Insurance and takaful industry launch affordable protection plans under Perlindungan Tenang

The first batch of 10 affordable protection plans were rolled out at Karnival Kewangan Sarawak to serve the needs of all Malaysians

Kuching, Sarawak, 24 November 2017 - The insurance and takaful industry together with the support of Bank Negara Malaysia today created another milestone with the launch of 10 affordable protection plans under Perlindungan Tenang, a national initiative to serve the needs of all Malaysians.

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, good protection value, and administrative ease during the purchase and claims process.

The first batch of 6 life insurance products, 3 family takaful products and 1 general insurance product were rolled out today in conjunction with the official launch of the Karnival Kewangan Sarawak by the Chief Minister, Y.A.B. Datuk Patinggi (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg and witnessed by the Governor of Bank Negara Malaysia, YBhg. Tan Sri Muhammad bin Ibrahim at CityOne Exhibition Centre, CityOne MegaMall Kuching.  Also present at the launch were President of LIAM, Mr Toi See Jong, Chairman of MTA, Encik Muhammad Fikri Mohamad Rawi and Chairman of PIAM, Mr Antony Lee.

The Perlindungan Tenang initiative is aimed to reach out to 8 million working-age Malaysians and over 700,000 micro enterprises that currently need insurance and takaful protection against key risks in life. Ultimately, it would help to fulfil the nation’s aspiration of reducing the protection gap and insuring 75% of the population by 2020 with insurance and takaful protection.

Riding on 3 basic criteria of being Affordable, Accessible and Simple, the products available under Perlindungan Tenang were developed by insurers and takaful operators to enhance financial inclusion of underserved segments in Malaysia, particularly the bottom 40% of household (B40). It bodes well with the industry’s efforts in embarking on various educational and awareness programmes, creating urgency on the importance of financial protection and how insurance and takaful can meet the needs of the rakyat. Through the basic protection provided under Perlindungan Tenang initiative, Malaysians can now protect themselves and families (against key risks in life) with premiums/contribution from only a few ringgit per month. In addition, it also offers easy claims processes where claims will be paid out within five working days upon full documentation.

All products under the Perlindungan Tenang shall adhere to the basic principles and features approved by Bank Negara Malaysia and shall carry the Perlindungan Tenang, Mampu & Mudah logo to facilitate the public to easily recognise these products.

In the next few months, more products from the insurance and takaful companies will be added to the list to serve the various needs of Malaysians.

Members of the public who wish to find out more on products available under Perlindungan Tenang, kindly 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.

For the people in Sarawak, the Perlindungan Tenant products are now available at Karnival Kewangan Sarawak which is being held at the CityOne Exhibition Centre,  CityOne MegaMall Kuching from 24 to 26 November 2017.