Kuala lumpur: Allianz Life Insurance Malaysia Berhad (Allianz Life) has launched HealthCover Prime, a critical illness plan offering multiple claims and potential payouts of up to 635 per cent of the insured amount to provide financial support throughout recovery.
According to BERNAMA News Agency, the plan provides multiple claims across the same or different critical illness categories through its Multi-Pay Benefit, alongside a Recurrence Benefit for advanced-stage cancer, heart attack, or stroke. Allianz Life chief executive officer Giulio Slavich emphasized that financial challenges arising from critical illness often continue beyond medical treatment, especially when patients are unable to work.
Slavich noted, "Today, the conversation around critical illness is no longer just about survival. It is about how individuals and families navigate the months and years that follow a diagnosis. Recovery can be physically, emotionally, and financially demanding, particularly when income is interrupted." He added that HealthCover Prime was developed to offer broader financial support during recovery, including protection against recurring critical illnesses and other serious health events.
Allianz Life stated that the plan also provides an additional payout for advanced-stage breast and prostate cancer under its Gender Specific Cancer Benefit. Its Catch All Booster Benefit covers eligible intensive care unit admissions and hospitalizations due to surgery or infection, even when no critical illness claim has been made.
The insurer introduced the plan amid concerns over Malaysians' financial preparedness for income disruptions caused by serious illness. Citing Bank Negara Malaysia's Financial Capability and Inclusion Demand Side Survey 2024, it highlighted that only 37 per cent of Malaysians could cover living expenses for more than three months if their income was interrupted.
Allianz Life pointed out that critical illnesses such as cancer, heart attack, and stroke could occur during a person's working years, when financial commitments might include supporting a family and repaying loans. The company mentioned that improving survival rates also mean more Malaysians are living longer after serious illnesses, while recovery could require prolonged care or involve recurrence.
Unlike medical insurance, which helps meet hospitalization and treatment costs, critical illness protection could help address income loss, extended recovery, and continuing financial commitments. In conjunction with the launch, eligible customers who purchase HealthCover Prime Plan 1 will receive the Recurrence Benefit and Gender Specific Cancer Benefit at no additional cost under a limited-time campaign. The benefits are generally available under Plan 2.
The campaign runs from today to Aug 31 and is limited to the first 3,000 eligible Plan 1 customers or until the allocation is fully utilized, whichever comes first. HealthCover Prime was introduced at the Allianz Health Festival 2026, which was attended by more than 500 Malaysians.