BNM reviewing PTV as claim rate only 0.01% – Ahmad Maslan

KUALA LUMPUR – Bank Negara Malaysia (BNM) is reviewing the Perlindungan Tenang Voucher (PTV) programme after the scheme, which was introduced in 2021 recorded low claim rates, the Dewan Rakyat was told today.

Deputy Finance Minister Datuk Seri Ahmad Maslan (picture) said the programme was discontinued after a study conducted by BNM found that out of the 8.7 million people who should have received the voucher, only 0.01% or 490 benefitted from the programme, which involved RM354 million in insurance value.

“There were only a few people protected by the PTV. Therefore, we have decided to continue with the (MySalam) National Health Protection Scheme,” he said during the question and answer session.

He said this in reply to a question from Pang Hok Liong (PH-Labis) on whether the government plans to extend social protection to the bottom 40% income group (B40) and allocate vouchers for recipients of the Rahmah Cash Aid (STR) so that they can participate in protection plans such as PTV.

Ahmad said the government will also continue with the PeKa B40 healthcare protection scheme that was introduced in 2018 and death benefits worth RM1,000 for the next of kin of STR recipients who pass away through Bank Simpanan Nasional and the Inland Revenue Board (LHDN). 

PTV was implemented in 2021 and 2022 when the country was hit by the pandemic to provide insurance and takaful protection for certain groups, especially the B40 group.

Ahmad said that through the initiative, every eligible recipient will receive a voucher to purchase Perlindungan Tenang products including takaful, life insurance and general insurance.

He said that until Dec 31 last year, almost 4.9 million recipients with an insurance value of RM354 million had participated in the initiative.

In the meantime, Ahmad Maslan said that the third phase of the STR which will be disbursed before the Aidiladha celebration will benefit 8.4 million recipients with a total value of RM2.14 billion.

He said it covers 3.9 million households with a value of RM1.4 billion; 1.2 million senior citizens without spouses (RM0.25 billion) and 3.3 million single individuals (RM0.49 billion). – Bernama

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