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Exclusive Insurance Coverage for EON Bank’s Credit Cardholders
13 June 2005
Kuala Lumpur - Mon: EON Bank in collaboration with Uni.Asia Life Assurance Berhad Berhad today introduced Smart Protector Enhanced, a comprehensive life insurance coverage for EON Bank’s credit cardholders against monthly outstanding credit card balances.
Albert Lau, the Group Chief Executive Officer of EON Bank said in a statement, “The insurance coverage, which is specially designed for EON Bank’s Platinum, Gold and Classic credit cardholders and underwritten by Uni.Asia Life Assurance Berhad, is offered to all principal and supplementary credit cardholders aged between 18 to 65 year old. Smart Protector Enhanced provides death, total & permanent disablement, temporary and total disablement and critical illnesses coverage.”
Lau added, “A credit cardholder can be insured up to a maximum of RM50,000 per single Classic or Gold card, RM100,000 for multiple Classic and or Gold credit cards and RM300,000 maximum coverage for Platinum credit card and combination of Platinum, Gold and Classic credit cards. With a database of more than 360,000 cardholders and growing, we see this as an opportunity for our credit cardholders to get insurance protection in the most convenient way.”
Ooi Say Teng, the Chief Executive Officer of Uni.Asia Life Assurance Berhad said in the joint statement, “This collaborative effort symbolizes the synergy that exists between companies under the DRB-HICOM group. This close cooperation will allow us to provide value and offer total privilege to the group’s customers. Smart Protector Enhanced is being distributed through the EON Bank’s network of branches, direct sales agencies as well as the agency force of Uni.Asia Life Assurance Berhad.”
Ooi added, “We are expecting to register RM2.5 million in total premium following the launch of Smart Protector Enhanced and this figure is expected to grow at between 10-15% per year as the number of cardholders increases. In addition to Smart Protector Enhanced, Uni.Asia Life Assurance Berhad also has a strategic partnership with EON Bank on its Bancassurance initiatives. Through this strategic partnership, Uni.Asia Life Assurance Berhad has recorded significant growth in MRTA, Single and Regular Premium portfolio over the past years.”
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