PETALING JAYA: Bank Negara’s objective of increasing the penetration rate of life and family takaful insurance will be dented with the imposition of the goods and services tax (GST) on certain insurance products, according to National Association of Malaysian Life Insurance Field Force and Advisers (Namlifa) president Kho Chui Ing.
One of the main goals of Bank Negara’s concept paper on the insurance industry, which is still at its consultative stage, is to raise the life insurance and family takaful penetration rate - currently at 54%, to 75% by 2020.
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