Takaful Insurance shows huge opportunity for growth : Great Eastern Takaful

KUALA LUMPUR: Takaful Insurance shows huge opportunity for growth given the low market penetration rate of 16% and the average sum covered for Malaysians at RM50,000 and below, said Great Eastern Takaful Bhd CEO Shahrul Azlan Shahriman.
He added that the takaful player is also working with partners to come up with insurance products catered to the Bottom 40 group.
Recently, Bank Negara Malaysia noted that the penetration levels in terms of insurance and Takaful for that segment is lower compared to the overall penetration rate.
Great Eastern Takaful launched a family Takaful plan known as I-Great Jannah today. The plan's coverage sum starts at RM250,000 with flexible payment terms of five, 10, 20 years or full term.
Shahrul added that this is the first product of its kind to have the Hibah feature--which is a voluntary grant of rights to others while the policy holder is still alive.
This he said is also an effective way to pass on and allocate assets.
Great Eastern Takaful concurrently launched the Mobile Point-of-Sales (MPOS) platform, which allows agents to submit customers documents and make initial and recurring payment for renewal of policies.