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(Fr left :  Senior Management of Allianz Life Insurance Malaysia Berhad Chin Tze How, Joseph Gross, Allianz Malaysia Berhad CEO Zakri Khir and Deputy Chief Sales Officer of Allianz Life Raymond Cheah during the launch of the Allianz PrimeSaver ).

Allianz Life Insurance Malaysia Bhd (Allianz Life) is aiming to have over 10,000 customers for its newly launched universal life savings plan – Allianz PrimeSaver – in the first year.

The company is confident to achieve the target as Allianz PrimeSaver is an affordable entry level savings plan that only costs a minimum of RM200 per month and provides the flexibility in choosing the preferred premium payment term of between six to 20 years and a coverage term of between 20 to 30 years.

Allianz Life chief product officer of strategy and product division, Chin Tze How, said the plan is targeted at young Malaysians, especially the Generation Y population between 21 and 35 years-old to start saving again.

CEO of Allianz Malaysia Bhd Zakri Khir noted that while Malaysians simply do not save enough, the Allianz PrimeSaver can be a great way to start building up a nest egg as it provides a wide choice of premium payment and coverage term to suit different savings needs.

“Saving is a habit that is lost on a lot of Malaysians, let alone Generation Y. We recognised that this generation wants to save for their future, and yet at the same time do not want miss out on things life has to offer. With our customers in mind, we have designed Allianz PrimeSaver to let them have the best of both worlds – long term savings and short term rewards,” he added.

Chin revealed that the plan also comes with Guaranteed Cash Payment, where customers will receive payment the end of the first year. The flexibility of the plan means that the fund can either be withdrawn or reinvested with Allianz. What’s more, the Guaranteed Cash Payment doubles up after the 10th year.

Besides that, the Allianz PrimeSaver also comes with Guaranteed Maturity Value that can help instill long-term saving discipline as 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. The plan is also hassle-free when purchasing and offers death benefit and pays double for death as a result of an accident.

“You may walk away from today and make a promise to yourself that starting from tomorrow, you are going to set aside 10 percent of your monthly income. You are going to save. Yet, some of you may never get to doing it in the first place. PrimeSaver can very well be a starting point, not just if you are a Gen Y, but for anyone who cares about their future and is actively wanting to secure a better future for themselves. You will realise that saving for the future can be a rewarding experience,” said Zakri.