CEO Muhammad Umar Swift said the new endowment plan was expected to contribute 10% growth on the MAA life assurance segment this year.
“This endowment plan caters for individuals aged between 10 and 55 years. It provides guaranteed annual cash payments from the end of the 10th policy year and upon maturity, 120% of the original sum assured will be payable to the insured,” he said.
Vice president of life business development services, YC Chan, said among the highlights of the plan was that the basic premiums were payable and guaranteed to remain unchanged throughout the policy years.
“In the event of total permanent disability before the age of 60, or death at any time during the policy duration, the insured or their loved ones will receive 100% of the sum assured,” he said.
"We are targeting customers who are currently keeping their money in safe deposits and earning a minimal interest on their money as the policy provides protection and savings"