LIAM: PTV RECORDS 1.9 MLN VOUCHERS WORTH OVER RM140.7 MLN REDEEMED

KUALA LUMPUR, May 19 (Bernama) -- The Perlindungan Tenang Voucher (PTV) programme extended by the goverment in collaboration with the insurance and takaful industry has been extended for another year effective Jan 1, 2022 with the voucher value increased to RM75 from RM50, said the Life Insurance Association of Malaysia (LIAM).

As of May 14, 2022, over 1.9 million vouchers worth more than RM140.7 million under the RM75 PTV were redeemed.

LIAM chief executive officer Mark O'Dell said the big driver for the PTV programme was the subsidy, or the government helping out. The other things that spurred the programme were the many general and life insurance companies, among others, who were able to partner with organisations or busineses to serve the low income group.

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"It shows that they can be reached if the right partner, the right channels are used," he told the media after hosting a Hari Raya Open House at AICB Building here today.

He explained that before this, the programme was basically left for online sales and the result were very small.

What this has taught us is that if you have the right partner who has the relationship with this market segment, you can get the message out and actually reach the market. The COVID-19 pandemic has also raised awareness for the need for protection, he said.

The launch of PTV programme for the Bantuan Prihatin Rakyat’s (BPR) recipients also paved the way for the introduction of financial planning among the lower income group in the country, the statement said.

Response to the RM50 PTV programme was overwhelming with over 1.7 million vouchers worth over RM85.4 million being redeemed by BPR recipients as at the end of December 2021.

"We hope that the extension of the PTV programme will further drive the adoption of life insurance among the lower income group and help to fulfil the nation’s financial inclusion agenda of achieving higher insurance penetration and household resilience among the population," said LIAM president Loh Guat Lan in a statement.

-- BERNAMA