Free Personal Accident Microinsurance Micro Financing Clients

Microinsurance is affordable insurance protection designed for low-income individuals and small businesses against specific risks. It provides essential coverage at very low cost, or in microLEAP's case, free, bridging the gap for those who can't access traditional insurance due to high premiums. In Malaysia, microinsurance often comes bundled with financial products like P2P Micro Financing.

Free Personal Accident insurance is automatically provided to Micro Financing Issuers (business owners) on microLEAP. The insured is either the main applicant or an alternative key person nominated during the financing application. Eligibility requires the insured to be aged 16 to 70 years old. Certain occupations may have restrictions.

microLEAP's microinsurance covers two main events. First, Accidental Death, which pays 100% of the outstanding financing amount if the insured dies within 365 days of an accident. Second, Permanent Total Disablement, which covers 100% of the outstanding financing for events including total paralysis, permanent bedridden status, loss of two limbs, both hands or all fingers, both thumbs, sight of both eyes, or loss of arm, hand, leg, or eye.

Coverage matches 100% of your outstanding financing amount, up to a maximum of RM50,000 per Micro Financing. The coverage applies only to Micro Financing (RM1,000 to RM50,000), not other financing products like Working Capital, Invoice Financing, or Purchase Order Financing.

Yes. As a low-cost insurance option in Malaysia, microLEAP's microinsurance is actually 100% free, with no premiums, no additional costs, and no separate enrollment fees. Coverage is automatic when you apply for Micro Financing, with all details captured during your financing application. No extra paperwork or forms are required.

Yes. microLEAP partners with Two Degrees Sdn Bhd, a Malaysian insurance partner, to administer the Personal Accident coverage. microLEAP handles the financing application and automatic coverage enrollment, while Two Degrees works alongside microLEAP to manage the policy.

Yes. The free Personal Accident insurance is automatically provided to Micro Financing Issuers regardless of whether you choose Conventional or Shariah-compliant Micro Financing. This reflects the growing demand for micro takaful and accessible protection solutions in Malaysia's SME and micro-business ecosystem. For specific governance details on the insurance arrangement, contact microLEAP directly.

In the event of accidental death or permanent total disability, contact microLEAP directly to initiate the claim. microLEAP will then coordinate the process with Two Degrees Sdn Bhd. The outstanding financing amount will be covered per the policy terms.

No. If the insured passes away from an accident or becomes permanently totally disabled, microLEAP's microinsurance pays out 100% of the outstanding financing amount (up to RM50,000). This means your family is not burdened with repaying the financing, giving them peace of mind during a difficult time.