Cheaper insurance for Malaysia being considered under Rahmah scheme

Idea has received a positive response from Etiqa, minister said

Cheaper insurance for Malaysia being considered under Rahmah scheme

Insurance News

By Kenneth Araullo

Cheaper insurance coverage is being considered through the Rahmah scheme, according to Salahuddin Ayub, Malaysian minister for domestic trade and cost of living.

According to Ayub, the idea was raised and has received a positive response from Etiqa Insurance, an insurer and takaful operator in the ASEAN region. Other ministry officers have been asked to discuss the matter with the company, and it will cover topics such as vehicle insurance, housing, real estate, and more.

In an article from Free Malaysia Today, Ayub said that he was confident that more companies would participate in the program. He based this on the domino effect that took place with the launch of Menu Rahmah, an earlier initiative under the same scheme.

What is the Rahmah scheme?

Announced earlier this year, Payung Rahmah is an effort from the government to lower the cost of living for the bottom 40% (B40) of the populace. The scheme kicked off with Menu Rahmah, which sold meals aimed at the hardcore poor at RM5 (US$1.12).

The next initiative on the list is the Rahmah Sales campaign, which is aimed at textile shops to offer clothing for as little as RM30, while some offer discounts of up to 50%. The Payung Rahmah initiative also includes Bakul Rahmah (daily necessities), Kafe Rahmah (food for students), Jualan Murah Rahmah (groceries), and more.

In an effort to further help the B40 and M40 groups in the country, an ex-minister urged the city of Putrajaya, Malaysia to implement a national flood insurance scheme to back affected groups of families and other vulnerable people in case of natural catastrophes.

What are your thoughts on this story? Please feel free to share your comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!