Boost and Aspirasi Launches Micro-Insurance Underwritten by Great Eastern Life Assurance
by Fintech News Malaysia July 1, 2020Axiata Digital’s e-wallet Boost and its digital financing platform Aspirasi announced today the launch of “Aspirasi Protect” – a microinsurance plan which provides affordable, accessible and on-demand protection to Malaysians. This new insurance product is underwritten by Great Eastern Life.
This launch follows Great Eastern’s 21.875% acquisition of a stake in Axiata Digital at US$70 million just last week.
The micro-insurance solution by Aspirasi builds on the ‘Protect’ pillar of the existing #BoostGotYou campaign launched during MCO which focused on catering to the daily necessities of businesses and households amid the outbreak.
With just RM1.50, the ‘Aspirasi Protect’ 7-day insurance coverage offers up to RM37,500 for accidental death of various causes, RM12,500 for critical illness protection for major head trauma or coma, and RM5,000 bereavement benefit upon accidental death.
The plan comes with additional financial assistance in the form of RM200 daily hospitalisation cash assistance upon diagnosis of COVID-19 up to a maximum of 60 days of hospitalisation and RM20,000 financial assistance upon fatality due to the virus. COVID-19 Assist is an additional financial assistance programme offered by Great Eastern Life Assurance (Malaysia) Berhad.
Mohd Khairil Abdullah
“The COVID-19 pandemic has given us all a wake-up call when it comes to safeguarding our health as we are now feeling the ripple effects of ensuring the health and economic crisis brought on by a viral outbreak that can affect not only our physical and mental health but also our livelihoods and future. Boost understands that our health is our wealth. As the economy begins to reopen, it is the right window of opportunity to expand our offerings beyond just a payment option but also an e-wallet that offers affordable and accessible insurance coverage.
This is aligned with our long-term goals towards achieving a complete financial services offering. With that, we do hope Malaysians can be assured and have peace of mind that they are protected and covered when going about their daily lives in this ‘new norm’,”
said Mohd Khairil Abdullah, CEO of Boost.
Sheyantha Abeykoon
Echoing Khairil’s sentiments, Sheyantha Abeykoon, Executive Director of Aspirasi said,
“At Aspirasi, our goal is to narrow the protection gap in the country and we aim to achieve this by offering affordable and customisable micro- insurance solutions. As we navigate our way along with our customers during this unprecedented situation that is continuously evolving, we have been focused on innovating and developing new solutions to ensure that all Malaysians have simplified access to the right protection based on their needs.”
As a way to encourage users to obtain insurance coverage and protection, Boost will be offering 100% cashback for users who enroll for the 7-day insurance plan from now until 15 July.
Users can sign up in-app under the ‘Boost Protects’ tile by clicking to enroll via the ‘Aspirasi Protect’ micro-site. From there, simply enter your personal details and make a payment with Boost to get covered for a week. To be eligible for ‘Aspirasi Protect’, users must be aged between 18 – 69 years and must be a Malaysian citizen or permanent resident in the country.
