FWD Insurance Berhad has teamed up with Bank Simpanan Nasional (BSN) to introduce Qaseh Bakti Plus, a microinsurance product tailored for Malaysia’s underserved populations.
The newly launched Qaseh Bakti Plus aims to address the needs of approximately 3 million B40 households in Malaysia by providing an affordable insurance option under the Perlindungan Tenang initiative supported by Bank Negara Malaysia. This program focuses on increasing the accessibility of insurance for lower-income groups.
At the launch ceremony, FWD Insurance CEO Aman Chowla articulated the broader mission of the product.
“Our vision of changing the way people feel about insurance is not limited to financial inclusion, but also to drive financial literacy in the nation. We recognise that financial literacy and inclusion are not just economic imperatives; they are pillars of empowerment and equality. By equipping individuals with the knowledge and tools to navigate the financial landscape, we’re not only fostering resilience and prosperity but also breaking down barriers and building a more inclusive society. At FWD Insurance, we are committed to driving positive change in the nation,” he said.
“As a partner in this endeavour, BSN is excited to leverage our extensive nationwide network to provide a solution specifically designed to address the protection needs of the rakyat while also advancing financial literacy among future generations,” said BSN chief executive Jay Khairil. “Our collaboration with FWD Insurance is poised to strengthen our commitment to fostering long-term and meaningful relationships with each of our customers, while ensuring that our vision of ‘No Malaysian Left Behind’ remains steadfast.”
Qaseh Bakti Plus offers three different coverage options for individuals aged 18 to 55, with daily premiums starting from just RM0.17. The plan provides hospital cash benefits and death benefits, with accidental causes doubling the benefits.
The insurance is available for purchase at BSN branches nationwide and features an easy sign-up process, with policies delivered directly to customers’ emails soon after registration.
To further incentivise enrolment, subscribers to Qaseh Bakti Plus by Dec. 31, 2024, will be eligible for a grand prize draw to win a new Perodua Ativa. Other quarterly prizes, including the iPhone 15 and various attractive items, are also on offer.
Additionally, in a move to enhance financial literacy, FWD and BSN have entered into an agreement to conduct financial education programs in selected schools across the country. This initiative follows the launch of FWD Group’s new health division.
