RM500,000 allocated to Sarawak residents, offering access to affordable protection plans, to enhance social protection in the community

 

Kuching, 16 November 2024 -   The Life Insurance Association of Malaysia (LIAM) and its member companies today launched the i-MULA 50 Starter Pack in Sarawak, in conjunction with the Karnival Celik Kewangan Sarawak, taking place from 15 November to 17 November 2024.
 

A special minimum allocation of RM500,000 has been allocated exclusively for Sarawak residents as part of the RM5 million i-MULA 50 Starter Pack Fund, available until 30 June 2025.   This special allocation was presented to Yang Berhormat, Datuk Amar Professor Dr. Sim Kui Hian, Deputy Premier and Minister for Public Health, Housing and Local Government, Sarawak, who graced the event as Guest-of-Honour, and witnessed by Encik Nor Rafidz bin Nazri, Director, Financial Inclusion Department of Bank Negara Malaysia.

 

Speaking at the launch, Yang Berbahagia Dato Koh Yaw Hui, LIAM Management Committee expressed the industry’s appreciation to the Sarawak Government and Bank Negara Malaysia for their support for the i-MULA 50 programme, which aims to provide first-time insurance buyers with access to life insurance protection at a subsidised premiums.  

 

“As we launch the i-MULA 50 Starter Pack here in Sarawak, we look forward to the positive impact this program will bring to families and the communities. We are proud to support Sarawak’s journey towards building a more resilient, inclusive and sustainable society. Together, let us empower every Malaysian to achieve financial resilience and peace of mind,” said Dato Koh.

 

“The launch of the i-MULA 50 Starter Pack Insurance Fund, emphasizes our commitment to addressing the needs of the community particularly the underserved segment.  Since the launch of the RM5 Million i-MULA Starter Pack in August 2024, we have received very encouraging response from the public.  To date, approximately 13,000 policies have been issued, valued at RM640,000, leaving around RM4.3 million available in the fund. We encourage all Sarawakians to take advantage of the RM500,000 fund allocated exclusively for Sarawak, as well as the remaining RM4.3 million in the overall fund,” Dato Koh added.

 

Yang Berhormat Datuk Amar Professor Dr. Sim Kui Hian, praised LIAM and its member companies for introducing the i-MULA 50 Starter Pack Insurance Fund, which marks an important step towards expanding access to affordable life insurance, especially for Sarawak’s underserved communities, reflecting a strong commitment to supporting the financial resilience of all Malaysians, including the Sarawak community.

 

“Sarawak is on a transformative journey, working to build a state where economic progress aligns with social well-being. This RM500,000 contribution is a strategic initiative to promote financial inclusion, encourage our residents to consider affordable protection plans, and supports insurance education within our communities.  

 

YB Dr Sim said, “I encourage all Sarawakians to seize this opportunity to sign up for the i-MULA 50 protection plan to protect themselves and their loved ones against unforeseen circumstances.”
 

The i-MULA 50 is a RM5 million Starter Pack Insurance Fund established by LIAM and its member companies in conjunction with LIAM 50th Anniversary.   This fund aims to benefit 100,000 policyholders, providing RM50 subsidy on 33 affordable protection plans, targeting first time buyers, youth and young families.  Featuring affordable insurance options and customized products from the Perlindungan Tenang initiative, these products provide basic life insurance coverage at subsidized premiums. 
 

The programme supports protection plans that cover death, total and permanent disability (TPD), critical illness, medical expenses, and hospital income.  The annual premiums ranging from RM75 to RM600, with policyholders contributing a minimum of RM25 in annual premium to receive a one-time subsidy, fostering a better understanding of the insurance products they are purchasing. 

 

For the past five decades, LIAM has been committed to promoting financial education and inclusion. With the life insurance and takaful penetration rate at just 58.6% as of 2023, over 40% of Malaysians remain uninsured.  The industry, in close partnership with Bank Negara Malaysia and other key stakeholders, has implemented educational and outreach programmes to increase insurance penetration rate and narrow the protection gap in the country. 

 

Our ongoing collaboration with the Financial Education Network (FEN) and Bank Negara Malaysia including through initiatives, such as today’s KCK Sarawak enables LIAM to engage in impactful outreach initiatives that promote financial literacy and encourage insurance ownership nationwide. 

 

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