An Industry First : Life Insurance Protection For Diabetes

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Coverage for pre-diagnosed diabetics with benefits for early stage diabetic complications and other critical illness

KUALA LUMPUR, October 27, 2015: Archipelago Life Insurance Limited (Archipelago), a homegrown insurance group licensed by the Labuan Financial Services Authority, today announced the launch of Mellita Care, a new and innovative yearly plan life insurance tailored for diabetics.

The first policy of its kind in ASEAN, Mellita Care includes instead of precludes diabetes in its coverage. It is designed for Type II Diabetes Mellitus patients or pre-diabetics with blood sugar levels (HbA1c) of greater than 5.7% and are aged between 30-60 years, with a renewable option up to 70 years of age. Under its three plans, Standard, Select and Elite, Mellita Care provides protection against serious diabetic complications and other major illnesses. A lump sum accelerated benefit is paid out upon death or when a policyholder is diagnosed with early stage diabetic complications or a critical illness as outlined in the policy.

Commenting on the uniqueness of the plan, Ian Lim Teck Soon, Principal Officer / Director of Archipelago Life Insurance Limited, said, “Previously, it would be almost impossible for a diabetic to obtain any life or health insurance coverage. Now, with Mellita Care, Archipelago Life Insurance has opened up possibilities for about 90%1 of diabetics who suffer from Type 2 diabetes. Not only are they able to obtain insurance coverage, prompt treatment for early stage complications involving laser surgery and amputations is possible with the accelerated benefits paid out. Mellita Care policyholders are alleviated from worry of the high financial burden of treatment costs as well as possible impediment of lifestyles due to diabetic complications.”

Diabetes Mellitus (diabetes) happens when the body is insulin deficient (unable to produce insulin) or insulin resistant (inefficient in converting glucose in the blood into energy) which can lead to organ and tissue damage. About half of diabetics are also unaware that they have the disease until they encounter complications or when a random blood or urine test is done.

Dr Neoh Wee Keong, Regional Medical Underwriter of SCOR Services Asia-Pacific Pte Ltd, who was also present at the launch, said, “Living well with diabetes requires diabetics to understand the risk of developing serious health problems affecting the heart, kidneys, eyes and nerves. Nerve damage caused by high blood glucose levels also increases the risk of amputation by 25 times while elevated blood glucose levels will cause some form of eye disease (retinopathy) which can lead to blindness. Thus, proactive measures to address early complications are critical to manage the condition.”

“According to the International Diabetes Federation (IDF), as of 2014, 3.2 million Malaysians are living with diabetes, making us the country with the highest prevalence in ASEAN. However, it has been said that diabetes is not a death sentence. Diabetics can lead a fulfilling and active life with careful management of lifestyles, such as eating healthily, exercising regularly and being conscientious to undergo regular medical checks. Mellita Care is fully aware of the commitment needed and will reward those who make the effort to stay healthy through reduced insurance premiums,” added Lim. To commemorate World Diabetes Day 2015, there is an urgent need to address the increasing rate of diabetes in our country, which stands at 16.6%2 of our population and to explore viable avenues to live healthy and manage diabetes well.

About Archipelago Life Insurance Limited

Archipelago Life Insurance Limited is licensed under the Labuan Financial Services and Securities Act 2010 to carry on business as a Labuan life insurer. It operates within the strong Labuan IBFC regulated environment and is also a member of the Labuan International Insurance Association (LIIA). With its co-located office in Kuala Lumpur, it aims to penetrate the Asia Pacific region with its innovative suite of products targeted towards the high net worth individuals and multinational corporations. Archipelago Life Insurance Limited is licensed to underwrite all lines of life insurance including captives and reinsurance. By working closely with licensed insurance brokers and professional financial advisers / planners, we are dedicated to delivering exceptional service to individual and corporate clients. Our strength lies in being able to provide customized insurance solutions to meet each unique client needs. Archipelago Life Insurance Limited is an operating company and the life insurance arm of the Archipelago Group of Companies. Through its three operating entities licensed by Labuan FSA, the Group adopts a comprehensive and multifaceted approach to developing products and services encompassing general insurance, life insurance, protected cell captives and captive management services.