Gibraltar BSN Launches i-FlexCover, A Subscription-based Insurance Solution01 Mar 2022
Kuala Lumpur, 1 March 2022 – Gibraltar BSN Life Berhad has recently launched i-FlexCover, a subscription-based insurance product that provides customers with the flexibility to increase or decrease their coverage amount at any time to meet their budget and ever-changing lifestyle needs.
i-FlexCover is a pure term life plan offering comprehensive coverage for death, total and permanent disability, and accidental death. Under the plan, customers between the ages of 16-55 years old can apply for affordable coverage ranging from RM5,000 to RM150,000 for as low as RM3.90 per month.
Taking the cue from subscription products such as Netflix or Spotify, premium for i-FlexCover remains level irrespective of age and gender with the coverage term ending at 61 years old.
Commenting on the launch, Gibraltar BSN Life Berhad’s Chief Executive Officer Lee Kok Wah said, “Not too long ago, purchasing a life insurance was a lifelong commitment with no room to adapt for unexpected life changes. Today’s customers want greater control over their policy and the power of choice to match their protection level with their evolving circumstances. By leveraging a subscription-based model, we are optimistic that i-FlexCover will appeal to customers in need of simple and affordable coverage tailor-made to their unique needs.”
Another attractive feature of the product is that the coverage goes up threefold for accidental death in public conveyances such LRT or Grab.
i-FlexCover is sold on i2u, Gibraltar BSN’s e-Commerce platform, to provide customers with a one-stop platform to manage their insurance needs. The entire sales process is digital with a simple online underwriting process ending with the customer receiving the e-policy in their email instantly.
Once on i2u, customers can also supplement their i-FlexCover protection by adding on i-Protect Plus, a critical illness coverage plan from RM11.50 per month or i-Med, a medical card plan from RM41.85 per month.