Takaful Ehsan eyes 10 pct market share of takaful industry by 2015

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KUALA LUMPUR: ING Public Takaful Ehsan Bhd (Takaful Ehsan) is eyeing a 10 per cent market share of the takaful industry by 2015 from the current two per cent.

Its chief executive officer Saiful Yazan Ahmad said yesterday that the company planned to boost its banca takaful segment by tying up with two more banks and increasing the number of agents to 1,500 this year. Incorporated in March 2011, the takaful operator had 300 agents at present, and had tied-up with Public Islamic Bank to distribute its products.

“Last year, we focused on banca takaful and it was good, with an estimated total contribution of RM15 million. This year, we want to focus on the retail business, and have target the total contribution from this segment to be RM23 million,” Saiful told reporters after launching the Investment-Linked Takaful Medical Rider (ILT-Med) here.

Saiful expected to secure 28,000 new policy holders via its banca takaful channel and 14,000 from the agency retail segment by year-end.

The ILT-Med launch was the fifth product rider introduced by Takaful Ehsan to join the family Takaful company’s stable of offerings. It had at present 71 hospitals on its panel and the company hoped to secure more hospitals in the coming months, preferably one in every major city and town in Malaysia.

“With healthcare cost on the rise because of medical inflation and the growing prevalence of lifestyle diseases, the need for a decent medical cover is crucial for a family’s well-being,” he said.

The product offers customers new various new benefits, including an entry age of up to 65 years, cashless hospital administration and a No Claim Bonus of up to RM400. — Bernama