Zurich Life Insurance Malaysia Berhad (ZLIMB) has chosen ShopeePay Malaysia as its first digital distribution platform partner to expand access to life insurance.
The agreement builds on ShopeePay’s relationships with Zurich General Insurance Malaysia Berhad and Zurich General Takaful Malaysia Berhad.
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Conducted under the banner ‘Everyday Protection, Made For All’, the collaboration makes the Zurich Savings & Protection Plan available directly through the ShopeePay app.
Open to customers of both Shopee and ShopeePay, the product is structured as a two-year, single-premium policy that couples capital growth with cover for disability and death.
ShopeePay Malaysia head Alain Yee said: “While general insurance and general takaful provided vital protections and safety nets, the inclusion of ZLIMB plans on ShopeePay takes accessibility a step further with a more proactive approach. By lowering the barriers to entry, we are making it easier for more Malaysians to take meaningful steps towards strengthening their financial future.”
Initial premium amounts are set at $122.20 (RM500) at present, although the two businesses intend to reduce the entry baseline to RM100.
According to the company, the plan provides guaranteed cash distributions every six months and preserves the entire principal at maturity, while also permitting early withdrawals.
If the insured individual passes away or becomes disabled, beneficiaries are allocated 105% of the cumulative premium paid.
Zurich Malaysia country CEO Junior Cho added: “Powered by our Zurich Edge proposition, today’s launch of the Zurich Savings & Protection Plan on Shopee and ShopeePay apps gives Malaysians a simpler way to not only protect their future but also build it, all within a digital ecosystem they already know and trust.”
The product rollout follows recent takeover activity across Zurich.
Earlier this month, Zurich Insurance Group concluded the purchase of UK-based insurer Beazley, creating an operation with roughly $15bn in gross written premiums.
The enlarged business will likewise leverage Beazley’s foothold in Lloyd’s of London.
