Latest Pacific Insurance News
Aug 29, 2023
News Provided By Share This Article Mohd Faizol CEO for InsureComFree PIB launches Medi-Cash with ICF to help policyholders safeguard finances whilst focusing on recovery and combatting diabetes. KUALA LUMPUR, KUALA LUMPUR, MALAYSIA, August 29, 2023/ EINPresswire.com / -- The Pacific Insurance Berhad has worked jointly with Insurecomfree to develop a unique diabetes proposition for the underserved segment. The partnership will allow InsureComFree to structure an end to end customer journey for people with diabetes including blood glucose monitoring system and mobile health app solution from Roche Diagnostics Malaysia and Medi-Cash from The Pacific Insurance Berhad, across its existing partnership with dialysis centers. This is particularly relevant for people with diabetes to get the financial safety net they need. This is also InsureComFree’s 3rd initiative to create a more inclusive society following its decision to waive commission for all its insurance products distributed on its platform, a financial planning tool to help Malaysians to plan for their future protection needs in the last twelve months. As a hospital income protection plan, PACIFIC Medi-Cash offers policyholders daily hospitalisation cash allowance. Essentially, it acts as a source of income replacement for policyholders who are being hospitalised for eligible treatment of a medical condition or accident, including COVID19 (category 3, 4 & 5 as per the guidance of the Ministry of Health Malaysia). Ultimately, this protection plan intends to provide the insured with a heightened degree of protection over their finances during periods of treatment and recovery. Furthermore, PACIFIC Medi-Cash has also been meticulously crafted to offer benefits beyond just the daily hospitalization cash allowance. These additional benefits provide diabetes related coverage which includes diabetes complication benefits, prosthesis allowance, diabetes care benefits, as well as funeral expenses. This allows policyholders to receive a considerably holistic protection financially whilst they focus on their recovery and combatting diabetes. PACIFIC Medi-Cash comes in four plans. For Plan 1, a daily cash allowance upon hospitalisation due to illness/injury (up to 120 days per annum) or COVID-19 category 3, 4 and 5 (up to 30 days per annum) is provided at the rate of RM200 per day. This is followed by a rate of RM 150 per day, RM100 per day and RM50 per day provided under Plan 2, Plan 3, and Plan 4, respectively. Mohd Faizol, Chief Executive Officer of InsureComFree said “I also believe that through this collaboration with PIB, we can definitely create more awareness and continue fight against diabetes. Through the partnership, Mohd Faizol hopes that it will create a new model of care and reward health care not just episodic treatment for acute illness.” On top of the daily hospitalisation cash allowance, all four plans offer equal benefits in terms of diabetes related coverage and funeral expenses. As for diabetes related coverage, policyholders across all plans will receive a benefit amounting RM1,000 per disability which is either in a form of limb amputation, or due to stroke, coronary artery disease/heart attack, and irreversible loss of sight. Up to RM1,000 is given as prosthesis allowance, while up to RM120 per annum is provided for diabetes care benefit which includes glucose monitoring test kit or health screening for Glycated Haemoglobin (HbA1c), urine FEME, renal functional test, and lipid profile. Lastly, a funeral expenses coverage amounting RM2,000 is provided in cases of death due to applicable injury, illness, or condition. According to Aon’s 2022 Global Medical Trend Rates Report, Malaysia’s estimated medical inflation rate is 12%, increasing on an average of 10%–15% annually. In contrast, the general inflation rate of Malaysia for goods and services is only estimated to be at approximately 2% in 2022. PACIFIC Medi-Cash is now available for purchase by Malaysian Citizens who reside permanently in Malaysia between the ages of eighteen (18) years to sixty (60) years possessing a valid Malaysian National Registration Identity Card Number (NRIC) at the time of application. The premium payable differs across the four plans offered and is determined based on the policyholder’s age bracket and individual risk profile. With a cover duration of one year, the policy is renewable annually up to aged sixty-five (65) next birthday (subject to PIB Terms & Conditions). For renewal purposes, the premium is paid annually at the rate applicable during point of renewal. For additional information about PIB medical and health insurance products, please refer to the insurance info booklet on ‘Medical & Health Insurance’ available at any of PIB branches or kindly visit www.insuranceinfo.com.my . Alternatively, please discuss with PIB insurance agents or contact PIB customer service directly at 1800 88 1629 for more information. About The Pacific Insurance Berhad The Pacific Insurance Berhad is a non-life insurer writing all classes of Non-life Insurance with its roots going back to the 1950s in Malaysia. It is a subsidiary of Fairfax Financial Holdings Limited, a Canadian financial services holding company based in Toronto that is listed in the Toronto Stock Exchange with equity of more than USD 15.1 billion, assets in excess of USD 53 billion and revenue of more than USD 23.8 billion as of end 2021. About InsureComFree (ICF) InsureComFree, an InsurTech platform that aims to democratise Insurance and Takaful products by making it affordable and accessible for everyone. A revolutionary business model where we focus on the core of Insurance & Takaful and that’s better understanding the risk profile of our digital platforms and co-create insurance products that’s affordable and rebate full commission back to consumers. InsureComFree is headquartered in Kuala Lumpur. You can find more information at www.insurecomfree.com.my Kenny Thing
Pacific Insurance Frequently Asked Questions (FAQ)
Where is Pacific Insurance's headquarters?
Pacific Insurance's headquarters is located at No. 12 & 12A, Ipoh.