala Lumpur yesterday.
Umar added that the finalisation of holding company MAA Holdings Bhd's deal with Ambank is expected to be completed within a month or so.
Ambank Group plans to buy MAA Holdings Bhd's general insurance unit for RM274.8 million and purchase a 4.9 per cent stake in the latter's takaful unit for RM16.2 million.
On its latest life policy "Super Fortune Plan", MAA Life Business Development Services vice-president Chan Yok Chor said he expects first-year premium sales of RM100 million, or 10 per cent of the life division's sales.
The plan allows policyholders to complete premium payments for the entire policy in either 6, 10, 15 or 20 years.
The plan caters to individuals aged between 10 and 55, and matures at the 50th or 80th birthday of the insured, depending on the entry ages.
It provides guaranteed annual cash payments at the end of the 10th policy year onwards and 120 per cent of the original sum assured will be paid upon maturity of the policy.
"We are targeting customers who are currently keeping their money in safe deposits and earning a minimal interest on their money as the policy provides protection and savings," said Chan.
Policyholders can also choose to enhance their basic cover by attaching additional rider policies such as medical plans.

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