Insurance, takaful industry launches voucher programme to extend social protection to lower-income group

Insurance, takaful industry launches voucher programme to extend social protection to lower-income group
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KUALA LUMPUR (Dec 31): The government, together with the insurance and takaful industry, will offer all eligible Bantuan Keluarga Malaysia (BKM) recipients for next year in the household, single and senior citizen categories a RM75 Perlindungan Tenang Voucher (PTV) from Jan 1, 2022. 

The RM75 PTV is a national initiative by the government to extend social protection to the lower-income group as announced in Budget 2022.

The voucher will enable them to renew their existing Perlindungan Tenang policy/certificate for another year or purchase a new Perlindungan Tenang protection plan from licensed insurers and takaful operators in the country.

Eligible BKM recipients will also be able to redeem the RM75 voucher to purchase a comprehensive motorcycle (150cc and below) insurance policy or a takaful certificate. 

Malaysian Takaful Association (MTA) chairman Elmie Aman Najas said the extension of the PTV programme into its second year is aimed at increasing social protection for the lower-income segments of Malaysian society.

“Since the PTV programme was launched for Sept 30 to Dec 31, 2021, 1,109,800 PTV vouchers with a net utilised amount of over RM55 million had been redeemed,” he said in a statement on Friday (Dec 31). 

Persatuan Insurans Am Malaysia (PIAM) chairman Antony Lee said that increasing the social protection and insurance penetration rates is critical for a country as it helps to diminish the people’s exposure to risks and protect themselves and their loved ones against unpredictable hazards and interruption or loss of income.

Lee said the recent floods highlighted the protection gap and the need to adequately protect one’s property against natural disasters, and such coverage is available under general insurance products of Perlindungan Tenang.

Life Insurance Association of Malaysia (LIAM) president Loh Guat Lan, meanwhile, said through the RM75 PTV programme, the lower-income group will get a higher-value voucher that enables them to have more options to choose from a range of affordable protection plans that suit their needs.

“We want to advise all eligible BKM recipients to take this opportunity to enrol in the Perlindungan Tenang protection plan as a safety net for their families and loved ones,” she said. 

Under the Perlindungan Tenang programme, 16 participating insurance companies and takaful operators offer a range of 22 protection plans that provide coverage against key risks in life, such as death, accidents, fire, damage of properties and other unfortunate events.

The premium for some of these protection plans starts from as low as RM2.03 a month.

All BKM recipients are advised to check on their eligibility for the RM75 voucher via the PTV portal at www.myptv.my or contact the PTV programme call centre at 03-7723 9333.