Hong Leong Assurance (HLA) has unveiled a new insurance product, HLA Future Secured, designed to provide robust retirement protection for Malaysians. The launch comes as concerns grow over aging, underinsurance, and long-term health risks in the country.
The HLA Future Secured plan offers coverage of up to RM4 million (approximately $893,000) for policyholders who are unable to perform Activities of Daily Living (ADLs) from the policy’s inception.
Starting at age 60, policyholders can access up to 70% of the sum assured, provided certain conditions are met. These include hospitalization in an ICU for 10 days, medical bills exceeding RM70,000 (about $15,633), or the diagnosis of serious conditions such as stroke, dementia, or Parkinson’s disease.
Loh Guat Lan, Group Managing Director and CEO of HLA, emphasized that the product is tailored to meet the needs of Malaysia’s “sandwich generation”—individuals who are juggling responsibilities for both aging parents and dependent children while managing their own financial commitments. She underscored the importance of early financial planning and comprehensive coverage to ensure long-term financial security.
(Note: Exchange rate used: $1.00 = RM4.47)
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