Zurich Malaysia has announced two new medical riders catering to different customer needs to provide greater access to medical plans for peace of mind.
The riders, MediAfya and Zurich Infinite Care, are takaful and conventional riders, respectively.
Zurich Malaysia chief marketing officer Thai Mei Lih said 95% of Malaysians surveyed in the company's Customer Needs Survey in September 2022 said that a medical plan is the most critical protection plan they need.
"Yet 32% still do not own one. We understand the concerns of Malaysians regarding rising medical insurance premiums and contributions driven by multiple factors.
"These riders are our way of providing additional options and solutions for Malaysians to access health services at every stage, together with their life insurance or family takaful throughout their life journey according to evolving needs.
"We urge Malaysians to speak to insurers and takaful providers to prepare themselves better to embrace living. A good agent can help them plan for a brighter future together," he said in a statement recently.
The introduction of the riders is timely as only 22% of Malaysia's population is covered by personal health insurance, according to the 2019 National Healthy and Morbidity Survey (NHMS).
Meanwhile, the Aon 2022 Global Medical Trends Rates report found that 43.3% of Malaysians with no personal health coverage stated they could not afford it.
As such, the riders are designed to address this gap and encourage Malaysians to opt-in for medical coverage.
MediAfya was developed with customer demand for medical coverage with an affordable contribution in mind.
It provides basic medical coverage with a minimal 10% co-takaful capped at MYR1,000 (US$227) per year to improve affordability.
This gives greater accessibility for the masses to obtain the necessary medical protection.
The plan also allows for the convenience of cashless admission to help customers in their time of need.
Meanwhile, Zurich Infinite Care is a customisable solution comprising three plans with multiple deductible options to suit the needs of all segments.
This rider encourages healthy lifestyles by rewarding customers with up to 30% savings in the cost of insurance if no claims are made.
In addition, it has a built-in 'Inflation Shield' to address medical inflation concerns by automatically increasing the annual limit by 20% every five years.
Customers can even reduce the deductible amount without underwriting upon retirement for greater peace of mind.
The rider also provides extended post-hospitalisation care of up to 210 days and medical device coverage typically not included in medical plans.
Infinite Care customers may further enhance their protection with the total critical care option which covers selected critical conditions and surgery. These include genomic cancer tests, alternative treatment, and medical screening of up to five years, offering complete medical coverage from diagnosis to recovery, reported New Straits Times.