KUALA LUMPUR: Hong Leong Assurance Bhd (HLA) is projecting its latest life product HLA Cash Builder to generate RM150mil in first year annual premium by February. Since its soft launch about a month ago, HLA Cash Builder has accumulated a premium of RM10mil.
The plan offers policyholders an alternative, more flexible insurance plan that focuses on building income rather than the conventional lump sum payment.
“With the uncertainty of the markets lately, more Malaysians need security and the guarantee of reduced risks when investing their money. This is where our Cash Builder programme comes in,” said HLA chief operating officer (life division) Loh Guat Lan.
According to Loh, the plan offers four different riders and customers will be able to mix and match the riders according to their individual preferences.
For instance, policyholders may enjoy yearly income from as early as one year and the guaranteed yearly income can be as high as 20% per year.
Additionally, the HLA Cash Builder allows one to pay for six or 10 years with coverage of up to 35 years.
“Conventional insurance policies offer only one product for one skill. Our mix and match concept of four riders will create a more viable form of insurance for Malaysians,” said Loh.
A recent survey by Watson Wyatt, a human capital consulting firm, revealed that almost 75% of Malaysians believe that their savings in the Employees Provident Fund will not suffice in retirement.
Loh said the Cash Builder’s guarantee of yearly income upon retirement for investors would help resolve this problem.
The Cash Builder plan is geared primarily for retirees and young parents intending to save for their children’s education
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