Teras Malaysia Extra

NIAM launched Teras Malaysia Extra on 9 February 2009, targeting RM20 mil premiums this year. The earlier version, Teras Malaysia was launched in 1998, generated RM222 mil premiums from 236,000 policyholders.

The product is sold by AMLife, Etiqa, HLA, MAA and MCIS Zurich.

Product Features:

• Term with 100% refund of premiums
• Death: 100% SA
• TPD: 100% SA (up to age 54), max limit: RM1 mil, payment: 20%/80%
• Accidental death: 200% SA (up to age 65)
• CI: RM10,000, covering 36 CIs
• Daily hospital allowance: RM50/day, up to 45 days per year, lifetime limit: 300 days
• Funeral expenses: RM2,000
• 4 different terms: 15, 20, 25 and 30 years; premium payment term = policy term
• SA: min: RM50,000, max: subject to u/w
• Payment mode: Annual, Semi, Quarterly and Monthly
• Min entry age: 16 next birthday
• Max maturity age: 70
• Sample premium: Male age 30, term 30, SA: RM100,000, annual premium: RM1,896

Source: The Star, TAS Research