KUALA LUMPUR: FWD Insurance Bhd and Bank Simpanan Nasional (BSN) aim to have at least 200,000 customers for Qaseh Bakti Plus – their microinsurance product aimed at households in the B40 income category – in the next 12 months.
FWD Insurance CEO Aman Chowla said Qaseh Bakti Plus has received encouraging response with close to 15,000 customers signing up during its 30-day soft launch period.
“The BSN and FWD partnership is hand in glove, primarily because BSN has the reach, it has the network, and we have the solutions. The network and the solutions coming together can make a real difference,” he told reporters at the launch of Qaseh Bakti Plus and signing of a memorandum of understanding (MoU) to implement financial literacy programmes for selected urban and rural schools nationwide between FWD and BSN today.
Qaseh Bakti Plus is an offering under Bank Negara Malaysia’s Perlindungan Tenang programme. Catering to the needs of over three million B40 households in Malaysia, Qaseh Bakti Plus is aimed at providing solutions to the underserved communities.
BSN chief executive Jay Khairil said BSN is leveraging its 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.
“Our collaboration with FWD Insurance is poised to strengthen our commitment to fostering relationships with our customers, while ensuring that our vision of “No Malaysian Left Behind” remains steadfast,” he said.
Aman Chowla said its vision to change 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 also breaking down barriers and building a more inclusive society,” he said.
Qaseh Bakti Plus provides a choice of three plans for those between 18 and 55 years old, offering income replacement in the event of hospitalisation as well as death benefits. Customers will receive double the benefits if these causes are accidental. Premiums start from RM0.17 per day.
