Prudential BSN Takaful Berhad (PruBSN), Malaysia’s leading Takaful operator, has collaborated with the Implementation Coordination Unit, Prime Minister’s Department (ICU JPM) to bring back the Skim Insurans Kesejahteraan Rakyat (SIKR 2.0). The initiative was launched at the MADANI Rakyat 2024 programme held in Johor, witnessed by the Prime Minister, Dato’ Seri Anwar Ibrahim.
In 2022, ICU JPM launched Skim Insurans Kesejahteraan Rakyat (SIKR 1.0) in collaboration with PruBSN to cover more than 269,000 beneficiaries. It is a complimentary Shariah-compliant group term takaful plan with contributions sponsored by the Government of Malaysia.
This scheme is offered exclusively to the heads of households from the hardcore poor and poor categories registered with the eKasih programme under the purview of ICU JPM. eKasih serves as a comprehensive registry for identifying and assisting individuals and families classified as hardcore poor and poor. The database is designed to streamline the delivery of social aid and ensure that government assistance programmes effectively reach those in need.
This year, the SIKR 2.0 scheme will cover 300,000 beneficiaries with a contribution value of RM16.5 million.
Wan Saifulrizal Wan Ismail, CEO of Prudential BSN Takaful Berhad, also shared, “Poverty has been a persistent issue, leaving many without access to takaful protection. Therefore, we are proud to collaborate with the Malaysian government on a focused strategy to provide protection plans for the underprivileged community. This initiative offers complimentary takaful protection for the poor to help build long-term resilience in their communities for a more sustainable future. Since 2018, PruBSN has partnered with the Prime Minister’s Office to develop several Micro Takaful schemes to support underprivileged communities.”
This partnership to support the government’s efforts to advance financial inclusion in Malaysia aligns with PruBSN’s sustainability objective of making health and financial security accessible to all – For Every Life, For Every Future, he added.
The B40 group faces significant financial insecurity. With only about 30% covered by insurance or takaful, the majority are left vulnerable. If these products are priced beyond their means, they are unlikely to access the financial protection these products provide. This leaves them vulnerable to financial hardship in the event of the loss of a breadwinner.
The SIKR 2.0 scheme prioritises simplicity and convenience, requiring no underwriting or medical examinations, thus providing instant coverage. Given that the majority of SIKR recipients are from rural areas, PruBSN employs an integrated marketing approach to effectively reach this segment through events and home visits. This includes programmes like MADANI Rakyat and home visits to educate recipients on the benefits available to them.
