TARGETING PROGRESS: Under the Malaysian ETP, the government intends to raise insurance penetration rate to four per cent of the GDP by 2020 with the number of policies per population expected to reach the 75 per cent mark. (File Photo)
KUCHING: The insurance and takaful industry supported by Bank Negara Malaysia launched 10 affordable protection plans under Perlindungan Tenang, a national initiative to serve the needs of all Malaysians yesterday.
Aimed at enhancing the accessibility and affordability of insurance and takaful protection among Malaysians, the Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA) and Persatuan Insurans Am Malaysia (PIAM) are jointly committing to develop a sustainable market where insurers and takaful operators offer product choice through various distribution channels with good protection value and administrative ease during the purchase and claims process.
The first batch of six life insurance products, three family takaful products and one general insurance product were rolled out at the launch of Karnival Kewangan Sarawak by Chief Minister Datuk Patinggi Abang Johari Tun Openg, witnessed by the Governor of Bank Negara Malaysia, Tan Sri Muhammad Ibrahim at CityOne Exhibition Centre, CityOne MegaMaII Kuching.
Muhammad said at the launch that the Perlindungan Tenang initiative aims to reach out to eight million Malaysians of working age and over 700,000 micro enterprises that need protection against key risks in life.
“Ultimately, it would help fulfil the nation’s aspiration of reducing the protection gap and insuring 75 per cent of the population with insurance and takaful protection by 2020,” he said.
Riding on three basic criteria of being Affordable, Accessible and Simple, the products available under Perlindungan Tenang were developed by insurers and takaful operators to include the underserved segments in Malaysia – in particular the bottom 40 per cent of household (B40).
lt bodes well for the industry’s efforts in embarking on various educational and awareness programmes to give urgency on the importance of financial protection, and how insurance and takaful can meet the needs of the people.
Through the basic protection provided under Perlindungan Tenang initiative, Malaysians can protect themselves and their families (against key risks in life) with premiums/contribution from only a few ringgit per month.
In addition, it offers easy claims processes where claims will be paid out within five working days upon full documentation.
All products under Perlindungan Tenang shall adhere to basic principles and features approved by Bank Negara Malaysia and carry the logo of Perlindungan Tenang, Mampu & Mudah. In the next few months, more products from the insurance and takaful companies will be added to the list.
Members of the public who wish to know more about products under Perlindungan Tenang can visit www.liam.org.my for life insurance products, www.malaysiantakaful.com.my for takaful products and www.piam.org.my for general insurance products.
Perlindungan Tenant products are available at Karnival Kewangan Sarawak being held at the CityOne Exhibition Centre, CityOne MegaMall here until coming Nov 26.
The launch was attended by LIAM president Toi See Jong, MTA chairman Encik Muhammad Fikri Mohamad Rawi and PIAM chairman Antony Lee.