Etiqa sees RM13m premium in 1st year

 

The insurer expects its latest non-life products for women, the Pesona Lady and Takaful Pesona Lady, to capture 52,000 customers

MALAYAN Banking Bhd, via its insurance arm Etiqa, expects its latest policies for women to fetch a premium of RM13 million in its first year.

It aims to sign up some 52,000 customers for the Pesona Lady and Takaful Pesona Lady, its latest non-life products.

The Pesona Lady has been designed based on feedback from women, which make up about 45 per cent of Maybank's total customers, said Maybank vice president and head of product strategy for Bancassurance Shahrim Mohd Akib.

"Due to their multi-tasking and multi-roles, women tend to be more vulnerable to risks, so we come out with a comprehensive protection plan for them," he said in an interview in Kuala Lumpur recently.

The Pesona Lady is a conventional insurance policy while the Takaful Pesona Lady is its takaful counterpart. Both provide cover against personal accidents, female-related illnesses and crime.

According to Shahrim, Pesona has features which are not available in other women-only plans.

These include coverage for female cancers, ATM cash withdrawal losses, facial reconstructive surgery or dental treatment due to accident, infertility due to accident, delivery of twins, snatch theft, kidnap and abduction.

Maybank expects this latest plan for women to be its flagship personal accident product.

"We hope this product will carry the biggest premium among our personal accident products," he said.

Pesona is the most comprehensive product in terms of coverage and also the cheapest among rival products, he added.

The premium for Pesona Lady starts from RM22 a month or RM250 a year, while the contribution for Takaful Pesona starts from RM24 a month or RM265 a year.

The product is now available at Maybank and Etiqa branches as well as through its agency force. Maybank will carry out a Women's Day celebration in October to promote the women's products.

Etiqa, which has an asset size of about RM3.8 billion, has over 12,000 agents. It is the second market leader in life insurance, and the third largest in non-life insurance market. Etiqa aims to be the market leader in both segments by next year.