By NUR HAZIQAH A MALEK / Pic By RAZAK GHAZALI
BANK Simpanan Nasional (BSN) and its partner Prudential BSN Takaful Bhd (PruBSN) aim to sell a minimum of 15,000 certificates of its newly launched product, BSN Fitrah throughout 2020.
BSN chief business officer Mujibburrahman Abd Rashid said the product has been available since Aug 9.
“During that month, we have already sold about 1,500 policies, and we strongly believe that at least 1,000 policies will be sold on a monthly basis.
“For the rest of this year, we should be seeing 5,000 more sold and next year, at least 15,000 policies to be sold,” he said at the launch of BSN Fitrah in Kuala Lumpur (KL) yesterday.
The BSN Fitrah is an affordable coverage plan that can be adjusted to protect the user and their family members from financial impacts in the event of life-threatening incidents.
It offers flexible contribution and benefit terms of five, 10, or 20 years or expiry age of 70 or 100, as well as a range of supplementary riders to help customers build their protection plan.
Customers can also enhance their plan with critical illness riders which pay out a lump sum amount upon the diagnosis of up to 43 critical illnesses, including cancer.
EduAchieve Bonus is also one of the plan’s features, an offer that pays a cash reward of a minimum RM500 up to RM2,000 for a child age one to 18 years who score high academic achievements.
Meanwhile, PruBSN CMO Wan Saifulrizal Wan Ismail said the takaful market still has room to grow, while its potential is still present.
“Currently, only 40% of Malaysians are covered by life insurance or takaful products, based on the Bank Negara Malaysia’s report, while the typical coverage in developed markets are about 100%,” he said.
On the topic of budget wish list, he also said in the takaful angle, the bottom 40% (B40) income group could benefit more from further sustenance such as subsidies to enjoy the benefits of takaful.
“For those in the B40 group, subsidies or matching kind of contribution to their takaful products by the government might help provide extra awareness,” he said.
Mujiburrahman said in terms of fund channelling, he believes the budget should also focus on ensuring that BSN will still be able to deliver its mandate to the B40 group.
“The B40 group is important to us; as such that one initiative is not enough to engage. They need to have constant engagements in order to pull them out of the income group,” he said.
He added that the new-to-job and the B40 household income groups are considered crucial to the policy’s market.
“Our team has already begun organising talks at schools to educate students too, called Bijak Kewangan by tackling angles including their financial planning such as from the takaful side,” he said.