KUALA LUMPUR, Nov 7 -- The announcement of RM50 Perlindungan Tenang Voucher for the B40 income group and the waiver of stamp duty for the purchase of Perlindungan Tenang products for another five years to 2025 will benefit about 12.8 million of B40 households in the country.

Life Insurance Association of Malaysia (LIAM) president Loh Guat Lan said the incentives would ultimately help to fulfil the nation’s aspiration of insuring 75 per cent of the population and accomplish the industry’s financial inclusion agenda.

“This incentive is extremely encouraging for the B40 community as Perlindungan Tenang products have been specially developed to incentivise the youth, young families and B40 household segment to purchase life insurance.

“It is indeed timely for B40 households to receive the Perlindungan Tenang RM50 voucher as a form of protection during these uncertain times,”she said in a statement.

These products are also intended to be suitable for Malaysians who are not currently covered by any form of insurance or takaful protection, she said, adding that the guiding principles for these products are that they are affordable, easily accessible and provide a simple claims process.

“The government’s support is important to empower the B40 group to take the first step to introduce financial planning in their families,” Loh said. 

-- BERNAMA