To further provide Malaysians with affordable insurance/takaful with premium coverage, homegrown e-wallet Boost has introduced three new value-for-money micro-insurance/takaful plans – MozzieProtect, FamilyProtect and Critical Illness Care – under ‘Boost Protect’. These three additions bring the total coverage plans to 13, underwritten by three Great Eastern entities – Great Eastern Life Assurance (Malaysia) Berhad, Great Eastern General Insurance (Malaysia) Berhad and Great Eastern Takaful Berhad. They are available in-app via the ‘Insurance’ tile on the homepage for users to conveniently choose from and stay protected, especially in the current pandemic.
As a value-added benefit, the three new plans come with COVID-19 Vaccine Fund Assistance. The fund offers RM200 daily hospital cash allowance for up to 7 days for hospitalisation due to adverse events following immunization (AEFI) within 14 days after receiving a COVID-19 Vaccine. The fund also offers a lump sum of RM10,000 if death is related to AEFI within 30 days from receiving a COVID-19 Vaccine or from date of hospital admission due to AEFI (whichever is later).
To enhance the value proposition of its micro-insurance/takaful offerings, Boost has also included a new recurring payment feature. This feature will now allow users to automatically pay for their coverage plans on a monthly basis without the need of repurchasing or re-participating, ensuring continuous coverage. At the same time, it helps breakdown the total coverage plan amount into monthly payments, making it even more affordable for users by easing the burden to pay a lump sum payment upfront.
The new recurring payment feature is applicable to six coverage plans, namely BillProtect, CardProtect, HospiCash, Protect Super6, ProtectActive, and SME OwnerProtect.
In order to encourage Malaysians to get the necessary protection especially during these challenging times, Boost will be running a campaign from now until 31 August 2021. For the purchase of or subscription to any of these six micro-insurance/takaful plans – BillProtect, CardProtect, HospiCash, Protect Super6, ProtectActive and SME OwnerProtect, users will receive 100% cashback for the first month’s premium/contribution payment and receive a RM4 Lazada cashback.
Boost first launched ‘Boost Protect’ micro-insurance/takaful offerings back in August 2020, marking its foray into digital financial services. Mohd Khairil Abdullah, CEO of Boost shared that since last August to May 2021, Boost has seen more than 23 times (23X) increase in the uptake of ‘Boost Protect’ coverage plans. The top three most popular plans are BillProtect, GeneralProtect and ProtectActive. The GeneralProtect and LifeProtect plans, in which users can purchase by exchanging Boost Coins, saw a 40% compounded monthly growth rate since its introduction in December 2020.
“As we continue to battle rising COVID-19 cases, Malaysians are prioritizing protection for health as well as against income disruption. With the ‘Total Lockdown’, Malaysians are also becoming more prudent with spending. These are reasons why we expanded our e-wallet offerings to include affordable and accessible bite-sized plans with premium coverage.
“The plans are diverse that it covers a range of lifestyle needs including young adults, fitness enthusiasts, smartphone users, adults with family or elderly parents and even SME owners. This is a big part of our commitment to provide an essential toolkit with innovative features, making it easier and convenient for you to access everything you need at your fingertips with your smartphone in this digital-first world,” Khairil added.
The MozzieProtect is a dedicated protection plan against Dengue and Zika. With only RM60 for a one-year coverage, the life assured can get a special hospital cash allowance of RM500 for hospitalization due to Dengue Fever or Zika virus and a lump sum payout of RM20,000 in the event the death was due to Dengue fever or Zika virus. MozzieProtect is underwritten by Great Eastern Life Assurance (Malaysia) Berhad.
FamilyProtect, on the other hand, is a takaful protection plan for families with children. For only RM95 for a year’s worth of coverage, the person covered can claim up to RM250 in medical expenses due to accidents, Hand, Foot and Mouth disease or food poisoning per incident of their child without any medical underwriting. In the event of total permanent disability or death of the person covered, a lump sum payout of RM15,000 will be offered.
Lastly, Critical Illness Care is for young adults aged between 18-30 years old covering 45 advanced critical illnesses. For RM500 with a year’s worth of coverage, the person covered can get up to RM100,000 lump sum payout for any one of the 45 critical illness covered. In addition, the person covered will receive a RM100,000 lump sum death benefit due to cancer, heart attack and stroke. A special aspect of this plan is its ‘Reboot Function’, which means the sum covered resets to 100% after 12 months from the first diagnosis of critical illness.
Both FamilyProtect and Critical Illness Care are underwritten by Great Eastern Takaful Berhad.