Kuala Lumpur, 28 September 2011 - Hong Leong Bank (HLB) recently launched the Hong Leong Senior Secure Plan, a whole life comprehensive insurance plan that will protect customers up to the age of 100. It is an important feature because, as customers age, they become more susceptible to illnesses and accidents. However, most insurance policies mature before the insured reach the age of 100, leaving them vulnerable when they need protection the most.
The Hong Leong Senior Secure Plan is a unique plan that provides an Old Age Disability benefit, whereby customers will receive a cash payout of 100% of the Sum Assured should they become unable to perform three out of the five daily activities of bathing, dressing, eating, using the lavatory and moving about after age 65. In addition, they will also be covered for Death up to age 100 and Total Permanent Disability in the event it happens before the age of 65.
Another important feature of this plan is that it serves as a savings plan should customers wish to surrender their policy before maturity. The amount to be received is guaranteed and it pays out a higher savings at later stages when money is needed the most. The surrender value is higher compared to normal whole life policies and is specially designed to help customers secure the senior care they need during their golden years, a period when medical and life insurance rarely covers.
"For most of us, medical and life insurance coverage stops when we retire but that is when we need protection the most. Malaysia currently has approximately 3 million senior citizens and the number is rising each year with better healthcare. We recognizes our customers' needs and strive to meet them via this unique and innovative plan," said Moey Tan , HLB's Chief Operating Officer for Group Consumer Banking."Medical expenses are on the rise and can easily erode one's retirement funds. Unfortunately, medical insurance for seniors is often costly and unaffordable. However, via this unique plan, not only customers will be covered till the age of 100 but we have provided customers an option to add-on an affordable medical rider with a deductible feature. This feature allows the customers to pay lower premiums while still being covered for large medical expenses," added Moey. Some of the key benefits under this rider include coverage for hospital room and board, in-hospital physiotherapy treatment, specialist consultation, surgical fees, and many more. In addition, the medical rider also offers customers outpatient treatment benefits, whereby customers can claim for costs of home nursing care.
Underwritten by Hong Leong Assurance Berhad, this Plan provides customers with the flexibility to choose among 6 premium payment tenures starting from 5 years. The minimum entry age for this product is 30 years while maximum entry age is 70 years.
For more information on this product, please visit any Hong Leong Bank branch or log on to www.hlb.com.my . Product terms and conditions apply.
-END-Press Release - 28/09/2011