MALAYSIA – U for Life, Malaysia’s first Internet insurance platform, has been launched to provide Malaysians an easy access to life insurance products online.
U for Life issues e-policies instantly, allowing consumers to buy life insurance in a simple, quick and affordable manner, a statement on its website said.
The Sun Daily reported that U for Life is backed by its principal shareholder, Hannover Re, the third-largest reinsurer in the world, and underwritten by Tokio Marine Life Insurance Malaysia, a unit of the Japan’s largest insurance group.
In a statement, U for Life general manager Iskandar Ezzahuddin expressed confidence that the online insurance platform will contribute to the objective of increasing the life insurance penetration rate in Malaysia.
The Sun Daily report said Malaysian customers pay as little as MYR9.85 (USD2.74) per month for life insurance protection of MYR100,000 (USD27,856).
U for Life is a registered Malaysian Corporate Agent of Tokio Marine Life Insurance Bhd.
“Our paperless process is not just a breeze; it makes the buying process more efficient and easy for customers,” U for Life said on its website. – BusinessNewsAsia.com