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You may be familiar with the term Autolife Car Insurance. However, you may not be sure what Autolife Car Insurance is or how it can help simplify your life. Typically, when you purchase a new car through a bank loan, the bank will offer Autolife Car Insurance to the buyer as additional protection.
Autolife Insurance: Additional Protection for Peace of Mind
Autolife Insurance plays an important role in protecting the buyer. If the car owner passes away, falls ill, or becomes unable to work, this is where Autolife Car Insurance comes into play. Follow this article if you want to understand the concept of Autolife Car Insurance and its importance in your life.
1. What is Autolife Car Insurance?
Autolife Car Insurance refers to car life insurance that is paid as a one-time fee. It protects car loans in the event of situations that prevent you from repaying the vehicle loan.
Takaful or Autolife Car Insurance protects the buyer in the event of any undesirable occurrences to the policyholder, such as:
- Accidents;
- Permanent disability; or
- Death.
A vehicle protected by Takaful or Autolife Insurance:
- Will be transferred to the policyholder if the policyholder suffers from chronic illness and is unable to earn a livelihood; or
- Will be transferred to the heirs free of charge if the policyholder passes away.
In other words, Autolife Insurance protection will help the family or heirs with car financing. The heirs do not need to repay the loan or continue making monthly car payments on behalf of the policyholder.
Autolife Insurance essentially offers the same concept as home insurance (MRTA/MLTA). In the event of death, accidents, or disability, the remaining loan balance will be settled by the insurance company, and the car will become the property of the heirs free of charge.
2. What Situations Qualify for Autolife Insurance?
Autolife Insurance is purchased to protect the policyholder in the event of death. It is not limited to death caused by accidents but also covers ordinary deaths or permanent disabilities.
If any of these situations occur to the vehicle owner, the car will automatically become the property of the heirs free of charge. This means that the heirs do not need to settle the remaining payments as they will be covered by the insurance company.
3. How to Purchase Autolife Car Insurance?
Autolife Insurance is offered to buyers when signing the car purchase agreement. Usually, the payment for Autolife Car Insurance only needs to be made once during the car purchase. It does not need to be renewed every year like regular car insurance or road tax.
If your car financing is based on Shariah, you will usually be offered Takaful instruments. You may be offered Autolife Car Insurance if your car loan is based on Conventional financing.
The payment rate or cost depends on age, loan amount (or remaining loan balance), financing period, and other factors. You can refer to your sales agent or bank officer for more information.
However, if you want to purchase Autolife Car Insurance after buying the car, you need to visit the branch of the bank that approved your car loan. For example, if you obtained a car loan through Maybank, you need to visit a Maybank branch and inform them that you want to purchase Autolife Car Insurance for your car.
Qualification to Purchase Autolife Car Insurance
The main requirement to obtain Autolife Car Insurance protection is that you must be between 19 and 60 years old. If you are over 60 years old, the bank will automatically not offer Autolife Car Insurance. Additionally, you must also have an active loan with the bank.
4. What is the Price of Autolife Car Insurance?
The price of Autolife Car Insurance varies depending on age, loan amount (or remaining loan balance), financing period, and other factors determined by the bank. It is paid as a one-time fee according to the remaining active loan period and does not need to be paid monthly like regular insurance or Takaful.
You can add Autolife Car Insurance at any time as long as your car still has an outstanding debt with the bank.
Calculation Method for Autolife Car Insurance
The calculation method for Autolife Car Insurance varies depending on each bank. Usually, the bank will consider the remaining loan period and the current market value of your car before determining your premium.
5. What is the Difference Between Car Insurance and Autolife Car Insurance?
For those who may be confused, car insurance is not the same as Autolife Car Insurance. Car insurance protects your car in the event of accidents, fire, or theft. You also need to renew your car insurance annually.
Autolife Car Insurance, on the other hand, is paid once throughout the financing period. It essentially protects the surviving heirs. The heirs do not need to continue making car loan payments as the loan will be settled by the insurance company.
Autolife Insurance: Investing Today for Peace of Mind in the Future
Autolife Insurance Protection is the best protection plan for you. This policy can reduce the risks that may be borne by your family members or heirs. In other words, this policy can prevent the heirs from being burdened with the monthly commitments left behind.
Family members or heirs will not be burdened with any outstanding loan payments because the car loan is considered settled after the vehicle owner’s death. Therefore, you need to consider Autolife Car Insurance as it can lighten the burden on the heirs of the vehicle owner in the event of death.
Furthermore, if you want to obtain comprehensive car insurance coverage for your car, visit the Qoala website for more information. Qoala is the most comprehensive and best online insurance comparison platform in Malaysia.
