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Best Whole Life Insurance Plans in Malaysia 2023

ByAisha Liyana

Jul 25, 2023
Best Whole Life Insurance Plans in Malaysia 2023

A stunning statistic struck me as I explored Malaysia’s best life insurance in 2023: over 54% of Malaysians don’t have enough life insurance coverage. The following voyage made me aware of the importance of the best life insurance plans and their urgent demand among Malaysians.


Understanding Whole Life Insurance: A brief explanation of whole life insurance and its benefits.

Whole life insurance is more than simply a policy; it’s a commitment that lasts a lifetime, provides everlasting protection, and frequently includes an investment element. I discovered that a crucial knowledge of this insurance is the premium structure and how cash value grows over time. If you’re like me and want to protect your loved ones financially, starting a policy when you’re younger could promote the best cash value growth. In Malaysia, there are several different types of best whole life insurance. They can be broadly divided into three categories: investing-linked, participating, and non-participating. Investment-linked plans function according to fund performance, with the policyholder bearing investment risks, whereas participation policies guarantee cash value and may provide policyholders with incentives or dividends. Put another way, it’s like selecting between a steady path and one that could have greater rewards but greater risks.


Do I need a Whole Life Insurance policy?

The age-old query “Do I need it?” pervades all conversations about insurance. When examining the insurance companies in Malaysia, companies with names like Tokio Marine, Great Eastern, AIA, Prudential, Zurich, Allianz, and others predominate, each offering policies catered to different individual needs. How, then, can one choose from the several insurance providers in Malaysia? Self-examination holds the solution. Consider choices like Tokio Marine i-Big2 if you seek a plan combining the best life insurance with financial investing. Or Tokio Marine i-Million might be the best option if you’re looking for something designed specifically for persons with impairments.


Comparison of the Top Whole Life Insurance Plans

Comparison of the Top Whole Life Insurance Plans

Company/Brand Reputation & Unique Features Coverage & Benefits
Tokio Marine Life Insurance Malaysia Bhd

– More than 65 in Malaysia.

– Known for investment returns, strict underwriting, and effective cost control.

– Customised financial security, wealth-building, and legacy planning strategies.

– Participating in policies that pay dividends and bonuses.

Great Eastern Life Assurance (Malaysia) Berhad – Malaysia’s oldest and largest life insurer. – Protection that lasts a lifetime with the opportunity for investment and maturity rewards.
AIA (Malaysia)

– A vital Pan-Asian life insurance group that is a part of the AIA Group.

– Attempts to aid individuals in leading healthier, longer, and better lives.

– Whole life insurance policies providing lump-sum payouts in the event of death or disability, as well as prospective maturation payouts.
Prudential Assurance Malaysia Berhad

– Provides defence against the uncertainties of life.

– Coverage amounts of 10-15 times annual income are advised.

– The PRUWith You plan offers all-inclusive coverage.

– Guards major life events, helps with family costs, provides for retirement, and more.

Zurich Insurance Malaysia Berhad – Offers Takaful solutions together with life and general insurance products. – Lifelong protection with a potential maturity bonus and an investing component.
Allianz (Malaysia)

– General and life insurance subsidiaries are part of Allianz Malaysia.

– One of Malaysia’s life insurers with the fastest rate of growth

– Full protection from death or incapacity with potential investment and maturity rewards.


Delving into the Best Life Insurance Malaysia Showcases

Malaysians get lifetime protection with best whole life insurance products from reputable firms like Tokio Marine, Great Eastern, AIA, Prudential, Zurich, and Allianz. They guarantee a feeling of security, a one-time payout to beneficiaries for death or disability, and the opportunity to accumulate monetary worth over time.

Policies may also include an investment component, giving our protection a financial growing component. Some even provide a monetary value and coverage guarantee, giving customers peace of mind.

It is vital for Malaysians to comprehend the specifics of each policy and select one that meets their unique requirements and objectives. After all, it’s not just about coverage; it’s also about safeguarding the future of our families, paying for our retirement aspirations, and making sure that our loved ones aren’t left with debt.

