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Allianz Life Insurance Malaysia Berhad (“Allianz Life”) launched FlexiSaver today; a new universal life savings plan that provides a wide choice of premium payment and coverage term to suit different savings needs. The plan is available for those between the ages of 15 days old to 60 years of age, and aims to help customers to instil the habit of saving and reap potential benefits for the future.

“Recent reports from the media have indicated that many young people are becoming bankrupt, which is because the awareness on the importance of savings is not emphasised enough in these individuals. This forgotten habit of saving indeed plays a vital role here as it is not about how much one earns, but how much one saves. 

Saving is a discipline that everyone must adopt. It certainly takes some time to build the financial discipline that comes along with it. However, when one embraces this habit, a safety net is built and these savings can be used in times of need. To encourage the habit and discipline of saving regularly, we developed FlexiSaver,” said Rangam Bir, CEO of Allianz Life.

FlexiSaver has the potential to reap higher investment returns and provides the flexibility of making choices in terms of choosing the preferred premium term of between three to 20 years and coverage term of between 15 to 30 years. The plan also comes with guaranteed maturity value, where the maturity benefit is paid based either on the 100 percent Account Value or the Guaranteed Maturity Value, whichever is higher, at the time of policy maturity. FlexiSaver is an affordable entry level savings plan as in only cost at a minimum of RM200 per month. It is also hassle-free when purchasing this product. Besides this, FlexiSaver offers death benefit and pays double for death as a result of an accident. 

“In a nutshell, it is crucial to start planning early and to build capital, as today we see many people find it difficult to sustain as the years go by even before retiring. Even though the Employees Provident Fund (“EPF”) is clearly a valuable support; statistics have shown that 50% of EPF contributors exhaust all their EPF savings within five years of retirement. At the same time, an estimated 70% of retirees use up their EPF lump-sum withdrawals within 10 years of retirement. Thus, FlexiSaver is an option for people of all ages to consider purchasing, whether young or old as it can help them insome way during their times of need,” concluded Rangam.

Those who wish to know more about FlexiSaver can log on to Allianz Malaysia’s website at https://www.allianz.com.my/web/ctb/12515/10013 or watch a video uploaded on YouTube at https://youtu.be/yAaBl5HfWhc . Alternatively, they can also contact the Allianz Customer Service Centre at 1-300-88-1028 or email customer.service@allianz.com.my .