Prudential expands definition of financial dependants to include extended family members

19/07/2022 01:07 PM

KUALA LUMPUR, July 18 (Bernama) -- Prudential Malaysia has expanded its definition of financial dependants for its insurance policies and takaful certificates beyond spouse, children and legal guardian relationships so as to provide access to financial protection to more people.

Following the expansion, customers may now nominate their grandparents, uncles/aunties, siblings, cousins, nieces/nephews and grandchildren as financial dependants. 

Prudential Assurance Malaysia Berhad Chief Marketing and Partnerships Distribution Officer Eric Wong said the expansion of the definition was based on the company’s commitment to providing relevant solutions to meet its customers’ needs while providing access to financial protection to the masses. 

Understanding the concept of extended family in Asian culture, he said the company has introduced its latest brand campaign, “Made For Every Family”, which signifies its commitment to progress and protecting families of every shape and size across Malaysia.

“We are committed to providing relevant solutions to meet our customers’ health and wealth needs. By embracing a more progressive and inclusive definition of family, we are able to provide access to financial protection to more people.

“Today, more than half of the Malaysian population does not own a life insurance policy or family takaful certificate. In addition, the Life Insurance Association of Malaysia (LIAM) further revealed that of those protected, over 90 per cent do not have sufficient coverage to protect themselves and their families.

“Closing this protection gap requires equalising access to insurance and takaful coverage. By making its solutions more inclusive, Prudential Malaysia hopes to close the protection gap and to serve more people and more families,” he said in a statement today. 



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