The insurance and takaful industry wishes to announce the launch of Phase 2 of the Perlindungan Tenang Voucher (PTV) programme effective Nov 15, 2021, onwards.
Under the 2nd phase, the PTV programme offers social protection to about 4.8 million eligible recipients of the 2021 Bantuan Prihatin Rakyat (BPR) from the single and senior citizen categories via an RM50 voucher subsidy to purchase a ‘Perlindungan Tenang’ protection plan from participating licensed insurers and takaful operators in the country.
For the past seven weeks since the first rollout of the PTV Programme, about 93,000 vouchers worth over RM 4.6 million were redeemed by the BPR recipients under the household category.
Continuing on this positive response, during the recent tabling of the Budget 2022, the government announced the extension of the PTV Programme for another year in 2022 with an increase in the voucher to RM75 and to enable BPR recipients to purchase comprehensive motorcycle insurance policies below 150cc.
The PTV Programme is a national initiative by the government of Malaysia in collaboration with the insurance and takaful providers.
The programme’s first phase was rolled out on Sept 30, 2021, offering social protection to around 3.6 million eligible BPR recipients under the household category.
‘Perlindungan Tenang’ is an existing initiative introduced by Bank Negara Malaysia in 2017. This initiative brings together the insurance and takaful industry to develop insurance and takaful products that meet the needs of underserved segments, particularly the lower-income population.
‘Perlindungan Tenang’ initiative fulfils the criteria of being easily accessible to the target audience, provides good protection value, easy to understand as well as easy to purchase and to make claims.
Elmie Aman Najas, Chairman of Malaysian Takaful Association (MTA), said ‘Perlindungan Tenang’ products provided basic protection plans against key risks in life such as death, accidents, fire, or other unfortunate events.
“Through the PTV Programme, eligible BPR recipients can now protect themselves and their families against key risks in life with premiums and contributions from only a few ringgit per month. BPR recipients who are eligible are strongly encouraged to make redemption to enhance their social safety net.”
Antony Lee, the Chairman of Persatuan Insurans Am Malaysia, believed the government had further enhanced the rakyat’s financial resilience by increasing the subsidy under the PTV programme to ensure more BPR recipients availed themselves of essential insurance protection amidst these financially challenging times.
Added Loh Guat Lan, President of Life Insurance Association of Malaysia: “The industry will continue to educate the public on the importance of financial protection and continue to reach out to our consumers through our ongoing consumer education programme as part of our efforts to improve financial literacy and financial well-being of Malaysians.”