Malaysian insurtech startup Fi Life announced today the launch of its first self-underwritten life insurance product which claims to offer the cheapest life insurance for women, available online.
Fi Life said that any woman below the age of 55 will have access to the lowest life insurance premium in Malaysia or get the difference refunded.
The insurtech added that it is also offering the highest sum assured of RM1 million for among all life insurance policies offered online.
In addition to that, it is also the cheapest life insurance for men in their prime working ages and covers foreign professionals with work permits according to Fi Life.
Everything from the application of a policy to making claims can be done online on a web browser and there is no need to install an app.
All policies issued by Fi Life are reinsured by Hannover Re Malaysia, the local branch of the third-largest reinsurance company in the world.
Previously, Fi Life was an online distributor for other insurance companies namely AXA Affin General Insurance and Tokio Marine Life Insurance Malaysia for years.
Now that the firm has received the approval to participate in Bank Negara Malaysia’s regulatory sandbox, Fi Life is able to rollout its own insurance products online.
“As one of the first movers in Malaysia’s nascent digital insurance market and the first to offer online life insurance, we have been working hard to make insurance more affordable for Malaysians.
We believe nobody should have to choose between protecting themselves and their loved ones or being uninsured due to cost. It is imperative that we make insurance easy and affordable. So it is more accessible to those that need them the most.”
said Malek Ali, Founder and CEO of Fi Life.