Finding the best life insurance coverage could seem difficult, given the large number of insurance providers in Malaysia. But the time and effort spent on it were well worth it. 


Best Whole Life Insurance Plans in Malaysia 2023 

I investigated the products offered by numerous insurance companies in Malaysia to comprehend the best whole-life insurance. These service providers have been pillars of support for families and individuals, helping them when needed. Let’s begin this adventure by investigating some of Malaysia’s prestigious insurance firms’ best whole-life insurance plans.


1. Tokio Marine – TokioMarine-iBig 2

I found that the TokioMarine-iBig 2 stood out among its competitors. The plan’s high and extensive coverage, which ensures protection against unanticipated catastrophes like death and Total and Permanent Disability (TPD), is nothing short of astounding. It is alluring to look forward to the Basic Sum Assured’s continued rise since it provides some semblance of future security.


Details of the Plan:

Coverage: The additional choice of accidental death or TPD coverage protects against death and TPD.

Flexibility: The plan gives policyholders a choice regarding their coverage and how they pay their premiums.

Optional Benefits: It offers the option of including riders for catastrophic diseases and premium waivers.

Limits: The TPD benefit increases to RM 8 million and expires at age 70. Benefits for accidental death or accidental TPD are limited to RM 10 million. The highest payment amount for the Spouse’s Accidental Death compensation is RM 500,000.

Additional Riders: If you want more protection, you might want to think about adding riders like iAdvanced CI, iAccelerating CI, iLife Waiver, and iPayor Waiver.


2. Allianz – Whole Life Insurance Options

In Malaysia, numerous whole life insurance products are available from Allianz, a global leader in the insurance industry. The Allianz UltimateLink, which provides individualised financial investing and life protection, drew my eye. The Allianz PrimeCover is notable for having a CI Relief Benefit built in.


Details of the Plan:

  •  Allianz UItimateLink: A combination of financial investing and life insurance.

Coverage: The additional choice of accidental death or TPD coverage protects against death and TPD.

Flexibility: The plan gives policyholders a choice regarding their coverage and how they pay their premiums.

Optional Benefits: Customise intelligent protection to your needs, A variety of alternative perks you can combine and match to satisfy your protection needs.

Limits: The TPD, death and personal accident benefit increases to RM 8 million.


  • Allianz PrimeCover: Investment-linked plan includes a CI Relief Benefit and coverage for death, TPD, and CI.

Coverage: The additional choice of accidental death or TPD coverage protects against death and TPD.

Flexibility: The plan gives policyholders a choice regarding their coverage and how they pay their premiums.

Optional Benefits: Boost the value of your policy account, premium payment options, availability of additional riders, maximum coverage of three times the death benefit and benefit of built-in CI alleviation.

Limits: The death benefit is according to the insured amount, it is up to 3x. The TPD benefits increase to RM 8 million. The Personal Accident benefits up to RM 25 million per life.


  • Allianz i-Essential Cover: Exclusively available online, with a guaranteed yearly premium and coverage for TPD and death.

Coverage: The additional choice of accidental death or TPD coverage protects against death and TPD.

Flexibility: The plan gives policyholders a choice regarding their coverage and how they pay their premiums.

Optional Benefits: This plan has no waiting period, an annually assured premium and no medical checkup needed.

Limits: The death, TPD and Personal Accident benefit are up to RM 1 million per life.


3. Great Eastern – SmartProtect You

One of the oldest insurance companies in Malaysia, Great Eastern, offers a variety of whole life insurance plans that may be customised to fit different needs.


Details of the Plan:

Coverage: Choices for complete coverage of severe illnesses, death, and total and permanent disability (TPD).

Flexibility: Provides a selection of premium payment arrangements that can be customised according to your financial circumstances.

Riders: Various add-on riders, including maternity and accidental benefits, are available to increase coverage.

Investment Component: This plan includes an investment component to help policyholders increase their wealth.


