Page 35 - LIAM Annual Report 2021

AnnuAl RepoRt 2021 33

rePort of tHe ManageMent coMMittee

To date, there are 25 Perlindungan Tenang products available in the market with
a range of protection plans covering death, accidents, damage to properties etc.

In the 2022 National Budget announcement, the Government increased the
voucher value to RM75 with the redemption period commencing from 1 January
2022 until 31 December 2022.

With the continuation of the PTV Programme in 2022, it is hoped that the
programme fulfils the nation’s financial inclusion agenda of achieving higher
insurance penetration and household resilience among the population.

BNM issued a Policy Document on
Perlindungan Tenang on 5 July 2021,
providing a more enabling and fit-for-purpose
regulatory framework since the launch of
the Perlindungan Tenang initiative in 2017. It
focuses on empowering licensed insurers and
takaful operators to offer more innovative,
diverse and meaningful microinsurance/
takaful products to serve the lower-income
group, promoting wider take-up of PT products
by broadening the distribution channels
and strengthening consumer protection
requirements to safeguard consumer
interests.

ePf MeMBers Protection PLan

In Budget 2021, tabled on 6 November 2020, the Government announced
that EPF members would be allowed to withdraw from their EPF Account 2 to
purchase life insurance and medical insurance to augment their EPF savings
and provide financial protection for themselves and their families. Following
this announcement, LIAM had a series of discussions with EPF with regards to
the withdrawal. The withdrawal guideline, named EPF Members Protection Plan
(MPP) Scheme, was subsequently drawn up and issued on 8 June 2021.