It depends on which package you purchase.
https://digital.axa.com.my/travel-insurance...for-annual-trip
https://digital.axa.com.my/travel-insurance...for-single-trip

The compensation amount is also slightly different for single and annual insurance.
For baggage delay, it's RM200 for every 6 hours. Up to a maximum of RM800 or RM1600 depending on plan.

If you don't travel much, it's convenient to just "add on" those insurance when you purchase your flight ticket. Some credit cards also cover travel insurance when you use it to purchase your flight tix.

I buy annual insurance since I travel quite a bit and buying it individually will just be more expensive. So doesn't make sense for me to buy individually from the airline company each time.

Yes, short trips also covered. For AXA Smart Travel Annual, only domestic trips are not covered. That one separate buy.