LIAM 2021 Budget Wish List

(Issued by the President Life Insurance Association of Malaysia, Ms Loh Guat Lan in conjunction with the tabling of Budget 2021 by the Minister of Finance Malaysia scheduled on Friday, 6 November 2020)

Kuala Lumpur, 4 November 2020: In conjunction with the tabling of the 2021 Budget by the Minister of Finance Malaysia, YB Tengku Dato’ Sri Zafrul Aziz, LIAM wishes to reiterate our wish list in promoting financial inclusion and increasing awareness on the importance of financial protection among the Rakyat.

1. Encouraging Malaysians to plan for their needs for protection, medical and health needs and education of their children

The life insurance industry has played a key role in encouraging Malaysians to plan for their needs for protection, medical and health needs and education of their children although there is scope for even greater participation.  Based on LIAM’s statistics, in 2019, the life insurance industry paid out a total of RM11.9 billion in benefit payout. A significant part of this payout, totalling RM4.9 billion or 41% in 2019, is for medical insurance.

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