The true meaning of ‘inclusion’ the Etiqa way
In 2022 Etiqa launched a range of products aimed at those who are disadvantaged in some way or another, emphasising ‘inclusion’ and demonstrating through action Etiqa’s ambition to humanise insurance and to make it more accessible.
From Microinsurance initiatives targeted at the bottom 40% of the population in the lowest income bracket in Malaysia (B40), where accessibility to insurance cover can be difficult, to others living with disabilities, where life insurance was previously difficult to obtain. Underpinning each of these products is a commitment to make the process fast and easy at every stage of the process.
Etiqa launches Malaysia’s first online Takaful plan covering persons with disabilities
In launching i-Care OKU in 2022, a first in the Malaysian market, Etiqa offers one-year coverage for persons with all types of disability from visual, hearing, speech, or physical disabilities. The product has been designed with ease of access and application in mind through the Etiqa website. With a low entry premium of just RM0.33 a day for coverage of up to RM40,000, benefits include a Special Care Benefit, a hospital allowance, death coverage as well as medical reimbursement. Persons with disabilities often face challenges when securing insurance or takaful plans, but thanks to i-Care OKU, insurance has become more inclusive and within the reach of those who need it most.
Etiqa collaborates with Malaysia’s pension fund, to offer affordable microinsurance
In collaboration with the Employee Provident Fund’s i-Lindung initiative, Etiqa launched several microinsurance propositions in 2022 designed to offer financial support to those who are in most need. Etiqa currently enjoys the largest market share for EPF i-Lindung insurance initiatives.
A study conducted in 2019 by EPF highlighted that 45.5% of the Malaysian population did not have medical coverage. The rollout by EPF of the i-Lindung initiative allows EPF members to purchase Life and Critical Illness Insurance via funds from their EPF Account and is designed to offer financial support to those who are unable to fund bills with their living expenses.
Etiqa launched Etiqa Term Secure and Etiqa Critical Care in 2022. Etiqa Term Secure compensates policyholders suffering total permanent disabilities and death from accidents while Etiqa Critical Care covers customers against 39 standard critical illnesses including Stroke, Cancer, Alzheimer, and Heart Attacks. Both are available in the form of insurance and takaful and provide those with lower incomes in Malaysia with access to critical insurance products. Applicants do not need to pay their commitments in cash, but through direct deductions from their second EPF account. Furthermore, premiums and contributions of both products are customizable according to the customers’ needs.
