Allianz Malaysia Bhd has launched an insurance product that caters for persons with disabilities (PWDs). Allianz Ability Life is a yearly renewable term insurance plan that comes with annual premium rates starting from RM50 for a sum assured of RM25,000 and RM70 for a sum assured of RM50,000.

The plan is open to PWDs holding a Orang Kurang Upaya (OKU) card aged between 16 and 70. Beneficiaries of the insured will receive a lump sum payment in the event of death.

Two existing products, Allianz Care Individual and Allianz Individual PA, have broadened their scope of coverage to include PWDs. Allianz Care Individual is a hospitalisation coverage policy that helps to fund healthcare costs in case of hospitalisation for any non-existing conditions. Customers can choose either a cashless or a non-cashless plan, both of which are supported by a 24-hour customer service hotline to assist with any queries or requests related to hospital admission.

Allianz Individual PA is a personal accident policy plan that provides coverage in case of an accident. Premium rates start from RM10 per year for RM10,000 coverage.

In conjunction with the launch on June 22, Allianz Malaysia CEO Zakri Khir said the introduction of the product was due to feedback received that PWDs do not need special treatment; they just needed to be treated fairly.

“So, it was important to us that these products are not charity or philanthropy-based. All we are doing is removing the assumption that PWDs are high risk. They will still be subject to medical underwriting - just like any other Allianz customer.”

He adds that because of the commercial viability consideration, their products do not cater for all seven types of disability. “We currently are unable to cover persons with learning and mental disabilities. However, this is still a learning process for us, and we need to evaluate how the products are received before making further adjustments to increase their scope.