ShopeePay now offers Zurich Savings & Protection Plan from RM500

ShopeePay users can now sign up for a savings and life insurance plan right from the app. This comes as ShopeePay Malaysia partners with Zurich Life Insurance Malaysia Berhad (ZLIMB), which marks the first time the insurer is offering its plans through a digital distribution platform.

Kicking things off is the Zurich Savings & Protection Plan, a two-year plan that combines savings with life protection, starting from RM500. Zurich says it will soon lower the minimum premium to just RM100, though there’s no word yet on when exactly this will happen.

As for what you get, the plan pays out guaranteed cash back every six months. If something happens to the policyholder, it also provides life and disability protection, with your loved ones receiving 105% of the premium paid. Once the plan matures after two years, you’ll get 100% of your principal back.

It’s also a single-premium plan, which means you only pay once upfront rather than in monthly instalments. On top of that, there are flexible early cash-out options if you need the money before the plan matures. To get it, open the ShopeePay app, select “Insurance” on the homepage and tap on “Endowment”. The plan is also available through the Shopee app.

Zurich Malaysia country CEO Junior Cho said the move is about making protection easier to get by offering it on platforms that Malaysians already use every day.

“Malaysia’s protection gap has always been about access. To close it, we must meet Malaysians in the places they already are, rather than expecting them to come to us.” – Junior Cho, Country CEO of Zurich Malaysia.

Looking ahead, both companies plan to bring family takaful plans from Zurich Takaful Malaysia Berhad to ShopeePay next year, giving users a Syariah-compliant option as well. Do note that benefits payable under the plan are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to its limits.

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