BNM starts new takaful, insurance scheme
KUCHING: Bank Negara Malaysia (BNM) yesterday launched Perlindungan Tenang, an affordable insurance and takaful scheme aimed at getting 75 per cent of the population and micro-enterprises insured by 2020.
Targeting to reach eight million working-age people and more than 700,000 micro enterprises, the initiative is a collaborative effort of BNM, the Life Insurance Association of Malaysia (Liam), Malaysian Takaful Association (MTA) and General Insurance Association of Malaysia (Piam).
The first batch of 10 affordable protection plans, including six life insurance products, were unveiled by Sarawak Chief Minister Datuk Patinggi Abang Abdul Rahman Zohari Abang Openg at the launch of the Sarawak Financial Carnival here yesterday.
Present were BNM Governor Tan Sri Muhammad Ibrahim, Liam president Toi See Jong, MTA chairman Muhammad Fikri Mohamad Rawi and Piam chairman Anthony Lee.
“This product is formulated to meet demands from the household segment, especially those in the low-income bracket, who have yet to get any insurance and takaful protection.
“Several innovative marketing strategies will be used to promote Perlindungan Tenang to the masses via the usage of handphones and the Internet,” said Muhammad.
Other affordable protection plans include three family takaful products and one general insurance product.
Liam, MTA and Piam said in a joint statement that products under the Perlindungan Tenang scheme were created based on three basic criteria: affordability, accessibility and simplicity.
They said the scheme was developed by insurers and takaful operators to enhance the financial inclusion of underserved segments, particularly the bottom 40 per cent of households (B40).
“It syncs well with the industry’s efforts in educational and awareness programmes, creating urgency on the importance of financial protection and how insurance and takaful can meet the rakyat’s needs.
“Through the basic protection provided by the Perlindungan Tenang initiative, Malaysians can now protect themselves and families with premiums and contributions that start from only a few ringgit per month. It also offers easy claims processes, with claims paid out within five working days upon full documentation,” the statement said.