Top Life Insurance Policies In Malaysia
Top 10 Life Insurance Policies In Malaysia-2024. I am sharing some information about Malaysia’s top life insurance policies for 2024. According to RinggitPlus, Allianz, Zurich, Etiqa, Great Eastern, AIA, and Prudential offer some of the best whole life insurance policies. These policies provide lifelong protection against death and disability. While accumulating cash values for stable financial security.
Some of the best term life insurance policies are offered by Gibraltar BSN, FWD, Manulife, Etiqa, Hong Leong Assurance, and Prudential. These policies provide customizable life protection plans with affordable premiums and flexible coverage terms. According to GlobalData, some of the leading life insurance companies in Malaysia are Great Eastern Life, AIA Bhd, Allianz Life Insurance Malaysia Berhad, Hong Leong Assurance Berhad, and Etiqa Life Insurance Berhad. These companies have the highest share in direct written premiums (DWP) in 2021.
1: Allianz General Insurance Company
Allianz General Insurance Company is a subsidiary of Allianz SE, one of the leading integrated financial services providers worldwide. Allianz SE was founded in 1890 in Berlin and is now headquartered in Munich, Germany. It offers insurance and asset management products and services to customers in over 70 countries. Allianz General Insurance Company provides general insurance solutions. Such as motor, home, travel, health, and business insurance. In Malaysia, Allianz General Insurance Company operates as Allianz Malaysia Berhad, which is part of the Allianz Group.
2: MSIG Insurance Malaysia
MSIG Insurance Malaysia is a subsidiary of MSIG Holdings (Asia) Pte Ltd. Which is part of the Mitsui Sumitomo Insurance Group, one of the largest general insurance groups in the world. MSIG Insurance Malaysia offers a wide range of general insurance products and services for individuals and businesses. Such as motor, home, travel, health, marine, fire, and engineering insurance. MSIG Insurance Malaysia has a network of 20 branches across the country. And is regulated by Bank Negara Malaysia.
3: Etiqa General Insurance
Etiqa General Insurance is a subsidiary of Etiqa Insurance and Takaful, which is part of the Maybank Group. One of the largest financial services groups in Malaysia. Etiqa General Insurance offers a range of general insurance products and services for individuals and businesses. Such as motor, home, travel, health, fire, and liability insurance. Etiqa General Insurance has a network of 24 branches across Malaysia. And is regulated by Bank Negara Malaysia.
4: Berjaya Sompo Insurance Berhad
Berjaya Sompo Insurance Berhad is a joint venture between Berjaya Capital Berhad and Sompo Japan Nipponkoa Insurance Inc. One of the largest insurance groups in Japan. Berjaya Sompo Insurance Berhad offers a range of general insurance products and services for individuals and businesses. Such as motor, home, travel, health, fire, and personal accident insurance. Berjaya Sompo Insurance Berhad has a network of 22 branches across Malaysia. And is regulated by Bank Negara Malaysia.
5: Tokio Marine Insurance Malaysia
Tokio Marine Insurance Malaysia is a subsidiary of Tokio Marine Holdings, Inc., one of the oldest and largest insurance groups in Japan. Tokio Marine Insurance Malaysia operates two entities: Tokio Marine Insurans (Malaysia) Berhad. Which provides general insurance products and services. Such as motor, home, health, personal accident, and travel insurance. And Tokio Marine Life Insurance Malaysia Bhd. Which provides life insurance products and services such as life, health, savings, retirement, and education plans. Tokio Marine Insurance Malaysia has a network of 23 branches across Malaysia. And is regulated by Bank Negara Malaysia.
6: AXA Affin General Insurance Berhad
AXA Affin General Insurance Berhad is a joint venture company between AXA Group, one of the world’s leading insurance and asset management groups. And Affin Bank Berhad is one of Malaysia’s leading financial institutions. AXA Affin General Insurance Berhad offers a range of general insurance products and services for individuals and businesses. Such as motor, home, travel, health, personal accident, and fire insurance.
AXA Affin General Insurance Berhad has a network of 22 branches across Malaysia. And is regulated by Bank Negara Malaysia. Please note that Generali has completed the acquisition of the majority stakes in the AXA-Affin joint ventures in Malaysia. And the purchase of 100% of MPI Generali on 30 August 2022. The transactions are subject to regulatory approvals. And are expected to be completed by early 2023.
7: Zurich General Insurance Malaysia Berhad
Zurich General Insurance Malaysia Berhad is one of the companies under Zurich Malaysia, which offers a wide range of insurance and takaful solutions in the country. It provides conventional products of general insurance. Such as motor, property, travel, health, and personal accident. According to its website, it is committed to helping customers understand and protect themselves. Their businesses, and their assets from risk.
8: Great Eastern General Insurance Berhad
Great Eastern General Insurance Berhad is another company. That offers insurance and takaful solutions in Malaysia. It is a subsidiary of Great Eastern Holdings Limited. Which is the oldest and most established life insurance group in Singapore and Malaysia. It provides general insurance products. Such as motor, home, personal accident, health, travel, and business insurance. According to its website, it aims to protect customers’ lifestyles. And the things they value, both personal and business.
9: RHB Insurance Berhad
RHB Insurance Berhad is a company that offers general insurance products and services in Malaysia. It is a subsidiary of RHB Banking Group, which is one of the largest financial services groups in Malaysia. It provides general insurance products. Such as motor, travel, medical, personal accident, and business insurance. According to its website, it aims to provide customers with convenience and peace of mind through its online platform and 24/7 assistance.
10: Syarikat Takaful Malaysia Berhad
Syarikat Takaful Malaysia Berhad is a company that offers takaful products and services in Malaysia. Takaful is a form of Islamic insurance based on the principle of mutual cooperation and shared responsibility. It provides takaful products for personal and commercial needs. Such as medical, motor, home, travel, personal accident, and business takaful. According to its website, it aims to provide customers with comprehensive protection plans that suit their diverse needs.
Summary
Malaysia life insurance is a type of financial protection that pays a sum of money to the beneficiaries of the insured person in the event of death or disability. Life insurance can help provide financial security and peace of mind for insured persons and their loved ones. There are various types of life insurance products and services available in Malaysia. Such as term life, whole life, investment-linked, takaful, and others. Each type has its own features, benefits, and costs.
Some of the factors that affect the premium and coverage of life insurance are age, health, lifestyle, occupation, and family history. Life insurance can be purchased from licensed insurers or takaful operators in Malaysia. Either directly or through intermediaries. Such as agents, brokers, or online platforms. Some of the well-known life insurance providers in Malaysia are AIA, Prudential, Great Eastern, Allianz, Etiqa, and others.