KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) wants the government to open the i-Lindung platform to more life insurance operators by offering more products to cater for the people's needs and offer benefits to more consumers in Malaysia.
Its president, Loh Guat Lan, described the platform as a noble initiative by the government together with the Employees Provident Fund (EPF), saying it augurs well for the promotion of financial inclusion to encourage more Malaysians to take up insurance protection to fulfil their protection needs.
She said the government's decision to allow EPF members to utilise Account 2 to purchase life and medical and health insurance through the i-Lindung platform would help members augment their savings to provide financial and better long-term protection.
"The i-Lindung social protection initiative will not only pave the way in increasing insurance penetration rate, but also extending the insurance safety net to as many Malaysians as possible which is in line with the national agenda.
"Through an enhanced social protection, it will ensure comfortable living conditions for the community throughout their lives," she said in a statement today.
Loh said the low penetration rate of insurance and takaful among Malaysians needed to be addressed.
"We hope the launch of the i-Lindung platform will fulfil the nation's financial inclusion agenda of achieving higher insurance penetration and household resilience among the population," she said.
The current insurance and takaful penetration rate in the country stands at about 56.1 per cent compared to 100 per cent in developed countries.
Loh said the life insurance industry was committed to pursuing its ongoing educational and awareness efforts for all levels of the community. – Bernama