4. AIA – A-life Wealth Premier

The comprehensive insurance and takaful plans offered by AIA are well-known. Their entire life insurance product line is made to provide lifetime coverage.


Details of the Plan:

Coverage: Protection from fatalities, TPD, and various serious illnesses.

Benefits: Advantages for reaching maturity, policy incentives, and receiving dividends on some plans.

Flexibility: Choices for premium payment schedules and the power to modify coverage in response to evolving life situations.

Riders: There are many potential riders for heightened protection, including hospitalisation and child education benefits.


5. Prudential – PruLifetime Cover

The PruLifetime Cover is a long-term financial security product offered by Prudential, another powerhouse in the insurance sector.


Details of the Plan:

Coverage: Comprehensive protection from serious illnesses, TPD, and death.

Investment Component: Assigning a portion of the premium to investment-linked funds provides a means of investing.

Flexibility: Custom premium payment options and the ability to modify the plan to meet changing needs.

Riders: A variety of optional extra protection-enhancing riders, from medical coverage to premium waivers in the event of serious illnesses.


How does whole life insurance work?

As I started my search for the best life insurance in Malaysia, I was astounded to learn that over 54% of my fellow Malaysians lack life insurance protection. I gave it a lot of thought as it related to how vulnerable we all are financially. Particularly given that the average payout assured per person is only RM46,610, which would barely scratch the surface if the family’s main breadwinner were to suffer a terrible circumstance. What, then, is the answer?

I’ve learned that the best whole life insurance is the magic wand in this situation. The best whole life insurance guarantees lifetime protection in contrast to term insurance, which provides coverage for a set period of time but makes no payment if the term expires without a triggering event. This implies that there will always be a dividend regardless of when I pass away. The miracles don’t end there, though.

Lifetime Protection: Total Permanent Disability & Death

Imagine having insurance that provides total and permanent disability (TPD) benefits and death benefits. This was a surprise to me. TPD refers to conditions where a person cannot work permanently due to an illness or accident. Malaysian insurance providers offer policies that, in such sad occurrences, give a lump sum to ensure financial stability. Now that I’ve put everything together, I see that the best whole life insurance perfectly ties the coverage of both death and TPD, providing comprehensive protection. Because it gives me the peace of mind that my loved ones will be financially secure no matter what happens, best whole life insurance is like a warm blanket.

Types of death and total disability coverage (only one of the following will be paid):

To provide more clarity, Malaysian insurance firms offer a wider range of death and complete disability coverages. They consist of:


1. Natural Death: Beneficiaries receive the sum promised in the terrible event that a policyholder dies from one of nature’s causes, such as illness or old age.


2. Accidental Death: This relates to a fatality brought on by unfortunate events, such as vehicle accidents or other disasters. In these situations, some insurance provides additional rewards.


3. Death due to Public Transportation Incidents: Some insurance companies in Malaysia offer extra benefits if a fatality happens due to a public transport vehicle accident.


4. Total Permanent Disability (TPD): The insured is entitled to the sum assured if they become permanently incapacitated and unable to work due to illness or accident.


The aforementioned categorisations aided me in my search for the best life insurance in Malaysia by ensuring that I prioritise what is most important for my family and myself.


Why do you need life insurance

Why do you need life insurance?

One day while navigating Kuala Lumpur’s busy streets, I thought: “What if the unexpected occurs? Would my family have a steady financial future? As I thought more about this, I concluded that many Malaysians, like myself, struggle with this unpleasant notion. I started looking for the best life insurance in Malaysia at that point.

I quickly learned that the best life insurance is more than simply another policy; it’s a safety net. I was shocked to discover that the best life insurance, for just a set cost, ensures my family’s financial security in the tragic event of my demise. With such a guarantee, my loved ones wouldn’t have to worry about paying for medical expenses, burial expenses, debts, or even basic living expenses, especially if their main source of income was to be lost. It was both enlightening and reassuring to know that the death benefit would be tax-free and could replace my salary.

