PolicyStreet Partners with Direct Lending, Debuts Embedded Microtakaful for Hari Raya
Putting ‘Selamat’ in Selamat Hari Raya, DirectCare+, a complimentary microtakaful embedded into Direct Lending’s Auto Service Financing Plan will be available until 30 April 2024, ensuring financial inclusivity and security this festive season.
KUALA LUMPUR, 11 March 2024 – PolicyStreet, a regional insurtech company, partners with Direct Lending, a digital lending marketplace platform, to unveil DirectCare+, an embedded personal accident microtakaful with a loan protection feature. DirectCare+ stands as PolicyStreet’s inaugural microtakaful product offering, solidifying PolicyStreet’s position as the first home-grown insurtech to embark on such a venture. This new microtakaful insurance is set to complement Direct Lending’s current Auto Service Financing Plan, a digital Shariah-compliant instalment plan for car services or repairs.
As the excitement of Raya builds and Malaysians prepare for a long journey back to their hometowns this Hari Raya Aidilfitri, prioritising both car maintenance for road safety and financial preparedness is crucial. Yet, for many Malaysians, the financial burden of car repairs can be daunting. The journey back home can also be dangerous, with 12,407 road accidents reported last year, showing a 0.7% increase in fatalities during the Hari Raya Aidilfitri festive period.
Addressing the need for financial security, DirectCare+ offers an added layer of financial protection against financial hiccups as a result of accidental death or permanent disability. The complimentary microtakaful is available to eligible users and applicants of Direct Lending’s Shariah-compliant Auto Service Financing Plan, which offers payment terms of up to 12 months.
"We are incredibly proud to launch our first microtakaful product, DirectCare+, in collaboration with Direct Lending. Being the first home-grown insurtech to tap into the microtakaful segment, the launch marks a significant milestone for PolicyStreet. DirectCare+ not only expands our reach to a wider audience but also enhances accessibility to insurance, especially for underserved communities during this Ramadan season," says Yen Ming Lee, Co-Founder and Group Chief Executive Officer of PolicyStreet.
Direct Lending's digital lending platform allows customers to conveniently apply for an Auto Service Financing Plan 100% online on their website or by scanning the QR code at any of the over 1,400 participating workshops across Malaysia. This collaboration between PolicyStreet and Direct Lending meets the unique need for Shariah-compliant financial services and provides financial support and reassurance during increased travel and potential risks.
DirectCare+ offers comprehensive financial protection in the event of accidental death. This coverage includes RM15,000 in financial support and loan protection, ensuring that any remaining financing amount is covered. Additionally, Khairat Kematian provides a lump sum of RM3,000 to cover funeral costs.
In the unfortunate event of unemployment due to accidental permanent disability, the loan amount will continue to be covered for up to 12 consecutive months. The applicants would also receive financial support of up to RM15,000 in financial support depending on the severity of the accidental disability.
"With the new school session to start in March and Hari Raya in April, there is no doubt that we will see an increase in the spending of Malaysians. This collaboration aims to ease the financial burden of vehicle repair or service, which, if overlooked or delayed, can impact a car’s performance and jeopardise safety on the roads. By offering a more inclusive and user-friendly car service instalment plan, with added free personal accident insurance protection, we hope Malaysians can have a safe journey home without financial stress,” says Hui Yik Seong, Founder and Director of Direct Lending.
Auto Service Financing Plan users eligible for DirectCare+ also have the option to extend their protection period for up to 12 months by opting in and paying a discounted rate as low as RM10 during the campaign period. This can be done before they complete the necessary online “Checkout” process to utilise the payment plan for their car service or repair bill at participating workshops.
This collaboration between the two fintech financial services exemplifies their shared mission to make a meaningful difference in the lives of Malaysians, making financial services more accessible and embodying the spirit of compassion and community that defines this festive season.
For more information about DirectCare+ Personal Accident Coverage and the Auto Service Financing Plan, please visit HERE or www.directlending.com.my/auto-service-financing/ respectively.
