KUALA LUMPUR, May 15 (Bernama) -- The Life Insurance Association of Malaysia (LIAM) has urged young Malaysians and first-time insurance buyers to take advantage of the i-MULA 50 starter pack while funds are still available, with only RM2.4 million remaining for eligible applicants nationwide.
Aimed at promoting financial inclusion and risk protection among youth, the i-MULA 50 starter pack offers a subsidy of RM50 for the purchase of a basic life insurance coverage, particularly among those purchasing insurance for the first time.
It was launched on Aug 28, 2024 in conjunction with LIAM’s 50th Anniversary and was aimed at making life insurance more accessible and affordable for 100,000 eligible Malaysians.
In a statement today, LIAM chief executive officer Mark O’Dell said the i-MULA 50 is a game changer in bridging the protection gap for young Malaysians.
“I encourage everyone to take advantage of this opportunity to secure a protection plan that safeguards themselves and their loved ones against unforeseen events.
“The subsidised premiums under this fund make basic life insurance coverage far more accessible, especially for first-time buyers who may have previously found it unaffordable,” he said.
LIAM said over 53,000 policies have already been issued under the RM5 million fund, amounting to RM2.6 million in subsidies.
“This RM5.0 million fund, established by LIAM member companies, supports first-time buyers in purchasing life insurance protection through 33 affordable protection plans, covering benefits such as death, total and permanent disability (TPD), critical illness, medical expenses, and hospital income,” the association said.
Annual premiums for these plans range from RM75 to RM600, with policyholders required to contribute at least RM25 in premium payments to receive the RM50 subsidy.
“This requirement ensures policyholders understand and value the protection they are purchasing,” it added.
-- BERNAMA
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