MAA Takaful unveils all-cancer coverage
Jul 29th, 2008 by Takaful
Source: The Star, 29th July 2008
MAA Takaful Bhd, the latest entrant into the takaful market, has launched what is believed to be the industry’s first standalone comprehensive cancer plan that covers all forms of cancer.
Called MAA Takaful CancerCare, the scheme offers benefits at both early and advanced stages of cancer.
Chief executive officer Salim Majid Zain said: “The plan is the first of its kind in the takaful industry. Apart from that, it is unique in that it pays out the benefits at the first stage of cancer for 10 gender-specific cancers to assist the policyholder in seeking the necessary treatment. These gender-specific cancers are common cancers.
“This day and age, no one can say for sure that cancer can be avoided. But with medical advances, it is possible to diagnose most forms of cancer early. That is why our focus is to ensure the survival of our policyholders.”
The company expected the product to rake in about RM10mil in contribution in the first year. In the first week of its launch, MAA Takaful managed to secure 138 cases (policies). The product was launched early this month.
According to Salim, treating cancer is expensive and the number of people dying from cancer is on the rise.
Worldwide every year, cancer strikes 11 million people, both adults and children, and six million die from it annually.
Salim said in Malaysia currently, about 45,000 people had been diagnosed with this deadly disease. Cancer is the second leading cause of death after heart disease in the country, he noted.
The plan provides a protection coverage from RM25,000 to RM500,000 and the contribution starts from as low as RM67 per year. CancerCare is available from birth up to age 65 and is renewable up to age 75.
The plan pays 25% extra on the total benefits should it be lung, prostate, colon, small intestine and nasopharyngeal cancer for male policyholders; and cervical, uterine, ovarian, breast and vagina cancer for female policyholders.
Moreover, an advance of 25% of the benefits would be paid if the person covered is diagnosed with the above even at the stage of Carcinoma in Situ (pre-cancer).
It provides a tax relief of up to RM3,000 and funeral expenses of RM10,000 is payable should the person covered dies prematurely.
CancerCare also offers 50% surplus sharing (if any) to participants (policyholders) if no claims are made.
On new products, Salim said: “We are developing capital-protected, endowment and medical plans. An innovative and specialised personal accident scheme is also in our list of products to be launched this year.”