Allianz Life Launches Healthcover Prime To Address Critical Illness Income Gap

KUALA LUMPUR, Aug 10 (Bernama) -- Allianz Life Insurance Malaysia Berhad (Allianz Life) has launched HealthCover Prime, a critical illness plan offering multiple claims and potential payouts of up to 635 per cent of the insured amount to provide financial support throughout recovery.

The plan provides multiple claims across the same or different critical illness categories through its Multi-Pay Benefit, alongside a Recurrence Benefit for advanced-stage cancer, heart attack or stroke.

Allianz Life chief executive officer Giulio Slavich said financial challenges arising from critical illness often continued well beyond medical treatment, particularly when patients were unable to work.

"Today, the conversation around critical illness is no longer just about survival. It is about how individuals and families navigate the months and years that follow a diagnosis.

"Recovery can be physically, emotionally and financially demanding, particularly when income is interrupted," he said in a statement today.

Slavich added that HealthCover Prime was developed to provide broader financial support during recovery, including protection against recurring critical illnesses and other serious health events.

Allianz Life said the plan also provides an additional payout for advanced-stage breast and prostate cancer under its Gender Specific Cancer Benefit.

Its Catch All Booster Benefit, meanwhile, covers eligible intensive care unit admissions and hospitalisations due to surgery or infection, even when no critical illness claim has been made.

The insurer said the plan was introduced amid concerns over Malaysians' financial preparedness for income disruptions caused by serious illness.

Citing Bank Negara Malaysia's Financial Capability and Inclusion Demand Side Survey 2024, it said only 37 per cent of Malaysians could cover living expenses for more than three months if their income was interrupted.

Allianz Life said critical illnesses such as cancer, heart attack and stroke could occur during a person's working years, when financial commitments could include supporting a family and repaying loans.

It said improving survival rates also meant more Malaysians were living longer after serious illnesses, while recovery could require prolonged care or involve recurrence.

Unlike medical insurance, which helps meet hospitalisation and treatment costs, critical illness protection could help address income loss, extended recovery and continuing financial commitments.

In conjunction with the launch, eligible customers who purchase HealthCover Prime Plan 1 will receive the Recurrence Benefit and Gender Specific Cancer Benefit at no additional cost under a limited-time campaign. The benefits are generally available under Plan 2.

The campaign runs from today to Aug 31 and is limited to the first 3,000 eligible Plan 1 customers or until the allocation is fully utilised, whichever comes first.

HealthCover Prime was introduced at the Allianz Health Festival 2026, which was attended by more than 500 Malaysians.

-- BERNAMA