In October 2026, Zurich Life Insurance Malaysia Berhad partnered with ShopeePay Malaysia to sell life insurance directly through the e-wallet app, with entry premiums starting at RM500.
The two-year single-premium product is named the Zurich Savings & Protection Plan. It offers guaranteed cash payouts every six months. Customers receive full principal protection at maturity, along with 105 per cent of the premium paid for life and disability coverage.
Expanding Digital Wallet Distribution
This agreement makes ShopeePay the first digital distribution platform partner for Zurich’s life insurance division in Malaysia. It builds on an existing relationship. The platform already distributes products for Zurich General Insurance Malaysia Berhad and Zurich General Takaful Malaysia Berhad.
Users purchase policies inside the ShopeePay mobile app under the insurance tab by selecting the endowment category. Both companies plan to lower the minimum entry premium from RM500 to RM100 to widen user adoption.
Targeting First-Time Insurance Buyers
Tapping an established checkout ecosystem bypasses traditional agency channels and their higher acquisition costs. Insurers across Southeast Asia bundle life protection into short-duration endowment products for a clear reason. They want to convert younger, digital-native consumers who avoid long-term premium commitments.
For ShopeePay, the rollout creates a high-margin financial service stream within its payments ecosystem. The move mirrors regional super-apps that are diversifying beyond payment processing and micro-lending into wealth and insurance distribution.
Building Out Embedded Finance
Intense competition for transaction volume across Southeast Asia is pushing digital wallets to embed stickier financial products. Short-term endowment policies create recurring platform engagement. Every six months, guaranteed cashback payouts return directly into user accounts.
Operational risks remain if claim fulfillment or cash-out requests create friction inside a third-party app. To prevent that, Zurich and ShopeePay rely on digital underwriting infrastructure called Zurich Edge to process claims and manage policy administration.
Next Steps For Islamic Products
Earlier rollouts between the two companies introduced digital critical illness coverage on Shopee platforms. Benefits distributed under the program remain protected by Perbadanan Insurans Deposit Malaysia up to statutory limits.
Looking ahead, Zurich Malaysia will broaden the lineup in 2027 by introducing Syariah-compliant family takaful products across ShopeePay. Both firms are also preparing to lower the entry threshold for the current savings plan to RM100.
