Kuala Lumpur, 7 October 2020 – FWD Takaful Berhad (“FWD Takaful”) recently launched FWD Kasih, an online micro-Takaful plan dedicated to support Malaysia’s lower-income group, with a monthly contribution from as low as RM2.031 a month for women and RM2.542 for men.
Salim Majid Zain, FWD Takaful’s Chief Executive Officer said, “FWD Kasih aims to empower the lower- income communities by making Takaful accessible, affordable and convenient. We’re happy to be able to play our part in the community and help protect these families while lessening their financial burden due to unforeseen events. With FWD Kasih, we continue to bring our vision to life by changing the way people feel about Takaful.”
FWD Kasih provides cover from the age of 19 until 54 years old for those with a monthly household income of up to RM5,000 per month, paying the full sum covered upon death due to natural causes and Total and Permanent Disability (TPD), and 200% of the sum covered on death due to accidental causes.
Wan Ahmad Najib Wan Ahmad Lotfi, FWD Takaful’s Chief Strategy & Digital Distribution Officer, added, “More often than not, lower-income families struggle to provide for the household when the main breadwinner can no longer support them due to death or disability. Financial inclusivity is important to us, and at FWD Takaful we strongly believe that income should not be a barrier to protection. We’re committed towards providing access of takaful coverage to the most vulnerable group of people in our community, hence we created FWD Kasih so they can receive valuable benefits at an affordable price”.
FWD Kasih offers four (4) plan options to choose from with a sum covered of RM10,000, RM20,000, RM30,000 or RM40,000. All eligible Malaysians can sign up for FWD Kasih directly online at fwd.com.my/direct/kasih.
FWD Takaful collaborated with the Research and Innovative Management Centre of Universiti Utara Malaysia last year, to fund RM250,000 for industrial research to examine a suitable Takaful plan and distribution channel for the B40 community. FWD Kasih was developed based on B40 respondents’ preference and understanding of takaful specific needs from different demographic backgrounds and product structuring.
1. Based on assumptions of Female, age next birthday 19 and RM10,000 sum covered
2. Based on assumptions of Male, age next birthday 19 and RM10,000 sum covered