Takaful Ikhlas Bhd aims to introduce its online platform for basic term life insurance by year-end to encourage youths to obtain insurance coverage.
Its Senior Vice-President, Wan Rosli Shaharuddin Wan Yaacob, said with 24/7, 365-day accessibility, the online platform will be able penetrate the market of "night owl" youngsters.
"The Generation Y (those born between the 1980 and 2000) is doing everything online now.
"I believe this is one of the reasons Bank Negara Malaysia (BNM) is encouraging insurance and takaful companies to sell the products online," he told Bernama.
Wan Rosli is optimistic the online platform will attract youths as they will be able to compare the products' features, policies, as well as pricing via the platform.
He said Malaysians below 35 years old currently constituted the largest group in the country who have yet to be covered by any insurance company.
"Citizens in developed countries such as Japan and Singapore are well aware of the importance of being covered by insurance, but here the lack of awareness is the main reason that led to the low penetration rate in Malaysia," he said.
Asked if the pricing was the main deterrence, Wan Rosli had a different view.
"Many can afford two cell phones, and they spend on shopping or cigarettes. Why can't they fork out about RM150 a month for a medical card to ensure a secure financial future for their families and loved ones?" he asked?
He said people should learn to prioritise, it's either the cigarettes or protection for their family.
"Those who are covered by their employers should still buy insurance policies.
"If you suffer from critical illness after retirement, you would probably be rejected on any policies that you want to buy," he said.
Furthermore, he said, the policies will be way too expensive for those who intend to buy at the age of 40 or 50.
"My advice is, buy insurance when you are still young and healthy, you can start doing that once you get your first job," he said.
According to BNM's Financial Stability and Payments Report 2016, Malaysia's overall insurance penetration remained flat, within the range of 54 per cent to 56 per cent over the last five years.
The central bank had earlier set the penetration rate target at 75 per cent by 2020, in line with the country's aim of becoming a high-income nation by then.
To achieve this goal, BNM had introduced the Life Insurance and Family Takaful Framework (Life Framework) in 2013.
Under the framework, all life insurers or family takaful operators were required to offer commission-free standalone pure protection products, namely, term, critical illness and medical and health insurance/takaful through at least one direct channel, such as online platform or direct counter.
It specifies that term products must be available through direct channels from Jan 1, 2017, followed by critical illness and medical and health insurance/takaful products by Jan 1, 2018. - BERNAMA
Bernama
Fri Mar 24 2017

Malaysians below 35 years old currently constituted the largest group in the country who have yet to be covered by any insurance company. - Filepic

10 Berita Pilihan - (26 Jun 2022)
Antara pelbagai berita dalam dan luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.

Berita tempatan pilihan sepanjang hari ini
Berikut antara berita paling menjadi tumpuan sepanjang Ahad, 26 Jun 2022.

Polis rampas 9,208.81 gram dadah ,504 individu ditahan
PDRM mengambil maklum terhadap pendedahan oleh Pertubuhan Keprihatinan Jenayah Komuniti Malaysia mengenai senarai 15 pusat hiburan didakwa menjadi pusat pengedaran dadah di ibu negara.

Dadah | Myanmar hapuskan dadah bernilai AS$642 juta
Pihak berkuasa Myanmar memusnahkan dadah bernilai lebih setengah bilion dolar di seluruh negara pada Ahad. Pembakaran secara besar-besaran termasuk dadah jenis candu, heroin dan methamphetamine itu menjadi acara tahunan di Myanmar ketika menyambut Hari Dadah Antarabangsa pada 26 Jun.

Kapal Perang AS | Sammy B, kapal karam paling dalam di dunia pernah ditemukan
Sebuah kapal pemusnah tentera laut Amerika Syarikat (AS) yang pernah bertempur dengan tentera Jepun dalam Perang Dunia II ditemukan di dasar laut Filipina pada kedalaman hampir 7,000 meter. Ia sekali gus menjadikan aset yang dikenali sebagai Sammy B itu sebagai kapal karam yang paling dalam di dunia pernah ditemukan.

Krisis Ekonomi | Sri Lanka cuba dapatkan minyak murah dari Rusia, Qatar
Sri Lanka yang berdepan krisis ekonomi teruk umum akan menghantar menterinya ke Rusia dan Qatar sebagai cubaan untuk dapatkan harga minyak murah, sehari selepas kehabisan bahan api di negara itu. Menteri Tenaga, Kanchana Wijesekera berkata dua menteri akan dihantar ke Rusia pada Isnin, untuk berbincang bagi mendapatkan lebih banyak bekalan minyak.

Azurin wira Malayan Tigress ikat Bangladesh
Pasukan bola sepak wanita kebangsaan gagal melunaskan dendam kekalahan memalukan kepada Bangladesh, selepas terikat tanpa jaringan pada perlawanan persahabatan antarabangsa Tier 1 di Dhaka, malam ini.

Krisis Rusia-Ukraine | Selepas tawan Severodonetsk, Rusia sasar Kyiv
Sehari selepas Rusia mendakwa mengawal sepenuhnya bandar strategik Severodonetsk di Luhansk, serangan peluru berpandu mula menggegarkan bandar Kyiv pada Ahad. Wartawan AFP melaporkan, kompleks kediaman berhampiran pusat Kyiv telah diserang sehingga mengakibatkan kebakaran dan dipenuhi asap.

PRU15 | Tanding di Parlimen Sik hanya ura-ura - Takiyuddin
Setiausaha Agung Pas, DatuK Seri Takiyuddin Hassan menyifatkan dakwaan beliau bakal bertanding di kerusi Parlimen Sik hanyalah ura-ura sahaja.

Industri Kreatif | Dana Pembangunan Modal Insan FINAS kembali
Perbadanan Filem Nasional (FINAS) akan membuka kembali Dana Pembangunan Modal Insan bagi tujuan memperkasa kemahiran penggiat industri filem di negara ini, kata Ketua Pegawai Eksekutifnya, Prof Dr Md Nasir Ibrahim. Menurutnya, setakat ini kurang daripada 50 peratus daripada dana itu telah dilulus oleh jawatankuasa penilai dan FINAS menggalakkan persatuan serta syarikat berminat mengemukakan permohonan.

MyGroser rancang raih RM30 juta untuk kembangkan perniagaan
MyGroser mengawal sendiri rantaian bekalan, memastikan pelanggan mendapat nilai dan kualiti barangan maksimum dari setiap pembelian