Life insurance industry brings festive cheer to four children’s homes

Industry stakeholders, regulators, business partners and media friends celebrating Hari Raya in the spirit of Keluarga Malaysia

Kuala Lumpur, 19 May 2022 - The Life Insurance Association of Malaysia (LIAM) together with its 16 member companies brought festive cheer to about 150 children and their caretakers today at the LIAM Hari Raya Open House held at the multipurpose hall in AICB Building, Jalan Dato Onn, Kuala Lumpur.

The children and teenagers aged ranging from 7 to 17 years old were from Rumah Darul Ilmi, Gombak, Rumah Amal Limpahan Kasih, Puchong, Rumah Chrestus, Cheras and Rumah Keluarga Kami, Kajang. Over 150 industry stakeholders, regulators, business partners and media friends joined in the celebration in the spirit of Keluarga Malaysia.

The children and teenagers were all smiles when the LIAM’s team headed by its President, Loh Guat Lan handed over 150 goodie bags containing teddy bears, coin boxes, tumblers, stationaries, mugs, utensil sets and string bags to the children. The LIAM’s team was also represented by its Chief Executive Officer, Mark O’Dell and Chief Executive Officers of life insurance companies. 

According to LIAM President, Loh Guat Lan, this year’s gathering is even special as Malaysian Life Reinsurance Group (Malaysian Life Re) which celebrates its 25th Anniversary has contributed RM10,000 on top of LIAM’s contribution of RM10,000 which will make up a total donation-in-kind of RM20,000 to the four homes.  Malaysian Life Re is owned by all 14 life insurance companies in Malaysia to develop local expertise in the life reinsurance business.

“In the spirit of Keluarga Malaysia, LIAM is more than happy to celebrate the joy of Hari Raya with the children and their caretakers to make them feel appreciated during the festival after more than two years we did not get to organize Raya gathering due to the pandemic. We will be contributing basic items such as groceries, toiletries, household items and other related items based on the needs and requirements of each home.  These donation-in-kind items will be delivered directly to the four homes,” added Loh.

Over the years, the life insurance industry together with its 16 member companies have been proactive in organizing various CSR programmes for the community. These activities ranging from blood donation drives, contributions to orphanages, old folk homes, paediatric wards, outward bound activities for teenagers, engagement programmes with youths, underprivileged and the needy in different parts of the country.

Since the start of the pandemic in early 2020, the industry has been visionary in mitigating the impact of COVID-19 by tailoring policies and offering flexibilities to customers.  With the strong support of 16 member companies, we showed solidarity in helping Malaysians cope with the pandemic.  Individual insurers introduced various schemes by way of financial assistance for hospitalization and lump sum death benefits when diagnosed with COVID-19 or under quarantine as well as relief measures for COVID-19 Vaccination side effects.  All these measures were to aid policyholders and ease financial pressures on the rakyat while ensuring they are continuously covered with insurance protection

The insurance and takaful industry had also set up a RM10 million COVID-19 Test Fund in support of the Government’s effort to conduct more tests on Malaysians. Policyholders who were at risk were able to claim up to RM300 for the COVID-19 test done at the Ministry of Health’s authorized medical facilities and private labs in the country.  The RM10 million fund had benefitted about 60,000 policyholders.

The launch of Perlindungan Tenang Voucher (PTV) programme for the Bantuan Prihatin Rakyat’s recipients by the Malaysian Government in collaboration with the insurance and takaful industry since 30 September 2021, has paved the way for the introduction of financial planning among the lower income group in the country.   Under the programme, a RM50 voucher was allocated to BPR recipients to purchase the PTV protection plan from participating licensed insurers and takaful operators in the country. This incentive is extremely encouraging for BPR recipients as Perlindungan Tenang products have been specially developed to incentivise this segment of the community into purchasing insurance protection.

Response to the RM50 PTV programme was indeed overwhelming. As of end December 2021, over 1.7 million vouchers worth over RM85.4 million had been redeemed by BPR recipients. The Government has also announced the extension of the PTV Programme for another year with the voucher value increased to RM75 effective 1 January 2022.  As of 14 May 2022, over 1.9 million vouchers worth over RM140.7 million under the RM75 PTV have been redeemed.

We hope that the extension of the PTV programme will further drive the adoption of life insurance among the lower income groups in the country and help to fulfil the nation’s financial inclusion agenda of achieving higher insurance penetration and household resilience among the population.

Meanwhile, according to LIAM CEO, Mark O’Dell, the annual festive celebration with children and stakeholders has become LIAM’s tradition for many years.

O’Dell said, “It is our way of thanking our regulators, stakeholders and business partners for their continued support and guidance to the industry and we value the relationship that has been built for years.  This Raya Gathering tradition has been put on hold for two consecutive years due to the pandemic.  Nevertheless, we are very blessed today that we are now moving into the endemic phase and can have a face-to-face gathering this year. 

“Our sincere appreciation also goes to the Principals and Caretakers of the four Homes for their noble job and commitment to take care of these children.  Their hard work, dedication, and perseverance in nurturing the children, providing them a safe, caring, and loving environment will go a long way in ensuring that they will grow up to become fine young adults one day.” 

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