In addition to providing compensation for death, the best life insurance policies in Malaysia include Total Permanent Disability (TPD) coverage, which guards against the loss of income resulting from unfavourable events. I couldn’t help but think at that time of the many families in Malaysia that could struggle financially without the help of a breadwinner. Would they be able to keep their standard of living? Would they achieve their long-term financial objectives? What about their children’s or grandchildren’s futures? These inquiries just strengthened my conviction about the significance of getting the best life insurance.

As I dug deeper into my research, I found a piece that expertly emphasised the emotional significance of best life insurance. Money can never replace a loved one, but the peace of mind it can bring is priceless. It meant the world to me to know that my family would be supported long-term and that my funeral and burial costs would be paid. In addition, the concept of leaving a legacy for my heirs—whether to support their education, assist them in starting a business, or just to ensure their future—became something I was eager to do.

Consider the best life insurance more than just a policy; consider it a pledge to your loved ones that they will be cared for even in your absence. Start your adventure today if you haven’t already, and look into all the alternatives that Malaysian insurance providers have to offer. After all, while life may be erratic, your family’s future need not be with the correct safeguards.


Types of life insurance

I can still recall feeling overwhelmed when I initially started looking at the best life insurance. The broad realm of “insurance jargon” seemed like a foreign tongue. I chose to explore the many types of life insurance offered in Malaysia because I wanted to secure my family’s financial future. In doing so, I learned about the wide range of choices Malaysian insurance companies offer, each catering to different requirements and circumstances. Let’s travel through the maze of life insurance types together if you’re as lost as I was.


Protection Policies vs Investment Policies

Fundamentally, life insurance guarantees a quantity of money to a designated beneficiary in the sad event of the insured’s demise. The two main categories of these policies are protection policies and investment policies.

Protection Policies: As their name implies, these are primarily intended to provide financial security without a large amount of savings or investment. These plans pay out if the worst occurs within the policy’s term. They often do not return the premiums if they do.

Investment Policies: For people who want to combine life insurance security with financial prospects, investment policies exist. Your premiums are often divided; a portion is used for your life insurance, and the remainder is invested to give you a lump payment later.


Subclasses of Life Insurance

  • Term Insurance: It provides the simplest sort of protection and lasts for a set period of time. A payout is issued if you pass away while the policy is in effect. There is no payment if you live longer than it.
  • Whole Life Insurance: This insurance is lifetime coverage. It has a cash value component that has the potential to increase over time as well as a death benefit guarantee for recipients. I distinctly remember looking at TM Asia Life’s TM Legacy Plus. This whole-life policy distinguished itself with its special feature that raises the sum assured in accordance with the policyholder’s entrance age.
  • Endowment Insurance: It combines savings with life insurance. The policy pays out a lump payment if you live over the policy’s term. If not, the payment is made to your beneficiaries.
  • Universal Life Insurance: Entire life-like but with more versatility. It enables you to alter the death benefit and your premium payments. It also includes a savings component for investments.
  • Investment-Linked Policies: These provide life insurance with a financial element. Through AmBank’s branches, AmMetLife, a significant player in the Malaysian insurance market, offers a variety of asset protection solutions, possibly including investment-linked plans.
  • Additional Features: You can add riders and other features to your life insurance policy to suit your needs. Additionally, some policies are created especially for seniors, providing them with the financial security they require in their latter years.


How to Choose the Right Whole Life Insurance Plan

How to Choose the Right Whole Life Insurance Plan

I found the process of choosing the finest life insurance in Malaysia to be both fascinating and intimidating. I soon understood that comprehending the subtleties and selecting the best option required more than simply skimming brochures; it required me to closely align my financial goals with the products offered by Malaysian insurance firms. And the main aspects that affected my decision were figuring out my financial objectives and the price I was willing to pay, which was that premium cost.

Identify your financial goals.

One of the first things I did was stop and think about my financial requirements and goals. Why did I ever think about getting life insurance in the first place? Only 54% of Malaysians currently have life insurance, highlighting the situation’s seriousness. The best whole life insurance policy is a financial tool and a buffer against unforeseen circumstances. Given the average mortality gap per family member in Malaysia, I wouldn’t want my family to have to deal with financial hardships in the event of my passing.

