SHOPEEPAY Malaysia has partnered with Zurich Life Insurance Malaysia Berhad (ZLIMB) to expand access to savings and protection products through its digital platform.
The partnership, formalised at the “Everyday Protection, Made For All” ceremony, also saw the launch of the Zurich Savings & Protection Plan on the ShopeePay app.
The collaboration expands ShopeePay’s existing partnership with Zurich General Insurance Malaysia Berhad and Zurich General Takaful Malaysia Berhad, while marking ZLIMB’s first digital distribution partnership with the platform.
The Zurich Savings & Protection Plan is a two-year, single-premium product that allows users to combine savings with life protection.
Starting from RM500, the plan offers guaranteed cash payouts every six months, while policyholders can also opt for early cash-out, subject to the applicable terms and conditions.
Under the plan, the policy provides life and disability protection, with beneficiaries receiving 105% of the premium paid, while 100% of the principal is protected at maturity after two years, according to the companies.
ShopeePay Malaysia head Alain Yee said the partnership would broaden access to financial protection products through a platform that Malaysians increasingly use for everyday transactions.
“While general insurance and general takaful provided vital protections and safety nets, the inclusion of ZLIMB plans on ShopeePay takes accessibility a step further with a more proactive approach.
“By lowering the barriers to entry, we are making it easier for more Malaysians to take meaningful steps towards strengthening their financial future,” he said.
Yee said ShopeePay also planned to strengthen its partnership with ZLIMB while expanding its range of protection offerings with Zurich Takaful Malaysia Berhad in the coming year.
“Together, we aim to make quality protection more affordable, understandable, and accessible to the communities that need it most,” he said.
Zurich Malaysia country CEO Junior Cho said improving access was important in addressing Malaysia’s protection gap.
“Malaysia’s protection gap has always been about access. To close it, we must meet Malaysians in the places they already are, rather than expecting them to come to us,” he said.
Cho said the launch, powered by Zurich’s Zurich Edge proposition, would give users a digital option to combine financial protection and savings.
“Powered by our Zurich Edge proposition, today’s launch of the Zurich Savings & Protection Plan on Shopee and ShopeePay apps gives Malaysians a simpler way to not only protect their future but also build it, all within a digital ecosystem they already know and trust,” he said.
He said the product builds on the earlier introduction of Zurich Critical Illness insurance on the platform.
“Users now have more options to both safeguard and grow their financial future,” he said.
Cho said Zurich planned to extend the same digital approach to family takaful next year.
“Next year, we will extend that same simplicity to family takaful, giving more Malaysians the choice of Syariah-compliant protection, and helping them be ready for every change life brings.
“We look forward to working with ShopeePay Malaysia to achieve new milestones and create a brighter future for more Malaysians, together,” he said.
The companies said the entry premium for the Zurich Savings & Protection Plan would initially be RM500, with plans to reduce it to RM100 in the near future.
Users can purchase the plan through the ShopeePay app by selecting “Insurance” on the homepage, followed by “Endowment”.
The benefits payable under the product are protected by the Malaysia Deposit Insurance Corporation (PIDM), subject to applicable limits and conditions.
