Kuching, Sarawak 24th November 2017 -Sun Life Malaysia and U Mobile introduced their first telco-assurance product, GOLIFE at Karnival Kewangan, the first financial carnival organized by Bank Negara Malaysia. GOLIFE is a mobile-based life microinsurance product, and it was launched at the event with Datuk Muhammad Ibrahim, Governor of Bank Negara Malaysia as the witness.
Underwritten by Sun Life Malaysia and distributed by U Mobile, GOLIFE is the first of its kind because customers can apply, subscribe and manage their life microinsurance plans entirely via their mobile phones. GOLIFE is the first product that came out of a memorandum of understanding that was signed in May this year by the two companies.
“Our business purpose is to provide lifetime financial security to more Malaysians and distributing insurance coverage via mobile devices allows us to reach more customers at lower cost, better targeting potential customers and engaging existing customers. It is also apt that we choose to introduce GOLIFE, which is also an affordable life microinsurance product, at today’s Karnival Kewangan Sarawak, in support of our government’s objective to achieve an insurance penetration rate of 75% by 2020,” said Raymond Lew, Chief Executive Officer and President / Country Head of Sun Life Malaysia.
“At U Mobile, we innovate to provide the best experience to our customers. As part of our continued efforts to give unlimited peace of mind, today, we are delighted to be able to launch the first life microinsurance with Sun Life Malaysia. I believe many people will be able to benefit from such a service as it convenient and extremely relevant,” said U Mobile's Chief Executive Officer, Wong Heang Tuck.
Raymond and Heang Tuck were present at the carnival to share the significance and benefits of the product. GOLIFE is the first product to be rolled out and both are looking forward to launching similar products in the near future.
The GOLIFE plan will be offered to select U Mobile postpaid customers for free as an introductory offer from 24 November 2017 until 28 February 2018. From end-January 2018, interested U Mobile customers can subscribe to GOLIFE from as low as RM5 a month or RM0.16 daily through the U Mobile website at (www.u.com.my) or MyUMobile app.
About GOLIFE Plan
|Premium||RM5 per month|
|Coverage||RM 18, 000|
|1. Death / TPD due to natural causes|
2. Death / TPD due to *specified infectious diseases
2x of Coverage
= RM 36, 000
|Entry Age Limit||18 - 45 years old|
|Coverage Term||Coverage renewal on monthly basis, up to expiry of 50 years old.|
|Payment Type||Charged to prepaid balance and postpaid account, monthly auto-renewal|
|Mode of Premium||Monthly|
|Subscription Method||UM Self Care Portal or My UMobile App|
Key features of GOLIFE are: