LIAM Launches 'i-MULA 50 Starter Pack' In Sarawak

KUCHING, Nov 16 (Bernama) -- The Life Insurance Association of Malaysia (LIAM) and its member companies officially launched the “i-MULA 50 Starter Pack” in Sarawak today as part of the Karnival Celik Kewangan (KCK) Sarawak held here from Nov 15-17.

In a statement, LIAM said the programme is a strategic effort to expand life insurance coverage and strengthen financial resilience among Sarawakians.

“A special allocation of RM500,000 has been set aside exclusively for Sarawak residents under the RM5 million i-MULA 50 Starter Pack Fund, (which will remain) available until June 30 next year,” said the association.

It said this allocation was formally presented to Sarawak Deputy Premier and Public Health, Housing and Local Government Minister Datuk Amar Dr Sim Kui Hian by LIAM’s representatives, with support from Bank Negara Malaysia (BNM).

At the launch, Dr Sim commended LIAM for introducing the initiative, highlighting its critical role in advancing Sarawak’s social well-being and economic resilience.

“This RM500,000 contribution is a strategic step towards promoting financial inclusion in Sarawak (as) it empowers our residents to consider affordable protection plans while supporting insurance education.

“I urge all Sarawakians to take full advantage of the i-MULA 50 Starter Pack to safeguard themselves and their families against unforeseen circumstances,” he said.

Meanwhile, LIAM’s management committee member Datuk Koh Yaw Hui expressed appreciation for the collaboration with the Sarawak government and BNM.

“Since the launch of the RM5 million i-MULA 50 Starter Pack Fund in August 2024, we have seen tremendous public interest.

“To date, we have issued 13,000 policies worth RM640,000, leaving RM4.3 million still available. We encourage Sarawakians to make use of the RM500,000 fund allocated exclusively for the state, as well as the remaining national allocation,” he said.

According to the statement, the i-MULA 50 programme aims to provide first-time insurance buyers an opportunity to secure life insurance protection at subsidised premiums.

It said the RM50 subsidy applies to 33 affordable insurance plans to support individuals and families by covering essential needs such as death, total and permanent disability, critical illness, medical expenses, and hospital income.

Annual premiums range from RM75 to RM600, with policyholders only required to contribute a minimum of RM25 annually to receive the subsidy.

This initiative, part of LIAM’s 50th Anniversary celebration, seeks to reach 100,000 policyholders nationwide, particularly youth, young families and underserved communities.

The association also said the programme aligns with its mission to improve Malaysia’s life insurance and takaful penetration rate, which stands at 58.6 per cent as of 2023, leaving over 40 per cent of Malaysians uninsured.

LIAM, in partnership with BNM and the Financial Education Network, continues to champion financial literacy and inclusivity through outreach initiatives like the KCK, which are pivotal in bridging the protection gap and fostering a deeper understanding of insurance products.

-- BERNAMA