Life insurance policy now a click away

Iskandar says U for Life online approach aims to be straightforward and easy-to-understand.

With Bank Negara’s introduction of a new insurance framework to increase penetration and transparency, there is bound to be renewed interest in what life insurance is and whether it is even necessary at all.

Even though the national insurance and takaful penetration rate is up four-fold from 11% in 1988 to 56% today, the fact remains that this number falls far short of the country’s targeted penetration rate of 75% by 2020.