Higher insurance, takaful penetration in Malaysia this year: PruBSN

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) expects higher insurance and takaful penetration among Malaysians this year backed by its newly-launched protection plan, BSN Takaful Sakinah.

PruBSN chief executive officer Wan Saifulrizal Wan Ismail said the BSN Takaful Sakinah was introduced as "The First Protection Plan" to help the community to alleviate financial difficulties of loved ones in the event of demise of the person covered.

"It is crucial for individuals to have a life protection plan that keeps them secure in case of unforeseen incidents. With this new protection plan jointly launched with BSN, we are on track with our mission to provide more Malaysians with affordable and accessible financial protection," Wan Saifulrizal said at the virtual launch of BSN Takaful Sakinah today.

BSN Takaful Sakinah is a joint effort between PruBSN and Bank Simpanan Nasional (BSN) to provide affordable and accessible protection for more Malaysians to help them ease their financial burden in times of need.

BSN chief executive officer Jay Khairil Jeremy Abdullah said the new protection plan was very much in line with the bank's vision of ensuring no Malaysian were left behind.

"It has been a priority of BSN to give all Malaysians the opportunity to enjoy a better life through an extensive network and various services. This plan is mainly targeted at more participation from the B40 community to allow them to obtain takaful coverage at affordable contribution rates," he said.

BSN Takaful Sakinah is a yearly renewable plan with 12 months coverage.

It is a Shariah-compliant product that requires the participant to have a BSN account to sign-up.

The plan offers protections for both natural and accidental deaths with Khairat benefits of up to RM3,500.

The plan is open to all those between the age of 19 and 50.

There are three protection plan options with a yearly payment of either RM55, RM110 or RM165 which will be deducted from the participant's bank account.

Coverage claims for natural deaths can range from RM10,000 to RM30,000 whereas accidental deaths can be up to RM60,000.

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