KUALA LUMPUR (Nov 24): Malaysia-based insurance companies have rolled out ten affordable protection plans under Perlindungan Tenang — a national initiative to serve the needs of all Malaysians — which is supported by Bank Negara Malaysia.
The Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA) and General Insurance Association of Malaysia are jointly committing to develop a sustainable market where insurers and takaful operators offer product choice through various distribution channels, good protection value, and administrative ease during the purchase and claims process.
The General Insurance Association of Malaysia is also known as Persatuan Insurans Am Malaysia (PIAM).
The first batch includes six life insurance products, three family takaful products and one general insurance product, according to the jointly issued statement by LIAM, MTA and PIAM today.
"Riding on three basic criteria of being affordable, accessible and simple, the products available under Perlindungan Tenang were developed by insurers and takaful operators to enhance financial inclusion of underserved segments in Malaysia, particularly the bottom 40% of household (B40)," it said.
Some of it are:
What is TokioMarine-StarterPack?
This is a life insurance plan that provides
- Coverage for death
- Sum Assured will be paid in one lump sum as the death benefit