Al Rajhi Bank launches new medical plan

Al Rajhi Bank launches new medical plan

Tuesday, 26 May 2015


KUALA LUMPUR: Al Rajhi Bank launched its newest medical plan, i-Medic, which offers affordable and comprehensive medical and hospitalisation coverage for its customers. 

Underwritten by AIA PUBLIC Takaful Bhd (AIA PUBLIC), i-Medic is designed to meet the needs of Malaysians who require affordable, flexible and family-oriented medical and hospitalisation coverage.

Al Rajhi Bank’s acting chief executive officer Selamat Haji Sirat said, “The launch of i-Medic will enable Al Rajhi Bank to strengthen its bancatakaful products offering and create opportunity to expand its retail portfolio through new innovative financial solutions.”

Under the partnership, i-Medic will be promoted and marketed through Al Rajhis 24 branches nationwide. In return, Al Rajhi will benefit from AIA PUBLICs customer-centric sales approach, training, marketing and technology support. Besides AIA PUBLIC Takaful, Al Rajhi Bank has collaborated with Great Eastern Takaful to distribute i-Great Raudhah and i-Great Bakti.

AIA PUBLIC chief executive officer Elmie Aman Najas said, “This is another milestone achieved by AIA PUBLIC as we enter into a partnership to distribute advisory product with Al Rajhi Bank. This provides the opportunity for AIA PUBLIC to leverage Al Rajhi Banks distribution strength through its network of branches and representative offices nationwide.”

In addition, it is a strategic and innovative approach by AIA PUBLIC to extend its reach to new, potential bank based customers.

i-Medic, which comes with a No Lifetime Limit feature, is designed to cover hospitalisation and surgical expenses due to sickness and accidental causes up to 99 years old. 

When a customer participates in this medical plan, the person will receive a medical card with a swipe feature that eases hospital admissions at AIA panel hospitals. Through its Family Plan feature, i-Medic offers its participants the option to extend the medical coverage to their spouse and children.

To give AIA customers more choice in meeting their protection needs, AIA PUBLIC applies the Takaful concept to develop Shariah solutions that offer similar features and benefits to AIAs insurance products.

Leveraging on its established principles and operations in the Middle East, Al Rajhi Bank ventured out as an international bank by setting up its first overseas operations in Malaysia. 

Operating on the same platform as the home bank, Al Rajhi Bank Malaysia extensively uses the latest banking technology to consistently provide customers with speed and convenience in banking. To date, it has 24 branches, 15 in the Klang Valley, one in Johor Bahru, Melaka, Penang, Kuching, Kota Bharu, Ipoh, Kuantan, Kota Kinabalu and Sungai Petani respectively. Plans are in the way to open a few more this year.

Al Rajhi opened it Affluent Banking flagship branch in Menara BRDB in Bangsar to cater to its high net worth customers. Offsite ATMs are now located in many locations throughout Malaysia.

The bank is expanding its suite of products and services that currently offers customised corporate and investment banking products which include amongst others project financing, term financing, working capital financing, trade finance facilities and cash management services. 

The Retail banking products includes Savings Account-i, Current Account-i, Personal Financing-i, Debit Card-i, Fixed Term Investment-i, Money Transfer i-Tahweel, Automobile Financing-i, Home Financing-i, and Structured Home Financing-i amongst others.

To date, Al Rajhi has a customer base over 160,000 with the number growing steadily.- Bernama