Perlindungan Tenang Voucher Programme To Include Purchase Of Motor Insurance And Flood Cover Soon

Alex Cheong Pui Yin

27th January 2022 - 2 min read

The General Insurance Association of Malaysia (PIAM) has revealed that the Perlindungan Tenang Voucher (PTV) programme may soon be expanded to also include the purchase of motor insurance and flood cover, on top of insurance products that are currently being provided.

“The PTV programme currently does not include flood cover, or motor insurance either. It is part of the plan, but it’s in the second phase. So the first phase is just looking at very basic products, which is personal accident and life, but the plan is to – probably second half of the year – extend it further,” said the board chairman of PIAM, Antony Lee during a virtual panel discussion titled “The Importance of Flood Insurance/Takaful”.

The PTV programme was initially introduced under Budget 2021 with the intention of making basic insurance more accessible and affordable for the B40 income group. Under this initiative, eligible individuals were able to apply and receive a voucher of RM50 to purchase Perlindungan Tenang products, namely life and personal accident insurance. During the tabling of Budget 2022, the amount was subsequently increased to RM75.

Lee further expressed satisfaction with the current take-up rate of the PTV vouchers among the targeted group as many eligible recipients have applied for it to purchase insurance. “We’ve already seen a lot of increase amongst the B40 who are eligible, or those who are Bantuan Prihatin Rakyat (BPR) recipients – we’ve seen a lot of take-up. So people are actually quite excited,” he said.

Aside from sharing the update, Lee also urged Malaysians to recognise the importance of getting flood protection, especially since such calamities are not out of the ordinary for those living in the country – as evidenced by the devastating floods that had happened at the end of 2021. “It’s just understanding the world that we live in, there’s always risk. We can always pray and hope that nothing happens, but that it’s not a very good strategy. Better to have something to help your family members, or they may have to take money out of their pockets to help you instead,” he added.

(Source: Financial Education Network)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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