i – MULA 50 Starter Pack: LIAM Urges Young Malaysians to Act Fast - RM2.4 million in Funds Still Available

^{LIAM CEO, Mr Mark O'Dell}


Over 53,000 policies worth RM2.6 million have been issued since the launch of the RM5 Million Fund in August 2024

KUALA LUMPUR, May 15 (Bernama) -- The Life Insurance Association of Malaysia (LIAM) is urging young Malaysians and first-time insurance buyers to seize the opportunity to benefit from the i-MULA 50 Starter Pack while funds are still available. With over 53,000 policies already issued under the RM5 million fund, amounting to RM2.6 million in subsidies, only RM2.4 million remains for eligible applicants nationwide.

Aimed at promoting financial inclusion and risk protection among youth, the i-MULA 50 Starter Pack offers a subsidy of RM50 for the purchase of a basic life insurance coverage to youth and young families particularly those purchasing insurance for the first time. Launched on 28 August 2024 in conjunction with LIAM’s 50th Anniversary, the initiative was designed to make life insurance more accessible and affordable for 100,000 eligible Malaysians. This RM5 million fund, established by LIAM member companies, supports first-time buyers in purchasing life insurance protection through 33 affordable protection plans, covering benefits such as death, total and permanent disability (TPD), critical illness, medical expenses, and hospital income.

The annual premiums for these plans range from RM75 to RM600, with policyholders required to contribute at least RM25 in premium payments to receive the RM50 subsidy. This requirement ensures policyholders understand and value the protection they are purchasing.

LIAM Chief Executive Officer, Mark O’Dell, said, “We believe the i-MULA 50 is a game changer in bridging the protection gap for young Malaysians. I encourage everyone to take advantage of this opportunity to secure a protection plan that safeguards themselves and their loved ones against unforeseen events. The subsidised premiums under this fund make basic life insurance coverage far more accessible—especially for first-time buyers who may have previously found it unaffordable.”

As an official partner of the Financial Education Network (FEN), LIAM, together with its 16 member companies, remains committed to promoting financial education and inclusion across Malaysia. As reported in 2024 Bank Negara Malaysia’s Annual Report, nearly half of Malaysians or 45.5% have at least one life insurance or family takaful policy, an increase from pre-pandemic levels of 41.5% in 2019.¹ Moving forward, the industry will continue collaborating with Bank Negara Malaysia and other key stakeholders to boost insurance awareness and reduce the protection gap through various outreach and education programmes.

For more details about i-MULA 50, click here or check out this video

About LIAM
 
Formed in 1974, the Life Insurance Association of Malaysia (LIAM) is a trade association registered under the Societies Act 1966. LIAM has a total of 16 members, of which 14 are life insurance companies and 2 life reinsurance companies. LIAM’s objectives are to promote a progressive life insurance industry; to enhance public understanding and appreciation for life insurance; to upgrade the image and professionalism of the life insurance industry and to support the regulatory authorities in developing a strong industry.

SOURCE: Life Insurance Association of Malaysia (LIAM)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Puan Norizan Hassan
Tel: 603-2691 6168 / 6628 / 8068
Email: liaminfo@liam.org.my 
Website: www.liam.org.my
Facebook: LIAM – Life Insurance Association of Malaysia
Instagram: @liamalaysia  

--BERNAMA