Tune Money set to grow online insurance business with travel insurance offering

Annual Plan travel insurance targeted at business executives

KUALA LUMPUR, 8 March 2010 – Tune Money Sdn Bhd, the one-stop online financial services company belonging to Tune Group, is set to expand its online insurance business with the launch of its latest offering, the Tune Travel Insurance plan.

Designed to cater to all types of travellers, either leisure or business, Tune Travel is available in 2 options. The ‘Single Trip’ plan is ideal for non-regular travellers who make holiday or business passages within Malaysia or overseas on a short-term basis, while the ‘Annual Plan’ is targeted at frequent and medium-term business and leisure travellers.

“Tune Money is one of very few financial service providers that offers an annual plan for travel insurance. Tune Travel’s Annual Plan is perfect for corporate travellers who are always on the move, as well as holidaymakers who spend a lot of time overseas. Employers will find Tune Travel a very practical and economical travel insurance product for their executives criss-crossing the globe as we offer very competitive rates,” said Joyce Lai (???), CEO of Tune Money.

Tune Travel Inusrance is underwritten by Tokio Marine Insurans (Malaysia) Berhad. It is available for air, sea and land travel.

From as low as RM200 per person, Tune Travel Insurance – Annual Plan covers travellers who are 18-65 years of age for an unlimited number of trips in the year with a maximum number of 90 days for each trip. Premium varies depending on geographical areas of coverage.

For the Single Trip plan, premiums start from only RM33 per person and up to a maximum of 180 days of travel per trip. Customers can enjoy greater savings if they opt to cover self, spouse and family under one cover. It is available for adults up to 80 years old and children from 30 days old onwards.

“Apart from the normal travel-related inconveniences like travel cancellation and delays, missed departures, loss of luggage, traveller’s cheques and travel documents, Tune Travel Insurance also covers for death or permanent disablement, medical, surgical and hospitalisation, compensation for loss or damage to home contents due to fire or burglary during the travel period and personal legal liability to third parties for injury, loss of or dame to property during the travel,” explained Lai.

Commenting on the market scenario of travel insurance, and insurance products in general, Lai said: “Many Malaysians take insurance coverage for granted thus we see a very low penetration rate especially voluntary coverage like travel insurance among the younger generation. Our attitude towards insurance should change and should start it young.”

“You can never be sure about anything, especially when travelling. Whether it’s missing luggage, missed flights or even home break-ins when you are not around, anything left to chance can ruin your trip. Now you can travel with peace of mind, knowing that Tune Money protects your interests with the latest Tune Travel Insurance. With a policy you can just leave everything to us, while you enjoy your vacation or business trips,” she added.

For inquiries, claims, subscription or further information, customers may visit Tune Money’s website www.tunemoney.com, email to insurance@tunemoney.com or call 03-21797333 and they are assured of a response within 48 hours.

Tune Money recently unveiled a new image for its products and services, portraying a fresher, more vibrant look that aims to capture the growing youth and working-class market. Via its insurance and takaful division, Tune Insurance, Tune Money works with partner underwriters to offer a wider range of insurance and takaful products to the market including ‘Tune Motor Insurance’, ‘Tune Personal Accident Insurance’, ‘Tune Home Insurance’ and now ‘Tune Travel Insurance’.

Takaful versions of these insurance products are in the pipeline. Tune Money also has plans to offer insurance and takaful products for hospitalisation and surgical, life and pets starting this year.

“Tune Money’s insurance products offer maximum coverage at a minimum premium. With customised plans, customers only pay what they need. They can also consolidate and track their portfolios with Tune Money’s personal online organiser. Working with renowned insurer partners means Tune Money offers high quality products along with quality customer service and claims service standard,” Lai said.

Apart from online insurance products, Tune Money also offers prepaid Visa cards called Tune-In and Pulse cards. These products are available online via www.tunemoney.com, the company’s web portal that provides simple, user-friendly and reliable electronic access to users, customers and visitors, giving a strong emphasis on safety and security in terms of customers’ data protection.

Tune Money was set up in 2005 as a one-stop financial services company which offers affordable prepaid cards under the Visa brand name and insurance products.

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