Homegrown e-wallet Boost has introduced an innovative new cashless way for Malaysians to pay for insurance protection without money. The payment platform provider expanded its micro-insurance offerings to include general and life insurance as an extension to its #BoostGotYou ‘Stay at Home’ edition campaign launched last month to make life easier for users currently facing the latest wave in the COVID-19 outbreak and the Conditional Movement Control Order (CMCO).
Exclusive to Boost users, the two new micro-insurance plans are GeneralProtect and LifeProtect, underwritten by Great Eastern General Insurance (Malaysia) Berhad and Great Eastern Life Assurance (Malaysia) Berhad respectively. Both plans come with Basic and Advanced packages.
Boost has implemented a unique feature for the two new micro-insurance plans. For the first and limited time only, users can purchase them by exchanging Boost Coins for as low as 450 Boost Coins until 31 December 2020. To earn Boost Coins, users just need to pay for everyday transactions using Boost. Users can also opt for an automatic monthly coin deduction option for the duration of the coverage purchased.
As a value-added benefit, both plans come with COVID-19 Assist, an additional financial assistance program in the event of users being infected with the COVID-19. Upon diagnosis, users will receive RM200 daily hospitalisation cash assistance up to 60 days and RM20,000 financial assistance upon death due to the COVID-19. This announcement closely follows Boost’s recent launch of the in-app COVID-19 Home Swab Test booking feature to provide timely protection during this third wave of the pandemic. The homegrown e-wallet introduced this feature two days ago to cater to users who are understandably concerned and cautious about going outdoors with an easy way to bring the service to their doorsteps instead.
GeneralProtect is a monthly policy which provides 24-hour worldwide personal accident coverage. Benefits include compensation of up to RM15,000 in the event of accidental death and permanent disablement, as well as double the compensation (of up to RM30,000) for accidental death while travelling on a public conveyance. Under the Advanced package, there is also a compensation of up to RM200 for loss of personal effects due to snatch theft.
LifeProtect is a one-year term policy and its benefits include compensation of up to RM100,000 for covered critical illnesses and accidental death, as well as up to RM200,000 for accidental death while traveling in a private conveyance. The plan also provides reimbursement of up to RM2,500 for medical expenses incurred due to accident.
Mohd Khairil Abdullah, CEO of Boost said, “We endeavour to provide Boost users with affordable protection and peace of mind while they continue to live life or do business amid the pandemic. The provision of micro-insurance coverage is just the start of what we plan to do with digital financial services through our e-wallet platform. We have bigger plans to further expand on this service over the next couple of years. Our team is committed and strives to do what we can to contribute to our society during this challenging pandemic period. We also aim to support a growing digital and mobile-first community by regularly introducing meaningful and value-added products, services and solutions leveraging on our e-wallet platform.”
Both GeneralProtect and LifeProtect can be accessed via the ‘Insurance’ tile within theapp or under the BoostUP Rewards section. BoostUp is a loyalty programme designed to gift users a comprehensive and exciting set of prizes and unforgettable lifestyle experiences, on top of cashback, which can all be redeemed using Boost Coins. The addition of the unique GeneralProtect and LifeProtect products now gives users an innovative new digital experience when purchasing insurance protection.