The Government Bank introduces insurance for lower-income Malaysians

Malaysia-based state-owned bank Simpanan Nasional (BSN) and its bancassurance partner, life insurance company Gibraltar BSN Life Berhad (Gibraltar BSN), have worked together to launch a new protection plan – “Qaseh Bakti”.

Qaseh Bakti aims to offer Malaysia an affordable health micro-insurance plan under BSN’s Qaseh range. The plan offers customers a hospitalization cash allowance of RM220 per day. The insurance also offers a sympathy benefit of up to RM2,500 for death.

The plan also requires no health insurance and is available for an affordable premium starting at RM0.15 per day.

The Qaseh series is underwritten by Gibraltar BSN, one of Malaysia’s fast growing life insurance companies. BSN is also a shareholder and long-term strategic partner of Gibraltar BSN.

BSN’s protection plan was released in conjunction with the bank’s nationwide roadshow on Jangan Kata Kami Tak Payung. The roadshow aims to raise awareness of the importance of insurance coverage. It is also intended to simplify the onboarding process for Qaseh Bakti by making it more convenient and accessible for customers.

Qaseh Bakti is being launched under the Perlindungan Tenang Scheme, a Malaysian government initiative aimed at expanding social protection for low-income groups.

The existing elements of the Qaseh range include four insurance products. Offerings include life, critical illness and hospital income, savings and education. BSN is planning a nationwide roadshow at the bank’s branches to promote the new Qaseh Bakti. Visitors can also get free political advice at the events.

“Unmatched affordability, accessibility and financial protection” Jay Khairil, Managing Director of Bank Simpanan Nasional

Jay Khairil, Chief Executive of Bank Simpanan Nasional spoke about the partnership. Khairil said: “This partnership will enable both BSN and Gibraltar BSN to better serve our customers by offering a quick and easy process for onboarding new customers and scanning QR codes as part of the new protection plan of Use Qaseh Bakti. This will also expand the accessibility of the product as the QR codes are not only limited to branches but can also be made accessible at external events.

READ :  Eagle Archives, March 22, 1960: Inventory of women's handbags 'proves' loaded with 'necessary' items | Story

“This product complements our Qaseh series products perfectly. In addition, it protects and addresses the needs of Malaysians, particularly those earning a daily income and with limited access to social security systems and employment benefits.”

Lee Kok Wah, Chief Executive Officer of Gibraltar BSN, said: “As our first BSN digital product, Qaseh Bakti has been designed to offer unmatched affordability, accessibility and financial protection.

“Its accessibility will ease the financial burden of many unserved and underserved Malaysians. Malaysians like self-employed people such as gig workers, food stall owners and small business owners. Together we will continue our quest to protect all Malaysians.”