Industry Confident PTV 3.0 Insurance Uptake Will Continue After Campaign Ends

By K. Naveen Prabu

KUALA LUMPUR, March 24 (Bernama) -- The insurance and takaful industry is optimistic that recipients of the Perlindungan Tenang Voucher (PTV) 3.0 programme will continue to pursue insurance coverage even after the campaign period.

This ongoing commitment is supported by various awareness initiatives implemented by the industry. The PTV 3.0 programme runs from Sept 1, 2025, to Aug 31, 2026, or until all vouchers are fully utilised.

General Insurance Association of Malaysia (PIAM) chief executive officer Chua Kim Soon said that after experiencing the coverage and understanding its value, recipients are expected to continue purchasing it even without the subsidy.

“We believe that with proper awareness through ongoing educational initiatives undertaken by PIAM, together with the Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA), recipients will continue to protect their financial health beyond the campaign period,” he told Bernama. 

Perlindungan Tenang, a microinsurance initiative launched by Bank Negara Malaysia (BNM) in 2017, has entered its third phase as of Sept 1, 2025. This phase, referred to as PTV 3.0, allows approximately two million eligible recipients of the Sumbangan Tunai Rahmah (STR) programme to benefit from the initiative until Aug 31, 2026.

The first PTV programme was introduced in 2021 with a RM50 voucher, which was increased to RM75 in the second phase in 2022, while the current phase offers a RM30 voucher with recipients topping up the remaining premium.

Addressing the lower voucher value in the current phase, Chua said the adjustment is aimed at encouraging recipients to take a more active role in their financial planning.

“When a household contributes to their own coverage, they are more likely to value, maintain, and eventually renew that protection,” he said. 

Under PTV 3.0, eligible STR recipients can purchase Perlindungan Tenang products using the RM30 government assistance under Budget 2025, with the remaining premium of at least RM20 paid by recipients.

The programme aims to provide affordable insurance or takaful protection under the Perlindungan Tenang initiative, which seeks to expand financial protection among underserved groups, including low-income households and informal sector workers.

According to Chua, low financial literacy and a limited understanding of insurance products remain among the key barriers to wider insurance adoption, making awareness and educational programmes crucial in improving public understanding of the importance of financial protection.

“Many recipients do not fully understand policy wording, including the terms and conditions and the claims process, and may also be unaware of the importance of protecting their financial health.

“For B40 households, income is primarily spent on daily consumables and essential needs such as food, utilities and transportation,” he said. 

Chua said the industry is addressing these issues by simplifying policy coverage and wording under the Perlindungan Tenang framework, while also providing an online calculator to help individuals assess their protection needs.

The online calculator refers to a tool on the MyCoverage website, an industry-supported platform providing information on insurance protection, where users can estimate their coverage needs by entering details such as income, dependents, existing insurance and financial commitments.

This criterion indicates the ideal level of coverage and identifies any protection gaps.

Chua added that the industry is also expanding digital and physical access to insurance and takaful products through online platforms, branches and agents, alongside strengthening advocacy and consumer education through the mainstream media, social media and community outreach.

He said PTV 3.0 serves as a critical bridge, particularly for gig economy workers such as p-hailing riders and e-hailing drivers, where a single accident is not only a personal crisis but may also result in the loss of their livelihood.

“The general insurance industry aims to reduce the number of road accidents in Malaysia not only through affordable microinsurance products but also by leveraging data and behavioural insights.

“With strong support from the government and stakeholders, these efforts are also aimed at strengthening the financial resilience of the B40 community, ensuring that a temporary setback does not lead to long-term poverty,” he said. 

Individuals can check their eligibility for the programme by visiting https://www.myptv.my/ and entering their MyKad number on the portal.

-- BERNAMA