Bank Negara Malaysia (BNM) launches inclusive insurance initiative by the name of “Perlindungan Tenang”

With the support of BNM, the insurance and takaful industry rolled out 6 life insurance, 3 family takaful and 1 general insurance products on 24 November 2017

BNM, together with the insurance and takaful industry, has launched “Perlindungan Tenang”, a range of inclusive insurance and takaful products targeted at the bottom 40% of Malaysian income-earners. “Perlindungan” translates to “protection”, while “Tenang” translates to “calm” or rather, in this context, “peace of mind” in the Malay language.

The products are individually developed by insurers and takaful operators, and approved by BNM based on the basic criteria of affordability, accessibility and simplicity. The goal is to develop a sustainable market with product choice through various distribution channels, good protection value, and administrative ease for consumers. The products are required to carry a “Perlindungan Tenang” logo, and product information is made available on the industry associations’ websites.

The first batch of products comprising 6 life insurance, 3 family takaful and 1 general insurance products was rolled out on 24 November 2017. Going into 2018, BNM intends to continue working with the industry to introduce process innovations, enhance awareness and education, while also expanding the product range to meet a greater diversity of needs.

Knowledge category: