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In its effort to provide results for customers and the community alike, Allianz Life Insurance Malaysia Berhad (“Allianz Life”) shares on the importance of having an insurance plan not only for individuals, but also to employers and employees alike.

“Medical costs are rising and insurance is becoming more and more significant especially among employers to take care of the needs of their employees.

Companies are encouraged to have Employee Benefits coverage such as Group Health & Surgical insurance and Group Term Life insurance among others not only to mitigate the cost of medical expenses for their employees but also to add value to them,” said Fong Looi Foong, Head of Employee Benefits at Allianz Life.

Employee Benefits can help with staff retention and it is part of key benefits that are expected by employees besides good salaries. It is an insurance coverage which is renewable on a yearly basis and the pricing is normally set based on a company’s own loss experience. The price per headcount for any Employee Benefits plan is more competitive relative to individual pricing. It also has better insurance terms, such as waiving pre-existing conditions and specified illnesses after short period of time.

Other than being cost effective for insuring medical risks, an Employee Benefits plan also provides the flexibility to extend coverage to dependents. In addition, employees do not need to just rely on Human Resources support when it comes to medical attention, but the 24-hours call centre support. 

Individual health insurance on the hand is guaranteed to be renewed and the pricing is reviewed based on the individual’s life experience such as lifestyle rather than his/her loss experience. Although the pricing may appear to be less competitive than an Employee Benefits’ plan, it also has its vital significance for each individual.

“For companies and employees, the Employee Benefits coverage is a great plan that works well for both parties. However, employees are also encouraged not to just rely on the Company’s coverage, but to also purchase their own individual policy for added protection. This is because, in case the company’s Group Hospital & Surgical policy limit exceeds, employees then can claim from their own in individual medical In its effort to provide results for customers and the community alike, Allianz Life Insurance Malaysia Berhad (“Allianz Life”) shares on the importance of having an insurance plan not only for individuals, but also to employers and employees alike.

“For companies and employees, the Employee Benefits coverage is a great plan that works well for both parties. However, employees are also encouraged not to just rely on the Company’s coverage, but to also purchase their own individual policy for added protection. This is because, in case the company’s Group Hospital & Surgical policy limit exceeds, employees then can claim from their own in individual medical plan. Conversely, employees are encouraged to claim from the company’s Group Hospital & Surgical policy first to prevent themselves from consuming their own individual medical plan’s life-time limit,” concluded Fong.

Customers who wish to enquire or find out more about the Employee Benefits plan or their individual medical plans, can log on to www.allianz.com.my, roll-over to the ‘Products’ tabs, then click on ‘Commercial Insurance Solutions’. Thereafter, click on ‘Employee Benefits’. Alternatively, they can also contact the Allianz Customer Service Centre at 1-300-88-1028 or email customer.service@allianz.com.my .