PruBSN sees continued growth of Takaful industry

KUALA LUMPUR: The takaful industry is expected to continue its growth, further supported by higher awareness among Malaysians despite the current economic conditions and high cost of living.

Prudential BSN Takaful Bhd (PruBSN) Chief Executive Officer Aman Chowla said with the higher awareness, the number of Malaysian subscribers has increased from time to time.

PruBSN currently has over 14,000 agents serving more than 700,000 customers.

“As long as the trend is in the right direction, we are cautiously optimistic for the overall industry this year, but we need to adapt to the changes if there are any,” he told a press conference after the launch of PruBSN Platinum here yesterday.

PruBSN Platinum, with more than 1,000 subscribers since its softlaunchinNovemberlastyear, combines savings multiplier, life protection and potential growth on investments features, all in one offering.

“A key feature of the product is the annual cash payout that provides customers a steady stream of income from the end of the second certificate year and annually thereafter as well as doubles from the 11th certificate year until maturity,” he added.

Aman, however did not disclose the number of subscribers expected for PruBSN Platinum.

Meanwhile PruBSN Chief Marketing Officer Nor Azman Zainal said the company has a 36 per cent market share and targets double-digit growth for its annual contribution equivalent (ACE) by year-end.

“We also plan to launch two to three new products including individual plans by the second half of this year,” he said.

PruBSN is a 51:49 per cent joint venture between Bank Simpanan Nasional and Prudential Plc. — Bernama