KUALA LUMPUR: Starting today, eligible Bantuan Keluarga Malaysia (BKM) recipients can redeem their RM75 Perlindungan Tenang Voucher (PTV) for only RM5, while the balance of RM70 will be borne by the government to enable recipients to enjoy the benefits of insurance/takaful coverage.

 

In a joint statement, the Malaysian Takaful Association (MTA), Life Insurance Association of Malaysia (LIAM), and Persatuan Insurans Am Malaysia (PIAM) said the RM5 contribution was part of the recipient's insurance premium or takaful contribution for the Perlindungan Tenang protection plan.

 

"The RM5 contribution for the redemption of the RM75 PTV is a new requirement to further enhance BKM recipients' understanding of the Perlindungan Tenang protection plan and to ensure that BKM recipients are fully aware of the insurance/takaful plan that they are purchasing or participating in," the statement said.

 

The insurance industry associations advised all BKM recipients to ensure that they are aware of their eligibility by checking the MyPTV portal at www.myptv.my.

 

"They are also advised to understand the details in the protection product that they intend to purchase/participate in and to provide their explicit consent for the purchase of the product using the voucher," it added.

 

Since the introduction of the PTV in September 2021, the initiative has benefited 1,705,687 people in that year itself.

 

As at the end of June 2022, a total of 2,881,444 vouchers have been redeemed which contributes to improving the penetration of insurance coverage among the lower income group.

 

"Following feedback from the public, the industry would like to reiterate its commitment to ensuring that insurance/takaful products sold are made with consumers being given due information about the product and individual consent is obtained," said the joint statement.

 

It added that the minimum payment of RM5 can be made in cash or online to the insurer or takaful operator of Perlindungan Tenang product that a BKM recipient intends to purchase or participate in online or over the counter.

 

BKM recipients are also advised to contact their insurance company/takaful operator or visit the MyCoverage website at www.mycoverage.my for more information on Perlindungan Tenang products.

 

To check on PTV eligibility, visit www.myptv.my.