TOP 5 Malaysia Life Insurace Web Search in Oct 2021

A search on Malaysia Life Insurance on Oct 2021 shows the following insurance companies on 1st page search result (excluding portals and independant organizations);  AIA - Etiqa - Great Eastern - AXA - Allianz.  Interesting list and let's see which is most approachable in digital world.

Most have a good landing page direct to the sub topic Life Insurance implying all have good wareness on digital world.  Most of the plan names are also too arbituary does not assist selection easily.  There is no consistency in term of the name used in their plans.

AIA

AIA goes straight to the point - Budget & Coverage and direct you to a calculator which basically determine how much death and critical illness you should have with your leftover income.  Then it shows 15 life plans with age and takaful filters.  For example, it shows only 6 plans for age 70 and 9 plans for infants.

The most useful info is their Term Life 

age 20	RM 260 covered for every RM 1 paid yearly
age 45	RM 172 covered for every RM 1 paid yearly

summary of some of their plans;

• Lifelink2 is for budget
• Life Wealth (2 plans) rewards more in long run and comes with their Vitality program;
  • Life Wealth Builder has more flexibility to choose funds
• Kasih Family is the older all in 1 takaful plan with rate tiers info available online
• Legasi Builder seems like the new all in 1 takaful plan with long terms rewards
• Ikhtiar (2 plans)is standard life coverage where
  • Ikhtiar Child solution has kids riders

Etiqa

Etiqa uses color to distinguish takaful vs standard plans, they also use icon to hint family vs individual plans which is quite cute.  However, overall there is not much useful info except to contact them.

• Protect88 is a simple life plan pay back your premium+ at maturity
• Life Secure is key man insurance for businesses

 

Great Eastern

GE shows 13 life plans with precise and good 3 pointers differetiating each plan.  There isn't any online interaction helping to choose but you may contact help at the end.  Naming is bad too as you see below, vantage and legacy are confusing names as they cover differect things in different plans.

Some useful info extracted;

• Term covers up to age 80 

age 20	RM 523 covered for every RM 1 paid yearly
age 45	RM 273 covered for every RM 1 paid yearly

• VantageCare(VC) implies critical illness(CI) coverage, Early VC2 plan is newer and covers more.
• Prime Vantage is for people above 40 years old and not really a CI cover
• 110 Legacy is like term life covers up to age 80, pay back 110% of Sum Assured for the last 10 years should you survive.
• SmartProtect Legacy Max is nothing like that, SmartProtect series are Investment Link plans
• Life Gift pays you back your premium upon non accidental death/TPD within the first few years and cover ratio is RM 294 per RM 1 paid yearly, covers up to age 80
• Generation Care allocates 10-20% of your Sum Assured to cover your kids and parents CI too, rate tables are shared in the brochure

 

AXA

AXA goes direct to buy term life page is a great action calling digital strategy as they only have one plan.  The layout is good with details info, even the contract and claim process are clearly spell out.  There is a whatsapp chat too enabling further discussion outside the web.  Ther term covers up to age 80 ;

age 20	RM 526 covered for every RM 1 paid yearly
age 45	RM 247 covered for every RM 1 paid yearly

 

Allianz

Alianz has good layout with products info, docs and recommendations that are more like up sell.  They have colorful icons but no significant meanings.  Products info details are incosistent and most do not have proper product specs, just brochures with 3 languages in one.

useful info extracted:

• i-EssentialCover up to 10 years: cover ratio is RM 181 to 453 per RM 1 paid yearly for 45 and 20 years old respectively, can buy online
• KasihHayat up to age 71: cover ratio is RM 151to 344 per RM 1 paid yearly for 45 and 20 years old respectively
• MoneyBack pay 6 years premiums with money back cover 15 years 
• 1Cover cover ratio is RM 62 to 238 per RM 1 paid yearly for 45 and 20 years old respectively but unsure what the risks are covered
• PowerLink is the investment link all in 1 products

Summary

Great Eastern and AXA turns out to be the most appealing choices.  AXA is direct to the point selling only one term life online.  Although Great Eastern also does not have easy to recognize plan names but the description are all meatful 3 points - straight to the key differentiation.  The hilite "available online" is a good small gesture.

 

Follows by Allianz also has clear description showing the key points of their plans.  Unfortunately some of their info is totally useless and quite a number of them did not clearly specify what risks are covered, although Allianze is the one showing the most rate tables.

 

AIA and Etiqa although also have descriptions but they are more marketing oriented and showing non essential points.  With AIA slightly better with its popular/takaful filters.

 

Other search result further than page 1 are; 

1. Tokio Marine
2. HLA
3. Manulife
4. Sunlife (suprisingly is the TOP best online life insurance, especially in mobile search)
5. Gibraltar - BSN
6. Ambank 
7. OCBC

 

Any Malaysia Life Insurance companies you know of that does not even show up here ?