ShopeePay has expanded its digital insurance offerings in Malaysia through a new partnership with Zurich Life Insurance Malaysia.
The e-wallet provider has launched the Zurich Savings & Protection Plan, a two-year endowment product. It combines life protection with guaranteed cash payouts and principal protection.
The plan currently requires a minimum single premium of RM500. ShopeePay and Zurich plan to lower the entry amount to RM100.
Policyholders receive guaranteed cash payouts every six months. The plan also provides life and disability protection equivalent to 105% of the premium paid.
Users will also receive 100% of their principal at the end of the two-year maturity period. The plan includes flexible early cash-out options.
The launch marks ShopeePay’s first digital distribution partnership with Zurich’s life insurance arm.
ShopeePay already works with Zurich General Insurance Malaysia Berhad and Zurich General Takaful Malaysia Berhad on general protection products, including online fraud coverage.
Alain Yee, Head of ShopeePay Malaysia, said the addition of life insurance products would expand the range of protection available through the platform.
“By lowering the barriers to entry, we are making it easier for more Malaysians to take meaningful steps towards strengthening their financial future,”
Yee said.
Users can purchase the Zurich Savings & Protection Plan through the ShopeePay app by selecting “Insurance” on the homepage, followed by “Endowment”.
Junior Cho, Country CEO of Zurich Malaysia, said distributing the product through Shopee and ShopeePay would allow the insurer to reach consumers through digital platforms they already use.
“Users now have more options to both safeguard and grow their financial future,”
Cho said.
Zurich and ShopeePay also plan to introduce family takaful products next year, adding Syariah-compliant protection options to the platform.
Featured image credit: Edited by Fintech News Malaysia, based on image by ShopeePay