However, it wasn’t just about defence. Additionally, I assessed the aspect of wealth accumulation. The best whole life insurance policies build up cash value over time, which in and of itself turns into a type of savings. Such insurance policies can be divided into participating, non-participating, or investment-linked categories, each serving various financial goals. For instance, investment-linked insurance offered a chance for possibly higher returns based on the funds’ success, whereas participation policies offered dividends and incentives.

Premium cost

If I couldn’t afford the premium, my search for the best life insurance plan in Malaysia would have been in vain. I discovered that premium prices fluctuate significantly amongst various insurance providers in Malaysia. The coverage, add-on riders, health status, age, and, most significantly, the type of plan selected are all factors that can affect this.

I kept telling myself that even though I was paying more, I was just buying peace of mind. The best life insurance protects your finances by managing everyday bills, paying for your children’s school, and even leaving you an inheritance. However, finding a balance is important: the cost should comfortably fit inside one’s budget while the coverage should justify the expense.


Conclusion: Choosing the right life insurance

It is, without a doubt difficult to find your way through Malaysia’s confusing array of life insurance products. With my research into the finer points of the best life insurance Malaysia offers, I’ve come to understand the critical significance of picking a choice that perfectly suits one’s individual requirements and situation.

As its name implies, whole life insurance guarantees lifetime protection. It is a tool that guarantees your loved ones will get a lump amount in the case of your untimely death or total and permanent disability. However, whole life insurance is not a unified field. The plethora of options from different Malaysian insurance firms each has its own unique features, with options ranging from the ability to tie your policy to investment vehicles to the ability to accumulate cash value through premium overpayment.

While companies like Great Eastern and Tokio Marine provide plans with options for managing your survival benefits and maturity benefits, your choice should be based on a better understanding of your individual financial situation.

Do you prefer the consistency of non-participating policies, or are you ready to accept the advantages (and disadvantages) of investment-linked plans? Each policy type, whether participation or investment-linked, has advantages and disadvantages frequently related to your willingness to take on financial risk, your desired terms for paying your premiums, and the kind of coverage you want.

Remember that your choice isn’t only about the here and now when you peruse the options of numerous insurance providers in Malaysia. A long-term commitment is life insurance. Your policy will continue to meet your changing demands and the ever-evolving dynamics of your life if you regularly return and evaluate it.

I’d like to end by urging all Malaysians to travel this path with patience and devotion. Always keep in mind that the finest life insurance for you is the one that aligns with your objectives, protects your loved ones, and provides security in the face of life’s uncertainties. The peace it offers is priceless, and the journey is worth the careful effort.


Frequently Asked Questions (FAQs)

What age is best to buy whole life insurance?

Since whole life insurance typically has lower premiums and offers lifetime coverage, purchasing it when you are younger is advantageous.

How does a whole life insurance plan differ from a term life insurance plan?

Term life insurance offers coverage for a certain length of time and doesn’t build up cash value, but whole life insurance covers life coverage and has a cash value component.

Which are the types of whole life insurance?

The two basic categories of whole life insurance are participating and non-participating policies, some offering guaranteed cash value and others connected to investing characteristics. Other types of permanent life insurance with different costs and benefits depending on coverage and cash value performance are other possibilities.

What are the disadvantages of whole life?

Term life insurance is less expensive than whole life insurance. If it is not long-term affordable, policy lapses may happen. It may also contain surrender fees if cancelled early.

Can I upgrade or downgrade my whole life insurance plan in the future?

Certain insurance policies offer flexibility regarding revisions or conversions, albeit exact possibilities may differ between providers. To fully grasp the options offered and any potential ramifications, you should speak with your Malaysian insurance provider or a fee-only life insurance counsellor.

Aisha Liyana

Aisha Rahman is a knowledgeable insurance writer specializing in the Malaysian insurance market. With expertise in life insurance, health insurance,...

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