ArchipelagoInsurance Limited (AIL) recently launched another innovative hospitalisation and surgical (H&S) insurance product by introducing the first-ever Shari’ah compliant H&S plan – “MediSavers Takaful”
This breakthrough product caters to the growing demand for H&S plan that provides comprehensive coverage for costs of medical treatment incurred by the person covered for hospitalisation, day surgery costs and various outpatient treatments and also to secure the financial security of customers in their golden years. MediSavers Takaful H&S is a tailormade product to suit medical needs. The cover duration is one year and it may be renewed (the Takaful Certificate) with an annual or monthly payment basis before the certificate anniversary date.
Commenting on this ground breaking product, Ian Lim, Principal Officer of Archipelago Insurance Limited stated, “This is the first H&S Takaful product that is available for the SouthEast Asia market and treatments are available in both Malaysia and Singapore. It is designed to meet the needs of customers who require affordable, flexible and family-oriented medical and hospitalisation coverage.”
Under the partnership, MediSavers Takaful H&S is promoted and marketed through licensed professional financial advisors and brokers within the SEA region and this provides the opportunity for AIL to leverage on its distribution network. In Malaysia, this product is distributed via Standard Financial Adviser Sdn Bhd, a licensed Financial Adviser under Bank Negara Malaysia. Ian Lim further commented that he targets to achieve Takaful window’s throughput premium of USD5 million by end of this year.
The annual premium can be as low as SGD200/year for the most basic plan and some of unique features of MediSavers Takaful would be that it is valid till 30 June 2115 unless it is cancelled or withdrawn in accordance with the terms and conditions stipulated in the certificate. MediSavers Takaful, which comes with per disability limit for a deductible plan and annual limit for a basic non-deductible plan, is designed to cover hospitalisation and surgical expenses due to sickness and accidental causes up to year 2115.
When a customer participates in this medical plan, the person will receive a medical card with a swipe feature that eases hospital admissions at panel hospitals. Through its family feature, MediSavers Takaful offers its participants the option to extend the medical coverage to their spouse and children.
Archipelago Insurance Limited is licensed with an approved Takaful window under the Labuan Financial Services and Securities Act 2010 to carry on business as a Labuan insurer. It operates within the strong Labuan IBFC regulated environment and is also a member of the Labuan International Insurance Association (LIIA). The Company has a recognized Shari’ah advisor who has a diverse background in Islamic Finance to ensure the Takaful products are managed and administered in accordance with Shari’ah principles. With its co-located office in Kuala Lumpur, it works closely with licensed insurance brokers and professional financial advisers/planners and it aims to penetrate Asia Pacific region with its innovative suit of products targeted towards the high networth individuals and multinational corporations.