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BNM Partners Insurance Industry To Launch Perlindungan Tenang
Last update: 24/11/2017

KUCHING, Nov 24 (Bernama) -- Bank Negara Malaysia (BNM)†has partnered the insurance†industry to launch a new insurance initiative, Perlindungan Tenang, here today.

The initiative is expected to benefit more than eight million working Malaysians†and†700,000 micro enterprises.

BNM Governor†Tan Sri Muhammad Ibrahim said Perlindungan†Tenang†is an affordable and easy to understand coverage plan, alongside a convenient claims process.

"This product was created†to fullfil†the demand of††the household segment who†have yet to obtain insurance or Takaful†coverage, and particularly those in the lower income group," he said in his keynote address at the Sarawak Financial Carnival†here today.

The carnival, themed, 'Prioritise Your Financial Need' is being held over three days from today at the†CityONE†Exhibition Centre.

It is aimed at enhancing awareness towards digital banking services and promoting cashless transactions among the people of†Sarawak.

Ibrahim said the†Perlindungan Tenang†initiative serves to increase the projected insurance and Takaful††coverage among Malaysians†to the targeted†75 per cent in†2020.

"In addition, the product will also be marketed in a more innovative and extensive manner via various channels, including mobile phones and the†Internet," he added.

Meanwhile, a joint statement released by the Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association and General Insurance Association of Malaysia,†said the initiative involved 10 first batch of affordable protection plans.

"There†are six life insurance products, three family Takaful products and one general insurance product," it said, adding, more companies would†be joining in the next few months.

Meanwhile, LIAM Vice-President Ramzi Toubassy†is confident that all 14 members of the association would†participate†in the Tenang initiative by 2019 from the current six.

"With the premium offered being†as low as RM33†annually, the initiative will help†realise the 75 per cent penetration rate in 2020 from currently†about 34 per cent," he said.

-- BERNAMA

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