A total of 12.3 million people or 41.5% of the population in Malaysia are insured!
According to Finance Minister Tunku Zafrul, 12.3 million people or 41.5% of the country’s population will have life insurance and family Islamic insurance (Takaful Keluarga) by 2020.
Of the insured group, 78% are working people between the ages of 20 and 59, while 14% are children and teenagers between the ages of 0 and 19. The remaining 8% are the 60+ age group.
This means that less than half of the country’s population is covered by insurance, and half of the population is uninsured.
In order to provide insurance coverage to the low-income group, the government has introduced the Perlindungan Tenang Voucher (BKM) which is worth RM75 to all BKM recipients.
To find out if you are eligible for the RM75 Tenang Voucher, you can visit https://myptv.my/ and enter your ID number. If you are eligible, you will immediately receive a set of Stability Protection Voucher numbers to purchase micro-insurance from your partner insurance company.
There are many insurance companies that offer micro-insurance plans such as accident compensation or permanent disability compensation or hospitalization benefits for a yearly premium of RM75. Different insurance companies have different micro-insurance plans and people can find out for themselves the plans offered by each insurance company.
