iMula 50 : In an effort to raise awareness about the importance of takaful and insurance protection, the i-Mula 50 program has been introduced. Unfortunately, many Malaysians cannot afford to contribute to takaful or insurance. Hence, this program aims to provide financial assistance in the form of subsidies.
What is iMula 50?
i-Mula 50 is a Starter Pack Insurance Fund (SPIF) program initiated by the Life Insurance Association of Malaysia (LIAM). The program is run in collaboration with participating LIAM member life insurance companies. A fund of RM5 million has been established to support first-time buyers in purchasing life insurance protection.
The i-Mula 50 initiative is the first of its kind implemented by the life insurance industry participants. It aims to help eligible Malaysians to have a life insurance protection plan at an affordable premium with a RM50 subsidy for each policy.
Eligibility Criteria
To qualify for the i-Mula 50 subsidy, the following criteria must be met:
- Malaysian citizen
- First-time insurance buyer
- Young family or youth
Features of the i-Mula 50 Plan
This subsidy program offers various simple and easy-to-understand insurance plans. Eligible products include Perlindungan Tenang products, micro/low premium insurance products, and tailored existing products.
The insurance plans offered under this subsidy cover a range of protections such as:
- Death benefits
- Total and permanent disability (TPD)
- Critical illness
- Medical expenses
- Hospital income
How to Obtain the Subsidy
Interested in obtaining this RM50 subsidy? Follow these steps:
- Visit the LIAM website or the participating life insurance companies.
- Select the i-Mula 50 section and your preferred product.
- Contact the insurance company and provide the required details.
The annual premium for these subsidized products should range from RM75 to RM600. A minimum premium of RM25 is required to receive the RM50 subsidy.
Application Start and End Dates
The i-Mula 50 program begins on 28 August 2024 and will end as soon as the RM5 million fund is fully redeemed. Hence, it is essential for those interested to apply quickly before the funds run out.
Additional Information
For more information about this program, you can visit the official LIAM website or contact the participating insurance providers.
With the i-Mula 50 initiative, more Malaysians can enjoy life insurance protection at an affordable cost. Make sure you don’t miss this opportunity to obtain the necessary protection benefits.